Al Patel Of Baywood Hotels Acquires Hyatt Place Miami Airport-West Doral For $15.35M

The property asset involved in the transaction is a 124-room Hyatt Place Miami Airport-West/Doral, located at 3655 Northwest 82nd Avenue in Doral. The property spans 2.74 acres and has a total square footage of 73,048. It was sold for a price of $15,350,000, reflecting a price per square foot of $210 and a price per key of $123,790. This sale occurred amidst indications of softening values in the hospitality sector.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $15,350,000
• Address: 3655 Northwest 82nd Avenue
• Market: Doral
• Asset Size: 2.74 acres
• Total Square Footage: 73,048
• Price Per Square Foot: $210
• Keys: 124
• Price Per Key: $123,790
• Buyer: Al Patel - Baywood Hotels
• Seller: Hospitality Investors Trust
• Lender: US Century Bank

Al Patel represents Baywood Hotels in the acquisition of the property, which reflects a 19% discount from its previous sale price in 2015. The transaction was financed through a loan amounting to $10.85M from US Century Bank.