MIAMI BEACH, Fla.
Hersha Hospitality has announced its purchase of the bold and exciting Courtyard Miami Beach Oceanfront hotel. A vintage South Beach classic, the Courtyard originally was constructed as the art deco Cadillac Hotel and was reopened in 2004 after a complete restoration. Adding to the enticement of the sale, this Miami Beach property was again renovated in 2011.
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. Following construction, the hotel will offer 356 rooms.
Plans call for the new tower to be an all-suites product. Construction will begin next year and is expected to be completed in late 2013. The hotel also features 2,700 square feet of event space, and two restaurants.
