Hersha Hospitality Trust Acquires Residence Inn Coconut Grove
Friday June 28th, 2013 - 9:08AM EQF
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
MIAMI—Hersha Hospitality Trust acquired the Residence Inn Coconut Grove, a 140-room extended-stay hotel in the Coconut Grove submarket here.
HFF closed the sale of the property on behalf of the seller, The Grove Hospitality Properties, LLC. The hotel is located approximately four miles southwest of downtown Miami and five miles south of the Miami International Airport. It is proximate Biscayne Bay, Cocowalk and cultural attractions. 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 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.
The Grove Hospitality Properties, LLC is an affiliate of Fremont Realty Capital, a San Francisco-based private investment company.
Hersha Hospitality Trust owns 65 hotels in gateway markets, including New York, Boston, Philadelphia, Los Angeles, San Diego, Miami and Washington, D.C.
Tags: • Hospitality • Acquisitions • Brokers • Owners/Operators •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.