MIAMI—Holiday Inn Express & Suites, a 146-room hotel in the Hialeah-Miami Lakes, submarket, has traded hands. The 3.53-acre hotel asset sits at 6650 West 20th Avenue.
Miami-based Sound Hospitality sold the hotel to CN Hotels of Greensboro, NC for an undisclosed amount. The Miami-based CBRE Hotels' Robert Taylor and Paul Weimer represented the seller.
"The high prices paid for hotels on the ocean in South Florida are compressing the market and driving pricing for non-beachfront property," says Taylor, CBRE senior vice president. "This demand … took this asset from contract to closing in just 39 days."
The five-story interior-corridor hotel property was built in 1989 and features 146 rooms, 1,200 square feet of meeting space, a business center, outdoor pool, fitness center, free breakfast bar area for guests, and 189 surface parking spaces. The hotel also includes a large measure of land next to the existing building, which is available for expansion or development.
"We will start on a multi-million dollar renovation and retain the Holiday Inn Express & Suites flag," says Anit Patel with CN. The hotel sits about eight miles from Miami International Airport near Interstates 95 and 75, Florida's Turnpike, and State Roads 826 and 836. This location offers hotel guests direct access to the entire Miami-Dade metro area and the Florida Keys.
The hotel is also near Palmetto Hospital and Westland Mall, with 1.4 million square feet of occupied office space within a five-mile radius. Don Shula's Steak House, Olive Garden, Applebee's, Flannigan's, and Red Lobster are in the immediate area.
"There is unprecedented interest in quality-branded 'select-service' hotels among institutional investors and REITs, as they are proven performers," Rich Lillis, an executive vice president with Colliers International South Florida, tells GlobeSt.com. "Select-service hotels, such as Marriott Courtyard and Hilton Garden Inn, provide guests with a range of amenities but generally fewer food and beverage offerings compared to 'full-service' hotels. Select-service hotels are efficient and highly profitable."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
