MIAMI-The latest in a string of hotels to sell on Miami Beach, the Courtyard Miami Beach Oceanfront has traded for $95 million, or $361,217 a key. Hersha Hospitality Trust bought the 263-room hotel from Beta Epsilon Cadillac, the group that redeveloped the original art deco Cadillac hotel into the Courtyard in 2004.

Jones Lang LaSalle Hotels represented Beta Epsilon Cadillac in the deal, making it the group’s sixth headlining Miami hotel transaction in the last 10 months. Gregory Rumpel, managing director for Jones Lang LaSalle Hotels, who brokered this deal, tells GlobeSt.com he has another $350 million in transactions due to close in the next 60 to 90 days.

“Hersha bought into a corridor where there’s a lot of investment going on,” Rumpel says. “Marriot is making a big investment into its Seville brand and multiple other hotels that are getting renovated and repositioned on the same strip. This area between South each and North Beach is very dynamic.”