Peachtree Hotel Group sells Element Hotel in Miami for $20 million
Peachtree Hotel Group has sold the Element Miami International Airport Hotel to a Toronto-based real estate investment firm for $20 million.
An entity run by Ashok Taneja, chairman of Palm Holdings, purchased the 209-key hotel at 3525 Northwest 25th Street, records show. Atlanta-based Peachtree sold the property for $2 million below its 2017 purchase price of $22 million.
Palm Holdings paid $95,693 per key, about $10,000 less for each room than Peachtree paid five years ago.
Developer Norwich Partners completed the five-story hotel on the 5.38-acre site in 2012. Norwich paid $3.6 million for the site in 2008, records show. Rooms have kitchens and workspaces, and the property includes a fitness center, pool, business center, and outdoor courtyard. The hotel is approximately two miles from Miami International Airport.
Palm Holdings is focused on developing, acquiring and managing hotels, according to the company’s website. The company has 24 hotels in Canada, the United Kingdom and the United States. Its five US properties are in Florida. In addition to the Element in Miami, Palm Holdings has four hotels in Naples and Orlando.
As Peachtree cashes in on Element Miami International Airport, the company this month purchased another Miami-Dade County hotel developed by Norwich. Peachtree paid $49.5 million for a nine-story, 233-key AC Hotel next to Aventura ParkSquare, a condominium and townhouse project.
December also saw a handful of major hospitality trades in South Florida. The Rockpoint Group paid $37.9 million for the Waterstone Resort & Marina Boca Raton, a 139-key hotel. Starwood Capital Group, led by Barry Sternlicht, has bought The Standard hotel in Miami Beach for $62 million. The property has 100 rooms.
And Menomonee Falls, Wis.-related entities Continental Properties purchased The 175-room Residence Inn by Marriott Miami Beach Surfside for $69.9 million.