MCR Hotels picked up a Hyatt-branded property near Miami International Airport, doubling its South Florida portfolio.
An affiliate of Dallas-based MCR paid $16.6 million for the Hyatt Place Miami Airport-East at 3549 Le Jeune Road in Miami, records show.
The deal breaks down to about $123,000 per key for the 135-room hotel.
Attorneys Michael Gallinar and Jason Camps with Miami-based law firm Adams Gallinar represented the seller, a joint venture between Coconut Grove-based Aztec Group and Raleigh, North Carolina-based Concord Hospitality.
Aztec and Concord had purchased the 1.1-acre site for $2 million in 2012, records show. The partnership completed the six-story hotel in 2015.
Led by CEO Tyler Morse, MCR’s $5 billion portfolio encompasses 148 hotels with more than 21,000 rooms across 37 states, according to the firm’s website.
In Pompano Beach, MCR developed a Residence Inn by Marriott with 112 rooms in 2015 that the firm still owns, records show.
South Florida’s lodging industry has stabilized since the pandemic started to subside last year.
Over the last 12 months, tourism rose by 15.3 percent compared to last year.
And Miami-Dade’s year-to-date occupancy rate hit 72.2 percent, a 6.5 percent increase compared to the same period of last year, according to state and county statistics.
The average daily room rate for 2022 was $251, up from $211 last year.
Amid major hotel deals of the past year, like the $232 million top sale of the Confidante Miami Beach, several smaller economy and business traveler lodging establishments also traded.
Last month, Highgate Capital Management sold a La Quinta Inn by Wyndham hotels in Palm Beach County for $13 million.
In September, the Irving, Texas-based hospitality developer sold two other La Quinta properties near Miami International Airport for a combined $17 million.
Blackstone also sold a Hampton Inn property in Tamarac for $17.8 million in November.