Interdevco paid $16.1 million for a South Florida Aloft hotel that spent more than a year under receivership.
The Miami-based real estate development and investment firm acquired the 119-room Aloft Miami Dadeland hotel at 7600 Southwest 88th Street in Kendall, according to records. Interdevco, led by President and CEO Josep Maria Suriol, paid $135,294 per room.
Founded in the late 1970s, Interdevco specializes in residential and hospitality development, according to the company’s website.
The seller is court-appointed receiver Joel Murovitz with B. Riley Financial, a Los Angeles-based financial advisory firm, according to records. A superior court judge in Fulton County, Georgia, appointed Murovitz as receiver for the hotel’s ownership entity, an affiliate of Integrated Capital, last year after a lender sued the entity for allegedly defaulting on a loan, the sales deed states.
Completed in 1975, the six-story hotel sold for $2.5 million less than its previous sales price. In 2015, Integrated Capital, a Los Angeles-based hospitality real estate investment firm, paid $18.6 million, records show.
In the past year, several South Florida hospitality properties that weathered tough times during the pandemic have gone through restructurings and bankruptcies.
In a bankruptcy sale in early March, Copperline Partners paid $9.8 million for the Palm Beach Resort & Beach Club, a former timeshare property in Palm Beach.
In January, the owner of the Aloft Miami-Brickell exited Chapter 11 bankruptcy after successfully negotiating an agreement with a New York-based lender to reinstate a $17 million loan. An affiliate of Torchlight Investors had filed a foreclosure lawsuit last year against the hotel’s owner, a company controlled by Miami developer Pedro Villar.
The case was stayed until Jan 12, 2023, when it is expected to be dismissed, barring any new motions from the plaintiff and the defendant, according to a March 20 order by Miami-Dade Circuit Court Judge Gina Beovides.
In another Chapter 11 case filed last year, the owner of a Holiday Inn in downtown Miami sought bankruptcy protection, with a plan aimed at luring investors to redevelop the 200-room property at 340 Biscayne Boulevard. The reorganization plan submitted by 340 Biscayne Owner was approved in December, and the bankruptcy case is still pending, according to court records.