In an all-cash deal, a Los Angeles-based organization that provides affordable housing to individuals diagnosed with HIV and AIDS bought an aging Miami Gardens hotel for $24 million.
AIDS Healthcare Foundation, led by president Michael Weinstein, acquired Stadium Hotel, a 217-room building at 21485 Northwest 27th Avenue completed in 1973, records show. The deal breaks down to $110,644 per room.
Ryan Shaw with Marcus & Millichap represented the buyer. Suraj Dalal and Ahmed Kabani with Kabani Hotel Group represented the seller, an entity managed by David and William Ross in Miami Gardens, a press release states.
The Ross entity paid $4.9 million for the 3.9-acre site in 2004, records show.
In addition to hospitality real estate investors, Dalal and Kabani marketed Stadium Hotel to multifamily, assisted living and alternative-use investors, the release states.
“The asset generated strong international interest from various groups, including European institutional investment firms,” Dalal said in a statement. “The buyer secured the deal through an all-cash offer which came around 20 percent above [other] offers and closed in under 75 days.”
The Ross entity renovated the seven-story hotel in 2017, the release states. The property is adjacent to the former Calder horse racing track that Blackstone subsidiary Link Logistics bought for $291 million. Link is redeveloping the 115.7-acre site into an industrial complex and movie studio. Stadium Hotel is also less than two miles from billionaire developer Steve Ross’ Hard Rock Stadium.
Spokespeople for AIDS Healthcare Foundation did not respond to requests for comment about iplans for Stadium Hotel. The nonprofit is involved in the development and management of affordable housing projects, primarily for homeless people and individuals diagnosed with HIV or AIDS, the foundation’s website states.
Last year, AIDS Healthcare Foundation acquired six hotel and apartment buildings for homeless residents on L.A.’s Skid Row for $27 million.
Miami-Dade County ranks first in Florida for the highest rate of new HIV infections, according to the Florida Department of Health.
