- Bridgeton acquired the Sheraton Miami Airport Hotel for $67.5M.
- The 4.8-acre property is near Miami International Airport.
- HHM Hotels sold it $25.2M above its 2015 price.
AN AFFILIATE OF Bridgeton acquired the 405-key Sheraton Miami Airport Hotel from HHM Hotels for $67.5 million, or $166,700 per key. The hotel, built in 1976 on 4.8 acres, is near Miami International Airport and the $1 billion Miami Freedom Park.
The project is being developed by Miami businessman Jorge Mas, retired soccer player David Beckham and Los Angeles-based Ares Management, according to the Business Journal. The property is near Wynwood Walls, Vizcaya Museum and Gardens and Dolphin Mall.
HHM Hotels sold the property $25.2 million above its 2015 price and spent $10 million on a renovation in 2017. The institutional buyer secured a $59.3 million loan from Argentic Real Estate Investment.
New York-based Bridgeton is led by Atit Jariwala and Philadelphia-based HHM is led by President and CEO Naveen Kakarla.
In 2023, HHM Hotels launched Echelon Luxury & Lifestyle for independent hotels and brands, covering more than 50 of its 240 managed properties.
