Thayer Lodging Group has acquired a complex of three Marriott hotels near Miami International Airport from Marriott International in a $57.5-million (€42.7 million) deal.
The Washington, DC-based private equity real estate group, helmed by Fred Malek and Leland Pillsbury, plans to invest $65 million in the property. The renovation has a planned completion of 2009, to coincide with a major expansion of the Miami airport.
Situated around a central plaza, the purchase includes a Marriott Hotel, a Courtyard by Marriott and a Fairfield Inn. The 366-room flagship Marriott will be renovated, while the 126-room Courtyard property will be expanded to 300 rooms via the construction of a ten-story tower. The Fairfield Inn will be demolished and replaced with a Residence Inn with 160 suites.
“This complex will showcase how to integrate three Marriott brands into one site,” Pillsbury, the co-founder and co-chairman of Thayer, said in a statement. “We will take advantage of the synergies the complex offers, from marketing to meeting and dining facilities, which we believe will allow us to achieve above-average operating performance.”
Thayer’s most recent vehicle, Thayer Hotel Investors IV, closed in 2004 on $233 million. The firm has been on a selling spree as of late, exiting high-profile investments like the 1,582-room Grande Lakes Resort in Orlando, which it sold in February of last year for $753 million, and the balance of its Thayer Hotel Investors II portfolio, a collection of eight hotels, which it sold for $266 million in July of 2005.