HFF Closes Sale of Holiday Inn Miami Airport West and Staybridge Suites Miami Airport West
MIAMI, FL, October 18, 2005. The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of the Holiday Inn Miami Airport West and the Staybridge Suites Miami Airport West, two adjoining hotels in Miami's Airport West sub-market.
Senior managing director Dan Carlo and associate director Kimberly Flores led the HFF investment sales team exclusively on behalf of the seller, Miami-based Cardel Hotels. Trans Inns Management Inc. purchased the properties free and clear of debt.
Holiday Inn Miami Airport West and Staybridge Suites Miami Airport West were both built in the late 1990s and are located in the City of Doral, near the intersection of Northwest 87th Avenue and Northwest 36th Street. The Holiday Inn is a mid-scale, full-service hotel with 120 guest rooms, including nine suites. The Staybridge Suites is a 96-room, extended-stay, all-suite hotel.
The Doral area, where both hotels are located, is one of Miami's strongest suburban markets and benefits from immediately proximate retail, restaurants, hotels (including the Doral Resort & Country Club), plus numerous commercial buildings that have major tenants such as Ryder Systems, Carnival Cruise Lines, the U.S. Federal Reserve and the U.S. Southern Command.
"Because the hotels are adjacent to one another, they benefit from significant operational synergies," said Carlo. "This is a great opportunity for Trans Inns to establish a presence in a market they have long targeted for investment. In addition, Trans Inns plans to retain the franchise agreements with both Inter-Continental Hotels flags."
"Our company, along with our financial partner, has embarked on a nation-wide acquisition strategy to focus on full and select-service hotels in strong economic markets," said Daniel Vosotas, president of Trans Management.
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