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
NewcrestImage & Hospitality Capital Partners Acquire 16 Hotel Portfolio In Joint Venture
September 22, 2022
A joint venture of NewcrestImage and Hospitality Capital Partners (HCP) has reached definitive agreement to acquire 16 Marriott-branded hotels with a total of 2,155 rooms in nine states. The portfolio includes 13 Courtyard and three Residence Inn properties located in Georgia, Massachusetts, North Carolina, New York, Oklahoma. Pennsylvania, South Carolina, Texas, and Virginia. Closing on the transaction is expected during the fourth quarter. “This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” explained Mehul Patel, Managing Partner and CEO of NewcrestImage. “...
New Castle Acquires Historic LaSalle Hotel Near Texas A&M
New Castle Hotels & Resorts | September 19, 2022
RIDGEFIELD, Conn. - - September 19, 2022—Julian Buffam and Jeremy Buffam, partners at New Castle Hotels & Resorts (NCH), a leading hotel investment, development and management company, today announced the acquisition of the 55-room, historic LaSalle Hotel in Bryan, Texas. Built in 1928, the hotel is located in the heart of downtown Bryan, recognized by Forbes as the “Best Small Place” for education, business, and careers. Following an extensive interior and exterior renovation of the property, the LaSalle will join the Marriott Tribute Portfolio , a family of independent boutique hotels. Municipal incentives from the City of...
Pebblebrook Hotel Trust Completes Sale of Hotel Vintage Portland for $32.9 Million
Pebblebrook Hotel Trust | September 15, 2022
BETHESDA, Md.--(BUSINESS WIRE)-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on September 14, 2022, it closed on the sale of the 117-room Hotel Vintage Portland in Portland, OR for $32.9 million to a third party. For the trailing twelve months ended June 30, 2022, the hotel’s net operating loss was ($0.1) million, and its Hotel EBITDA was $0.1 million. Based on the hotel’s operating performance for 2019, the $32.9 million sales price reflects an 11.7x EBITDA multiple and a 7.1% net operating income capitalization rate. The net operating income (loss) for both periods mentioned above is after an assumed...
Arch Amenities Group Acquires Innovative Spa Management, Privai and Spa Space
Arch Amenities Group | September 12, 2022
ROCKVILLE, Maryland (Sept. 12, 2022) – Arch Amenities Group, a full-service global provider of wellness, amenity and meeting services for commercial and residential properties, hotels and private clubs, today announced the acquisition of Innovative Spa Management, Privai and Spa Space, the latter of which it gained a majority stake. Barry Goldstein, Arch Amenities Group chief executive officer, said the acquisition “immediately expands Arch’s network of spa clients to over 70 while providing a dynamic technology platform to manage and further enhance those facilities as well as Arch’s 260 other wellness, recreation and amenities sp...
Watermark Lodging Trust Announces Stockholder Approval of Acquisition by Brookfield
Watermark Lodging Trust | September 12, 2022
Chicago, September 12, 2022 – Watermark Lodging Trust, Inc. (“Watermark,” “WLT” or the “Company”) today announced that, at a Special Meeting of Stockholders, the proposed acquisition of WLT by private real estate funds managed by Brookfield was approved by its stockholders. Under the terms of the previously announced merger transaction, WLT common stockholders will receive cash consideration of $6.768 per Class A share and $6.699 per Class T share. The transaction is anticipated to close on or about October 21, 2022; however, closing remains subject to the terms and conditions of the merger agreement and there can be no assuran...
Wyndham Hotels & Resorts Acquires European Hotel Brand Vienna House for €44 million
Wyndham Hotels & Resorts | September 8, 2022
BERLIN, Sept. 8, 2022 -- Wyndham Hotels & Resorts, the world's largest hotel franchising company with approximately 9,000 hotels in over 95 countries, today announced its acquisition of the Vienna House brand for €44 million ($44 million) adding an upscale and midscale portfolio of approximately 40 hotels and more than 6,000 rooms. Wyndham acquires the Vienna House brand from Berlin-based HR Group, a leading European hotel operator and long-standing franchised partner of Wyndham, which will continue to own or lease and operate existing Vienna House hotels under long-term franchise agreements with Wyndham. The move enables...
NewcrestImage to Acquire 45 Hotels Across 11 States
September 8, 2022
NewcrestImage has reached definitive agreement to purchase 45 hotels from a private investment firm. Terms of the transaction were not disclosed. The portfolio totals approximately 3,300 rooms and includes 35 Marriott-branded, seven Hilton-branded, two Choice-branded, and one Radisson-branded properties, which are located in 11 states – Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas. “The current financial environment makes it very attractive to buy rather than build, and this group of fine hotels in high-traffic locations provides us with an exceptional opportunity to ...
Wolfgramm Capital Acquires Waldorf Astoria Park City
Wolfgramm Capital | September 6, 2022
PARK CITY, Utah, Sept. 6, 2022-- Wolfgramm Capital has acquired the Waldorf Astoria Park City hotel in Park City, Utah, according to Co-Founder and CEO of Wolfgramm Capital, Phil Wolfgramm. The property was acquired off-market and as part of an all-cash deal. Wolfgramm Capital impressively adds the luxury hotel to its portfolio within its first year of business. The luxury resort continues to be managed by Hilton. Waldorf Astoria at Park City - Aerial View Waldorf Astoria at Park City - Front View Waldorf Astoria at Park City - Suite Waldorf Astoria at Park ...
Wolfgramm Capital Acquires Shreveport Residence Inn by Marriott
Wolfgramm Capital | August 30, 2022
SHREVEPORT, La., Aug. 30, 2022- Wolfgramm Capital acquires the 78-room extended-stay Residence Inn by Marriott, according to Wolfgramm Capital's Co-Founder and CEO, Phil Wolfgramm. Conveniently located near Shreveport regional airport, the exclusive hotel offers comfortable suites for long and short-term trips and is minutes away from bustling downtown entertainment. Residence Inn by Marriott Shreveport Airport "We are excited to acquire a Residence Inn branded hotel and look forward to elevating this hotel through our firm's hotel management arm: Wolfgramm Properties. The Residence Inn brand's stellar reputation sets...
Bird Dog Hospitality Acquires AmericInn Hotel in Park Rapids, MN
Bird Dog Hospitality | August 30, 2022
Park Rapids, MN, August 30, 2022 - Today, Bird Dog Hospitality finalizes its acquisition of the AmericInn Hotel in Park Rapids, MN. This two-story property in northwest Minnesota, a short drive from Itasca State Park and only 45 minutes from the Detroit Lakes area, offers 42 rooms, along with a pool and hot tub. The property is a perfect year-round destination for outdoor enthusiasts and leisure travelers. Nearby amenities include: ● Bike trails ● Boating and fishing ● Hiking ● Snowmobiling ● Cross country skiing ● Charming downtown with shopping and dining Bird Dog Hospitality will retain all team members and is alrea...
NewcrestImage Completes Purchase of LaQuinta Inn & Suites LAX
August 30, 2022
NewcrestImage has finalized its purchase of the LaQuinta Inn & Suites LAX with a closing today on the 281-room, 10-floor property that is located less than one mile from Los Angeles International Airport. This hotel, which will be managed by Highgate Hotels, is part of NewcrestImage’s acquisition of four LaQuinta properties that together have 696 rooms. Closing on the other three hotels took place earlier in August – the LaQuinta Inn & Suites Irving DFW North; LaQuinta Inn & Suites Anaheim; and LaQuinta Inn Phoenix North. “These four hotels symbolize our company’s strategy of investing in properties and in markets ...
Crimson Hotels Acquires The Trafalgar St. James Hotel, Its Fourth Hilton Property in London
Crimson Hotels | August 30, 2022
Crimson Hotels (www.crimsonhotels.com), privately owned hotel company has acquired The Trafalgar St. James Hotel in Central London. Five Star hotel, The Trafalgar St. James, will be the second Hilton Curio Collection acquisition for Crimson Hotels, alongside 100 Queen’s Gate Hotel in South Kensington. The hotel itself, which comprises of 131 rooms, has a standout location at Trafalgar Square. The location is within easy walking distance to many of London’s key tourist and cultural attractions including amongst others Covent Garden, Soho and the Southbank. It is also bolstered by strong amenities, comprising several food and beverage ...
Baillie Lodges Expands to South America with Acquisition of Chile’s Tierra Hotels
Baillie Lodges | August 29, 2022
SYDNEY, Aug. 29, 2022 -- Australia-based boutique ultra-luxury hotel platform Baillie Lodges has acquired a majority share in Chile’s esteemed Tierra Hotels (“Tierra”), whose intimate collection includes experiential luxury lodges in three of South America’s most extraordinary wilderness destinations. Adventures abound for guests at Tierra’s trio of luxury lodges: Tierra Patagonia sits alongside craggy mountains and the glistening glacial Lake Sarmiento in Torres del Paine National Park, Tierra Atacama is set high in the northern desert of Chile, and Tierra Chiloé overlooks verdant pastures and dramatic coastline on Chiloé Is...
Paramount Lodging Advisors Successfully Transacts in Lubbock TX With the Sale of the La Quinta Inn & Suites
Paramount Lodging Advisors | August 29, 2022
Lubbock, TX - Paramount Lodging Advisors (PLA) has successfully executed the sale of the La Quinta Inn & Suites located in in the northwest submarket of Lubbock, TX. Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid represented the owner in the transaction. The 109-room hotel, built in 2009, was renovated in 2019 and was marketed as a turn-key operation. The hotel was purchased by Diya Lubbock Hotels LLC, based in Mesquite, TX. “The Lubbock hotel market is attractive based on the strength of the core demand generated by Texas Tech University, Covenant Health and project-based business from alternative energy ...
Noble House Hotels & Resorts Acquires 50% Ownership of Historic Marquesa Hotel in Key West
The Marquesa Hotel | August 26, 2022
SEATTLE (August 26, 2022) – Noble House Hotels & Resorts, Ltd., a hotel ownership and management group with a collection of 25 distinct and visually captivating properties, today announced the acquisition of 50% ownership in The Marquesa Hotel, and the award-winning Café Marquesa, in Key West, Florida. Current owners and operators of 35 years, Carol Wightman, Erik deBoer and Derek deBoer, will continue to own the remaining interest in the hotel. Noble House Hotels & Resorts will operate and manage the property going forward. Listed on the National Register of Historic Places, The Marquesa Hotel is centrally situated near pop...
Pebblebrook Hotel Trust Completes Sale of Hotel Spero
Pebblebrook Hotel Trust | August 26, 2022
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on August 25, 2022, it closed on the sale of the 236-room Hotel Spero in San Francisco, CA for $71.0 million to a third party. For the trailing twelve months ended June 30, 2022, the hotel’s net operating loss was ($1.6) million, and its Hotel EBITDA was ($1.4) million. Based on the hotel’s operating performance for 2019, the $71.0 million sales price reflects a 9.1x EBITDA multiple and a 9.8% net operating income capitalization rate. The net operating income (loss) for both periods mentioned above is after an assumed annual capital reserve of ...
VICI Properties and Century Casinos to Acquire Rocky Gap Casino Resort From Golden Entertainment for $260M
Rocky Gap Casino Resort | August 25, 2022
NEW YORK--VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today announced it has, together with Century Casinos, Inc. (NASDAQ: CNTY) (“Century”), entered into definitive agreements to acquire Rocky Gap Casino Resort (“Rocky Gap”), located in Flintstone, Maryland from Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden Entertainment”) for an aggregate purchase price of $260.0 million in cash. Pursuant to the transaction agreements, the Company will acquire an interest in the land and buildings associated with Rocky Gap for approximately $203.9 million, ...
MDJM to Acquire Historic Fernie Castle Hotel From Braveheart Hotels
MDJM LTD | August 23, 2022
TIANJIN, China, Aug. 23, 2022 -- MDJM LTD (Nasdaq: MDJH) (the "Company" or "MDJM"), an integrated real estate services company in China, today announced that its wholly-owned subsidiary in the United Kingdom, MD Local Global Limited ("MD UK"), entered into an Offer to Sell (the "Agreement") with Braveheart Hotels Limited ("Braveheart"), a United Kingdom company, pursuant to which MD UK agreed to purchase Fernie Castle Hotel from Braveheart. The Company believes that the purchase of this hotel, with its historical and cultural value, will be an important initiative for the Company's business transformation and expansion to specialty hotel...
AKA Debuts in Boston With the Opening of Hotel AKA Back Bay
AKA | August 18, 2022
BOSTON, MA – August 18, 2022 – AKA, global leader in luxury hospitality, continues its strategic growth with the announcement of Hotel AKA Back Bayn Boston, MA. Previously the Loews Boston Hotel, the 225-room property will undergo a design refresh, all while open for stays, to ensure facets of AKA are infused into the hotel. Hotel AKA Back Bay will offer a sophisticated design, lifestyle amenities and accommodations with the sense of home in mind. It will serve as the perfect destination to meet the trend of the “bleisure” traveler who is visiting for a business meeting and has the desire to extend their trip for a few extra days to...
Noble Acquires Fourteen-Asset Marriott, Hilton, and Hyatt Hotel Portfolio
Noble Investment Group | August 16, 2022
ATLANTA, GA (August 16, 2022) – Noble Investment Group (“Noble”) today announced the acquisition of a fourteen-asset Marriott, Hilton, and Hyatt hotel portfolio. Noble will invest in physical enhancements across the portfolio while optimizing operations to drive market share and increase profitability. “Since the second quarter of last year, Noble has invested more than $1.5 billion across the United States in 40 hotels with approximately 6,000 rooms as we continue to capitalize on the thematic opportunity in travel and hospitality,” said Noble’s CEO, Mit Shah. “The acquisition of these premium branded hotels is consistent...
Savannah’s Mansion on Forsyth Park Acquired by LEFT LANE for $52.5M
LEFT LANE | August 15, 2022
SAVANNAH, GA – August 2022 – The Mansion on Forsyth Park, one of Savannah’s most treasured and historic hotels, recently was acquired by new owner and proprietor LEFT LANE, a vertically integrated New York-based hotel and real estate company specializing in the acquisition and transformation of hotels that share a common thread of textured histories and progressive cultural landscapes. LEFT LANE acquired the property for $52.5M in June 2022. This fall, the historic property will begin a thoughtful and comprehensive multimillion-dollar phased renovation, expansion, and luxury rebranding – offering a completely reconceptualized urban...
Choice Hotels International Completes Acquisition of Radisson Hotels Americas for $675M from Radisson Hotel Group
Choice Hotels International | August 11, 2022
ROCKVILLE, Md., Aug. 11, 2022 -- Choice Hotels International, Inc. (NYSE: CHH) today announced that it has completed the acquisition of the franchise business, operations and intellectual property of Radisson Hotels Americas for approximately $675 million from Radisson Hotel Group, inclusive of the real estate value of three owned hotels. Choice Hotels International, Inc. today announced that it has completed the acquisition of Radisson Hotels Americas. With the close of this transaction, Choice Hotels International has added approximately 67,000 rooms, expanding its presence in the higher revenue upper upscale and upscale full...
Indigo Road Hospitality Group Assumes Ownership & Management of Snowbird Mountain Lodge in Robbinsville, North Carolina
The Indigo Road Hospitality Group | August 4, 2022
CHARLESTON, SC — August 2, 2022 — The Indigo Road Hospitality Group (IRHG), which owns, operates, and manages restaurants and boutique hotels across the U.S., has acquired Snowbird Mountain Lodge in Robbinsville, NC, and assumed management of the property. IRHG partnered with Madison Capital Group, LLC, a private investment and advisory firm based in Charlotte, NC and Charleston, SC; and JPW Development, a boutique private real estate firm based in Asheville, NC specializing in the acquisition, renovation and preservation of historic properties. Terms of the transaction were not disclosed. “Accompanying Skyline Lodge and The Flat Iro...
Baring Private Equity Asia (BPEA) Real Estate Closes Acquisition of the 587-room Sydney Hilton Hotel for $370 Million
BPEA Real Estate | August 4, 2022
4 August 2022, Sydney – Baring Private Equity Asia (“BPEA”), one of Asia’s largest private alternative investment firms, announced today that its affiliated real estate funds (“BPEA Real Estate”) have completed the acquisition of the Sydney Hilton hotel for A$530 million (US$370 million). The deal is the largest-ever single asset transaction in the Australian hospitality sector. The Sydney Hilton is a landmark 587-room, 5-star hotel in the heart of Sydney’s CBD, located at 488 George Street. The hotel boasts extensive events and conferencing facilities, as well as award-winning food and beverage offerings and luxury retail ou...
