Marriott-branded hotel in Miami Lakes sells for $9.2M
Property has been owned by four REITS in the past
September 24, 2015 09:45AM
The TownePlace Suites hotel at 8079 Northwest 154th Street in Miami Lakes
A Marriott-branded hotel in Miami Lakes, once lost to foreclosure, has sold for $9.2 million, county records show.
The hotel,at8079 Northwest 154st Street, is part of Marriotts TownePlace Suites chain of extended-stay hotels, which typically boast rooms with full-size kitchens and up to two bedrooms.
It was sold by U.S. Bank, which had repossessed the property after the previous owners lost a foreclosure judgment. The buyer is an LLC named Corporacion Hotelera Palma, headed by a pair of investors: Ernesto Palma and Ricardo Valdes, according to Miami-Dade County records.
The property is split into two three-story buildings with a total of 94 rooms. The hotel was developedin 1999 by RFS Hotel Investors, a Tennessee-based REIT that was later acquired by CNL Hospitality Properties, an Orlando-based REIT, in a deal valued at more than $700 million.
In 2005, two years after the merger, CNL sold the hotel for $7.4 million to an affiliate of the Ashford Hospitality Trust, a Texas-basedREIT.In 2007, Ashford sold the TownePlace Suites for $10 million to a REIT sponsored by the Moody National Company, a full-service real estate firm headquartered in Houston.
After four years of ownership, the Moody REIT lost a foreclosure judgment to U.S. Bank over a mortgage on the property. Miami-Dade Countys Eleventh Judicial Circuit Court ordered the trustto pay $24.1 million to cover the unpaid balance, interest, late fees and other penalties.