MG Developer is entering the hospitality sector after paying $36 million for a hotel near Miami International Airport.
Coral Gables-based MG, led by Alirio Torrealba and Diego Torrealba, acquired Regency Miami Airport by Sonesta, a five-story hotel with 176 rooms at 1000 Northwest 42nd Avenue, records and real estate database Vizzda show. The deal breaks down to $204,545 per key.
The seller, an affiliate of Miami-based hospitality real estate firm OPB Capital Group led by Orlando Padron, paid $25.8 million for the hotel in 2019, records show. Completed in 1982, the building sits on 3.8 acres.
An MG spokesperson said the firm will continue operating the hotel and plans to develop a multifamily project with 220 units on a vacant portion of the site. It is near Miami Freedom Park, the planned mixed-use project anchored by a Major League Soccer stadium to be developed by Miami billionaire Jorge Mas, his brother Jose Mas, retired international soccer star David Beckham and Los Angeles-based Ares Management. The partnership also owns MLS franchise Inter Miami CF.
Initially focused on Coral Gables, MG is expanding its pipeline in Miami-Dade County. Last month, the firm and its partner, Ernesto de Luca, unveiled plans for Doral Parc, a planned complex of three mixed-use buildings with 552 apartments, nearly 23,000 square feet of ground-floor retail and two garages.
The joint venture is under contract to purchase a 7.2-acre development site within Midtown Doral, a master-planned community in Doral. MG is also planning Coral Key, an 11-story apartment building with 258 units and ground-floor retail in Princeton, an unincorporated neighborhood in southwest Miami-Dade. In February, the firm submitted a site plan application to Miami-Dade County.
In January, MG acquired a 1.8-acre assemblage in Hialeah for $16.3 million where the firm is planning Metro Parc South, a 10-story building with 347 apartments. The firm and partner, Baron Property Group, are also planning Metro Parc and Metro Parc North, a pair of 10-story projects with a combined 1,179 apartments.
In Coral Gables, MG has completed six boutique condominium and townhome projects.