High-end apartment developer The Estate Companies bought a former Ramada Inn in Hialeah.
The developer paid $15.25 million for the 5-acre property at 1950 West 49th Street. Estate Companies principal Jeffrey Ardizon declined to comment on what the firm is planning to build, but said it will be announced soon.
LV Lending arranged $11.5 million in financing.
Property records show UCH1 LLC, Miami Corporate Partners LLC, Bidart Dairy II LLC, Kern land Partners LLC and Kern Land Holdings LP were the sellers. The 258-room hotel last sold in 2014 for $13.5 million. Urban Commons, a Los Angeles-based real estate investment and development firm, owned 45 percent of the property via affiliate UCH1 LLC.
The Estate Cos. is known for its Soleste brand of rental buildings throughout South Florida. Current projects available for lease include Soleste Twenty2, Soleste Bay Village, Soleste Alameda and Soleste Blue Lagoon. The firm plans to break ground on three new projects this year, in Miami’s Spring Garden Historic District, North Miami Beach and Dania Beach.
The Hialeah hotel was built in 1970 and expanded over the years. The property is next to the Palmetto Expressway and the 103rd Avenue exit, which Ardizon said gives it high visibility and accessibility.
The hotel marked Urban Commons’ sole property in South Florida, according to its website.
Distressed sales of South Florida hotels are expected to occur later this year due to the impact of coronavirus, experts say.