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New York

Hersha buying Miami beachfront hotel


Jay Shah, CEO of Hersha Hospitality, and the Courtyard Miami Beach Oceanfront hotel

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Hersha Hospitality Trust is buying the Courtyard Miami Beach Oceanfront
hotel for $95 million. “With minimal new supply, multiple transient
demand generators and the continued strength of international travel, we
anticipate strong growth for this hotel and this market for the
foreseeable future,” said Hersha CEO Jay Shah. The 263-unit hotel is the
company’s first purchase in the city, and the only remaining Marriott
hotel in Miami Beach.

As The Real Deal previously reported, Hersha has been beefing up its New York assets, too, ramping up the company’s focus on New York City hotels. Hersha said it agreed to buy the stalled Hyatt Union Square hotel in Manhattan for $104.1 million, or $595,000 per key, earlier this year from McSam Hotel Group.
[WSJ]

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Hersha HospitalityHyattMarriott