Dealmaker: Avison Young Closes $31M Miami Hotel Sale
Avison Young’s Florida Capital Markets Group closed sale of the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s Coconut Grove area.
Avison Young Principals John Crotty, Michael Fay and David Duckworth, Vice President Brian C. de la Fé and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of seller Hersha Hospitality Trust, Harrisburg, Pa. The buyer was AB Asset Management LLC, 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 new projects that contribute to the area’s live-work-play appeal,” Crotty said.
Located at the intersection of Tigertail Avenue and Mary Street, the property sits on more than two acres at the entry point of Coconut Grove’s business district within walking distance of shopping, dining venues and several parks overlooking Biscayne Bay. The neighborhood has become a destination for high-end condominiums, with recent high-rise developments Park Grove, Grove at Grand Bay and Mr. C Residences.