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Avison Young closes sale on Marriott hotel property in Miami’s Coconut Grove neighborhoodMarch 11, 2021
Miami – Avison Young’s Florida Capital Markets Group closed the sale of the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s vibrant Coconut Grove area.
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 closed the sale on behalf of the seller, Hersha Hospitality Trust. 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 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.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
John K. Crotty, CCIM, Principal, Avison Young: 305.447.7865
Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842
David Duckworth, Principal, Avison Young: 954.938.1806