MIAMI—The Hilton Cabana Miami Beach has a new owner. RLJ Lodging Trust just closed on the $71.6 million hotel acquisition. The sale price equals about $310,000 per key and a forward capitalization rate of about 8.5% on the hotel‘s projected 2015 net operating income.

“We are very excited to close on this new oceanfront hotel in the heart of Miami Beach at a significant discount to replacement cost,” says Thomas J. Baltimore, Jr., president and CEO of RLJ. “This acquisition is another example of our ability to source and underwrite attractive opportunities. We are excited to add this hotel to our portfolio and expect it will further enhance our diversification and growth profile.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.