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Airport Area Hotel Mortgage Sold

MIAMI-A New York firm acquires the Miami Mart note, which has a $60-million balance.

By Paola Iuspa-Abbott | Updated on July 26, 2009

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

MIAMI-A New York real estate investor and hotel operator has purchased the mortgage note on the DoubleTree Miami Mart Hotel and Convention Center near Miami International Airport. Great Neck, NY-based United Capital Corp. acquired the note in mid-July.

The mortgage has an outstanding balance of nearly $60 million and is secured by the 12-story hotel with 334 rooms, 166,000 square feet of convention space and 24,000 square feet of retail space. Anthony Miceli, United Capital chief financial officer, declined to say how much the publicly traded company paid for the note.

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