Berkadia Hotels & Hospitality Completes Sale and Secures Financing for Miami Hotel Totaling Nearly $50 Million in Transaction Volume
MIAMI, FL — January 28, 2022 — Berkadia Hotels & Hospitality announced today the sale and financing of Element by Westin, a 209-room hotel in Miami, Florida. Managing Directors Preston Reid, Michael Weinberg and Kyle Stevenson and Director Mabelle Perez of Berkadia Hotels & Hospitality completed the $28.5 million sale on behalf of Peachtree Hotel Group. The deal closed on January 14.
Managing Directors Michael Weinberg and Rebecca Van Reken and Associate Director Alec Fox secured the acquisition financing on behalf of the borrower, Palm Holdings.
“Having worked with both buyer and seller before on a number of previous transactions, it was fun to be able to manufacture a transaction that worked for both parties,” said Weinberg. “Miami was the #1 RevPar market in 2021 so the buyer is excited to unlock value at a good basis in a very hot market.”
Element by Westin offers 209 rooms with 47 standard king guest rooms, 63 studio King, 44 one-bedroom king suites, 9 executive king suites and 46 studio queen/queen layouts. Hotel amenities include a fitness center, heated outdoor pool, outdoor patio and fire pit, complimentary airport shuttle and more. The hotel is conveniently located near the Miami International Airport.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.