The Estate Investments Group (EIG) acquired a shuttered Ramada Inn in Hialeah for $15.25 million.
Co-owners UCH1 LLC, Miami Corporate Partners, Bidart Dairy II LLC, and Noriega Properties sold the 258-room hotel at 1950 W. 49th St. to 1950 Hialeah Holdings LLC, an affiliate of EIG.
LV Lending, with the team of Camilo Niño, Ricardo Uribe and Alen Hernandez, provided an $11.5 million mortgage to the buyer.
The 4-story hotel last traded for $13.5 million in 2014. It was developed on the 4.9-acre site in 1970, and expanded several times over the following 18 years. It’s located near the Palmetto Expressway.
The hotel is not currently operational. EIG didn’t say whether it would reopen the hotel or seek to redevelop the property. Miami-based EIG is primarily an apartment developer under the Soleste brand.
“We are thrilled with this acquisition as it presents a rare opportunity to own all the fundamentals we look for in an asset,” EIG Principal Jeffrey Ardizon said. “The site is situated on arguably the city of Hialeah’s busiest corridor and main artery. The city of Hialeah is a market with very high barriers to entry, strong demographic support and close in proximity to some of the largest employment hubs in South Florida.”
Ardizon added that the distressed hotel sector has created many investment opportunities for his firm. The Covid-19 pandemic has caused revenue at most local hotels to plummet.
South Florida Business Journal. Aug 2020.