Pebblebrook Hotel Trust Grabs The Westin Colonnade Coral Gables
- Nov 14, 2014
By Balazs Szekely, Associate Editor
The Westin Colonnade Coral Gables, a 157-room upper-upscale full-service hotel on Miami’s Miracle Mile, was recently acquired for $59.4 million by Pebblebrook Hotel Trust, the company announced.
The company acquired a fee simple condominium interest in The Westin Colonnade. The acquisition marks Pebblebrook’s second investment in Miami and marks the 32nd property in its global portfolio. Built in 1989 and converted into a Westin in 2007, hotel operated at 80 percent occupancy the past year with an average daily rate of $198 and a $159 RevPAR. The new ownership is planning to commence of a comprehensive $7- to $9-million renovation in the second half of 2015.
Located in the heart of the Coral Gables’ commercial district, just south of downtown Miami, the hotel is adjacent to Merrick Park, Miami Marlins Park, the University of Miami, Coral Gables Museum and several retail and leisure destinations. It is also within close proximity to Miami International Airport, Coconut Grove, the University of Miami, South Beach and Brickell Avenue.
The Westin Colonnade’s amenities include an outdoor heated pool with an expansive deck, a fitness studio, valet parking and 23,000 square feet of meeting space that includes a 9,000 square-foot neoclassical marble-tile Rotunda for weddings and other events. The 4,460 rentable square foot restaurant space on the first floor is currently leased to SUSHISAMBA.
The hotel will continue to be operated by Davidson Hotels and Resorts, a hotel management company that provides management, development/renovation, acquisition, consulting and accounting to industry leaders such as Marriott, Hilton, Hyatt and Starwood Family.
Photo credits: Westin Hotels & Resorts