MIAMI—The Hilton Cabana Miami Beach has a new owner. RLJ Lodging Trust just closed on the $71.6 million hotel acquisition. The sale price equals about $310,000 per key and a forward capitalization rate of about 8.5% on the hotel's projected 2015 net operating income.

“We are very excited to close on this new oceanfront hotel in the heart of Miami Beach at a significant discount to replacement cost,” says Thomas J. Baltimore, Jr., president and CEO of RLJ. “This acquisition is another example of our ability to source and underwrite attractive opportunities. We are excited to add this hotel to our portfolio and expect it will further enhance our diversification and growth profile.”

The 231-room hotel is located along the 6200 block of Collins Avenue in Miami Beach. That puts it in the famed "Millionaire's Row" submarket, minutes from South Beach and Bal Harbour. The hotel offers ocean views and a semi-private beach.