Sales  ·  Hotels

Epelboim Sells Hotel Near MIA for $29M

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Epelboim Development Group sold the Even Hotel Miami near Miami International Airport for $29 million, property records show. 

The seven-story building houses 190 rooms at 3499 NW 25th Street, just east of the airport near the Miami River, and was completed in 2018.

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The buyer is George M. Nediyakalayil, the CEO and founder of Gas Depot Oil Company, a Chicago-based gas station operator and petroleum distributor, per his Linkedin profile. The investor took out an $18.6 million mortgage from the State Bank of Texas.

The sale equates to $152,000 per room. Nediyakalayil could not be reached for comment, while a representative for Epelboim did not immediately respond to a request for comment.

Epelboim, a Miami-based developer, had acquired the 1.8-acre site for $3.8 million in 2015, according to property records. A year later, it secured a $17.5 million construction loan from Texas-based Hall Group and completed the 170,301-square-foot property in 2018. 

The Eden deal isn’t the only airport hotel sale this week in South Florida. 

Regal Hospitality sold the 103-room Courtyard by Marriott near the Palm Beach International Airport for $20.5 million this week, netting a $5.2 million gain for the seller, MHG Hotel, in just seven months. But it’s unclear whether the purchase price includes any additions, such as the interior furniture. 

Julia Echikson can be reached at jechikson@commercialobserver.com