AB Asset Management Acquires Residence Inn Coconut Grove From Hersha Hospitality Trust
AB Asset Management has acquired the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s vibrant Coconut Grove neighborhood. The 2 acre property sold for $31 million, which breaks down to roughly $221,429.
AB Asset Management has acquired the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s vibrant Coconut Grove neighborhood. The 2 acre property sold for $31 million, which breaks down to roughly $221,429. The seller was Hersha Hospitality Trust, led by Neil and Jay Shah. The transaction was overseen by Avison Young’s Florida Capital Markets Group led by Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. AB Asset Management LLC is managed by Getzy Fellig and Sam Zalmanov.
“The Residence Inn received strong interest because of its Coconut Grove location near the newly renovated CocoWalk retail and dining destination, the 750,000-square-foot mixed-use Mayfair in the Grove development, and several other exciting new projects that contribute to the area’s live-work-play appeal,” said Crotty.
Situated at the intersection of Tigertail Avenue and Mary Street, the property sits on over two acres at the entry-point of the Grove’s business district, just a few minutes walking distance from shopping, dining venues, and multiple parks overlooking Biscayne Bay. The neighborhood has proven itself as a destination for high-end condominium use, with recent high-rise developments Park Grove, Grove at Grand Bay, and Mr. C Residences.
Kobi Karp-Designed Residence Inn Miami Sunny Isles Beach Opens in Sunny Isles
Marriott has opened their new Residence Inn Miami Sunny Isles Beach at 17700 Collins Avenue. The Kobi Karp designed hotel rises 19-stories and features 194 studio suites targeted at business travelers. The project cost $65 million and is owned by Robert Finvarb Companies and operated by Marriott's Residence Inn brand.
Marriott has opened their new Residence Inn Miami Sunny Isles Beach at 17700 Collins Avenue. The Kobi Karp designed hotel rises 19-stories and features 194 studio suites targeted at business travelers. The project cost $65 million and is owned by Robert Finvarb Companies and operated by Marriott's Residence Inn brand. The hotel features 2 rooftop decks, a grocery delivery service, multiple conference rooms, pool, and Ocean View on Nine, the hotel's poolside restaurant. The hotel also is home to an extensive art collection curated by Dina Mitrani Gallery and showcases works by Vera Vladimirsky, Robert Braun, Peggy Levison Nolan, Andres Ferrandis, Yuri Tuma, and Rafael Blcazar. Other Residence Inn properties in the Miami area are located in South Beach and the nearby Surfside neighborhood.
Mast Capital and BH Group have announced Raffles Residences Coconut Grove, the brand’s first standalone residential development, with 35 homes from $4.5 million and architecture by Brandon Haw.