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
Procaccianti Companies Acquires Newport Beach Hotel & Suites
Procaccianti Companies | April 11, 2023
April 11, 2023 (Providence, RI) – Procaccianti Companies, one of the nation's premier real estate investment and services firms, today announced the acquisition of the Newport Beach Hotel & Suites. The Newport Beach Hotels & Suites consists of two buildings, the Historic property built in 1940 and the suite property built in 2008. The property features a rooftop deck, swimming pool, and a day spa. This acquisition also includes an additional parcel of land, allowing for further potential development opportunities. The property will be managed by the firm’s hospitality management affiliate, TPG Hotels & Resorts. "The acquisi...
The Cordish Companies to Acquire Diamond Jacks Casino & Hotel Bossier City
The Cordish Companies | April 5, 2023
BALTIMORE, April 5, 2023 -- The Cordish Companies announced today the agreement to acquire Diamond Jacks Casino & Hotel in Bossier City, Louisiana. Cordish intends to redevelop the property, which has been closed since March 2020, into a world-class Live! casino resort and entertainment destination including the construction of a land-based casino to replace the existing casino riverboat. Today's announcement continues Cordish's expansion across markets in the South Central and Southeast regions of the U.S. The Company currently has over $1 billion under construction adjacent to its Texas Live! development in the Arlington Entertai...
Century Casinos Completes Acquisition of Nugget Casino Resort Operations for $100M From Marnell
Century Casinos, Inc. | April 4, 2023
COLORADO SPRINGS, Colo., April 4, 2023 -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) ("Century Casinos" or the "Company"), announced that it completed the acquisition of the operations of the Nugget Casino Resort ("Nugget") from Marnell Gaming, LLC ("Marnell") for approximately $100 million (the "Acquisition") on April 3, 2023. Prior to the Acquisition, in April 2022, the Company purchased from Marnell 50% of the membership interests in Smooth Bourbon LLC ("Smooth Bourbon"). Smooth Bourbon owns the land and building on which the Nugget is located. The Nugget and Smooth Bourbon have a lease agreement for the land and build...
Soul Community Planet Acquires Albion River Inn on the Northern California Coast
Soul Community Planet | April 3, 2023
LAGUNA BEACH, Calif.--Soul Community Planet (SCP), the holistic hospitality company dedicated to providing sustainable and wellness-focused hospitality experiences, has announced the acquisition of the Albion River Inn, a luxury boutique hotel located in Mendocino County on the Northern California coast. The property, to be renamed the SCP Mendocino Coast Lodge, marks the brand’s fourth coastal California property. The SCP Mendocino Coast Lodge will be operated in conjunction with the nearby SCP Mendocino Inn & Farm, which SCP acquired in June 2022. SCP Mendocino Coast Lodge will be reimagined as a chic, upscale coastal lodge. It als...
Key International Acquires Key West’s The Perry Hotel
Key International | March 31, 2023
(March 31, 2023)- Miami, FL- Key International, a leading real estate development and investment firm, has completed the purchase of the award-winning The Perry Hotel on the waterfront in Key West as part of an ambitious expansion of its $2 billion portfolio. “The addition of The Perry Hotel speaks to our vision to bring together quality brands and memorable experiences with our excellent customer service,” says Michael Vassilaros, Chief Investment Officer for Key International. “As an investment, The Perry Hotel purchase continues to build on our strategy of identifying and adding properties with great brand recognition.” The ...
Evermore Partners and New Castle Hotels & Resorts Acquire Montana Marriott Portfolio
March 30, 2023
The portfolio consists of The AC Hotel by Marriott, The Residence Inn by Marriott, and 20,000 square feet of experiential retail space in downtown Missoula, MT DENVER--March 30, 2023--Denver, CO-based Evermore Partners (Evermore), a commercial real estate investment firm, and Ridgefield, CT-based New Castle Hotels & Resorts (New Castle), a leading hotel owner and operator, have acquired the Montana Marriott Portfolio - a 105-key AC Hotel by Marriott, a 175-key Residence Inn by Marriott, and The Mercantile, a collection of approximately 20,000 square feet of high quality, in-line retail located in downtown Missoula, Montana. “This ...
Pebblebrook Hotel Trust Completes Sale of The Hotel Colonnade Coral Gables, Autograph Collection
Pebblebrook Hotel Trust | March 29, 2023
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on March 28, 2023, it closed on the sale of the 157-room Hotel Colonnade Coral Gables, Autograph Collection in Coral Gables, FL for $63.0 million to a third party. For the trailing twelve months ended December 31, 2022, the hotel’s net operating income was $4.1 million, and its Hotel EBITDA was $4.8 million. Based on the hotel’s operating performance for 2019, the $63.0 million sales price reflects a 15.4x EBITDA multiple and an 5.5% net operating income capitalization rate. The net operating income for both periods mentioned above is after an ...
KKR and Gaw Capital Acquire Hyatt Regency Tokyo From Odakyu Electric Railway Company
KKR | March 28, 2023
TOKYO--KKR, a leading global investment firm, and Gaw Capital Partners (“Gaw Capital”), a leading real estate private equity firm, today announced the signing of definitive agreements under which funds managed by KKR and Gaw Capital will acquire Hyatt Regency Tokyo (or “the Hotel”), an iconic luxury hotel located at the heart of Tokyo, from Odakyu Electric Railway Company. Built in 1980, the Hyatt Regency Tokyo is a 746-room luxury hotel located in Shinjuku, one of Tokyo’s busiest business and retail districts, and adjacent to the Tokyo Metropolitan Government headquarters. The hotel sits in a prime location, among large-scale Cl...
Waterton Acquires Town & Country Stowe in Vermont
Waterton | March 28, 2023
(March 28, 2023 – Stowe, VT) – Waterton, a Chicago-based national real estate investor and operator, announced today it has acquired Town & Country Stowe, a 54-key independent hotel located at 876 Mountain Rd. in Stowe, Vermont. The firm will transform the property with updates to guest rooms and outdoor common areas and will add a mixture of lofted barn suites and cabins to create a product that does not currently exist in the market. Springboard Hospitality, a hotel management firm with extensive experience in lifestyle hotel repositioning, has been tapped to operate Town & Country Stowe on behalf of Waterton. “The acquisi...
Rockbridge and Aparium Hotel Group Acquire Heathman Hotel in Portland, Oregon
Aparium Hotel Group | March 27, 2023
CHICAGO, March 27, 2023 -- Rockbridge and Aparium Hotel Group, both known for creating one-of-a-kind, hyper-localized hotels and restaurants around the country, are pleased to announce the acquisition of the Heathman Hotel. Aparium Hotel Group has assumed management of the hotel. The property, located in the heart of downtown Portland, OR, currently features a lobby library lounge and more than 3,800 square feet of meeting space including a sky-lit 2nd floor mezzanine. A comprehensive renovation and reposition of the iconic Heathman Hotel will cement the hotel's status as the leading offering in the Portland market, while also launch...
Joint Venture of NewcrestImage & Hospitality Capital Partners Acquires 16-Hotel Portfolio for $137 Million
March 23, 2023
In a joint venture, Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) have acquired 16 hotels with a total of 2,155 rooms for $137.3 million from Service Properties Trust, a Massachusetts-based REIT. The transaction was handled by Al Calhoun and Mark Fair at CBRE in Atlanta. The portfolio consists of 13 Courtyard by Marriott hotels and three Residence Inn by Marriott hotels that are located in nine states – Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas, and Virginia. Eleven of the properties underwent major renovations between 2018 and 2019. “This transa...
Highgate and Flynn Properties Acquire The Huntington Hotel
Flynn Properties Inc. | March 20, 2023
SAN FRANCISCO, CA (March 20, 2023) –– Highgate, a leading hotel management, investment and development company, and Flynn Properties, a San Francisco-based owner of luxury resorts, commercial real estate and select service hotel properties in America and abroad, today announced the acquisition of The Huntington Hotel. Located in San Francisco’s Nob Hill neighborhood, the storied property has long been a nostalgic symbol of a bygone era, having originally been constructed in 1924 as the first steel and brick high rise west of the Mississippi. Together, Highgate and Flynn Properties intend to restore and elevate every aspect of The Hunti...
Aimbridge Hospitality Acquires Terrapin Hospitality Management Portfolio
Aimbridge Hospitality | March 20, 2023
PLANO, Texas, March 20, 2023 — Aimbridge Hospitality, a leading global hospitality company, has assumed management of 71 hotels previously operated by Houston-based Terrapin Hospitality. With over 8,100 rooms in 21 states, the diverse portfolio is national in scope with representation in the upper midscale and upscale segments across all major brand companies. Joining Aimbridge Hospitality’s Select Service Division, these hotels will benefit from the impact of the industry leader’s deep bench of industry talent, a specialized operational approach that maximizes value, and a path toward continued global growth and industry-leading innov...
Cvent To Be Acquired By Blackstone in $4.6 Billion Transaction
Cvent | March 14, 2023
Purchase Price of $8.50 Per Share Represents a 52% Premium Over 90-day VWAP of Unaffected Share Price Tysons, Va. – March 14, 2023 – Cvent Holding Corp. (“Cvent”) (Nasdaq: CVT), an industry-leading meetings, events and hospitality technology provider, today announced that it has entered into a definitive agreement to be acquired by an affiliate of private equity funds managed by Blackstone (“Blackstone”) in a transaction valued at an enterprise value of approximately $4.6 billion. Under the terms of the agreement, Cvent stockholders will receive $8.50 per share in cash, representing a premium of 52 percent to the volume weigh...
Raines Acquires HP Hotels
Raines | March 14, 2023
FLORENCE, SC — March 14, 2023 — Raines, a fully integrated hotel development, management, and investment company, has acquired HP Hotels, a full-service, third-party hotel management company, resulting in operational expansion throughout the southeast and southwestern United States. The financial terms of the transaction are not being publicly disclosed. “Assets alone will not get Raines to where it needs to be as a company,” said Grey Raines, managing partner of Raines. “In addition to acquiring third-party management contracts, Raines is adding experienced principals, trusted partnerships, and operations, sales and marketi...
Marriott International Receives Regulatory Approval to Complete City Express Brand Acquisition
Marriott International | March 10, 2023
Marriott International, Inc. (NASDAQ: MAR) today announced that it has received approval from Mexico’s Federal Economic Competition Commission, COFECE, for the acquisition of the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. (BMV: HCITY), paving the way for the company’s entry into the affordable midscale segment. Marriott expects that the transaction, originally announced in October 2022, could close in the second quarter, subject to the satisfaction of other customary closing conditions. Upon closing, Marriott will acquire the Hoteles City Express brands (City Express, City Express Plus, City Express Suites, ...
Maya Hotels Acquires Two Hampton Inn Hotels in the Carolinas
Maya Hotels | March 6, 2023
Charlotte, NC – March 6, 2023 – Charlotte-based Maya Hotels is pleased to announce its acquisition of two Hampton Inn-branded hotels in the Carolinas. The two Hampton Inns, Hampton Inn & Suites Charlotte-Arrowood Rd., North Carolina and Hampton Inn Columbia Northeast-Fort Jackson, South Carolina, boast a total of 210 guest rooms. This transaction marks Maya Hotels’ second and third acquisitions over the last six months. The company also acquired the Avid Hotel Fort Mill, SC in the second half of 2022. The hotels will be renovated and managed by Maya Hotels. “We are excited to acquire these two top-branded assets at a discount ...
NewcrestImage & Hospitality Capital Partners Acquire Eleven Hotels Across Seven States
NewcrestImage | March 2, 2023
A joint venture of NewcrestImage and Hospitality Capital Partners (HCP) has completed acquisition of 11 hotels in seven states with a total of 1,551 rooms in a transaction handled by Al Calhoun and Mark Fair at CBRE in Atlanta. The properties are 10 Courtyard and one Residence Inn hotels in the states of Georgia, Massachusetts, New York, Oklahoma, Pennsylvania, Texas, and Virginia. “Our company has a strong appetite for solid investment opportunities,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “These properties and markets offer attractive potential for both profits and appreciation value.” HCP principals...
Edgewater Acquires Inn on the Square In Greenwood, South Carolina
Edgewater | March 1, 2023
Naples, Fla (March 1, 2023) – Edgewater Group LLC, a multidisciplinary real estate investment firm, is pleased to announce the acquisition of the boutique, full-service hotel the Inn on the Square located in Greenwood, South Carolina. The Inn is a welcome addition to Edgewater's diverse portfolio of assets in hospitality, retail, office and residential. The property was purchased by 104 Court LLC, a wholly owned subsidiary of Edgewater Valley Forge Fund III LP, an affiliate of Edgewater Group LLC. The acquisition of the Inn supports Edgewater’s continued focus on secondary and tertiary markets like Greenwood and dedication to the commu...
OTO Development Acquires and Opens New AC Hotel by Marriott St. Petersburg Downtown
AC Hotel by Marriott St. Petersburg Downtown | March 1, 2023
PETERSBURG, FL — Tuesday, March 1, 2023 — AC Hotels by Marriott, part of Marriott Bonvoy’s portfolio of 30 extraordinary brands, has opened its newest property in downtown St. Petersburg, Florida, bringing the brand’s “perfectly precise hotel” experience to the heart of the Sunshine City. AC Hotel by Marriott St. Petersburg Downtown checked in the first guests on Tuesday, February 28, welcoming them into a property that’s imbued with sophistication and filled throughout with practical comforts. From commissioned artwork to intuitive technology to thoughtful personal amenities, the hotel is designed to provide everything disc...
Pebblebrook Hotel Trust Completes Sale of The Heathman Hotel for $45M
Pebblebrook Hotel Trust | February 23, 2023
BETHESDA, M.D.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on February 22, 2023, it closed on the sale of the 151-room The Heathman Hotel in Portland, OR for $45.0 million to a third party. For the trailing twelve months ended December 31, 2022, the hotel’s net operating income was $1.0 million, and its Hotel EBITDA was $1.2 million. Based on the hotel’s operating performance for 2019, the $45.0 million sales price reflects a 10.7x EBITDA multiple and an 8.4% net operating income capitalization rate. The net operating income for both periods mentioned above is after an assumed annual capital reserve o...
Cherokee Nation Businesses Completes Acquisition of Gold Strike Casino Resort for $450 Million
Cherokee Nation Businesses | February 16, 2023
TUNICA, Miss., Feb. 16, 2023 -- CNE Gaming Holdings LLC, an indirect subsidiary of Cherokee Nation Businesses, officially assumed operations of Gold Strike Casino Resort after receiving approval from the Mississippi Gaming Commission. "This is a historic day of growth for our hospitality portfolio as we enter the commercial gaming industry, and we welcome the wonderful team at Gold Strike to the family," said Mark Fulton, president and chief operating officer of Cherokee Nation Entertainment. "For years, we've set the standard of excellence in gaming. We are excited to invest in this beautiful property and bring our th...
The Hotel Group Adds Fairfield Inn & Suites by Marriott Moses Lake to Portfolio
The Hotel Group | February 6, 2023
Seattle, WA, February 6, 2023 – Today, The Hotel Group (THG) and Hogback Development announced the purchase of the Fairfield Inn & Suites by Marriott in Moses Lake, Wa. The Hotel Group is a leading national hotel management, investment and development company and is an affiliate of Hotel Equities (HE). This addition, and the recent announcement of two Hyatt additions, furthers the group’s continued growth in the Northwest. “We are thrilled to partner again for our third hotel with Hogback Development and to be acquiring this top performing Fairfield Inn & Suites,” says Doug Dreher, CEO at The Hotel Group. “We now ...
MCR Acquires the Hilton Miami Airport Blue Lagoon
MCR | February 3, 2023
NEW YORK--MCR — the country’s 4th-largest hotel owner-operator — has acquired the Hilton Miami Airport Blue Lagoon, a 14-story hotel with 508 rooms in Miami, Florida. With a prime waterfront setting within the Blue Lagoon business park, the hotel is located just south of Miami International Airport (MIA). This is the company’s second hotel in the Miami airport submarket following the acquisition of the Hyatt Place Miami Airport East in December of 2022 and its tenth hotel in Florida. MIA is the busiest airport for international passengers and international freight in the U.S. and provides a hub for over 90 air carriers. Internati...
