Search
 

Mayfair House Hotel Trades for $15M

COCONUT GROVE, FL-An affiliate of Falor Cos. of Chicago paid about $82,122.90 per room to Lodgian Inc. for the upscale hotel here. The new owner is planning a $6.5-million renovation and conversion to condominiums.

By Melissa Bogdany | Updated on May 18, 2004

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.