3H Group buys for Brickell dev site to build hotel
Seller planned 206-room Residence Inn by Marriott
3H Group paid $10.25 million for a property in Brickell with plans to bring a new hotel to the site.
Tennessee-based 3H Group paid about $200 per foot for the site 1741 Southwest Second Avenue, totaling four properties and 30,000 square feet.
Doral-based Hotelex Properties sold the site, where it planned to build a 206-room Residence Inn by Marriott, property records show. The company paid $6.05 million for the assemblage in 2014.
3H Group partners with brands such as Marriott, Hilton, IHG and Choice to build new hotels, according to its website. The Brickell site is in front of the Homewood Suites by Hilton Miami and near the Habitat Residence Condo Hotel.
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. The company, led by developer Hiren Desai, is also building an AC Hotel by Marriott in Edgewater.
3H Group, formed in 2000, is headquartered in Chattanooga. It also owns the 151-unit Hampton Inn & Suites Miami Midtown at 3450 Biscayne Boulevard.