Hersha Hospitality Trust has completed the $95m acquisition of the Courtyard Miami Beach Oceanfront in Miami, Florida, US.
The 263-room hotel, originally constructed as the art deco Cadillac Hotel, reopened in 2004 after a complete restoration, and remains the only franchised Marriott hotel in the Miami Beach market.
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The acquisition also includes a land parcel with approval from the Historic Preservation Board for the construction of an additional 93-room oceanfront tower.
Hersha will begin construction of the tower in 2012 and it will be complete in 2013.
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