Miami FL (hospitalitybusinessnews.com) According to a report by the South Florida Business Journal, Hersha Hospitality Trust has purchased the Coconut Grove Ritz-Carlton from an affiliate of Miami based Gencom.
The 115 room hotel sold for $24.6M or $214,174 per room.
According to the Miami Dade property records, the hotel last sold for $10,200,00 in June 2011.
Hersha Hospitality currently owns over 125 hotels representing 20+ brands. The company has 5 hotels in the Miami market, including the Residence Inn in Coconut Grove.