The Real Deal
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)
A former actor sold a 103-room hotel in Miami Gardens for $6 million.
Good Night Inn and Suite Baymeadow 770 LLC, a company affiliated with hotelier Yuval Fishman, bought the Hotel Roma Golden Glades Resort at 16805 Northwest 12th Avenue, The Real Deal has learned. The price equates to $58,252 per room.
The sellers are companies affiliated with Francisco Martinez Celeiro, who acted in spaghetti western films under the name George Martin, and now runs the Miami-based Pegaso property management company with his son, Francisco Martinez-Miyashiki.
Ahmed Kabani of Marcus & Millichap listed the property and secured the buyer, according to a press release.
The buyer intends to renovate and upgrade the hotel, according to the release. The property improvement plan is expected to cost about $10,000 to $15,000 per key, or $1 million to $1.5 million in total.
The four-story Hotel Roma is on 4 acres. An online listing gives the average daily rate as $94 and said the building was constructed in 1973 with a renovation in 2016.
The Martinez family bought the Hotel Roma in 2008 for $6 million, the same as the selling price.
Earlier this year, the buying entity sold the 109-room America’s Best Inn at 8220 Dix Ellis Trail in Jacksonville for $3.2 million, according to records.
Despite the pandemic’s impact on the hotel industry, deals are still getting done in South Florida. Italian luxury house Bulgari plans to open its first hotel in the U.S. in Miami Beach after redeveloping the 100-room Seagull Hotel. And the Goodtime Hotel, a 266-room hotel on Washington Avenue built by developer Eric Birnbaum, hospitality mogul David Grutman and singer and producer Pharrell Williams, is set to open early next year.