MIAMI—Residence Inn Coconut Grove has traded hands. Hersha Hospitality Trust acquired the 140-room extended-stay hotel in the Coconut Grove submarket of Miami for $21.8 million.
HFF marketed the property on behalf of the seller, The Grove Hospitality Properties, LLC. Hersha paid cash for the hotel asset.
The Residence Inn Coconut Grove is located about four miles southwest of Downtown Miami and five miles south of the Miami International Airport, proximate to Biscayne Bay, Cocowalk, and cultural attractions. The five-story, Mediterranean-style hotel features two outdoor swimming pools, a fitness center, business center, breakfast area, and sundry shop.
The HFF investment sales team representing the seller was led by senior managing director Daniel Peek, managing director Holden Lim, and director Max Comess, and included real estate analysts Chris Lingerfelt and Alexandra Lalos.
“This transaction is a testament to the strong institutional interest in acquiring premium-branded, select-service and extended-stay hotels in major U.S. markets,” says Comess. Grove is an affiliate of Fremont Realty Capital, a San Francisco-based private investment company. The seller was represented by the Jacksonville office of Holland and Knight.
Hersha is a self-advised REIT that owns 65 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles, San Diego, and Miami totaling 9,552 rooms. The Miami office of Shutts and Bowen represented Hersha.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.