Hersha Hospitality Trust sold a Marriott-branded Coconut Grove hotel for $31 million to AB Asset Management. The hotel is a three-building, 140 unit Residence Inn by Marriott. In total, the hotel sold for about $221,000 per unit. For now, AB Asset Management is planning on continuing to operate the property as a hotel. However, not as a Marriott.
Originally, Hersha paid $14.7 million for the property in 2013. In addition, the project was originally built as apartments, so each unit already has a full kitchen. This is one of six hotels Hersha is selling for a combined $216 million. Out of those, three will become something other than hotels, including the Residence Inn. Hersha Hospitality Trust also owns the Ritz-Carlton Coconut Grove, which is across the street from the former Residence Inn.
Furthermore, AB Asset Management plans to upgrade the exterior of the Coconut Grove Hotel, including the landscaping. The property has a fitness center, two pools, and it has developmental rights. Furthermore, it is within a walking distance of CocoWalk and other Coconut Grove landmarks.
Read more: https://therealdeal.com
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