Bridgeton Holdings is making a South Florida hospitality play by picking up a Miami hotel that stands to draw scores of soccer fans as guests in the coming years.
An affiliate of New York-based Bridgeton, led by Atit Jariwala, paid $67.5 million for the Sheraton Miami Airport Hotel at 3900 Northwest 21st Street, records and real estate database Vizzda show.
The deal breaks down to $166,700 per key for the 405-room building completed in 1976 and expanded in 2000.
The buyer obtained a $59.3 million loan from Argentic Real Estate Investment 2.
The seller is an affiliate of New York-based HHM Hotels, which sold the 4.8-acre property for $25.2 million above the previous sale price a decade ago. HHM paid $42.3 million for the 10-story hotel in 2015, records show.
The hotel is near Miami International Airport and the $1 billion Miami Freedom Park, a massive mixed-use project anchored by a nearly completed soccer stadium that is the future home of Inter Miami CF, the city’s Major League Soccer franchise.
Miami Freedom Park is being developed by billionaire Miami businessman Jorge Mas, retired international soccer star David Beckham and Los Angeles-based Ares Management. The partnership also owns Inter Miami CF, which won its first MLS championship last year.
Hotels in Miami-Dade County are faring well. In December, the average daily room rate increased to $279.70 compared to $269.69 compared to the same month in 2024, according to the Greater Miami Convention & Visitors Bureau. The revenue per room in the county hit $215.37 in December compared to $206.66 compared to the same month in 2024. The occupancy rate was relatively flat at 77 percent. Among the largest hospitality trades last year not involving a hotel slated for redevelopment was Blackstone’s $147.8 million acquisition of East Miami, a 352-key hotel that is part of the Brickell City Centre mixed-use project in Miami. Sources familiar with the transaction said the New York-based investment giant paid close to $300 million when including the hotel’s fixtures and non-real estate assets.
