NATIONAL REPORT—Buyers are buying and sellers are selling. Here’s a trio of transactions of interest today.
Marriott in Miami
The Element Miami International Airport, a 209-room, extended-stay hotel near the airport has been sold to Peachtree Hotel Group for an undisclosed price.
Holliday Fenoglio Fowler LP (HFF) marketed the property on behalf of the seller, Norwich Partners, a New England and Florida-based developer and investor in commercial real estate. Peachtree Hotel Group purchased the hotel unencumbered of an existing management contract and will now also manage the hotel. Completed in 2012, the hotel at 3525 NW 25th St. is less than two miles from Miami International Airport. HFF Director Alexandra Lalos, Managing Director Denny Meikleham and Senior Director Alan Suzuki represented the seller.
“With one of the top international airports in the United States and all-time record visitation, Miami continues to be one of the best hotel markets in the country,” Lalos said. “As new demand drivers and infrastructure deliver and demand returns from the Miami Beach Convention Center, which is only 11 miles from the property, the Miami hospitality market will be the beneficiary.”
NKF, Ten-X Team on Transaction
Newmark Knight Frank Hotels, in partnership with Ten-X, is presenting the fee-simple interest in an 81-key MainStay Suites in Knoxville MSA/Alcoa, TN. The interior-corridor property features a fitness center, business center, outdoor pool, complimentary breakfast and high-speed internet access.
The property sits on 2.02 acres and is located on Fountain View Circle proximate to U.S. Highway 29 and McGhee Tyson Airport and is 15 miles southeast of downtown Knoxville. The property also is near Alcoa Aluminum, Denso Manufacturing, Provision Center for Proton Therapy and Peak Technical Institute.
Kansas City is Calling
The Hotel Inventory via Kansas City, MO-based Leisure Real Estate Advisors LLC is offering a Quality Inn & Suites at 150 East Poyntz Ave. in Manhattan, KS, a major college town with some 30,000 graduate students, undergrads, faculty and staff part of Kansas State University. Manhattan also features a mix of business, science/research, health care and military demand, with Fort Riley within 15 miles.