Hersha Hospitality Buys Courtyard Miami for $95M

Hersha Hospitality Trust purchased the Courtyard Miami Beach Oceanfront Hotel at 3925 Collins Ave. in Miami Beach, FL for $ 95 million, or about $ 361,000 per key, from Economos Properties.

The hotel totals 156,000 square feet in the Miami Beach submarket of Miami/Dade County. The 13-story, 263-room property was built in 1940 and renovated in 2004. It features a restaurant and waterfront views from its corner lot.

The buyers assumed approximately…
South Florida Commercial Real Estate News From CoStar Group