Baywood Hotels Secures $31 Million Loan for Blue Lagoon Hotel
Baywood Hotels has secured a $31.3 million construction loan for the site of a building envelope that has stood empty near Miami International Airport for years.
Two companies tied to Columbia, Maryland-based Baywood secured the loan from Banesco USA to build a 218-room hotel at 1101 Northwest 57th Avenue, records show. Baywood obtained a Notice of Commencement from the county in June to begin construction on the project.
Nearly a year ago, Baywood paid $10.5 million for the 1.4-acre property. The site housed a building shell that was once a nine-story hotel built in 1972.
The Baywood hotel will be built inside the Waterford at Blue Lagoon office park, where Airbus, FedEx and Burger King all have offices.
Weiss Group of Companies also plans to build a mixed-use development at Blue Lagoon with 882 apartments and two hotels totaling 433 rooms.
Baywood is an active hotel developer in South Florida, with a number of properties near Miami International Airport.
Last year, Baywood paid $13.1 million for a Red Roof Inn east of Miami International Airport at 3401 Northwest 42 Avenue. The company also closed a $16.6 million construction loan last year to build a 134-room Home2 Suites by Hilton on the west side of the airport at 8852 Northwest 26th Street.