Baywood Hotels has secured a $ 31.3 million construction loan for the site of an empty building envelope near Miami International Airport for years.
Two Columbia, Maryland-based Baywood-related companies have secured the loan from Banesco USA to build a 218-room hotel at 1101 Northwest 57th Avenue, according to records. Baywood secured a start-up notice with the county in June to begin construction on the project.
Almost a year ago, Baywood paid $ 10.5 million for the 1.4 acre property. The site housed a building envelope 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.
Baywood is an active hotel developer in South Florida, with a number of properties near the 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 entered into a $ 16.6 million construction loan last year to construct a 134-room building. Home2 Suites by Hilton on the west side of the airport at 8852 Northwest 26th Street.