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
Service Properties Trust Acquires 250-Key Nautilus Hotel in South Beach Miami for $165.4M
Service Properties Trust | June 2, 2023
NEWTON, Mass.---Service Properties Trust (Nasdaq: SVC) announced today that it has acquired the 250-room Nautilus Hotel located at 1825 Collins Avenue, Miami Beach, FL for $165.4 million, or approximately $661,600 per key. The Nautilus is a lifestyle oceanfront hotel located in Miami’s South Beach neighborhood with 250 guestrooms, including 55 suites, four food and beverage outlets, outdoor pool, spa, fitness center and 17,500 SF of flexible outdoor and indoor event space. The hotel will initially be branded as the Nautilus Sonesta Miami Beach, and undergo a $25 million repositioning commencing in the Summer of 2024 with plans to reopen in...
Pacifica Hotels Acquires Kimpton Hotel Vintage Seattle
Pacifica Hotels | June 2, 2023
ALISO VIEJO, Calif. — (June 2, 2023) —Pacifica Hotels, the largest owner and operator of boutique hotels along the Pacific Coast, is excited to announce the recent purchase of the Kimpton Hotel Vintage Seattle. The boutique hotel located in downtown Seattle will join the company’s growing portfolio of 40 plus properties currently located across California, Hawaii, and Oregon. Purchased for $33.7 million, Pacifica Hotels plans to undergo a thoughtful renovation that will refresh all 125 guest rooms as well as the restaurant and lobby. Hotel Vintage Seattle, which will remain Kimpton operated, boasts 660 sq. ft. of event space, an award...
CoralTree Hospitality Grows Texas Collection of Hotels & Resorts with the Addition of The Peninsula Beach Resort
CoralTree Hospitality | June 1, 2023
DENVER – June 1, 2023 – CoralTree Hospitality is growing its collection of hotels and resorts in Texas with the addition of The Peninsula Beach Resort, a full-service luxury resort community along the Gulf Coast. The 110-acre property in Port Bolivar is scheduled to offer 90 single family homes, 114 rental cottages that can accommodate up to 1,000 guests per day with a clubhouse and two pools, 50 recreational vehicle sites and more than 160 beachside condominiums, several dining options and a private airport. The first phase of the project will open next year. “The Peninsula Beach Resort is one of the most exciting new projects devel...
The Jackson Family Partners With Ensemble Investments, LLC to Purchase Sonoma County’s Vintners Resort
Vintners Resort | June 1, 2023
SANTA ROSA, CA. - June 1, 2023 – The Jackson family has formed a strategic partnership with Ensemble Investments, LLC (Ensemble), a leading developer, owner and operator of luxury hotels and commercial real estate, to purchase Vintners Resort – an intimate, four-diamond California certified green resort on a vineyard estate - from its founders, the Carano family. “After 23 years, it is time for me to step back and smell the roses. I feel very fortunate that our family will be able to pass the torch to another well-respected Sonoma County team,” says Rhonda Carano. “I welcome the Jackson family and Ensemble, and I have no doub...
Sensacional! City ID Acquires Historic Palace Baronesa in Lisbon, Portugal
City ID | June 1, 2023
Amsterdam, June 1, 2023 - City ID is continuing its international roll out. The transformation of a historic palace into an apartment hotel in the center of Lisbon is set to become City ID’s sixth location and one of its flagship properties. “After our locations in Amsterdam, London and Dublin, City ID is expanding into Southern Europe with this great acquisition in Lisbon. We will maintain and respect the heritage and features of the fantastic historic building, whilst creating a future proof and sustainable structure. We are thrilled with this new milestone for our international roll out and we are looking forward to the realization ...
Pebblebrook Hotel Trust Completes Sale of Hotel Vintage Seattle
Pebblebrook Hotel Trust | May 30, 2023
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that on May 24, 2023, it closed on the sale of the 125-room Hotel Vintage Seattle in Seattle, WA for $33.7 million to a third party. For the trailing twelve months ended March 31, 2023, the hotel’s net operating income was $0.8 million, and its Hotel EBITDA was $1.1 million, with the $33.7 million sales price reflecting a 31.0x EBITDA multiple and a 2.3% net operating income capitalization rate. Based on the hotel’s operating performance for 2019, the $33.7 million sales price reflects an 11.2x EBITDA multiple and a 7.3% net operating income capitalizatio...
Cienda Partners and Pendant Capital Acquire SENZA Hotel in Napa, California
Cienda Partners | May 30, 2023
DALLAS (May 30, 2023)—Cienda Partners and Pendant Capital today announced the acquisition of the SENZA Hotel in Napa, California. The partnership brings together two family-founded investment groups dedicated to building community—both with a deep understanding of the hospitality industry and a portfolio of independent, boutique properties. “The acquisition of SENZA, a beautiful luxury hotel, was a rare opportunity in a difficult-to-enter market,” said Barry Hancock of Cienda Partners. “We are pleased to add this hotel in the heart of Napa Valley to our growing portfolio of unique boutique hotels.” SENZA Hotel is ideally sit...
OUTRIGGER Hospitality Group to Acquire 432-Key Ka‘anapali Beach Hotel on Maui
OUTRIGGER | May 25, 2023
HONOLULU – Premier beach resort company OUTRIGGER Hospitality Group today announced its plans to acquire Kā‘anapali Beach Hotel, a beachfront resort on the Island of Maui, renowned as “Hawai‘i’s Most Hawaiian Hotel.” It is located on the golden sands of world-famous Kā‘anapali Beach, which was recently ranked as the No. 1 Beach in the U.S. and No. 10 Beach in the World by TripAdvisor. The property spans 11-acres with 432 rooms. This transaction is expected to close on July 26, 2023 at which time the property will be rebranded as OUTRIGGER Kā‘anapali Beach Resort. The purchase price is not being disclosed. “From ...
Holiday Inn Club Vacations Acquires Four Resorts in Mexico From Royal Resorts, Marks First International Expansion for the Company
IHG Hotels & Resorts | May 24, 2023
ORLANDO, FLA. (May 24, 2023) – Holiday Inn Club Vacations Incorporated, a leading vacation ownership company and partner of IHG® Hotels & Resorts (IHG), announced today that it has acquired four scenic beachfront resorts located in Cancun, Playa del Carmen and the Riviera Maya, Mexico from Royal Resorts®, a pioneer in the Mexican Caribbean tourism industry. The acquisition also includes most of Royal Resorts’ related companies and its corporate operations. These resorts will be Holiday Inn Club Vacations Incorporated’s first properties located outside the United States, further broadening Holiday Inn Club Vacations’ and IHG...
Shaner Hotels Acquires 86-Room Hampton Inn & Suites by Hilton Hershey in Pennsylvania
Shaner Hotels | May 18, 2023
HERSHEY, Pa., May 18, 2023—Shaner Hotels, an award winning, international hotel owner, operator and developer, today announced the acquisition of the 86-room Hampton Inn & Suites by Hilton Hershey in Pa. Shaner also will operate the property and plans to implement $1.2 million in renovations to completely remodel guest rooms. Additionally, the company announced that it will break ground on another hotel, a TownePlace Suites scheduled to break ground in the coming months. “Alongside our sister hotels, the Courtyard Hershey Chocolate Avenue and the Fairfield Inn Harrisburg International Airport, the Hampton Inn & Suites by Hi...
Gencom & GD Holdings Led Joint Venture Acquires Brand New St. Regis Chicago
Gencom | May 16, 2023
MIAMI, FL – May 16, 2023 – A joint venture between Gencom and GD Holdings, both privately held, internationally recognized owners, developers and managers of hospitality and residential projects, announced today the acquisition of the newly constructed, 192-key St. Regis Chicago, centrally located in the city’s Lakeshore East Loop community of Chicago where the Chicago River meets Lake Michigan. The 5-star hotel occupies the first 11 floors within the three interconnected towers comprising the luxurious hotel and branded-condominium mixed-use project. The tallest tower at 101 stories is the third highest in the city and is the tall...
Pebblebrook Hotel Trust Completes Sale of The Hotel Monaco Seattle
Pebblebrook Hotel Trust | May 10, 2023
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that on May 9, 2023, it closed on the sale of the 189-room Hotel Monaco Seattle in Seattle, WA for $63.3 million to a third party. For the trailing twelve months ended March 31, 2023, the hotel’s net operating income was $1.6 million, and its Hotel EBITDA was $2.1 million, with the $63.3 million sales price reflecting a 30.7x EBITDA multiple and a 2.5% net operating income capitalization rate. Based on the hotel’s operating performance for 2019, the $63.3 million sales price reflects an 11.4x EBITDA multiple and a 7.6% net operating income capitalization ...
Marriott International Expands Into Affordable Midscale Segment With Acquisition of the City Express Brand Portfolio
Marriott International, Inc. | May 2, 2023
Marriott International, Inc. (NASDAQ: MAR) announced today that it has completed its acquisition of the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. (BMV: HCITY). With this acquisition, Marriott International has entered the affordable midscale segment and is launching its 31st brand, City Express by Marriott. "We are thrilled to expand our portfolio into the fast-growing affordable midscale segment,” said Leeny Oberg, Chief Financial Officer and Executive Vice President, Development, Marriott International. “Our goal is to be everywhere our guests want us to be, with the right property in the right location ...
The Siegel Group Enters Florida With Its Siegel Select Extended-Stay Brand
The Siegel Group | May 1, 2023
LAS VEGAS--The Siegel Group, a real estate investment and management company, announced today that it had acquired the former Stay Suites of America located in Orange Park, Florida. The property, which suffered from deferred maintenance and management issues, was purchased in an all-cash transaction for $7 million and quickly closed in under 30 days. This acquisition increases the number of Siegel Suites® (www.siegelsuites.com) and Siegel Select® (www.siegelselect.com) properties throughout the United States to 61 and marks the brand’s first location in the Florida market. This location is in addition to the company’s significant pres...
Hyatt to Acquire Luxury Booking Platform Mr & Mrs Smith
Hyatt Hotels Corporation | May 1, 2023
CHICAGO (May 1, 2023) – Hyatt Hotels Corporation (NYSE: H) and Mr & Mrs Smith today announced an agreement for a Hyatt affiliate to acquire London-based Mr & Mrs Smith, a platform offering direct booking access to a carefully curated and growing collection of over 1,500 boutique and luxury properties in some of the world’s most desirable locations. Hyatt will acquire 100 percent of the asset-light Mr & Mrs Smith platform for an enterprise value of £53.0 million in cash consideration. “We are excited by this planned acquisition and to explore bringing guests and World of Hyatt members even more global luxury offerings...
IHG Plans Fall 2023 Opening of Kimpton Hotel Theta in New York City
IHG Hotels & Resorts | May 1, 2023
ATLANTA (May 1, 2023) – Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ luxury & lifestyle portfolio, announced today it will open a new boutique hotel in New York City, marking the brand’s second in the market. Set to open in fall 2023, Kimpton Hotel Theta will serve as an oasis for business and leisure guests seeking respite in the heart of the city’s Theater District. Designed to serve as a gateway to quintessential New York, Kimpton Hotel Theta will offer a sense of retreat in every environment. An adaptive re-reuse of an existing mixed-use hotel, the new Kimpton Hotel Theta was originally imagined by Mo...
Giri Hotels Acquires Anchorage by the Sea in Ogunquit, Maine
Wason Associates | April 25, 2023
OGUNQUIT, Maine, April 25, 2023 -- Giri Hotels has recently announced their acquisition of Anchorage by the Sea, a waterfront hotel located in Ogunquit, Maine. The transaction was negotiated by Wason Associates Hospitality Real Estate on behalf of the Seller: AMIO, LLC and Anchorage Motor Inn Ogunquit Inc. This acquisition represents the blending of long-time, trusted Maine businesses that care greatly about guest experience and the local community. Anchorage by the Sea is the 47th hotel in Giri's portfolio and 24th property in Maine. Situated on the ocean and the famed Marginal Way, Anchorage by the Sea has 249 r...
Southwest Value Partners Acquires JW Marriott Tucson Starr Pass Resort & Spa for $110M
Southwest Value Partners | April 25, 2023
SAN DIEGO & TUCSON, Ariz.--Southwest Value Partners has acquired the JW Marriott Tucson Starr Pass Resort & Spa for $110 million from Fortress Investment Group. The 575-key property, located at 3800 W. Starr Pass Blvd. in Tucson, is regarded as one of the top resorts in Arizona and is recognized with AAA’s 4-Diamond designation. With offices in San Diego, Nashville, and Phoenix, Southwest Value Partners is owned and operated by Managing Partners Mark Schlossberg and Cary Mack. The firm’s diverse investment portfolio includes substantial hospitality holdings both nationally and in Arizona. In addition to Starr Pass, the fir...
Noble Acquires the Hampton Inn & Suites Charlottesville | At The University
Noble Investment Group | April 25, 2023
ATLANTA, GA (April 25, 2023) – Noble Investment Group ("Noble") today announced the acquisition of the Hampton Inn & Suites Charlottesville - At The University. Prominently located on Main Street adjacent to the University of Virginia and the UVA Medical Center, the hotel will undergo a comprehensive upgrade to all hotel guestrooms and suites, public areas, and meeting spaces. The Hampton Inn & Suites Charlottesville - At The University is steps away from the more than 120 retail outlets and 30 restaurants at Charlottesville’s Historic Downtown Mall. In addition, the new $35 million, 14-acre UVA School of Data Science, is sc...
Q1 2023 Major U.S. Hotel Sales Survey
Daniel Lesser | April 21, 2023
By Daniel Lesser With continued elevated levels of inflation and interest rates, and fears of an impending economic recession, the U.S. commercial real estate industry continues to find itself in choppy waters. The recent stunning and swift collapse of Silicon Valley Bank (SVB), and subsequent failures of Signature Bank (SB), and Credit Suisse Group AG (CS) has created a perceived credit crunch now rippling across the global financial system. The SVB implosion was caused by a three-year monetary policy that began during the COVID pandemic and included enormous sums of government stimulus and near-zero interest rates resulting in a bloat...
AJ Capital Partners Acquires Property for Conversion to Graduate Austin
Graduate Hotels | April 20, 2023
Nashville, Tenn., April 2023 - Adventurous Journeys (AJ) Capital Partners announced today an acquisition in downtown Austin which will be home to the forthcoming Graduate Austin, part of the Graduate Hotels®️ collection. The property, located at Guadalupe Street and West 18th Street, is conveniently situated in the heart of downtown, just steps from the University of Texas campus and Texas Capitol Mall. Upon completion, the 18-story hotel is expected to open in 2025. Created for travelers who seek memory-making journeys, Graduate Hotels is a thoughtfully crafted collection of hotels that reside in the most dynamic university-anchore...
Chartwell Hospitality Sells Home2 Suites Colorado Springs for $29 Million
Chartwell Hospitality | April 19, 2023
NASHVILLE --Chartwell Hospitality today announced the sale of their Home2 Suites by Hilton property located in Colorado Springs, Colo. to ARA US Hospitality Trust, a Singapore-based select service hospitality trust. ARA acquired the extended-stay hotel with 119 rooms for $29.0 million. “Home2 Suites Colorado Springs, Colorado is a great property. We commenced operations at the end of October 2019 and have been honored to provide a hotel designed for extended-stay travelers who wish to keep their normal routine,” said Will Schaedle, Executive Vice President of Chartwell Hospitality. “We’re excited to continue managing this high-qu...
Mews Acquires Canadian-Based Hotello to Expand North America Operations
Mews | April 13, 2023
Montreal, Canada - 13 April 2023 - Mews, a leader in hospitality technology and cloud-based property management systems (PMS), today is announcing the acquisition of Hotello, the Montreal-headquartered cloud PMS solution for hotel properties. The acquisition further strengthens the growth strategy for Mews in North America, and more specifically the Canadian market and the company’s commitment to delivering technology that simplifies and automates operations for modern hoteliers and their guests. Terms of the acquisition were not disclosed. “The PMS category continues to experience remarkable innovation and growth,” said Richard Val...
Cain International to Acquire Minority Stake in Ennismore’s Delano Brand to Drive Expansion
Ennismore | April 13, 2023
NEW YORK, April 13, 2023 -- Ennismore - the fastest-growing lifestyle hospitality company and joint venture with Accor, which holds a majority shareholding - today announces it has entered into exclusive negotiations to build a long-term partnership with Cain International ("Cain") – the privately held investment firm – to drive forward the global expansion of the iconic hotel brand Delano. The partnership will see Cain acquire a minority stake in the Delano brand, collaborate with Ennismore to support Delano's global growth ambitions and deliver its current expansion pipeline, including Seoul, Istanbul, and Cartagena, with seve...
