Hialeah Holiday Inn sells to hospitality investors for $12M
Sale fetched local company more than $7M premium
November 23, 2015 12:45PMBy Sean Stewart-Muniz
The Holiday Inn-Express Miami-Hialeah at 6650 West 20th Avenue
A group of hospitality investors just paid $12 million for a Holiday Inn-Express in Hialeah, marking the hotel’s second resale in more than 20 years.
Miami-Dade County property records show Burlington Hospitality Inc., a newly incorporated North Carolina company, purchased the hotel through a deed recorded Thursday.
The company, which financed its deal with a $9.5 million loan from Carter Bank & Trust, is managed by seven people: Jayesh N. Patel, Jay Bhakta, Hemanshu K. Patel, Anit S. Patel, Chiranjiv K. Jariwala, Sunil M. Patel and Nayan C. Patel.
They paid $82,191 per room for the 146-suite hotel, which was built in 1989 and is located at 6650 West 20th Avenue near the Palmetto Expressway. The seller is a local hotel company called Sound Hospitality, headed by Ben Castera, records show.
The company owns the Holiday Inn Hotel Coral Gables, which is the future site of the $172 million Paseo de la Riviera project. Sound Hospitality also recently sold a Holiday Inn in downtown Miami for a whopping $65 million where Brazilian developer Gilberto Bomeny plans to build a 77-story tower. Outside of Florida, the company owns hotels in Ohio, North Carolina and Virginia, according to its website.
Sound Hospitality paid only $4.55 million for the Hialeah hotel in 1992 — a price that breaks down to $31,164 per room. That means the firm raked in almost triple what it paid 23 years ago.
Holiday Inn-Express is a limited service chain owned by the InterContinental Hotels Group. It was first launched in 1991, and there are now nearly 2,400 brand locations throughout the world, according to IHG’s website.
Source: The Real Deal