An oil magnate spends $29 million on a hotel close to Miami International Airport.

Jan 03:
Chicagoan George Nediyakalayil, a real estate businessman and petroleum distributor, paid $29 million for a 190-room hotel close to Miami International Airport. George Nediyakalayil, of Chicago, bought the 190-room building.

According to Vizzda and records, Even Hotel Miami - Airport at 3499 Northwest 25th Street was purchased by a company under Nediyakalayil's management. In total, the bargain comes to almost $153,000 for each room. Nediyakalayil obtained a $18.6 million loan from State Bank of Texas to fund the purchase.

According to public records, the seller, a subsidiary of the Aventura-based Epelboim Development Group, paid $3.8 million for the 1.9-acre property in 2015. After three years, Epelboim finished the seven-story structure using money from investors in Latin America who were eligible for EB-5 visas in addition to a $20 million construction loan.

According to the company website, Nediyakalayil serves as CEO of Chicago-based Gas Depot Oil Co., a Midwest-based distributor of petroleum and operator of gas stations. In addition, Nediyakalayil created the 99-room Hyatt Place hotel in Chicago, which opened its doors in 2019.

Recent weeks have seen a slight influx of investors looking into hotel deals in South Florida. Midwest Hospitality Group, or MHG Hotels, of Indianapolis, spent $20.5 million this week for a Courtyard by Marriott in West Palm Beach. After acquiring the 103-room hotel in July, the seller, Ohio-based Regal Hospitality, realised a $5.2 million increase in value.

A Plantation hotel was bought by Thrive Hospitality Group and Mid America Lodging Group for $14.5 million earlier this month. The 104-room La Quinta Inn & Suites by Wyndham Plantation was added to the portfolio of the Michigan-based companies, which are run by members of the same family, in South Florida.

A joint venture acquired a 1950s-completed Miami Beach hotel in November. The Crystal Suites Miami Oceanfront Hotel in the city's North Beach neighbourhood was purchased for $24 million by the hospitality branch of Kolter Group, based in Delray Beach, and BH Group, based in Aventura.

Holidays Network Group, based in Winter Park, Florida, purchased a Miami Beach redevelopment site with approvals for a 107-room hotel earlier this month. $35.3 million was paid by Holidays Network.