US: Hersha Hospitality Trust has bought the 75-room Blue Moon Hotel and the 70-room Winter Haven Hotel for $50.95 million.
Both Miami Beach hotels are members of Marriott’s Autograph Collection. They will both be managed by Hersha Hospitality Management.
Hersha CEO Jay H. Shah, said: “The proposed acquisition of the South Beach Autograph Portfolio is a continuation of Hersha’s strategy to increase its presence in the Miami Beach submarket, following the non-core portfolio sale announced in September, and characterises the company’s commitment to redeploy capital and invest in assets that deliver higher growth. Both properties are of superior quality driven by significant transient demand in one of the country’s highest barriers to entry hotel markets. The South Beach Autograph Portfolio represents a unique opportunity to acquire two fully-renovated properties in the highly desirable South Beach Market, and solidifies Hersha’s presence in Miami. Combined with the new tower opening at the Cadillac Courtyard Oceanfront, Hersha will control a significant portion of Marriott-branded assets on Miami Beach.”