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
Aimbridge Hospitality Assumes Management of Three Extended Stay Hotels Owned by Three Wall Capital
Three Wall Capital | December 14, 2022
PLANO, Texas, Dec. 14, 2022 — Aimbridge Hospitality, a leading global hospitality company, continues to expand its portfolio with the addition of three extended-stay properties to its Select Service division. Conveniently located near airports in Mississippi, Virginia and Wisconsin, the properties were recently acquired by Three Wall Capital and bring 296 keys under Aimbridge Hospitality management. The Select Service division at Aimbridge Hospitality will focus on elevating the guest experiences at each property, enhancing the value to Three Wall Capital through access to a talented team and best-in-class industry resources. “Aimbridge...
Excel Group Acquires Hampton Inn & Suites Yonkers, New York
Excel Group | December 13, 2022
ARLINGTON, Va.--Arlington, VA – based real estate investment firm Excel Group recently completed the acquisition of the 150-key Hampton Inn & Suites Yonkers, NY, located 17 miles away from New York City. The asset benefits from a strategic location in the center of a mixed-use complex that includes two major hospitals, medical offices, corporate offices, industrial manufacturing, and retail outlets. The local market has seen significant demand growth over the past 5 years including the development of Lions Gate film studios, which will bring ~1 Million square feet of studio and office space to Yonkers in 2023 (largest TV production stud...
Commonwealth Hotels Acquires Residence Inn Houston-West University and Courtyard by Marriott Houston-West University
Commonwealth Hotels, LLC | December 12, 2022
COVINGTON, Ky., Dec. 12, 2022 -- Commonwealth Hotels is excited to announce the acquisition of the Residence Inn Houston-West University and the Courtyard by Marriott Houston-West University. Both hotels are centrally located in the Greenway Plaza- West University area, minutes away from Lakewood Church, HRG Park, the Houston Galleria, Rice University, and numerous upscale restaurants and nightlife. "It's an exciting time to enter the Houston market and we are excited to add these additional hotels to the Commonwealth portfolio," Jennifer Porter, Chief Operations Officer, said. "We believe with our rapidly ...
Braintree Group Acquires the DoubleTree by Hilton in Bend, Oregon
Braintree Group | December 12, 2022
Boise, ID, December 12, 2022 — Braintree Group, a privately held, vertically integrated, national real estate development and investment firm, announced today it acquired the DoubleTree by Hilton Hotel Bend, located in Bend, Oregon. The 117-room property features an indoor swimming pool, fitness center, business center, and three meeting rooms totaling 2.327 square feet of meeting space. It is located right off US Route 97 in the heart of downtown Bend, Oregon. Bend is known for its scenic setting and year-round recreational activities. Guests will enjoy being within walking distance of downtown’s unique boutique shops, restaurants, ba...
Linchris Acquires The Cape Codder Resort & Spa In Hyannis, MA
Linchris | December 9, 2022
PLYMOUTH, MA – December 9, 2022 – Linchris Hotel Corporation, today announced the acquisition of The Cape Codder Resort & Spa in Hyannis, MA. The Cape Codder Resort & Spa is a 266-room hotel, located in beautiful Hyannis, MA – the gateway to Cape Cod. Featuring a bustling restaurant, a relaxing spa, and an indoor water park, the hotel truly is a year-round destination for those guests looking for a true Cape Cod getaway. Additionally, the hotel boasts 20,000 square feet of meeting space, and offers events from 50 – 400 guests. A prime location in Hyannis, the resort is close to many local restaurants and attractions. ...
NexGen Hotels Acquires a SpringHill Suites by Marriott in Waukegan, Illinois
NexGen Hotels | December 8, 2022
Waukegan, IL – December 8, 2022 – NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of the SpringHill Suites by Marriott Chicago Waukegan/Gurnee. Located at 4101 Fountain Square Place, the 120-suite hotel offers guests convenient access to Naval Station Great Lakes, Six Flags Great America & Hurricane Harbor, Gurnee Mills Mall, Waukegan Municipal Beach and numerous shopping, dining and entertainment options. “Acquiring the SpringHill Suites by Marriott strategically aligns our company’s growth in the Waukegan area,” says Chris Patel, President, NexGen Hotels. ...
Banyan Investment Group Completes Sale of Holiday Inn Express & Suites Bluffton @ Hilton Head Area
Banyan Investment Group | December 8, 2022
BLUFFTON, S.C., Dec. 8, 2022—Banyan Investment Group (BIG), a hotel investment company that acquires and asset manages hotels in the United States, today announced the completed sale of the 112-room Holiday Inn Express & Suites Bluffton @ Hilton Head Area in S.C., to Trishul Hospitality for an undisclosed price. The transaction generated a 24% IRR and a 3.3x equity multiple. “We purchased the Bluffton Holiday Inn Express & Suites back in 2014 with the idea that this South Carolina coastal submarket was poised for long term growth,” said Samir Yajnik, principal and EVP of investments, Banyan Investment Group. “We were ...
Edgewater Acquires The Historic Windsor Hotel in Americus, Georgia
Edgewater | December 7, 2022
Naples, Fla. (Dec. 7, 2022) – Edgewater Group LLC, a multidisciplinary real estate investment firm, is pleased to announce the acquisition of the Historic Windsor Hotel in Americus, Georgia to join Edgewater’s growing portfolio of assets in the hospitality, retail, office and residential spaces. The property was purchased by 125 West Lamar LLC, a wholly owned subsidiary of Edgewater Valley Forge Fund III LP, an affiliate of Edgewater Group LLC. The Historic Windsor Hotel, located in the heart of downtown Americus, occupies nearly an entire city block and was originally built in 1892 to attract winter visitors from the north. The Windsor ...
AJ Capital Partners Acquires Adelphi Portrush Hotel in Northern Ireland
Marine & Lawn Hotels & Resorts | December 6, 2022
London – December 6, 2022 – Adventurous Journeys (AJ) Capital Partners announced today the acquisition of the Adelphi Portrush Hotel in Portrush, Northern Ireland. The property will join Marine & Lawn Hotels & Resorts, a collection of bespoke hotels located in the world’s most premier golf destinations. The hotel will continue to operate as Adelphi Portrush Hotel in its current condition through the Autumn of 2023, at which time comprehensive guest room and common space renovations will begin. The hotel is expected to relaunch as part of the Marine & Lawn Hotels & Resorts collection in late 2024. “We’re pleased to w...
EJC HOTELS Announces First Joint Acquisition of Former Newark Garden Finger Lakes Hotel in New York
EJC HOTELS, LLC | December 5, 2022
NEWARK, N.Y., Dec. 5, 2022 – EJC HOTELS, LLC, a recently formed N.Y.-based hotel/resort property ownership and management group, today announced its first joint acquisition, the former Newark Garden Finger Lakes Hotel - Newark NY. Upon completion of the transaction, the hotel ceased operations to begin an approximately $10 million redevelopment of the site to completely reconceive the interior, exterior and identity of the project. The company is in discussions with major brands to reflag the property. One of the brands being considered is Trademark Collection by Wyndham. In addition, approximately 40 new upscale apartments will be ...
CL Hotels Acquires Coachman Hotel in South Lake Tahoe
CL Hotels | December 5, 2022
MIAMI, Dec. 5, 2022 – CL Hotels, a sponsor of hospitality investments, recently announced that it has closed the acquisition of Coachman Hotel, a 104-room boutique property, located in South Lake Tahoe - California, a year-round ski and lake-side beach destination that attracts more than 15 million tourists every year. “The acquisition of Coachman in such a challenging financial market demonstrates the strength of CL Hotels and our permanent commitment to curate properties that will bring excellent results to our investors,” explains Joao Woiler, CL Hotels managing partner. “The purchase comes along with a multi-million investmen...
VICI Properties to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture From Blackstone
Blackstone Real Estate Income Trust, Inc. (BREIT) | December 1, 2022
NEW YORK--Blackstone Real Estate Income Trust, Inc. (“BREIT”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) announced jointly today that they have entered into a definitive agreement in which VICI, currently owner of a 50.1% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort, will acquire BREIT’s 49.9% interest in the joint venture for cash consideration of approximately $1.27 billion and VICI’s assumption of BREIT’s pro-rata share of the existing property-level debt. The property-level debt has a principal balance of $3.0 billion, matures in 2032, and bears interest at ...
MCR Acquires the Staybridge Suites Chattanooga Downtown
MCR | December 1, 2022
NEW YORK--MCR — the country’s 4th-largest hotel owner-operator — has acquired the Staybridge Suites Chattanooga Downtown, a five-story, extended-stay hotel with 124 suites in Chattanooga, Tennessee. The hotel was purchased at over a 25% discount to MCR’s estimated replacement cost. MCR also has the opportunity to create additional value through (i) converting 13,000 square feet of underutilized ground-floor space into additional guest rooms, retail or meeting space and (ii) monetizing the property’s large, 2.2-acre site offering excess development potential in a prime downtown location. This is the company’s fifth hotel in Tenne...
Taconic Capital Advisors and HEI Hotels & Resorts Jointly Acquire Hyatt Regency Jersey City
Taconic Capital Advisors | December 1, 2022
NEW YORK-- Taconic Capital Advisors LP (“Taconic”) and HEI Hotels & Resorts (“HEI”), today announced that they have jointly acquired Hyatt Regency Jersey City from affiliates of Hyatt Hotels Corporation (NYSE: H) and Veris Residential Inc. (NYSE: VRE). The property is a full-service, 351-key hotel located adjacent to Exchange Place situated on a pier extending over the Hudson River in Jersey City, NJ. In conjunction with the purchase, Taconic and HEI were successful in assuming a $100 million fixed-rate CMBS mortgage with ample remaining term. The hotel was completed in 2002 and more than $15 million in subsequent upgrades have b...
Dynamic City Capital Acquires The Charter Hotel Seattle, Curio Collection by Hilton
Dynamic City Capital (DCC) | November 30, 2022
PROVO, Utah, Nov. 30, 2022 -- Dynamic City Capital (DCC), a Utah-based real estate investment firm focused on acquiring and developing premium-branded hotels, announced the acquisition of The Charter Hotel Seattle, Curio Collection by Hilton® (Charter Hotel). The Curio Collection by Hilton is a global, upscale portfolio of one-of-a-kind hotels in select markets. The Charter Hotel is the only Curio Collection by Hilton hotel in the Seattle/Bellevue market. The hotel initially opened in 2018. "We are excited to expand our presence in the Seattle Bellevue market. The Charter Hotel is a distinct, unique, and highly prized...
Hyatt to Acquire Dream Hotel Group
Hyatt Hotels Corporation | November 29, 2022
CHICAGO (November 29, 2022) – Hyatt Hotel Corporation (NYSE: H) and Dream Hotel Group announced an agreement for a Hyatt affiliate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, with properties in some of the world’s most prominent hotel markets across the Americas, Europe and Asia. This asset-light acquisition will include a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. Upon closing, this expansion will add over 1,...
Cadogan Acquires The Draycott Hotel
Cadogan | November 29, 2022
NOVEMEBR 2022: Monday 28th November saw the acquisition by Cadogan of The Draycott Hotel. Built in 1890, the striking Victorian property comprises three red-brick town houses on Cadogan Gardens in the heart of Chelsea. It will undergo a sensitive restoration before reopening as The Chelsea Townhouse, operated for Cadogan by Iconic Luxury Hotels. Formerly owned by Draycott Holdings Ltd, and managed by the internationally renowned Mantis Collection, the property currently has 35 bedrooms and suites, many overlooking a private garden square, and is ideally located to explore the best of London. Hugh Seaborn, Chief Executive of Cadogan said: ...
Flynn Properties and Värde Partners Acquire 80% Interest in 89 Select Service and Extended Stay Hotels
Flynn Properties Inc. | November 21, 2022
SAN FRANCISCO & MINNEAPOLIS (November 21, 2022) – Flynn Properties Inc., owner of commercial real estate, luxury resorts and select service hotel properties in America and abroad, in a joint venture with Värde Partners, a leading global alternative investment firm, today announced that it has acquired an 80% joint venture interest in 89 select service and extended stay hotels in a $1.1 billion implied total enterprise value transaction from affiliates of Highgate and Cerberus Capital Management, L.P. (“Cerberus”). With properties located throughout the United States, the portfolio comprises 58 Marriott-branded hotels, 24 Hilton...
MB National Acquires Majority Interest in Monterey Bay Suites in Myrtle Beach, South Carolina
MB National LLC | November 18, 2022
MYRTLE BEACH, S.C., Nov. 18, 2022 -- MB National, LLC has purchased a majority interest in Monterey Bay Suites located on the highly desired north end of Myrtle Beach. The purchase was just the latest new addition to the MB National portfolio which recently included the opening of a $79 Million Oceanfront Marriott Springhill Suites/Courtyard dual brand. Monterey Bay is an oceanfront Myrtle Beach resort, offering luxurious suites with full and partial ocean views. Conveniently located on the north end of Myrtle Beach, Monterey Bay is just a few steps away from one of the most scenic stretches of beach on the East coast and close to w...
NewcrestImage Completes Acquisition of 45 Hotels in 11 States
NewcrestImage | November 18, 2022
Dallas-based NewcrestImage has closed on a portfolio of 45 hotels that includes 35 Marriott-branded, seven Hilton-branded, and three Choice-branded properties in 11 states -- Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas. The transaction, which totals approximately 3,300 rooms, was announced in early September. NewcrestImage has retained the management companies that were previously in place for the properties, which are Aimbridge Hospitality and HHM Hospitality. “Each of these hotels represents a strong opportunity for generating revenue in the short-term, as well as fo...
Paramount Lodging Advisors Successfully Transacts Hotel Felix Downtown Chicago NPL
Paramount Lodging Advisors | November 17, 2022
Paramount Lodging Advisors (PLA) has completed the sale of the Hotel Felix Downtown Chicago NPL. The PLA team representing seller was led by Bennett Webster, Brent Clemens, Mike Schlictman, and Andrew Makhlouf. The sale allowed the lender to unwind their existing interest on the $47MM non-performing loan. “Contrary to recent headlines, Chicago is open for business, and we believe remains grossly undervalued. Our team is bullish on the ongoing recovery for the city and underlying demand,” stated Schlictman. Makhlouf added, “We were very pleased with the market turnout for the auction and to have successfully monetized this po...
Tilman J. Fertitta Closes Acquisition of Luxury Montage Laguna Beach Resort Hotel
November 14, 2022
HOUSTON, Nov. 14, 2022 -- Tilman J. Fertitta announced today that he has acquired the Montage Laguna Beach Resort Hotel overlooking the Pacific Ocean along the California coastline. Often touted as an irreplaceable landmark hotel property, Montage Laguna Beach Resort Hotel is an award-winning Forbes Triple Five-Star hotel (one of only 6 hotel properties to receive such a designation in the US) and has been included among Travel + Leisure's Top Hotels in the World. Montage Laguna Beach Resort; Courtesy of Montage Laguna Beach. "I am truly thrilled to acquire this world-renowned property and add one of America's ...
Baglioni Hotels & Resorts Announces Strategic Financial Partnership With Palace Resorts
November 14, 2022
Milan, 14 November 2022 – Baglioni Hotels & Resorts, the leading Italian hotel company with presence in Rome, Florence, Milan, Venice, Sardinia, Apulia, London and Maldives, is pleased to announce a strategic financial partnership with the Mexican company Palace Resorts, the Luxury Resort Powerhouse. This structured initiative includes Palace Resorts becoming the majorirty shareholer of Cogeta Spa - holding company of Baglioni Hotels & Resorts - acquiring 75% of the company. Guido Polito will remain CEO of the Italian group to give continuity to the great work done so far by leading the expansion of the companies ...
MCR Acquires the Homewood Suites by Hilton Kansas City Speedway
MCR | November 10, 2022
NEW YORK--MCR — the country’s 4th-largest hotel owner-operator — has acquired the Homewood Suites by Hilton Kansas City Speedway, a four-story, extended-stay hotel with 108 suites in Kansas City, Kansas. Opened in 2018, this is the company’s first hotel in The Sunflower State. Often called the “Paris of the Plains,” Kansas City sits on the border of Kansas and Missouri, where the Kansas and Missouri Rivers meet. Barbecue is a way of life here, with more than 100 restaurants ranging from hole-in-the-wall joints to storied institutions. It’s also a hub for entertainment, professional sports and commerce in the Midwest with a ...
