The multifamily investor Estate Cos. couldn’t bypass a Hialeah hotel discounted 20% in the  coronavirus-created hospitality nosedive, an historic decline making the market ripe for distressed real estate deals.

Jeffrey Ardizon principal with The Estate Companies/courtesy photo Jeffrey Ardizon principal with The Estate Companies/courtesy photo

“This is very opportunistic,” Estate principal Jeff Ardizon said about the purchase. “Obviously, the hotel sector is experiencing some distress, which we believe is going to continue for a little bit. We don’t have a crystal ball, but at the moment we do feel there is going to be more opportunities in hotels.”