Paramount Lodging Advisors Successfully Transacts Chicago Renaissance OHare Hotel
Paramount Lodging Advisors | November 7, 2023
RADCO Hotel Division Acquires Aloft Phoenix-Airport Hotel
The RADCO Companies | August 8, 2023
Acquisitions
Host Hotels & Resorts Acquires 1 Hotel Central Park in New York City
Host Hotels & Resorts, Inc. | August 1, 2024
BETHESDA, Md., August 1, 2024-- Host Hotels & Resorts, Inc. (NASDAQ: HST) (“Host” or the “Company”), the nation’s largest lodging real estate investment trust, today announced that it has acquired the fee simple interest in the 234-room 1 Hotel Central Park (the “Property”) for approximately $265 million in cash. The acquisition price represents an 11.1x EBITDA multiple or a cap rate of approximately 8.1% on the Property’s 2024 estimated results1. The Property is expected to be among Host’s top-10 assets based on estimated full year 2024 results, with expected RevPAR of $545, Total RevPAR of $735, and EBITDA per key o...
Frontier Development & Hospitality Group LLC Acquires the Cambria Washington D.C. Downtown/Convention Center
Frontier Development & Hospitality Group | August 1, 2024
Washington, D.C. (August 1, 2024) – Frontier Development & Hospitality Group LLC and its joint venture partner Basis Investment Group announced today the acquisition of the Cambria Washington DC, Downtown/Convention Center, a 182-key hotel located at 899 O Street NW, Washington, D.C. 20001. The hotel has joined Hyatt's portfolio as Hyatt Washington DC / Convention Center and now participates in Hyatt's award-winning loyalty program, World of Hyatt loyalty, which allows members to have the opportunity to earn and redeem points on stays at the hotel and across the World of Hyatt portfolio. The hotel has also commenced a comprehensive pro...
Highline Hospitality Partners Expands Into Washington D.C. Metro Area With Acquisition of Hilton Garden Inn Arlington Courthouse Plaza
Highline Hospitality Partners | July 31, 2024
ARLINGTON, VA - JULY 31, 2024 - Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners, has acquired the Hilton Garden Inn Courthouse Plaza Arlington Courthouse Plaza. The 193-room, premium select-service hotel marks HHP’s 12th property and its first venture into the Washington DC metro area. Situated in Arlington’s Rosslyn-Ballston corridor, the hotel is ideally situated in Northern Virginia’s stable and growing demand generators, including the Pentagon, Amazon’s HQ2 and the burgeoning defense and tech corporate sectors. The hotel is also conveniently located within walki...
Bally’s Enters Into Merger Agreement With Affiliates of Standard General L.P.
Bally’s Corporation | July 25, 2024
Bally’s Stockholders to Receive $18.25 per Share in Cash, Representing a 71% Premium to the Company’s 30-day Volume Weighted Average Price Prior to the Initial Standard General Proposal Bally’s Special Committee Unanimously Recommended and Board of Directors Approved the Transactions and the Per Share Cash Merger Consideration In Lieu of Receiving the Per Share Cash Merger Consideration, Bally’s Stockholders Can Elect to Remain Invested in the Company via Rollover ElectionBally’s to be Combined with The Queen Casino & Entertainment PROVIDENCE, R.I.-- Bally’s Corporation (“Bally’s” or the “Company”) (NYSE: BALY) an...
Valencia Hotel Group Secures Largest Equity Raise to Date, Acquiring Cavalry Court and The George in College Station, Texas
Valencia Hotel Group | July 24, 2024
HOUSTON, TX – Valencia Hotel Group is thrilled to announce a major achievement in its growth trajectory with the successful completion of its largest equity raise to date. This landmark investment facilitates the acquisition of Cavalry Court and The George, two premier boutique hotel properties located in the heart of College Station, Texas. With this significant expansion, Valencia Hotel Group now holds majority interest in all hotels within its management portfolio. The acquisition of these distinguished hotels was made possible through the purchase of the controlling interest from Harrison Street, a leading investment management firm ...
Braemar Hotels & Resorts Closes Sale of Hilton La Jolla Torrey Pines for $165M
Braemar Hotels & Resorts | July 18, 2024
DALLAS, July 18, 2024 -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that it has closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). Including anticipated capital expenditures of $40 million, the sale price represents a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024. The Company continues to evaluate the sale of two more hotels, subject to market conditions, to be completed in 2024 and 2025, respectively. "We are pleased to announce the closing of the sale of the Hilton...
Paramount Lodging Advisors (PLA) Arranges the Sale of the Doubletree Jersey City
Paramount Lodging Advisors | July 17, 2024
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Doubletree Jersey City. PLA transacted the 198-room asset through a receiver sale. The buyer purchased the property with an assumption of the existing CMBS debt. Sales efforts were led by PLA Principals Bennett Webster and Brent Clemens, and PLA director Sean Banilivy. “Our team remains bullish on the market and we look forward to continued strong positive RevPAR trajectory for New York City and surrounding areas. We were pleased to be able to trade with the debt assumption amidst continued uncertainty in capital markets,” noted Webster. PLA is now also...
Xenia Hotels & Resorts Completes Disposition of Lorien Hotel & Spa
Xenia Hotels & Resorts | July 10, 2024
ORLANDO, Fla., July 10, 2024-- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has completed the disposition of the 107-room Lorien Hotel & Spa in Alexandria, VA, for $30 million, or approximately $280,000 per key. The sale price represents a 21.3x multiple and a 3.1% capitalization rate on Hotel EBITDA and Net Operating Income for the trailing twelve months ended May 31, 2024, respectively. Proceeds will be utilized for general corporate purposes, which may include share repurchases, debt repayment, capital expenditures and acquisitions consistent with the Company's long-term strategy....
Room Mate Hotels Expands Presence Across Spain With Acquisition of Staying Valencia
Room Mate Hotels | July 8, 2024
MADRID--Room Mate Hospitality & Leisure, S.L. (“Room Mate Hotels”), a leading lifestyle hotel brand and lease management company headquartered in Madrid, today announced the acquisition of Staying Valencia, a portfolio of boutique hotels and aparthotels in Valencia. This strategic acquisition marks a significant milestone in Room Mate Hotels’ expansion strategy, bolstered by the support of TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG, and Westmont Hospitality (“Westmont”), which together acquired Room Mate Hotels in 2022. Staying Valencia operates a portfolio of 10 boutique properties ...
Blackstone Real Estate Acquires Village Hotels
Blackstone Real Estate | June 28, 2024
LONDON, UK – June 28, 2024 – Blackstone Real Estate (“Blackstone”) announced on June 26th that funds managed by Blackstone have completed the acquisition of Village Hotels, a hotel owner, operator and developer, from affiliates of KSL Capital Partners, a leading investor in travel and leisure businesses. Village Hotels owns and operates 33 well-located assets in large regional cities and suburban areas across the UK. Representing 4,400 hotel keys, it operates as an “all under one roof” leisure destination, offering traditional full-service hotel stays, fitness clubs, food and beverage outlets, and co-working spaces. Thanks to i...
Hyatt Acquires The Me and All Hotels Brand From Lindner Hotels AG to Unlock Growth in New European Markets
Hyatt Hotels Corporation | June 28, 2024
Builds on strategic collaboration with German Lindner Hotel Group, with plans to increase footprint of fast-growing upscale brand me and all hotels as part of Hyatt’s lifestyle portfolio CHICAGO--Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has acquired the me and all hotels brand from Lindner Hotels AG (Lindner) to unlock growth in new European markets and build on Hyatt’s strong momentum in the region. This move builds on the successful strategic collaboration that Hyatt and Lindner entered into in 2022, which significantly increased Hyatt’s brand footprint in Germany and Europe, with the subsequent in...
McKibbon Acquires the Courtyard Atlanta Buford Mall of Georgia
Hunter Hotel Advisors | June 28, 2024
ATLANTA (June 28, 2024) — Hunter Hotel Advisors ("HUNTER") today announced the successful sale of the Courtyard Atlanta Buford Mall of Georgia. An institutional seller sold the property to McKibbon Income Fund I (“McKibbon”) for an undisclosed price on June 27, 2024. David Perrin, senior vice president out of HUNTER’s Atlanta office, facilitated the transaction. “We’re excited to be expanding our footprint in the Atlanta Metro with the purchase of Courtyard Buford,” said Matthew Ram, senior vice president of acquisitions at McKibbon. “It’s been a challenging transaction market over the last few years and we are pleased to ...
Artemis Hotel Group Acquires Homewood Suites by Hilton Atlanta-Galleria/Cumberland in Georgia
Hunter Hotel Advisors | June 26, 2024
ATLANTA (June 26, 2024) — Hunter Hotel Advisors ("HUNTER") today announced the successful sale of the Homewood Suites by Hilton Atlanta-Galleria/Cumberland. Artemis Hotel Group acquired the asset for an undisclosed price on June 24, 2024. HUNTER’s Tim Osborne, senior vice president, and Chase Perry, senior associate, represented the institutional seller. “Artemis Hotel Group is excited to add another wonderful asset in our hometown, serving the upscale extended-stay guest in one of the most vibrant submarkets in Atlanta," said Will Watson, CEO & managing principal of Artemis Hotel Group. Located in the Cumberland submarket of ...
Apple Hospitality REIT Acquires the Embassy Suites by Hilton Madison Downtown in Wisconsin
Apple Hospitality REIT, Inc. | June 24, 2024
RICHMOND, Va.--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the opening and acquisition of the 262-room Embassy Suites by Hilton Madison Downtown (the “Hotel”) for approximately $79.5 million, or $303,000 per key. “We are pleased to expand our portfolio with the acquisition of the newly constructed, custom Embassy Suites Madison Downtown and increase our presence within the dynamic and business-friendly Madison market,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “Through our longstanding relationship with one of the industry’s lead...
Old Edwards Hospitality Group Finds New Ownership
Old Edwards Inn and Spa | June 18, 2024
Athens, GA Family, now at the Helm of its Companies and Properties HIGHLANDS, NC (June 18, 2024) — The South’s award-winning collection of hotels and clubs has found new ownership in James and Jessica Whitley of Athens, Georgia. On Friday, June 14, 2024, the sale of Old Edwards Hospitality Group’s assets was completed between long-time owners Art and Angela Williams and the Whitleys. Art and Angela Williams purchased Old Edwards Inn more than 20 years ago after visiting and falling in love with the town of Highlands in their younger years. Over the last two decades, they renovated the original inn and spa, added rooms, restaurants...
Prima Asset Management Acquires Prime Hotel in London, Paddington
Prima Asset Management | June 17, 2024
SINGAPORE, June 17, 2024-- Singapore based private equity real estate firm, Prima Asset Management announces the strategic acquisition of an ultra-rare freehold hotel in one of London's most attractive sub-markets. Focused on developing a robust pipeline of opportunities across the United Kingdom, this strategic move marks Prima's commitment to the market, via their VCC Investment Fund, managed by First Degree Global Asset Management. In partnership with Capilon Group, a specialised London based hotel operator and developer, and financed by OakNorth Bank, the newly acquired hotel is set to undergo an extensive refurbishment,...
APA Group and APA Hotel USA, Inc. Make Landmark Acquisition of Downtown Seattle Hotel
APA Group | June 14, 2024
Vancouver, B.C. – June 14th, 2024 – APA Hotel Co., Ltd. announced today that it completed the acquisition of the Hilton Seattle, Washington State, USA, through APA Hotel USA, Inc., a fully owned subsidiary of APA Hotel Co., Ltd. The property will remain under the management of Stonebridge Hospitality Management and will be rebranded immediately as Coast Seattle Downtown Hotel by APA. Details regarding the terms of the transaction have not been disclosed. "In acquiring this property in Seattle, APA Hotel Co., Ltd, and APA Hotel USA, Inc. take its first monumental step into the vibrant hospitality landscape of the United States,” sta...
Plamondon Hospitality Partners Acquires Holiday Inn Express & Suites Johnstown
Plamondon Hospitality Partners | June 12, 2024
Local Frederick Hotel Management Company Adds the Holiday Inn Express & Suites in Johnstown, Pennsylvania to Their Growing Portfolio Frederick, MD (June 12, 2024) – Plamondon Hospitality Partners, headquartered in Frederick, Maryland, is excited to announce their purchase of the Holiday Inn Express & Suites Johnstown in Johnstown, Pennsylvania. The acquisition of the Holiday Inn Express & Suites marks the beginning of Plamondon’s transition into the region’s market. Peter Plamondon, Jr., Co-President of the Plamondon Hospitality Partners, stated, “We’re thrilled to grow our footprint by bringing our longstanding, fam...
Leonardo Hotels Enters Into Agreement To Acquire The Zien Group From Affiliates of KSL Capital Partners and Garden Capital Group
Leonardo Hotels | June 11, 2024
Acquisition Will Grow Leonardo Hotels' Portfolio to 28 Hotels in the Benelux Region AMSTERDAM, June 11, 2024 -- Leonardo Hotels ("Leonardo") today announced that it has entered into a purchase agreement to acquire the Zien Group ("Zien") and its 12 hotels in the Netherlands from affiliates of KSL Capital Partners, LLC ("KSL"), a leading investor in travel and leisure businesses, as well as its partner, Garden Capital Group, whose shareholders founded the business. Terms were not disclosed. The transaction is scheduled to close in the second quarter of 2024 and is subject to customary closing conditions. The sale marks a success...
Whitestone Companies Acquires the 275-Room Le Meridien Atlanta Perimeter
Whitestone Capital | June 5, 2024
Columbus, OH (June 5, 2024) – Today, Whitestone Capital, a division of Whitestone Companies, purchased the 275 room Le Meridien Atlanta Perimeter from Starwood Capital. This purchase marks Whitestone’s first purchase in the greater Atlanta metropolitan area and tenth hotel purchase in the last twelve months. “Atlanta is a market we have been eyeing for quite some time,” said Jay Batra, Chief Executive Officer of Whitestone Companies. “As with most things, it is about timing. With the Le Meridien, we believe we have found an incredible asset in a great location with considerable upside potential.” The Le Meridien is a unique ...
Virga Capital Partners With Resolute Road Hospitality to Acquire Residence Inn by Marriott Boise West
Virga Capital | June 4, 2024
BOISE, Idaho – (June 4, 2024) Virga Capital, a leading real estate investment and development company headquartered in Bozeman, Montana, today announced the acquisition of Residence Inn by Marriott Boise West. In partnership with Resolute Road Hospitality, this strategic acquisition marks Virga Capital's initial hospitality investment in Boise, signaling intentions to expand the company's presence throughout the Intermountain West. The acquisition comes at a time of significant market growth. Boise was recently recognized as one of the 12 Best Places to Live in the nation, solidifying its position as a dynamic hub for growth and opportun...
Chatham Lodging Trust Acquires Home2 Suites Phoenix Downtown for $43.3 Million
Chatham Lodging Trust | May 31, 2024
WEST PALM BEACH, Fla., May 31, 2024 —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that the company has acquired the recently opened, 148-room Home2 Suites by Hilton Phoenix Downtown for $43.3 million or approximately $293,000 per room. The institutional quality, six-story hotel sits in the heart of Downtown Phoenix and includes the historic Fuller Paint Company Building that houses the hotel’s customized public spaces, including a signature food & beverage outlet. Upon stabilization, ...
Host Hotels & Resorts Enters Into Agreement To Acquire Turtle Bay Resort In Hawaii for $680M
HOST HOTELS & RESORTS | May 29, 2024
BETHESDA, Md., May 29, 2024 -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (“Host” or the “Company”), the nation’s largest lodging real estate investment trust, today announced that it entered into an agreement to acquire the fee simple interest in the 450-room Turtle Bay Resort (the “Resort,”) on the North Shore of Oahu, Hawaii, including a 49-acre land parcel entitled for development, (the “Land Parcel”) for approximately $680 million, net of key money. The purchase price allocation is expected to be $630 million for the Resort and $50 million for the Land Parcel, subject to final appraisal. The acquisition price represe...
Waramaug Hospitality Acquires Austin Marriott North in Round Rock, TX
Waramaug Hospitality | May 29, 2024
Miami, FL – May 29, 2024 – Waramaug Hospitality, in a joint venture with Franklin Real Asset Advisors, announced today it acquired the Austin Marriott North, a 295-key full-service hotel located in Round Rock, Texas, with close proximity to downtown Austin. Ferit Ferhangil, Chief Executive Officer of Waramaug, commented, "The Austin Marriott North perfectly aligns with our vision of investing in premium-branded hotels in high-growth markets. This acquisition further solidifies our commitment to delivering exceptional hospitality experiences while maximizing returns for our partners and investors." Further commenting, Marc Weidner, Mana...
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