Miami, FL – April 1, 2015 – (RealEstateRama) — CBRE Hotels has arranged the sale of the 259-room Howard Johnson Plaza Hotel at Miami International Airport. The property, located at 7707 NW 103rd Street in Hialeah Gardens and set on more than four acres of land adjacent to the Palmetto Expressway, one of South Florida’s most highly traveled thoroughfares, was acquired by LCP Hialeah Gardens Hospitality, LLC for an undisclosed price. CBRE Hotels represented the seller, GW Hialeah Hotel, LLC. The property was offered unencumbered by both brand and management.
“This was a very competitive sale process during which we uncovered exceptionally strong interest for this asset, with investors recognizing the exceptional location and the strength of the local lodging market,” said CBRE Hotels’ Paul Weimer.
The largest structure in the area, the 10-story Howard Johnson Plaza Hotel boasts a parking deck and easy access to both Miami International Airport and Interstate 75. The hotel also holds the potential for significant food and beverage operations that would generate significant additional revenue, not only through patronage by hotel guests, but by drawing local clientele and growing corporate, social and leisure business. The property features over 10,500 square feet of flexible meeting space.
The Miami-based CBRE Hotels’ marketing team includes Christian Charre, Paul Weimer and Natalie Castillo.
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 265 dedicated hospitality professionals located in 40 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
elizabeth.cross (at) cbre (dot) com
melinda.sherwood (at) cbre (dot) com