HFF announces $48.65 million sale of Pullman Miami Airport hotel

Alexandra Lalos

MIAMI, FL – January 14, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $48.65 million sale of the Pullman Miami Airport, a 281-room, full-service hotel located within the prestigious Blue Lagoon Office Park in Miami, Florida.

Tony Malk

The HFF team marketed the hotels on behalf of the seller.  London + Regional (L+R), a London-based, privately-owned real estate firm, purchased the asset unencumbered of the existing management agreement.

Originally constructed in 1986, Pullman Miami Airport underwent a multi-million-dollar renovation in 2016 that converted the hotel from a Sofitel to a Pullman. 

The hotel features 18,500 square feet of indoor and outdoor meeting and event space; an outdoor pool; tennis courts; fitness center; business center and two food and beverage outlets, La Riviera and Le Bar.

Pullman Miami Airport is located at 5800 Blue Lagoon Drive and sits on a prime 10-acre site within the Blue Lagoon Office Park, a 1.6 million-square-foot park home to Fortune 500 brands like Burger King, Visa, Sony, Hasbro, Pepsi and FedEx. 

Daniel C. Peek

 The hotel site benefits from further development opportunity.  Visible to more than 400,000 annual flights, the hotel is situated four miles from Miami International Airport, which is the second busiest airport in the U.S. for international passengers. 

The HFF investment advisory team representing the seller included director Alexandra Lalos, managing director Tony Malk and senior managing director and head of HFF’s hotel group Daniel C. Peek.

The HFF Hotel Team continues to be active in the South Florida hotel market, having recently advised on the sales of the Element Miami Airport and the Holiday Inn Express & Suites Marathon and the refinancings of the Four Seasons at the Surf Club and the JW Marriott Marquis Brickell. 

“After experiencing a ‘mini cycle’ in Miami, where RevPAR declined and was stagnant during 2016 and 2017, respectively, as a result of the effects of the Zika virus, global currency fluctuations and the Miami Beach Convention Center under renovation, Miami has rebounded with force,” Lalos said. 

 “Through November 2018, Miami was the No. 2 fastest-growing RevPAR market in 2018, according to STR, second only to Minneapolis, which hosted the Super Bowl in 2018.”

“The strength of the South Florida lodging market is attracting new international sources of capital, including L+R, who are making their first hotel investment in Miami with the Pullman,” Malk added.

British Livingstone Brothers, Richard (left) and Ian

L+R is a property company based in London, UK, and is regarded as one of the largest privately held property companies in Europe. 

Founded in 1987 by brothers Richard and Ian Livingstone, L+R has business interests in over eight countries, with offices in London and Panama City. 

 L+R has an extensive hotel portfolio, with more than 17,000 rooms including iconic luxury hotels, full-service hotels, branded hotels and resorts in the Caribbean and Europe and a 47-select service hotel portfolio.

L+R’s hotel investments include the London Hilton on Park Lane, Trafalgar Hilton, Cliveden Hotel, Nobu Ibiza, Chewton Glen, Fairmont Pavilion, Barbados, Marriott Grand Cayman, Hotel MdR, in California and the Fairmont, Monte Carlo. 

 L+R’s worldwide investment and development programme is in excess of £9.0 billion.  Learn more at http://lrp.co.uk/hotels.

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

ALEXANDRA LALOS

FL Lic. #SL3361476

HFF Director

(305) 448-1333

alalos@hfflo.com

TONY MALK

HFF Managing Director

(310) 407-2100

tmalk@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com