Posted 7/11/2012 - 10:48:57 AM
MIAMI BEACH—Hersha Hospitality Trust secured $60 million of refinancing proceeds via Jones Lang LaSalle Hotels for the Courtyard Miami Oceanfront Hotel.
The 263-room, 14-story hotel, located at 3925 Collins Ave., has 300 ft. of beach frontage. A portion of the loan proceeds will be used to fund the construction of a 93-key tower on the property.
Hersha purchased the property in November 2011.
The Courtyard Miami Beach Oceanfront is a historic Art Deco hotel that was built in 1940 as “The Cadillac Hotel,” and sits on 1.5 acres of oceanfront property. The property features 2,700 sq. ft. of meeting space, a Starbucks, the Carrabba's Italian Grill, Tiki Beach Bar and onsite spa services and beach rentals.
Jones Lang LaSalle Hotels' EVP Mathew Comfort and VP Mike Huth led the team on this transaction.