Wharton Hospitality Acquires Sheraton Miami Airport Hotel
New York — Wharton Equity Partners, in partnership with Hersha Hospitality Management and a New York City private equity firm, facilitated the acquisition of the 405-room Sheraton Miami Airport Hotel. The property is the closest hotel to the Miami International Airport and has direct access to the recently opened Miami Intermodal Center, which provides direct connections to South Beach, Brickell and other regional leisure and business destinations. The hotel has 17,000 square feet of meeting and event space, and guests also have access to a 1,800 square foot fitness facility and several food and beverage outlets. The partnership plans on carrying out a full upgrade of the guest rooms and public facilities in coordination with Starwood Hotels.
Wharton Hospitality, a family company of Wharton Equity Partners, is focused on the acquisition and repositioning of full service hotels in top 50 MSA’s, as well as limited service hotels in high barrier-to-entry markets. Wharton Equity Partners, formed in 1987 and with offices in New York City and Miami, is a diversified real estate sponsor with deep hands-on operating experience across various real estate assets and strategies. The firm serves as a holding company for a suite of real estate businesses, including Wharton Residential, Wharton Industrial, Wharton Hospitality and Wharton Urban, and has been involved with well in excess of $1 billion in transactions since inception.