Hersha Hospitality has agreed to pay $95m to acquire the 263-room Courtyard Miami Beach Oceanfront and an adjacent beachfront land parcel in Florida.
The hotel, originally constructed as the art deco Cadillac Hotel, was 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 the land parcel that has received approval from the Historic Preservation Board for the construction of an additional 93-room oceanfront tower.
Hersha plans to commence construction of the tower in 2012 and expects to complete in 2013.
The company hopes to close the deal later this year.
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