Hersha Hospitality Trust has sold the Residence Inn Coconut Grove, a three-building, 140-unit hotel in Miami’s Coconut Grove area, to AB Asset Management for $31 million.

While AB Asset Management’s plans for the property were not disclosed, the asset sits in a neighborhood that has been a destination for high-end condominium use, with recent high-rise developments Park Grove, Grove at Grand Bay, and Mr. C Residences.