Highgate’s Mehdi Khimji and Mahmood Khimji with 7401 Northwest 36th Road and 3501 Le Jeune Highway (Highgate, Wyndham Hotels)
Highgate Money Administration bought a pair of La Quinta Inn by Wyndham accommodations in Miami-Dade County for a mixed $33 million.
Affiliates of Highgate, an Irving, Texas-based mostly hospitality actual estate business, sold the La Quinta at 7401 Northwest 36th Street in close proximity to Doral for $15.5 million, as very well as the La Quinta at 3501 Le Jeune Street in Miami Springs for $17 million, according to information. Each homes are shut to Miami Intercontinental Airport
The consumers are entities managed by Yaacov Brenenson of Davie. Brenenson paid out just about $94,000 per crucial for the hotel by Doral and about $117,000 a home for the Miami Springs residence.
In November, Highgate and its associate, Cerberus Cash Administration, acquired the two properties as aspect of a $1.5 billion acquire of CorePoint Lodging, a publicly traded serious estate expense trust that is a spin-off of the La Quinta hotel brand. The deeds do not show how a lot Highgate and Cerberus paid out for the individual motels.
The 165-place La Quinta Inn by Wyndham Miami Airport North was finished in 1986, and the La Quinta Inn & Suites by Wyndham Miami Airport East was designed in 1991, documents show.
Highgate, led by co-chairmen Mahmood Khimji and Mehdi Khimji, has additional than 87,000 lodge rooms underneath management throughout the U.S., Latin The usa, the Caribbean and Europe, according to the company’s web-site. In July, Highgate also sold a La Quinta in Hollywood for $17.5 million and a La Quinta in Doral for $18.8 million, data demonstrate.
Highgate is not the only institutional large offloading price range resorts in South Florida. Last month, Blackstone marketed a few Motel 6 attributes and two Studio 6 extended-keep accommodations in Cutler Bay, Dania Beach, Coral Springs and West Palm Seaside. Affiliate marketers of Georgia-based mostly World-wide Hotel Team paid $61 million for the five accommodations, documents present.
Other recent hotel bargains incorporate the sale of the Hampton by Hilton at The Continental in Miami Beach front. In June, Boston-dependent Location On Ventures paid out $43.9 million for the house.
