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Plans addition to Miami Beach locale
Hersha Hospitality Trust plans to purchase and expand an art deco hotel in Miami Beach. The company has entered a purchase contract to acquire the 263-key Courtyard Miami Beach Oceanfront, and an adjacent beachfront land parcel, for $95 million. The deal is expected close in the fourth quarter, and construction on a new 93-key hotel tower is slated to begin in 2012.
The Courtyard Miami Beach Oceanfront was originally constructed as the art deco Cadillac Hotel, and reopened in 2004 after a complete restoration. The hotel’s amenities include 138-seat Tiki Beach Bar, 2,700 sq.-ft. of meeting facilities, and a 7,200-sq.-ft. Carrabba’s Italian Grill.
Hersha Hospitality Trust ceo Jay Shah says “with minimal new supply, multiple transient demand generators and the continued strength of international travel, we anticipate strong growth for this hotel and this market for the foreseeable future.” The hotel’s expansion plans have been approved by the local Historical Preservation Board, and will include guest rooms, meeting space and structured parking.
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