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.

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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