Bridgeton buys from HHM in Miami

MIAMI – An affiliate of New York-based Bridgeton, led by Atit Jariwala, is acquiring the 405-room Sheraton Miami Airport Hotel from HHM Hotels for $67.5 million ($166,700 per key), according to multiple reports.

The hotel was completed in 1976 and expanded in 2000.

The buyer obtained a $59.3 million loan from Argentic Real Estate Investment 2, suggesting ongoing confidence in hotel assets near Miami International Airport.

HHM Hotels sold the 4.8-acre property for $25.2 million above the previous sale price in 2015. It spent $10 million on a property-wide renovation in 2017.

The hotel is near Miami International Airport and the $1 billion Miami Freedom Park being developed by billionaire Miami businessman Jorge Mas, retired international soccer star David Beckham and Los Angeles-based Ares Management.

The mixed-use project is anchored by a nearly completed soccer stadium that is the future home of the city’s Major League Soccer franchise, also owned by the Freedom Park development trio.