While South Florida’s hotel sector faced a turbulent 2016, Hersha Hospitality Trust zeroed in on Miami’s Coconut Grove with the potential to outshine the rest.
The Philadelphia-based real estate investment trust will pour $10 million to $15 million into its newly acquired asset in hopes of bringing the somewhat forgotten Ritz-Carlton hotel back to life. Hersha purchased the property for $36 million in February — a significant hospitality investment in South Florida, which the company described as its most challenging market.
