The Ritz-Carlton Coconut Grove was sold to publicly-traded REIT Hersha Hospitality Trust for $24.63 million — giving the company two hotels on the same street.
Genmag Coconut Grove, an affiliate of Miami-based Gencom led by Karim Alibhai, sold the 115-room, 138,000-square-foot hotel at 3300 S.W. 27th Ave. to HHLP Coconut RC Associates, a subsidiary of Philadelphia-based Hersha Hospitality Trust (NYSE: HT). The deal did not include the condos on the site.
The price equated to $214,174 per room. It last traded for $10.2 million in 2011, so the hotel more than doubled in value.
The Ritz-Carlton Coconut Grove was built in 2002. It includes a 6,000-square-foot spa and fitness center, manicured gardens, a pool, a 5,200-square-foot ballroom, a 3,200-square-foot garden courtyard, the Lazuli Lounge and the Bizcaya restaurant.
Hersha Hospitality already owns the Residence Inn by Marriott Coconut Grove across the street. It has a pending plan to build a hotel at the Shops at Merrick Park in nearby Coral Gables.
