INVESTORS LOOK FOR HOTELS WITH ECONOMIC PROBLEMS. HIALEAH HOTEL IS SOLD FOR $ 15.25 MILLION
South Miami’s planning firm The Estate Companies, which specializes in multi-family home construction, purchased the Ramada Hotel in Hialeah for $ 15.25 million.
“The hotel sector, which is now in financial distress, has created investment opportunities that firms like ours are ready to invest in,” Jeffrey Ardizon, executive of The Estate Companies, said in a statement.
The purchase of the five-hectare site, located at 1950 W. 49 Street, was completed Friday, the statement said. Downtown Miami firm LV Lending provided $ 11.5 million for the financing.
The Estate Companies does not have any concrete plans for the site at this time, according to a spokesperson for the firm.
Other multi-family developers are forecast to buy South Florida hotels as well, J.C. de Ona, president of the Southeast Florida division of Centennial Bank, to convert the buildings into apartments or develop the land. “The pandemic has hotels in serious financial trouble. Even if an owner can cope, they will have to decide whether or not to stay with the hotel in the long run. The longer the pandemic lasts, the more similar problems there will be ”.