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.