US: HHLP Coconut Grove Associates LLC, an affiliate of Philadelphia-based Hersha Hospitality Management, has sold the Residence Inn Miami Coconut Grove for $31 million.
The buyer is AB CG Owner LLC, an affiliate of Miami Beach-based AB Asset Management. The 140-key extended stay hotel, on Tigertail Avenue in Miami, comprises three buildings.
The sale price represents a 111 per cent rise in value on the $14.7 million Hersha Hospitality paid for the asset in June 1013.
HGI Commercial Funding I LLC, a subsidiary of real estate investment firm Harbor Group International, provided a $27.5 million mortgage to AB Asset Management to facilitate the purchase.
Avison Young’s Florida Capital Markets Group, led by principal John Crotty, represented Hersha Hospitality in the transaction.
“The Residence Inn received strong interest because of its Coconut Grove location near the newly renovated CocoWalk retail and dining destination, the 750,000-square-foot mixed-use Mayfair in the Grove development, and several other exciting new projects that contribute to the area’s live-work-play appeal,” Crotty said.
