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.
BIG PLANS
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.
Persian
