The Real Deal Miami

Westin Colonnade Coral Gables trades for $59M

Maryland-based Pebblebrook buys 157-room hotel for second Miami-area acquisition
November 17, 2014 11:15AM

Westin Colonnade Coral Gables

Westin Colonnade Coral Gables

A Maryland real estate investment trust acquired the Westin Colonnade Coral Gables hotel for more than $59 million.

Pebblebrook Hotel Trust announced the acquisition of a fee simple condominium interest in the 157-room hotel at 180 Aragon Avenue. Miami-Dade County recorded the transaction on Friday with a $43.1 million sale price, but hotel trades often include other financial considerations. No financing was recorded.

The seller is CG Hotel Colonnade of Denver. The company is managed by G. Douglas Wiley. The hotel last sold for $24 million in November 2005.

Davidson Hotels and Resorts will remain as the hotel’s operator, according to Pebblebrook, which also owns the Viceroy Miami hotel on Brickell Avenue.

“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,” Pebblebrook chairman and CEO Jon Bortz said. — Eric Kalis