Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the Element Miami International Airport, a 209-room, extended-stay hotel near Miami International Airport in Miami, Florida.
The HFF team marketed the property on behalf of the seller, Norwich Partners. Peachtree Hotel Group purchased the hotel unencumbered of an existing management contract. Peachtree will also manage the hotel.
Completed in 2012, the five-story Element Miami International Airport hotel features fully-equipped suites with kitchens, workspaces, connectivity panels and complimentary internet. The hotel contains multiple food and beverage options, including The Salon at Element full-service bar and restaurant, Rise breakfast bar, Relax evening reception and the Restore gourmet pantry for preparing meals in suite; a state-of-the-art fitness center; resort-style pool; business center; and fire pit and outdoor courtyard area overlooking Palmer Lake. Like all Element hotels, the Element Miami International Airport operates under sustainable and green practices. Situated on 5.18 acres at 3525 NW 25th Street, the hotel is less than two miles from Miami International Airport, which serviced 44.6 million passengers in 2016, and half a mile from Miami Intermodal Center transportation hub. Additionally, the Element Miami International Airport hotel is six miles from downtown Miami and approximately five miles from multiple retail destinations, including Merrick Park, Miami International Mall and the Dolphin Mall.
The HFF investment sales team representing the seller included director Alexandra Lalos, managing director Denny Meikleham and senior director Alan Suzuki.
“With one of the top international airports in the United States and all-time record visitation, Miami continues to be one of the best hotel markets in the country,” Lalos said. “As new demand drivers and infrastructure deliver and demand returns from the Miami Beach Convention Center, which is only 11 miles from the property, the Miami hospitality market will be the beneficiary.”
“A best-in-class seller and buyer cooperated to complete the first hotel sale transaction in the Miami Airport/Civic Center submarket in 2017,” Meikleham added.
About Norwich Partners
Norwich Partners is a New England and Florida-based developer of and investor in commercial real estate, primarily hotels in the northeastern U.S. and Florida. Founded and capitalized in 2003, the company formalized a long-standing business relationship between the three founding members. Learn more at http://www.norwichpartners.com.
About Peachtree Hotel Group
Peachtree Hotel Group operates, develops and invests in premium-branded, select- and limited-service and extended-stay hotel assets under the Marriott, Hilton, Hyatt, Choice and InterContinental Hotels Group flags. Since its inception, Peachtree has invested in more than $1.4 billion of hotel properties and first mortgage notes. Peachtree’s current portfolio is comprised of 74 hotel assets totaling 8,599 rooms, including 33 real estate assets and 41 notes. For more information, visit http://peachtreehotelgroup.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.