Welcome to Miami: 3H Group plans new hotel after $10.25 million site purchase [Infographic]
3H Group shells out $10.25 million for the Brickell development site, where a Residence Inn by Marriott was being planned
3H Group has paid $10.25 million for property located in Miami’s Brickell, which the company plans to use as a new hotel development site.
3H Group, a US-based organization with its headquarters in Tennessee, paid approximately $200 per square foot for the site, which is located in Brickell at 1741 Southwest Second Avenue in Miami.
The site totals four properties and covers roughly 30,000 square feet, marking a significant investment for the company.
The seller of the site was the Doral-based Hotelex Properties, which initially planned to build a 206-room Residence Inn by Marriott, property records show. The company paid $6.05 million for the assemblage in 2014.
The Brickell site is in front of the Homewood Suites by Hilton Miami and near the Habitat Residence Condo Hotel.
Other big investments
Earlier this week, Sage Developers listed a 19,850-square-foot lot down the road at 1621 Southwest Second Avenue for $7.2 million, where a new developer could build a boutique hotel, condo or apartment building.
In August, 3H Group bought the site at 3047 Biscayne Boulevard in Edgewater with approved plans to build a 13-story hotel with 137 rooms.
More about 3H Group
The company, which originally formed in 2000, is headquartered in Chattanooga, Tennessee.
It also owns the 151-unit Hampton Inn & Suites Miami Midtown at 3450 Biscayne Boulevard.
Here is a TOPHOTELCONSTRUCTION infographic detailing the hotel pipeline in Miami.
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Let’s take a look at a few other projects currently underway in Miami:
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