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
Pebblebrook Hotel Trust Completes Sale of Sofitel Philadelphia at Rittenhouse Square in Pennsylvania
Pebblebrook Hotel Trust | August 3, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on August 2, 2022, it closed on the sale of the 306-room Sofitel Philadelphia at Rittenhouse Square in Philadelphia, PA for $80.0 million to a third party. For the trailing twelve months ended June 30, 2022, the hotel’s net operating income was $3.1 million, and its Hotel EBITDA was $3.8 million. Based on the hotel’s operating performance for 2019, the $80.0 million sales price reflects a 10.0x EBITDA multiple and an 8.6% net operating income capitalization rate. The net operating income for both periods mentioned above is after an assumed annua...
Black Creek Mexico Completes Acquisition of the Westin Resort & Spa, Puerto Vallarta in Mexico
Black Creek Mexico | August 3, 2022
MEXICO CITY, Aug. 3, 2022-- Black Creek Mexico ("BCM") is pleased to announce that Grupo Alojica has completed the acquisition of the Westin Resort & Spa, Puerto Vallarta from affiliates of Marriott Vacations Worldwide. The 280-room beachfront resort, located in Puerto Vallarta, Jalisco, Mexico, is managed by Marriott International under its Westin Hotels & Resorts brand. BCM plans for the property to undergo a transformational capital improvement plan that includes a comprehensive renovation of all guestrooms and public areas, a reimagination of the food and beverage offerings, and the enhancement of the hotel's pool, spa, fitness...
Hawkeye Hotels Acquires Hotel Indigo Pittsburgh East Liberty in Pennsylvania
Hawkeye Hotels | August 3, 2022
Hawkeye Hotels, with the assistance of Berkadia, announced that they have successfully acquired the Hotel Indigo Pittsburgh East Liberty located in Pittsburgh, PA. Successfully closing the transaction in just 21 days from contract execution. Hawkeye Hotels has gained a reputation for quickly and efficiently closing deals despite challenging debt market dynamics. With this acquisition, Iowa-based Hawkeye Hotels continues its growth in the North East, making this their third hotel owned and operated in Pennsylvania. The company is positioned to continue acquiring and developing hotels, including an additional upscale extended stay hotel in E...
WoodHouse Acquires Elevation Hotel & Spa in Crested Butte, Colorado
WoodHouse | August 2, 2022
Crested Butte, Colo. [August 2, 2022] — WoodHouse — a leading creative hospitality company — announces today the acquisition of the Elevation Hotel & Spa in the iconic ski town of Crested Butte, Colorado. Elevation is the only luxury ski-in, ski-out resort located at the base area of the Crested Butte Mountain Resort (CBMR), in Colorado’s Elk Mountain Range. WoodHouse acquires the 262-room Elevation Hotel from Boxer Property & Resorts, which has controlled and operated the hotel since 2013. The Elevation will remain independently owned by WoodHouse, which creates a unique lane to embrace and incorporate the local cultu...
Sonnenblick-Eichner Company Arranges the Sale and Acquisition Financing for the Surfsand Resort, Cannon Beach, Oregon
Sonnenblick-Eichner Company | August 2, 2022
Beverly Hills, CA (August 2, 2022) -- Sonnenblick-Eichner Company has arranged a $58 million sale and $40.6 million of acquisition financing of the fee simple and leasehold interests in the Surfsand Resort, an irreplaceable and iconic beachfront resort located in the prestigious city of Cannon Beach, Oregon. The 95-room hotel is the only full-service resort of its kind on the Oregon coast. The resort was purchased by Vancouver, Washington-based Vesta Hospitality (www.vestahospitality.com). The new ownership is planning a $9 million renovation that will further enhance the resort and its amenities. Cannon Beach, one of the most striki...
RLJ Lodging Trust Acquires a Boutique Lifestyle Hotel in Downtown Nashville and Repurchases Shares
RLJ Lodging Trust | August 1, 2022
BETHESDA, Md --RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that it acquired the fee simple interest in the 124-room, 21c Museum Hotel Nashville (the “Hotel”) for a purchase price of $59.0 million, or approximately $476,000 per key. The property was converted to a boutique lifestyle hotel in 2017, following the transformational conversion of the historic Gray & Dudley Building in Downtown Nashville, Tennessee. “We are thrilled to acquire this unique, high-quality hotel located in one of the most dynamic, long-term growth markets in the country,” commented Leslie D. Hale, President and Chief Executive Office...
Wharton Hospitality Sells Holiday Inn Express & Suites in Montrose, Colorado
Wharton Equity Partners | August 1, 2022
MONTROSE, COLO. (August 1, 2022) — Wharton Hospitality, an operating platform of real estate investment firm Wharton Equity Partners, announced today that they have sold the Holiday Inn Express & Suites in Montrose, Colorado. The buyer and purchase price were not disclosed. Wharton purchased the 122-key building during 2011 in an off-market transaction with a local lender. The acquisition was made in partnership with an affiliate of Waramug Hospitality, a national hotel investment firm. In the subsequent years, the partnership oversaw a multi-million dollar renovation effort to enhance the property’s long-term value, and secured a r...
KSL Capital Partners Acquires the W Maldives and Sheraton Maldives Full Moon Resort & Spa
KSL Capital Partners | July 28, 2022
SINGAPORE – July 28, 2022 – KSL Capital Partners, LLC (KSL) announced today that its affiliates have acquired the W Maldives and the Sheraton Maldives Full Moon Resort & Spa. The seller was a joint venture between Universal Enterprises and Marriott International. Both properties will continue to be managed by Marriott under their existing brands. Each resort is located on its own private island. The W Maldives is a short seaplane ride and the Sheraton Maldives Full Moon Resort & Spa is a short speedboat ride from the Maldives Velana International Airport. W Maldives offers a combination of 77 overwater or beach bungalows with...
Dart Acquires Four Seasons Resort and Residences Anguilla
Dart | July 28, 2022
GRAND CAYMAN, Cayman Islands, July 28, 2022-- Dart today announced the addition of the Four Seasons Resort and Residences Anguilla to its luxury hotel portfolio. Dart acquired the property from an affiliate of Starwood Capital Group. Located on 35 elevated acres spanning the beaches of Meads Bay and Barnes Bay, the resort is known for its sea views at every turn and 181 generously sized and diverse accommodations from clifftop guest rooms to expansive oceanfront villas. "Dart has a longstanding conviction in the strength of the Four Seasons brand, its ability to create enduring value throughout its luxury hotels and resorts and focus on...
Kasada Acquires Former Crowne Plaza in Nairobi’s Upper Hill District
Kasada | July 28, 2022
PORT LOUIS, Mauritius-Kasada announced today that it acquired the former Crowne Plaza Upper Hill in Nairobi, Kenya. Having only recently purchased the Umubano Hotel in Kigali, Rwanda, this second East-African purchase reaffirms Kasada’s status as a pan-African hotel owner and investor. With its strategy of acquiring high quality assets across metropolitan hubs in Sub-Saharan Africa, Kasada is now the most active investor with the initial portfolio of hotels doubling within 18 months thanks to a presence in eight countries. The Crowne Plaza, which opened in 2010, is located in Upper Hill, Nairobi's financial centre and a commercial hub th...
The Olympia Companies Acquire the Golden Gables Inn in New Hampshire
Olympia Hotel Management (OHM) | July 28, 2022
July 28, 2022 North Conway, NH. The Olympia Companies has announced that it has purchased and will operate the Golden Gables Inn in North Conway, in the heart of the dramatic Mt. Washington Valley in New Hampshire. The property will be operated by Olympia Hotel Management. The 66-room property is situated along the bustling White Mountain Highway and is the third hotel in Olympia’s portfolio of properties in the White Mountains. The company currently manages the adjacent Hampton Inn & Suites North Conway as well as The Glen House, located at the foot of Mt. Washington. “Like many leisure destinations, North Conway and the Whi...
Choice Hotels Announces Sale of Cambria Property in Downtown Nashville for $109.5 Million
Cambria Hotels | July 27, 2022
ROCKVILLE, Md., July 27, 2022 -- Choice Hotels International, Inc. (NYSE: CHH) today announced the sale of the Cambria Hotel Nashville Downtown for $109.5 million. In addition, the company entered a new long-term franchise agreement with the buyer, and the hotel will now be managed by Pyramid Global Hospitality. This latest agreement reflects the increased value for Cambria Hotels' modern, upscale accommodations in travelers' favorite urban destinations. "The sale of the Cambria Hotel Downtown Nashville and execution of a long-term franchise agreement aligns with our long-term asset-light strategy and continues our history of recyc...
Peachtree Hotel Group Acquires the Canopy Atlanta Midtown Hotel
Peachtree Hotel Group | July 27, 2022
ATLANTA (July 27, 2022) – Peachtree Hotel Group ("Peachtree") announced the acquisition of the 176-room Canopy by Hilton Atlanta Midtown hotel in Atlanta, Georgia. Peachtree Hospitality Management ("PHM"), a division of Peachtree, will operate the property. The 15-story lifestyle hotel that opened in 2018 is ideally located in Midtown Atlanta, one of the region's defining urban districts, combining the largest concentration of arts and cultural attractions and businesses in the Southeast. "Midtown Atlanta is one of the hottest markets in the country right now, and we are excited to be able to make this investment in our backyard," said...
Park Hotels & Resorts Completes Sales of the Homewood Suites Seattle Convention Center and Its 25% Joint Venture Interest in Hilton San Diego Bay
Park Hotels & Resorts | July 25, 2022
TYSONS, Va., June 25, 2022 -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park”) today announced that it has closed on the sale of the 195-room Homewood Suites by Hilton Seattle Convention Center Pike Street in Seattle, WA and completed the previously-announced sale of its 25% joint venture interest in the 1,190-room Hilton San Diego Bayfront in San Diego, CA. Combined gross proceeds for the two transactions totaled $237 million, which includes Park’s $55 million pro-rata share of secured debt on the Hilton San Diego Bayfront. Excluding anticipated capital expenditures, the combined sale price represents a 6.3% capitalization rate on 20...
NewcrestImage Acquires 135-Suite TownePlace Suites Dallas Las Colinas From Marriott
July 21, 2022
NewcrestImage continues to grow its investment-focused portfolio with the purchase from Marriott International of the TownePlace Suites Dallas Las Colinas. Closing is today for the 3-floor, 135 all-suites property that offers three types of guest rooms – studio, one-bedroom, and two bedroom. The hotel has a premium location near two major airports and two major convention centers – 7 miles from both DFW International and Love Field, one mile from the Irving Convention Center, and 10 miles from the Gaylord Texan Convention Center. “This extended-stay property is in the heart of a high-traffic corridor that’s a popular destinati...
Excel Group Acquires 105-Key Hampton Inn Boston Logan Airport Chelsea
Excel Group | July 20, 2022
ARLINGTON, Va.--Arlington, VA –based real estate investment firm Excel Group recently completed the acquisition of the 105-key Hampton Inn Boston Logan Airport Chelsea. The asset is a newly constructed hotel that opened in 2020. “We are very excited to add this new asset located in one of the most coveted hotel markets to our portfolio,” remarked founder Shoham Amin. “The market is experiencing substantial growth, with the largest development in Boston history underway ($8 Billion)." For more information, please contact info@excelgp.com...
OTO Development Acquires DoubleTree by Hilton in North Redington Beach, Florida
OTO Development | July 19, 2022
SPARTANBURG, SOUTH CAROLINA (July 19, 2022) — OTO Development has added the DoubleTree by Hilton in North Redington Beach, Florida, to its growing beachfront leisure portfolio. South Carolina-based OTO Development, which is part of The Johnson Group, acquired DoubleTree Beach Resort by Hilton Tampa Bay-North Redington Beach from the property’s original private ownership group. The transaction, brokered by The Plasencia Group, closed on Monday, July 18. “We are so intrigued by this DoubleTree, which has long been loved for its ideal location and resort-style amenities,” says Corry Oakes, CEO of OTO Development. “There’s incre...
Monarch Alternative Capital Grows Orlando Hospitality Portfolio With Acquisition of Three Hotels
Monarch Alternative Capital LP | July 14, 2022
NEW YORK and LONDON, July 14, 2022 -- Monarch Alternative Capital LP, a leading investment firm with approximately $9.4 billion of assets under management, announced the purchase of three hotels in Orlando, Florida. Given the firm's established reputation within the market, Monarch was able to acquire the newly-built, high quality properties located in Orlando submarkets adjacent to Monarch's existing hotels at a discount to replacement cost in off-market transactions. With these acquisitions, Monarch's hospitality portfolio in Orlando now totals approximately 2,000 keys across seven properties. As the Orlando market continues to...
1754 Properties and Argosy Real Estate Partners Purchase Best Western Premier Hotel in Jacksonville, Florida
1754 Properties | July 14, 2022
JACKSONVILLE, Fla. (July 14, 2022) – 1754 Properties, LLC, an institutional owner, operator and lender of hotels and other real estate based in Weston, Florida, in partnership with Argosy Real Estate Partners, has announced the July 12 acquisition of the 164-room Best Western Premier in the Southside/Deerwood Park submarket of Jacksonville. As part of a major rebranding process, the property will undergo a comprehensive, multimillion-dollar renovation, and become one of Jacksonville’s newest full-service upscale hotels. “The Delta by Marriott brand is a natural fit, giving our guests the consistency, reassurance and benefits of Marriot...
NewcrestImage to Acquire 4 LaQuinta Properties (696 Rooms) From Highgate and Cerberus
NewcrestImage | July 14, 2022
NewcrestImage has entered a definitive agreement with a joint venture between Highgate and Cerberus to acquire four LaQuinta-branded properties which together total 696 rooms. The properties include the LaQuinta Inn & Suites at Los Angeles International Airport (LAX) which marks NewcrestImage’s first gateway location in California. Closing is today on one hotel – the LaQuinta Inn & Suites Irving DFW North, located two miles from DFW International Airport -- while closing is expected in August for the other three hotels: LaQuinta Inn & Suites Anaheim; LaQuinta Inn Phoenix North; and LaQuinta Inn & Suites LAX. “The...
Altitude International Holdings to Acquire Club Med Sandpiper Bay
Altitude International Holdings, Inc. | July 12, 2022
PORT ST. LUCIE, Fla., July 12, 2022 -- Altitude International Holdings, Inc. (the "Company" or "Altitude") executed a Purchase and Sale Agreement (the "Purchase Agreement") with Sandpiper Resort Properties, Inc. and Holiday Village of Sandpiper, Inc. (collectively, "Club Med Sandpiper Bay") on May 31, 2022. Altitude Academies, a wholly owned subsidiary of the Company, has been operating at the Sandpiper Bay property for nearly 13 years, which, until a recent rebranding, has been known as "Club Med Academies." Upon closing of the Purchase Agreement, the Company intends to continue and operate the resort without interim closure. Altitude's...
Equinox Hospitality Acquires Four Sonesta Hotels in Texas
Equinox Hospitality | July 12, 2022
SAN FRANCISCO — July 12, 2022 — Equinox Hospitality, a premier hotel investment, management, acquisition, and development company, has acquired four properties in Texas from Sonesta International Hotels Corporation, one of the fastest-growing hospitality companies in the world. Equinox Hotel Management, a subsidiary of Equinox Hospitality, operates the properties. “Our growth strategy is to source and execute top-quality deals in high-growth markets and with top-tier joint venture partners that share the same values as us,” said Adam Suleman, principal and executive vice president of Equinox Hospitality. “This approach should kee...
Avocet Hospitality Acquires The Admiral in Mobile, Alabama for $21 Million
The Admiral | July 12, 2022
CHARLESTON, S.C. (July 12, 2022) – The Admiral Hotel is now a part of the Avocet Hospitality portfolio, following the closing of the property on June 27, 2022. The Charleston-based hospitality group purchased the hotel for $21 million. Located in Mobile’s Historic District, The Admiral is an upscale, historic property that has celebrated the city’s heritage with each of its guests since it was originally opened in 1940. “Historic hotels are our passion, and The Admiral is a perfect fit alongside our existing historic properties, including The Vendue in Charleston, SC and The Read House in Chattanooga, TN,” says Pietro Giardini, R...
388 Ventures Acquires Callicoon Hills in the Catskills
388 Ventures | July 7, 2022
CALLICOON CENTER, N.Y.--Just as summer begins to heat up, New York-based real estate investment firm 388 Ventures has closed on the acquisition of Callicoon Hills, a boutique resort nestled in the Western Catskills. They have tapped tech-enabled management company Life House to oversee end-to-end operations, representing an expansion of their partnership in the Berkshires, where the duo acquired and repositioned three historic hotels into the newly relaunched Lenox Collection. Callicoon Hills is a 65-key property across 23 acres that encompasses a main Boarding House with restaurant, bar, and coffee shop, a barn for large-scale events, poo...
