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.”

An adjacent land parcel that has received approval from the Historic Preservation Board for the construction of an additional 93-room oceanfront tower, additional meeting space and structured parking was included in the acquisition. Hersha plans to break ground on the tower in 2012.

Jay Shah, CEO of Hersha, called the Courtyard Miami Beach Oceanfront is a truly unique fee-simple asset. The fully-renovated historic hotel occupies an entire block of oceanfront property. Located in the Mid-Beach submarket, the asset offers easy access to the primary commercial district, the Miami Beach Convention Center and the Miami Airport.

“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,” Shah said in a statement. “Furthermore, with the opportunity to develop an additional all-suite oceanfront tower, this acquisition has the potential to become one of the premier hotel destinations in Miami.”

The Miami hotel market witnessed trailing 12-month RevPAR growth of 12.7%. Smith Travel Research projects that Miami will be one of the leading hotel markets in 2012, and the Miami Beach Convention Center is anticipating its strongest year since opening.

“We took this to market before the huge meltdown in July,” Rumpel says. “The activity at that time is best described as frenetic as many groups really see south Florida and Miami beach in particular as a market that is going to over the near term, mid-term and probably the long-term going to outperform the general market.”