Hersha Hospitality Trust Acquires Ritz-Carlton Coconut Grove for $36M

COCONUT GROVE, FLA. — Hersha Hospitality Trust has purchased the 115-room Ritz-Carlton Coconut Grove for $36 million. The hospitality REIT funded the acquisition with proceeds from the recent sale of the Residence Inn in Greenbelt, Md. Situated on 3.4 acres about a half-block from the waterfront, the Ritz-Carlton is part of a two-tower, 22-story residential-hotel condominium complex that opened in 2002. The property features 14,000 square feet of meeting space, a restaurant bar, spa, fitness center, retail space, pool, exterior courtyards and approximately 8,000 square feet of leasable office space. The identity of the seller was undisclosed.