Hotel near Miami airport sold for $22 million

By Brian Bandell for South Florida Business Journal

The Radisson Red Miami Airport hotel just east of Miami International Airport sold for $22 million.

Miami River Point Hotel LLC, managed by Rodrigo Azpurua of Miramar-based Riviera Point Development Group, sold the 157-room hotel at 3401 N.W. 25th St. to 3401 Miami LLC, led by Marc Gagliardi as CEO of Sarasota-based hospitality firm Kapstones. The buyer assumed the seller’s $15.35 million mortgage with Centennial Bank.

The price equated to $140,127 per room.

Totaling 92,965 square feet in six stories, the hotel was built on the 1.08-acre site in 2021. This is the first time it has sold. It includes a restaurant/bar, a pool and a fitness center.

As for the buyer, Kapstones owns hotels such as the Kompose Orlando and the Kompose Sarasota.

The hotels near Miami International Airport mostly cater to business travelers and aviation workers.

External Source: Radisson Red Miami Airport sold to Kapsones – South Florida Business Journal