Former Ramada Hotel Trades for $15M in Miami
- Aug 12, 2020
The Estate Cos., a developer of luxury multi-family communities in South Florida, has acquired a site occupied by a 258-key, former Ramada Hotel in Hialeah, Fla., for $15.3 million. The company financed the purchase with an $11.5 million acquisition loan arranged by LV Lending. The seller is a joint venture between Urban Commons and several other investors, according to Miami-Dade County records.
Located on 5 acres at 1950 W. 49th St., the property is close to the Palmetto Expressway and 10 miles north of Miami International Airport. Additionally, the hotel is close to the retail corridor along West 49th Street, which includes Starwood Capital Group’s 835,000-square-foot Westland Mall.
The currently non-operational hotel was built in 1970 and expanded in 1973, 1979 and 1988. In 2017, the property was damaged during Hurricane Irma and rebuilt with insurance proceeds and a $9 million loan from West Bay Capital. In December 2019, Urban Commons sold a majority stake in the property to five other investors for $6 million, public records show.
LV Lending Commercial Director Alen Hernandez, Partner Ricardo Uribe and Partner & CEO Camilo Niño arranged the funding for the borrower. Last year, the same team secured a $4.1 million construction loan for a 42,909 square-foot office project in Hunter’s Creek, Fla.