Bridgeton Holdings, a real estate investment firm based in New York and led by Atit Jariwala, has acquired the Sheraton Miami Airport Hotel for $67.5 million. The property, located at 3900 Northwest 21st Street in Miami, consists of 405 rooms and was originally built in 1976 with an expansion completed in 2000.
The purchase price equates to approximately $166,700 per room. Financing for the acquisition included a $59.3 million loan from Argentic Real Estate Investment 2. The seller was an affiliate of HHM Hotels, also based in New York. Records show that HHM bought the hotel for $42.3 million in 2015, making this sale roughly $25 million above its previous purchase price.
The Sheraton Miami Airport Hotel is situated near both Miami International Airport and the under-construction Miami Freedom Park. This mixed-use development is anchored by a new soccer stadium set to become the home of Inter Miami CF, the Major League Soccer team co-owned by Jorge Mas, David Beckham, and Ares Management.
“Miami Freedom Park is being developed by billionaire Miami businessman Jorge Mas, retired international soccer star David Beckham and Los Angeles-based Ares Management. The partnership also owns Inter Miami CF, which won its first MLS championship last year,” according to records related to the project.
Data from the Greater Miami Convention & Visitors Bureau shows that hotels across Miami-Dade County have experienced growth recently. In December, average daily room rates rose to nearly $280 compared to about $270 during the same month of 2024; revenue per available room increased as well while occupancy rates remained steady at around 77 percent.
One notable hospitality transaction last year was Blackstone’s acquisition of East Miami hotel for $147.8 million as part of Brickell City Centre’s mixed-use project; sources indicated that total costs including fixtures brought Blackstone’s expenditure close to $300 million.
