Sheraton at Miami Airport trades for $67.5 million as nearby
Freedom Park development takes shape.
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.