MIAMI—Residence Inn Coconut Grove has traded hands. Hersha Hospitality Trust acquired the 140-room extended-stay hotel in the Coconut Grove submarket of Miami for $21.8 million.
HFF marketed the property on behalf of the seller, The Grove Hospitality Properties, LLC. Hersha paid cash for the hotel asset.
The Residence Inn Coconut Grove is located about four miles southwest of Downtown Miami and five miles south of the Miami International Airport, proximate to Biscayne Bay, Cocowalk, and cultural attractions. The five-story, Mediterranean-style hotel features two outdoor swimming pools, a fitness center, business center, breakfast area, and sundry shop.
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