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Summit Hotels picks up Hyatt House Miami Airport for $38M
Hotel investment company Summit Hotel Properties has added the Hyatt House Miami Airport property to its portfolio for $37.7 million.
Atlanta-based Noble Investment Group sold the 156-key hotel near the Miami International Airport, according to Miami-Dade County records. It was formerly known as the Hyatt Summerfield Suites Miami Airport.
The nearly 5-acre property, at 5701 Blue Lagoon Drive, last traded hands for about $18.4 million in 2011, according to property records. The Hyatt, built in 1999, includes a 1,500 square feet of meeting space, a pool, gym, restaurant and tennis court. Suites include kitchenettes and family rooms, according to its website.
Noble Investment Group, the seller, paid $48 million for a Renaissance by Marriott in Fort Lauderdale in April.
Summit Hotel Properties has a portfolio of 87 hotels in 24 states. The company focuses on select-service brands such as Courtyard by Marriott, Fairfield Inn & Suites, Hotel Indigo by IHG, Hampton Inn and Homewood Suites and Hilton Garden Inn, according to its website.