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RLJ Lodging Trust Announces Agreement To Acquire Hilton Cabana Miami Beach For $71.6 Million


Monday, 3 Dec 2012 09:32am EST 

RLJ Lodging Trust announced that it has entered into a purchase and sale agreement to acquire upon completion the 231-room Hilton Cabana Miami Beach (the "Hotel") for a fixed purchase price of $71.6 million, or approximately $310,000 per key. The property opened as a hotel in the early 1950`s and was closed and gutted in 2007 in anticipation of a condominium conversion. The conversion did not materialize and the property went into foreclosure. In 2011, the current owners purchased the property to develop a new hotel, which they expect to complete and open in the fourth quarter of 2013 as a Hilton. 

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