Jayeshkumar Patel Of Sage Development Group Acquires Hotel From Al Patel For $23.5M

The 127-room Hampton Inn Miami Airport East, located at 3449 Northwest 42nd Avenue in Miami, FL, has been sold for $23.5 million. This hotel spans approximately 1.84 acres and was developed in 2017, making this its first sale since then. The property features a per-key price of $185,039 and is situated near Miami International Airport, a location that continues to attract investors.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $23,500,000
• Buyer: Jayeshkumar Patel - Sage Development Group
• Seller: Al Patel - Baywood Hotels
• Lender: Southstate Bank
• Keys: 127
• Acres: 1.84
• PPK: $185,039

This transaction was facilitated by Jayeshkumar “Jay” Patel, who is leading AON HI Miami LLC in the acquisition. SouthState Bank provided a loan of $16.27 million to support this purchase, indicating the ongoing investor interest in the hotel sector in the vicinity of Miami International Airport.