Howard Johnson Hotel Trades at Miami Airport
- Apr 03, 2015
LCP Hialeah Gardens Hospitality L.L.C. has acquired the 259-key Howard Johnson Plaza Hotel at Miami International Airport from GW Hialeah Hotel L.L.C.
CBRE Hotels represented the seller in the transaction. The sale price was not disclosed.
“[The property is in] a very high traffic location with lots of visibility,” Paul Weimer, a vice president with CBRE Hotels, told Commercial Property Executive. “This was an opportunity to rebrand the hotel with a higher-rated brand.” According to Weimer, the hotel will be extensively renovated and likely rebranded.
Additionally, Weimer said, the 10-story hotel contains a large restaurant space that can be leased out and more than 10,500 square feet of flexible meeting space, features offered by no other nearby hotel.
Located on a four-acre site at 7707 NW 103rd St. in Hialeah Gardens, the property is adjacent to the Palmetto Expressway, one of South Florida’s most highly traveled thoroughfares.
The 10-story Howard Johnson Plaza Hotel provides a parking deck and easy access to both Miami International Airport and Interstate 75.
GW Hialeah Hotel had owned the property for about nine years. Weimer described the bidding as highly competitive, as investors were attracted by the exceptional location and the strong local lodging market.
“Hotels are currently in high demand from investors, and lenders have also returned to the sector,” Weimer said. “Also, the perception of Hialeah seems to be changing, with investors believing that the area will continue to improve. This is generally considered a great time to sell.”
It’s been a buzz-worthy week for airport hotels, with Hospitality Properties Trust acquiring the 300-key Holiday Inn & Suites Rosemont, near Chicago’s O’Hare International Airport, and Graves Hospitality winning the right to develop Minnesota’s first full-service airport hotel at Minneapolis-St. Paul International Airport.