US-based Pebblebrook Hotel Trust has acquired The Westin Colonnade Coral Gables hotel in Miami, US, for $59.4m.
Located in Miami on Miracle Mile of the Coral Gables, the 157-room hotel will be operated by Davidson Hotels and Resorts.
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Pebblebrook Hotel Trust chairman and CEO Jon Bortz said: "We’re excited about the acquisition of The Westin Colonnade Coral Gables and the ability to further expand our presence in Miami, one of the fastest growing markets in the country.
"This hotel is our second hotel investment in Miami, and our first in the Coral Gables submarket. The property’s excellent location in this affluent and dynamic market makes the hotel a leader among its competitors, and its upside opportunity makes it an excellent addition to our high-quality portfolio."
The Westin Colonnade was constructed in 1989, and converted into a Westin in 2007. It features 23,000ft² meeting space, including a 9,000ft² marble-tile Rotunda for weddings and other social and catering events.
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First floor of the property includes a 4,460ft² restaurant space, currently leased to Sushisamba that provides Japanese, Brazilian and Peruvian cuisine.
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By GlobalDataIIt also features an outdoor heated pool with a deck to accommodate social functions and parties, as well as a fitness studio and valet parking.
The full-service hotel is near to the Merrick Park, Miami Marlins Park, the University of Miami, Coral Gables Museum, a multitude of golf courses and abundant shopping.
It also offers convenient access to major area corporate tenants and other top-tier institutions, and is surrounded by around 140 gourmet restaurants, cafes, designer boutiques, art galleries and retail shops.
Total number of properties by Pebblebrook numbers 32 now with the acquisition of The Westin Colonnade. This is also the group’s second investment in Miami, Florida market.
