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| Residence Inn Coconut Grove, Coconut Grove, FL |
MIAMI, FL – HFF announced today that it has closed the sale
of the Residence Inn Coconut Grove, a 140-room extended-stay hotel in
the Coconut Grove submarket of Miami, Florida.
HFF
marketed the property on behalf of the seller, The Grove Hospitality
Properties, LLC. Hersha Hospitality
Trust purchased the asset on an all-cash basis.
The
Residence Inn Coconut Grove is located approximately four miles southwest of
downtown Miami and five miles south of the Miami International Airport,
proximate to Biscayne Bay, Cocowalk, and numerous cultural attractions.
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| Holden Lim |
The five-story, Mediterranean-style property
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.
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| Max Comess |
“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,” commented Comess. “We are
thrilled to complete another transaction on behalf of our client while also
helping Hersha continue their strategy of building a high-quality portfolio in
Miami.”
The Grove Hospitality Properties, LLC 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.
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| Alexandra Lalos |
Hersha Hospitality Trust is a self-advised real estate
investment trust 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.
HT follows a
highly selective investment approach and leverages operational advantage
through rigorous and sustainable asset management practices. The buyer was represented by the Miami
office of Shutts and Bowen.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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