MCR wants to develop two hotels with 400 keys, combined, next to its Hilton-branded property near Miami International Airport.
The hotel owner-operator proposes a pair of eight-story hotels, each with 200 units, adjacent to the Hilton Miami Airport Blue Lagoon at 5101 Blue Lagoon Drive in unincorporated Miami-Dade County, according to MCR’s application submitted to the county this month.
The proposal is also for a new five-story, 700-space garage for the Hilton, which will remain. The new hotels would rise southwest and northwest of the Hilton, and each would include a four-story, 140-space garage, according to the application. They would be select service hotels, meaning they won’t have a restaurant or meeting space.
In the filing, MCR cited increased demand from business travelers for accommodations near the airport.
New York-based MCR owns the entire 20.6-acre site surrounded by a lake on three sides. It paid $118.3 million for the property, including the 14-story, 508-key Hilton on the site, last year. Records show the purchase price was $77.8 million, though that’s likely lower than the price MCR announced last year because it excludes hotel furniture and fixtures.
The site is near the Waterford Business District, a 3 million-square-foot office complex that spans 250 acres near the airport.
Led by Tyler Morse, MCR is a major hotel owner and operator with a portfolio of 150 properties across 37 states, according to its website. Its holdings include the TWA Hotel at JFK Airport, The High Line Hotel in New York City and the Pasadena Hotel & Pool in California.
In 2022, MCR scooped up the 135-key Hyatt Place Miami Airport East at 3549 Le Jeune Road in Miami for $16.6 million, records show. Its other South Florida holding is the 112-key Residence Inn by Marriott at 2880 Center Port Circle in Pompano Beach. MCR developed the Residence Inn in 2015.
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Miami-Dade’s hotel market has long bounced back from a pandemic-induced slump, as the county recently ranked as the highest-performing lodging market in the U.S. In the week ending Feb. 24, Miami-Dade hotels’ occupancy was 88.2 percent, the highest among the nation’s 25 major hotel markets, according to CoStar.
The Miami International Airport submarket has hosted some of the county’s investment sales flurry. In December, petroleum distributor and real estate investor George Nediyakalayil of Chicago dropped $29 million for the 190-room Even Hotel Miami – Airport at 3499 Northwest 25th Street. In January, Wellesley Hills, Massachusetts-based Global Vision Hotels picked up the 103-key Days Inn by Wyndham at 7250 Northwest 11th Street, also near the airport, for $17.7 million.