Hersha Hospitality Trust, owner of upscale and select service hotels in major metropolitan markets, is purchasing the Courtyard Miami Beach Oceanfront and an adjacent beachfront land parcel for $95 million. The deal is likely to be funded by assuming $30.7 million of existing debt, cash on hand and borrowings drawn on the company’s line of credit.
The transaction is expected to be completed in the fourth quarter of 2011 and the first mortgage loan is likely to be refinanced in June. The hotel, originally constructed as the art deco Cadillac Hotel, features a casual dining restaurant, leased to Carrabba’s Italian Grill, and the Tiki Beach Bar.
Click here for the release from Business Wire.