Mayfair House Hotel Trades for $15M

COCONUT GROVE, FL-Lodgian Inc. has sold the Mayfair House Hotel to an affiliate of Chicago-based Falor Cos. for $14.7 million. The new owner paid about $82,122.90 per room for the 179-room upscale hotel. Atlanta-based Lodgian plans to use the $13.7 million in net proceeds from the sale to reduce its long-term debt further; the company has divested of nine hotels and one office building since October 2003 and used the sale proceeds to reduce its debt $35.5 million. All the recent sales are part of the company’s plans to get rid of 19 hotels, an office building and three land parcels.The Mayfair Hotel was built in 1985 as part of the mixed-use development called Streets of Mayfair. The hotel is located at 3000 Florida Ave., near the beach and the Coconut Grove Convention Center. A planned $6.5-million renovation will include upgrades to the rooms, bathrooms and common areas, as well as an enhanced rooftop deck with a pool.HWE Florida Inc., a subsidiary of Hodges Ward Elliott, represented Lodgian in the transaction. CB Richard Ellis represented Falor Cos. “The Mayfair … did not fit into our long-term strategy,” Thomas Parrington, Lodgian’s president and CEO, says in a statement. He adds the company is aggressively marketing the 10 other hotels and the three parcels of land it wants to sell. “We remain on schedule to complete the disposition program by year end.”With this property, Falor owns, manages or asset manages eight properties in South Florida, including the 203-room Cheeca Lodge & Spa in Islamorada, FL, which the company acquired last year with partners; the Courtyard in Key West; and the Holiday Inn on Fort Myers Beach, both of which the company manages.