Peachtree Hotel Group has closed on the purchase of the 209 room Element Miami International Airport hotel in a $22 million transaction. The 5-story property located at 3525 Northwest 25th Street changed hands for just under $105,265 per room key. The seller, Norwich Partners, bought the 5.38 acre location in 2008 for $3.6 million and developed the hotel in 2012. The asset features a fitness center, pool, business center and is located two miles from Miami International Airport. Holliday Fenoglio Fowler investment sales team representing the seller included director Alexandra Lalos, managing director Denny Meikleham and senior director Alan Suzuki.
“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.”
