HighGate Capital Sells Two La Quinta Inn Hotels In Miami-Dade
Highgate’s Mehdi Khimji and Mahmood Khimji with 7401 Northwest 36th Street and 3501 Le Jeune Road (Highgate, Wyndham Hotels)
Highgate Capital Management sold a pair of La Quinta Inn by Wyndham hotels in Miami-Dade County for a combined $33 million.
Affiliates of Highgate, an Irving, Texas-based hospitality real estate firm, sold the La Quinta at 7401 Northwest 36th Street near Doral for $15.5 million, as well as the La Quinta at 3501 Le Jeune Road in Miami Springs for $17 million, according to records. Both properties are close to Miami International Airport
The buyers are entities controlled by Yaacov Brenenson of Davie. Brenenson paid nearly $94,000 per key for the hotel by Doral and about $117,000 a room for the Miami Springs property.
In November, Highgate and its partner, Cerberus Capital Management, acquired the two properties as part of a $1.5 billion purchase of CorePoint Lodging, a publicly traded real estate investment trust that is a spin-off of the La Quinta hotel brand. The deeds do not show how much Highgate and Cerberus paid for the individual hotels.
The 165-room La Quinta Inn by Wyndham Miami Airport North was completed in 1986, and the La Quinta Inn & Suites by Wyndham Miami Airport East was built in 1991, records show.
Highgate, led by co-chairmen Mahmood Khimji and Mehdi Khimji, has more than 87,000 hotel rooms under management across the U.S., Latin America, the Caribbean and Europe, according to the company’s website. In July, Highgate also sold a La Quinta in Hollywood for $17.5 million and a La Quinta in Doral for $18.8 million, records show.
Highgate is not the only institutional giant offloading budget hotels in South Florida. Last month, Blackstone sold three Motel 6 properties and two Studio 6 extended-stay hotels in Cutler Bay, Dania Beach, Coral Springs and West Palm Beach. Affiliates of Georgia-based Global Hotel Group paid $61 million for the five hotels, records show.
Other recent hotel deals include the sale of the Hampton by Hilton at The Continental in Miami Beach. In June, Boston-based Spot On Ventures paid $43.9 million for the property.
