Wednesday, June 19, 2013

HFF closes sale of Residence Inn Coconut Grove in Coconut Grove, FL


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.  

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.

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.

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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