MIAMI BEACH, FL--(Marketwire - Dec 22, 2011) - There's an exciting new feel along the oceanfront of Miami Beach as Hersha Hospitality has announced its purchase of the bold and exciting Courtyard Miami Beach Oceanfront hotel.
A vintage South Beach classic, the elegant Courtyard was originally constructed as the art deco Cadillac Hotel and was reopened in 2004 after a complete restoration that combined the hotel's historic style with modern sophistication to make it one of the premier boutique hotels in Miami Beach. Adding to the enticement of the sale, this impressive art deco Miami Beach hotel's property was again renovated in 2011 to meet the latest Courtyard brand standards and is the only franchised Marriott hotel in the Miami Beach market.
Purchased for $95 million, the deal also included an adjacent beachfront land parcel that has received approval from the Historic Preservation Board for construction of an additional 93-room oceanfront tower, additional meeting space and structured parking. Already one of the premier Miami Beach wedding venues, this new addition will make the hotel even more impressive as a business and social destination.
"We are excited to expand our presence into one of the strongest lodging markets in the country with the acquisition of our first hotel in Miami," said Jay H. Shah, Chief Executive Officer of Hersha Hospitality Trust in announcing purchase of the Miami Beach boutique hotel. "This is a truly unique fee-simple asset, a fully-renovated historic hotel occupying an entire block of oceanfront property. The hotel is ideally situated in the Mid-Beach submarket in a resort-style setting with 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. 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 company plans to begin construction of the tower in 2012 with the Miami Art Deco District hotel's addition expected to be completed in late 2013 at an estimated cost of $200,000 per room. Including estimated construction costs of the tower, the company's all-in per key cost for what will then be a 356-room hotel will be $319,101. The hotel also features a 7,200 square feet casual dining restaurant leased to Carrabba's Italian Grill and the 138-seat Tiki Beach Bar. Other revenue sources for the hotel include parking, a Starbucks, 2,700 square feet of event space, onsite spa services and beach rentals.
About the Courtyard Miami Beach Oceanfront Hotel
The Courtyard Miami Beach Oceanfront Hotel makes a bold presence along the sparkling blue waters and pristine sands of Miami Beach, welcoming travelers with resort-like amenities, professional service and exceptional accommodations. A historical treasure, this stylish hotel pampers guests with beachfront access, an oceanfront pool, Tiki beach, onsite fitness center and complimentary high-speed Internet access.
Contact Information:
CONTACT:
Mike Givens
Marriott Hotels & Resorts
301-547-4761
