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
Credit Suisse Asset Management and Trinity Investments Acquire The Diplomat Beach Resort
Credit Suisse Asset Management | February 3, 2023
HOLLYWOOD, Fla.--A joint venture between non-US offered real estate funds managed by Credit Suisse Asset Management and real estate funds managed by Trinity Fund Advisors LLC, an affiliate of full-service private real estate investment firm Trinity Real Estate Investments LLC (“Trinity”), today announced the acquisition of The Diplomat Beach Resort in Hollywood, Florida from a Brookfield private real estate fund. The deal is one of the largest hotel acquisitions in the United States since August 2021. The new owners also announced the signing of a management agreement with Hilton to oversee the resort’s operations under the Curio Collec...
Hyatt Completes Dream Hotel Group Acquisition
Hyatt Hotels Corporation | February 2, 2023
CHICAGO (February 2, 2023) – Hyatt Hotels Corporation (NYSE: H) today announced the completion of the Dream Hotel Group lifestyle hotel brand and management platform acquisition, bringing a vibrant portfolio of lifestyle hotel brands – including Dream Hotels, The Chatwal and Unscripted Hotels – into the Hyatt portfolio. The asset-light acquisition includes 12 lifestyle hotels (nine managed and three licensed), with another 24 signed long-term management agreements for hotels expected to open in the future. Dream Hotel Group properties are known for their progressive design and vibrant dining and nightlife that are the soul of each...
KSL Capital Partners Acquires Martin Resorts Portfolio of Five Independent Hotels
KSL Capital Partners | February 1, 2023
DENVER, Feb. 1, 2023 -- KSL Capital Partners, LLC ("KSL"), a leading investor in travel and leisure businesses, today announced that an affiliate has acquired the Martin Resorts Collection of five independent boutique hotels along California's Central Coast, midway between Los Angeles and San Francisco. The collection includes Avila Lighthouse Suites in Avila Beach; Pismo Lighthouse Suites and Shore Cliff Hotel in Pismo Beach; and Paso Robles Inn and The Piccolo in Paso Robles. Terms were not disclosed. KSL Resorts, a premier independent management company, will manage each of the hotels. "We could not be more proud to be given t...
Beverly Hills-Based Hawkins Way Capital Buys 655-Room Hotel in Midtown, Manhattan
Hawkins Way Capital | January 31, 2023
NEW YORK, Jan. 31, 2023-- Hawkins Way Capital, in a joint venture with Värde Partners, has acquired 525 Lexington Avenue in Midtown, Manhattan, comprising a 655-room, 406,261 square foot tower across 35 stories. A designated landmark building, the 1924-built property previously operated as a Marriott International branded hotel focused on corporate and business travel before closing at the onset of the Covid-19 Pandemic. "525 Lexington represents a compelling opportunity to increase our footprint in the heart of Manhattan at a favorable basis. We believe the property will benefit from an injection of fresh equity ...
Spark GHC Acquires Hampton Inn by Hilton – Downtown Cleveland
Spark GHC | January 26, 2023
CLEVELAND, Jan. 26, 2023 -- Spark GHC, a private real estate joint venture focused on hospitality assets in the U.S. Midwest, has acquired the Hampton Inn by Hilton – Downtown Cleveland. The acquisition provides a strong footprint for the joint venture in the Downtown market and adds Hilton to their existing portfolio alongside Marriott and IHG brands. This is the 11th acquisition for the sponsors since 2018 and increases combined Spark GHC assets under management to above $100 million. The Hampton Inn by Hilton – Downtown Cleveland is a generational asset located in the heart of Downtown Cleveland near major att...
Hawkins Way Capital Acquires Two Hotel Properties Comprising 150 Rooms
Hawkins Way Capital | January 19, 2023
SANTA BARBARA, Calif., Jan. 19, 2023 -- Hawkins Way Capital has acquired the parcels located at 3850 and 3840 State Street, together comprising 150 hotel rooms, a retail pad and multiple pools across approximately 4.0 acres in the desirable Upper State Street neighborhood in Santa Barbara. The parcels are currently improved with a 68 room Best Western Plus Pepper Tree Inn branded hotel and adjacent 82-room unbranded hotel. Hawkins Way Capital intends to combine the two properties into a single Best Western Plus Pepper Tree Inn, driving operational efficiencies by sharing resources and capitalizing on the consistent leis...
She Has a Deal Announces SHaDPitch Today’s Woman Completes Hotel Acquisition
She Has a Deal | January 19, 2023
McLEAN, Va., January 19, 2023—Officials of She Has a Deal (SHaD), a real estate investment platform that creates new pathways to hotel ownership and development for women, today announced that 2022 SHaDPitch Today’s Woman competitor, Amina Gilyard James, acquired the 70-room Quality Inn in the Raleigh neighborhood of Memphis, Tenn. SHaDPitch is a hotel investment pitch competition launched in 2020 to catapult women on their journey to hotel ownership by facilitating the process for acquiring or developing a hotel and securing capital for the deal. Competitors identify a viable project and pitch the deal to potential investors who also ...
Sortis Holdings to Acquire Ace Hotel Group for $85 Million
Sortis Holdings, Inc. | January 18, 2023
PORTLAND, Ore., Jan. 18, 2023 -- Sortis Holdings, Inc. (OTC: SOHI) (the “Company” or “Sortis”) — an ecosystem of innovative, experiential hospitality brands — has entered into a definitive agreement to acquire Ace Group International, along with its management company, Atelier Ace. With the acquisition, Sortis Holdings, Inc. will be ushering in a new chapter for the iconic brand in an era of cultural collaboration, innovation, and conscious growth, for both the company and the Ace Hotel brand at large. The purchase consideration is comprised of $85 million in an all-cash transaction pursuant to the terms of the purchase agree...
Sandpiper Lodging Trust Acquires Five Extended Stay Hotels
Sandpiper | January 17, 2023
(Richmond, Va. – January 17, 2022) – Sandpiper Lodging Trust (SLT) announced today that it completed the acquisition of five operating hotels from affiliates Sandpiper Hospitality III, LLC and Sandpiper Hospitality IV, LLC that operate under the WoodSpring Suites brand. These five properties are located in White Marsh, MD, Greenbelt, MD, Virginia Beach, VA and two in Baton Rouge, LA. After this transaction, SLT owns 28 extended stay hotel assets across 9 states. The transaction was financed with a combination of borrowing under the Company’s recently expanded $200 million revolving credit facility, the assumption of existing debt on...
Mission Hill Hospitality Acquires Holiday Inn Steamboat
Mission Hill Hospitality | January 12, 2023
DENVER, CO – January 12, 2023 -- Mission Hill Hospitality, a leading select service and extended stay hotel investor, announced it has acquired the Holiday Inn Steamboat, a 117-key hotel in Steamboat Springs, Colorado. Terms of the deal are undisclosed. This is the 26th property added to the Mission Hill Hospitality portfolio since the company was launched in March 2021, and its first in Colorado. “This off-market acquisition underscores our strategic growth and geographic diversification of a high-quality portfolio of well-located select service and extended stay hotels, particularly in leisure-oriented markets with year-round demand,...
MCR Acquires the Courtyard Dallas Grand Prairie
MCR | January 11, 2023
NEW YORK--MCR – the country’s 4th-largest hotel owner-operator – has acquired the Courtyard Dallas Grand Prairie, a four-story, select service hotel with 120 rooms in Grand Prairie, Texas. The hotel was purchased with acquisition financing from American Momentum Bank in place, at a rate of SOFR plus 260 basis points and a 65% loan to value. Opened in 2021, the hotel is located 20 minutes south of the Dallas Fort Worth International Airport – the second busiest airport in the U.S. serving the country’s fastest-growing metropolitan area. The Dallas Fort Worth MSA is now home to almost eight million residents, representing an incr...
Mission Hill Hospitality Acquires Hanover Lebanon Courtyard by Marriott
Mission Hill Hospitality | January 10, 2023
DENVER, CO – January 10, 2023: Mission Hill Hospitality, a KSL Capital Partners portfolio company focused on transforming select service and extended stay hotel investing, announced it has acquired the Hanover Lebanon Courtyard by Marriott, a 124-key property located at 10 Morgan Drive in Lebanon, NH. This is the company’s first investment in New Hampshire and its seventh in New England. Hanover Lebanon Courtyard by Marriott is the 25th hotel added to the Mission Hill Hospitality portfolio since the company was launched in March 2021. Terms of the deal are undisclosed. “This acquisition supports our continued growth strategy of inves...
Delaware North Acquires Best Western Premier Grand Canyon Squire Inn
Delaware North Parks and Resorts | January 9, 2023
TUSAYAN, Ariz., and BUFFALO, N.Y. – Jan. 9, 2023 – Global hospitality and entertainment company Delaware North today announced its continued expansion in the parks and lodging sector through the acquisition of the Best Western Premier Grand Canyon Squire Inn. The 322-room hotel and resort is perfectly situated in Tusayan, Ariz. – only 7 miles from the South Rim entrance of Grand Canyon National Park, making it one of the closest lodging options to the park. Terms of the purchase are not being disclosed. The charming desert property, being renamed the Squire Resort at the Grand Canyon, will remain affiliated with the Best Western Pre...
Hilco Real Estate Announces the Sale of the Tru By Hilton Bryan College Station in Texas for $9.9 Million
Hilco Real Estate | January 5, 2023
NORTHBROOK, ILL (January 2023) – Hilco Real Estate (HRE) completed a successful sale of the Tru by Hilton Bryan College Station hotel for a total closing price of $9,900,000. Keith Worsham, senior vice president and head of the national hotel team at HRE, brokered the sale of the property on behalf of the seller, Wealth Hospitality. “Our team is happy to have helped our seller with this transaction resulting in $101,020 per key; and, at the same time, we were able to provide the buyer a new opportunity with the Hilton brand,” stated Keith Worsham. Located in Bryan, Texas, the property is well-positioned around Texas’ five major ...
Alpental Capital, Solid Rock Group, and Taconic Capital Advisors Complete Sale of Sheraton Denver Tech Center for $16.2M
Alpental Capital | January 5, 2023
Alpental Capital, Solid Rock Group, and Taconic Capital Advisors jointly announced the sale of the Sheraton Denver Tech Center for $16.2 million. The 263-room hotel located in Greenwood Village, CO last sold for $9.2 million as part of a bankruptcy auction in June 2021. The partnership completed an extensive capital improvement plan and reopened the hotel in August 2021, after being closed by the previous owner in March 2020. “We are proud to see this investment through its lifecycle from acquisition to disposition, despite the broader economic and capital markets headwinds. The transaction represents one of the few hotel investments suc...
Everwood Hospitality Partners Completes Acquisition of LaQuinta I Drive/Convention Center Hotel
Everwood Hospitality Partners | January 3, 2023
ORLANDO, Fla., Jan 3, 2023—Officials of Everwood Hospitality Partners (EHP), a leading hotel owner/operator with a growing portfolio of lifestyle, full- and select-service hotels nationwide, today announced the company has acquired the 184-room LaQuinta I Drive/Convention Center hotel in Orlando, Fla. from Cavalier Florida, LP. Cronheim Hotel Capital (CHC), a real estate capital advisory firm specializing in capital solutions for hotel owners, operators and investors, helped secure the loan that will be used for the acquisition and subsequent multimillion-dollar hotel renovation. The refurbishment process will include significant upgra...
The St. Joe Company Acquires The Pearl Hotel in Rosemary Beach
The St. Joe Company | December 22, 2022
PANAMA CITY BEACH, Fla.--The St. Joe Company (NYSE: JOE) (“St. Joe”) announces that it recently closed on three strategic real estate transactions and provides an update on projects that are scheduled to open in 2023. In early December, The St. Joe Company closed on the purchase of The Pearl Hotel in Rosemary Beach®, a luxury 55-room hotel in Northwest Florida’s highly sought-after Scenic Highway 30A corridor. Since 2014, The St. Joe Company has managed the hotel’s day-to-day operations. The Pearl Hotel, which has been named one of Travel + Leisure’s World’s Best Hotels, features an on-site restaurant and spa as well as a stre...
Kirkwood Collection Acquires Centrella Hotel in the Heart of Pacific Grove
Kirkwood Collection | December 21, 2022
DECEMBER 21, 2022 - Kirkwood Collection, a leader in the luxury boutique hotel space, announces the recent acquisition of Centrella Hotel in Pacific Grove, expanding its portfolio to seven properties. This is the second property Kirkwood Collection has acquired in Monterey Bay; in 2021, the Victorian oceanfront property Seven Gables Inn joined the Kirkwood portfolio. Both properties were built in the 1880s and are located only a short walk from the beautiful Pacific Coast. “Kirkwood Collection is thrilled to welcome Centrella Hotel, a National Historic Landmark, into our family of luxury historic properties. Rich with history, we plan to h...
MCR Acquires the Hyatt Place Miami Airport East
| December 21, 2022
NEW YORK--MCR — the country’s 4th-largest hotel owner-operator — has acquired the Hyatt Place Miami Airport East, a six-story, select service hotel with 135 rooms in Miami, Florida. Built in 2015, the hotel was purchased at over a 25% discount to MCR’s estimated replacement cost. This is the company’s ninth hotel in Florida and its first Hyatt hotel. The hotel is one of the closest to Miami International Airport (MIA), located less than a mile from the airport’s main entrance. MIA holds the distinction of being the busiest airport for international passengers and international freight in the U.S. It provides a hub for over 90...
Hard Rock Completes Acquisition of The Mirage Hotel & Casino From MGM for $1.075B
| December 20, 2022
LAS VEGAS, Dec. 20, 2022 -- Hard Rock International (HRI) on Friday received regulatory approval from the Nevada Gaming Commission for its acquisition of The Mirage Hotel & Casino from MGM Resorts International. HRI assumed operations control of the property as of 6 a.m. Monday, December 19. Under terms of the transaction, HRI paid $1.075 billion in cash for the operating assets of The Mirage Hotel & Casino. HRI entered into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage. The 3,044-room casino resort will continue to operate as The Mirage Hotel & Ca...
Marcus Hotels & Resorts Announces Sale of Skirvin Hilton for $36.75M
Marcus Hotels & Resorts | December 20, 2022
MILWAUKEE & OKLAHOMA CITY--Marcus® Hotels & Resorts, a nationally recognized owner and management company and division of The Marcus Corporation (NYSE: MCS), together with its co-owners, Skirvin Partners in Development (SPID), today announced the sale of the Skirvin Hilton in Oklahoma City to Skirvin Hotel LLC for $36.75 million. Additional terms of the transaction were not disclosed. The Skirvin Hotel was first opened in 1911 as Oklahoma City was transforming into a major economic center. After closing in 1988, a public-private partnership between the City of Oklahoma City, Marcus Hotels & Resorts and SPID was formed to ...
Gencom & Corten Close Venture With Provenance Hotels to Acquire Eight-Hotel Portfolio
Gencom | December 20, 2022
MIAMI, FL, WILMINGTON, DE and PORTLAND, OR – December 20, 2022 – Affiliates of Gencom, an international owner and developer of hospitality and residential properties, and Corten, a Mid-Atlantic based private real estate investment fund manager, today announced the closing of a strategic venture with Provenance Hotels, an independent owner of boutique hotels. Under the venture, a Gencom-led partnership has acquired a 50 percent ownership stake in eight hotels across the United States, expanding the Miami-based firm’s portfolio by more than 1,400 rooms and suites. In a related transaction, Gencom affiliate Pyramid Global Hospitality,...
Pyramid Global Hospitality Closes Acquisition of Provenance Hotels’ Operating Division
Pyramid Global Hospitality | December 19, 2022
Acquisition Adds 12 Independent Hotels to Pyramid’s Portfolio of Managed Properties BOSTON, MA and PORTLAND, OR Dec. 19, 2022—Pyramid Global Hospitality today announced the company has closed the acquisition of the operating division of Provenance Hotels, an independent owner of boutique hotels. The transaction adds 12 full-service, independent hotels to Pyramid’s national network of managed properties. In a related transaction, Gencom, an international owner and developer of hospitality and residential properties, acquired a 50% ownership stake in eight Provenance hotels. “The addition of the Provenance portfolio places Pyramid...
Highgate Enters Agreement to Acquire Viceroy Hotels & Resorts
Highgate | December 15, 2022
New York, NY, December 15, 2022 - An affiliate of the Principals of Highgate announced today that it has entered into a definitive agreement to purchase Viceroy Hotels & Resorts (Viceroy). The LA-based, award-winning hospitality group is known for its highly individual modern luxury hotels and resorts throughout the world, and was voted one of the top 10 hotel brands globally in the 2022 Travel + Leisure World’s Best Awards. The Viceroy brand debuted in 2000 with the launch of Viceroy Santa Monica and has evolved into a portfolio of hotels and resorts in iconic destinations such as St Lucia, Chicago, Los Cabos and Snowmass. “We are...
