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News release

Miami

$60 Million Refinancing for Trophy Art Deco Miami Beach Hotel Secured

Miami Beach poised for continued growth and healthy operating fundamentals in 2012


July 10, 2012 — On behalf of Hersha Hospitality Trust (HT), Jones Lang LaSalle Hotels today announced the firm has secured $60 million of refinancing proceeds for the Courtyard Miami Oceanfront Hotel. The 263-room, 14-story hotel is located at 3925 Collins Avenue in Miami Beach, Florida and has 300 feet of beach frontage. A portion of the loan proceeds will be used to fund the construction of a 93-key tower on the property.

Jones Lang LaSalle Hotels Executive Vice President Mathew Comfort and Vice President Mike Huth led the team on this transaction.

“Hersha Hospitality Trust’s powerful sponsorship and the strong performance of the Miami hotel market generated a significant amount of lender interest in refinancing this one-of-a-kind trophy asset,” said Comfort. “Hersha purchased the property in November 2011, and is in the process of executing a strategic plan to construct an additional 93-room tower. Miami Beach is a high barrier-to-entry market and the development of the tower will enable Hersha to unlock the true value of the property.”

The Courtyard Miami Beach Oceanfront is a historic art deco hotel that was built in 1940 as “The Cadillac Hotel,” and sits on one and a half acres of oceanfront property. The property features 2,700 square feet of meeting space, a Starbucks, the Carrabba's Italian Grill, Tiki Beach Bar and onsite spa services and beach rentals. The Miami Beach submarket has seen 17.5 percent improvements in RevPAR driven by ADR and occupancy gains as transient rates regained their premium over group rates.

The Jones Lang LaSalle Hotels Miami Investment Sales team sold the Courtyard Miami Beach Oceanfront for $95 million to Hersha Hospitality Trust (HT) in November 2011.

Jones Lang LaSalle Hotels Investment Banking team is a nationwide platform with an extensive track record of financing hotels and selling notes secured by hotel assets. Over the past seven years, we have closed over $8 billion in financings and more than $1 billion in 2011 alone. 

 For more information please contact Mathew Comfort at +1 212 812 5871​