August 10, 2020
Multifamily developer the Estate Cos. has acquired a former Ramada Hotel in Hialeah for $15.2 million. LV Lending provided $11.5 million in financing for the transaction. The seller was not disclosed.
The non-operational, 258-room hotel was constructed in 1970 and is located on more than five acres. The site is located adjacent to the Palmetto Expressway. Plans for the redevelopment of the site were not disclosed.
“The distressed hotel sector has created investment opportunities that firms like ours are ready and able to capitalize on,” said Jeff Ardizon, principal at The Estate Cos. “Not all sites are created equal, and buyers need to be nimble and flexible in order to ensure repurposed assets meet the current market demands.”
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