MG Developer Acquires Regency Miami Airport Hotel for $36M

MG Developer, primarily known for its multifamily acquisitions, has made its inaugural foray into the hospitality sector by purchasing the Regency Miami Airport by Sonesta hotel for $36 million. This acquisition marks a significant expansion for the Coral Gables-based firm, led by CEO Alirio Torrealba.

Details of the Acquisition

The sale was executed by OPB Capital Group Fund 1 LLC, under the management of Orlando Padron, who sold the 176-room hotel located at 1000 N.W. 42nd Ave. in Miami to MG Regency Airport LLC, a subsidiary of MG Developer. According to property data firm Vizzda, the price per room for this transaction amounted to $204,545. Notably, the hotel had last changed hands in 2019 for $25.83 million, reflecting a substantial increase in value over the years.

Prime Location and Features

The hotel sits on a 3.8-acre site, encompassing 108,187 square feet and constructed in 1982. Conveniently located just south of the Dolphin Expressway and the 42nd Street exit, it is positioned near Miami International Airport and will serve as one of the closest accommodations to the upcoming Miami Freedom Park, which is set to house the Inter Miami CF stadium. The hotel amenities include a pool, bar, and fitness room, adding to its appeal.

Future Plans Remain Unclear

As of now, representatives from MG Developer have not commented on their future plans for the hotel property. The company initially focused on developing condominiums and townhouses in Coral Gables, expanding its portfolio to include apartment projects in Hialeah and Princeton.