Baywood Hotels has sold the Holiday Inn Doral for $36 million, or about $279,000 per room.
Miami-Dade County records show that Baywood, an active investor and developer in South Florida, sold the hotel to Louisville, Kentucky-based Schulte Hospitality Group. The Holiday Inn, at 3255 Northwest 87th Avenue, was developed in 1998 and renovated in February 2014.
According to property records, the five-story, 129-key hotel sits on a 135,115-square-foot lot. It includes 80 parking spaces and a pool. Baywood bought the property out of foreclosure in 2012 for $17 million, which means the company made $19 million over four years.
Included in the deal is a 12,320-square-foot driveway that wraps around a neighboring office building. The acquisition adds to Schulte’s holdings in South Florida, which include a Hilton Garden Inn in Miramar.
In June, Baywood sold the Holiday Inn Express in Doral, at 8346 Northwest 36th Street, to Schulte for $15.9 million. The company mortgaged both properties in July with $28 million in financing from Citigroup. Schulte owns and operates hotels across the U.S., such as Springhill Suites, Residence Inn, Courtyard and Sheraton.
Baywood bought the long vacant Keys Bay Colony Resort in the Florida Keys from the Peebles Corp. last year. The company, based in Greenbelt, Maryland with an office in Miami, owns the Homewood Suites in the Brickell area, which is set to open in April.
Source: The Real Deal