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
MCR Acquires the DoubleTree by Hilton Hotel in Downtown Tallahassee
MCR | July 5, 2022
NEW YORK--Front and center! MCR — the country’s 4th-largest hotel owner-operator — has acquired the DoubleTree by Hilton Hotel Tallahassee, a 17-story, 242-room hotel in Florida’s state capital. The hotel was purchased as a real estate-owned asset from a special servicer and is the company’s seventh hotel in The Sunshine State. Selected as Florida’s state capital due to its ideal location between Pensacola to the west and Jacksonville to the east, Tallahassee — lovingly known as “Tally” to locals — is a hub for politics, sports and education. In the heart of downtown just two blocks from the State Capitol, the DoubleT...
Scottsdale, Arizona Based Walton Global Acquires the Historic Smoke Tree Resort Property in Paradise Valley, Arizona
Walton Global | June 30, 2022
PARADISE VALLEY, Ariz.--Walton Global, a real estate investment and land asset management company with US$3.6 billion under management, is pleased to announce its acquisition of the Smoke Tree Resort property located west of Scottsdale Road on Lincoln Drive in the Town of Paradise Valley, Arizona. The deal closed on June 29, 2022, with ST Holdings, a subsidiary of Scottsdale-based Walton Global Holding, LLC. Walton acquired the 5-acre property for $14 million with plans to build a new boutique hotel that will serve locals and support Arizona tourism. Walton intends to incorporate an elegance in the new design that Paradise Valley is kno...
Pebblebrook Hotel Trust Completes Sale of The Marker San Francisco in California
Pebblebrook Hotel Trust | June 29, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 208-room The Marker San Francisco in San Francisco, CA for $77.0 million to a third party. For the trailing twelve months ended May 31, 2022, the hotel’s estimated net operating loss was ($2.0) million, and its estimated Hotel EBITDA was ($1.8) million. Based on the hotel’s operating performance for 2019, the $77.0 million sales price reflects a 10.0x EBITDA multiple and an 8.8% net operating income capitalization rate. The net operating income or loss for both periods mentioned above is after an assumed annual capit...
Bally’s Agrees to Sell Real Property Assets of Two Rhode Island Properties to Gaming and Leisure Properties for $1 Billion
Bally's Corporation | June 29, 2022
PROVIDENCE, R.I., June 29, 2022-- Bally's Corporation (NYSE: BALY) today announced that it has entered into a binding term sheet with GLP Capital, L.P. ("GLP"), the operating partnership of Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI"), to acquire the real property assets of Bally's two Rhode Island casino properties – Bally's Twin River Lincoln Casino Resort ("Lincoln") and Bally's Tiverton Casino & Hotel ("Tiverton") – subject to customary regulatory approvals, with Lincoln also subject to lender consent. Pursuant to the terms of the transaction, Bally's will immediately lease back both properties and ...
Churchwick Partners and Rockledge Complete Sonesta Portfolio Acquisitions, Adding Another 347 Keys Across Three States
Rockledge | June 28, 2022
NEW YORK, June 28, 2022 -- In conjunction with Churchwick Partners, David Kaye and Joe Listhaus of Rockledge completed their Sonesta portfolio acquisition by adding another 347 keys across three hotels in three separate states. The assets included Sonesta ES Suites in St Louis, MO, Sonesta ES Suites Minneapolis in Eagan, MN and Simply Suites Detroit Southfield in Southfield, MI. Last month, Churchwick and Rockledge closed on the first portion of the portfolio consisting of 7 Sonesta hotels, which accounted for 1,085 keys across 6 states. The Churchwick and Rockledge teams are excited to close this transaction and look forward to bu...
Blackstone Completes Acquisition of Crown Resorts in the Firm’s Largest Investment to Date in Asia
Crown Resorts | June 28, 2022
MELBOURNE--Blackstone (NYSE: BX) today announced that real estate funds and private equity funds managed by Blackstone (“Blackstone”) have completed the acquisition of Crown Resorts Limited (“Crown”) in the largest transaction to date for the firm in Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone will work with the management team at Crown and its thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and continue Cro...
Pebblebrook Hotel Trust Acquires Gurney’s Newport Resort & Marina in Newport, Rhode Island for $174 Million
Pebblebrook Hotel Trust | June 27, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on June 23, 2022, it acquired the AAA Four Diamond 257-room Gurney’s Newport Resort & Marina (“Gurney’s Newport”) in Newport, Rhode Island for $174.0 million. Gurney’s Newport is an irreplaceable ten-acre waterside resort located on highly visible Goat Island in world-famous Newport, Rhode Island. The independent resort boasts 360-degree unobstructed water views of Narragansett Bay as well as Newport Harbor, and the iconic Newport Bridge, creating the quintessential coastal New England experience. Gurney’s Newport features 257 guestr...
myDigitalOffice Acquires Datavision to Expand Hotel Performance & Analytics Footprint
myDigitalOffice | June 27, 2022
BETHESDA, MD, June 27, 2022, — myDigitalOffice (MDO), the world's fastest growing hotel performance management platform, today announced the acquisition of Datavision Technologies, an industry leader in hotel data analytics and business intelligence for luxury resorts.Datavision's hospitality BI platform provides a 360-degree view into any hotel operation, enabling customers to create bespoke reports and dashboards that contain powerful insights that elevate operations and customer service levels to new heights. Datavision's tools, now combined with MDO's growing data lake, positions customers to have access to a state-of-the-art data &...
Dynamic City Capital Acquires Anaheim Portofino Inn & Suites, Anaheim, California
Dynamic City Capital | June 23, 2022
PROVO, Utah, June 23, 2022 -- Dynamic City Capital (DCC), a Utah-based real-estate investment firm focused on hotel investments in prime markets, announced the acquisition of the Anaheim Portofino Inn & Suites (Anaheim Portofino). The Anaheim Portofino is one of the top-producing independent hotels near the Disneyland® Resort and the Anaheim Convention Center. "The acquisition of the Anaheim Portofino was an exceptional opportunity to expand our presence in the Anaheim Market," commented Ryan Phelps, DCC's Chief Investment Officer. "The hotel is ideally located for patrons to take advantage of...
Life House to Reopen and Steward The Historic Inn on Ferry Street in Midtown Detroit
Cloudland Capital | June 23, 2022
DETROIT--The Inn on Ferry Street, a unique collection of Victorian mansions in Midtown Detroit and a member of the Historic Hotels of America, is reopening to guests under new ownership and management. The 33-key inn is comprised of five buildings, including four restored Victorian homes and one carriage house located in the East Ferry Street Historic District, a nationally recognized neighborhood that stretches between Woodward Avenue and Beaubien. It was developed into a hotel by Midtown Detroit Inc, a non-profit focused on supporting and enhancing community and economic development in the area, who managed the property for the past twenty ...
NewcrestImage Acquires Cambria Hotel Southlake DFW in Southlake, Texas
| June 23, 2022
NewcrestImage has added the 175-room Cambria Hotel Southlake DFW in Southlake, Texas to its portfolio today. The company takes over operations at the property effective immediately, with management being provided by Aimbridge Hospitality. “The Cambria Hotel Southlake DFW is a vibrant, contemporary hotel strategically located to attract both business and leisure travelers,” explained Mehul Patel, Managing Partner and CEO of NewcrestImage. “We look forward to taking the hotel to new levels of performance, both for guests and for our investors.” The property, built in 2016, is six miles from DFW International Airport, five mile...
Highline Hospitality Partners Acquires DoubleTree by Hilton Hotel Portland and Tru by Hilton Portland Airport Area
Highline Hospitality Partners | June 22, 2022
BIRMINGHAM, Alabama (June 22, 2022) – Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has acquired the DoubleTree by Hilton Hotel Portland and Tru by Hilton Portland Airport Area in a strategic partnership with ADËLON Capital, a real estate investment, development and asset management firm. Bringing HHP to eight properties within its portfolio, the two neighboring hotels are adjacent to the largest mall in Maine, the Portland International Jetport and the I-95 interchange in the heart of Portland’s retail corridor. HHP's team has over 60 years of combined experi...
Noble Acquires the Hilton Garden Inn Boise | Downtown
Noble Investment Group | June 22, 2022
Atlanta, Georgia (Wednesday June 22, 2022) – Noble Investment Group ("Noble") today announced the acquisition of the Hilton Garden Inn Boise | Downtown, capping more than $1.0 billion of investment activity over the past year. Boise is the Pacific Northwest’s third most populous region behind Seattle and Portland, known for its combination of urban lifestyle and outdoor adventure. The city is rapidly growing due to its affordability and quality of life, ranking No. 1 on Indeed’s list of cities with the fastest job growth and among Forbes list of Fastest-Growing City in America. The city is home to three Fortune 500 companies, Alberts...
RREAF Holdings in Partnership with Innisfree Hotels Acquires Two Boutique Hotels in Amelia Island, Florida
RREAF Holdings | June 21, 2022
DALLAS, June 21, 2022 -- RREAF Holdings LLC, a private real estate investment and development firm based in Dallas, and Innisfree Hotels, a premier coastal hotel operator in the southeast, today announced the acquisition of two boutique hotels in Amelia Island, Fla., on Fernandina Beach. The properties — Ocean Coast Hotel and Amelia Hotel — are situated in one of America's leading drive-to destination markets, which saw over 1.3 million visitors in 2021. The portfolio has 225 keys, and the properties sit adjacent to each other. The hotels are ideally located across the street from one of Florida's iconic beaches and a few miles fr...
Accor Enters Into Exclusive Negotiations on the Sale of a 10.8% Interest in Ennismore
Accor | June 21, 2022
After the launch of Ennismore, a new joint venture between Accor (which holds a majority shareholding) & Sharan Pasricha in October 2021 as the world’s leading lifestyle hospitality company, Accor today announces it is entering into exclusive negotiations to sell a 10.8% stake in Ennismore to a Qatari consortium for a total amount of €185 million, to include €20 million of Shari’a compliant financing by Qatar First Bank LLC (Public) to the Qatari consortium’s investment vehicle. This transaction demonstrates the excitement and attractiveness of this fast-growing segment, where RevPAR already significantly exceeds 2019 numbe...
Propst Development and Chartwell Hospitality Complete Hilton’s Conrad Luxury Hotel in Nashville
Chartwell Hospitality | June 20, 2022
NASHVILLE, Tenn.--Propst Development and Chartwell Hospitality today announced they have finalized development of the Conrad Nashville hotel, located in the Broadwest city block in Midtown. The Conrad Nashville is Hilton’s first luxury branded hotel in Nashville and is scheduled to open on June 29, 2022. Additionally, the co-developers have completed the sale of the 234-room property to Northwood Investors, LLC, a premier owner and manager of luxury hotels around the world. “Our goal for Broadwest was to create a property that all Nashvillians are proud of, and we believe the Conrad raises the bar as one of the most luxurious hotel pro...
Affiliates of Paceline Equity Partners Acquire Full-Service Delta Hotel Virginia Beach Bayfront Suites
Paceline Equity | June 15, 2022
DALLAS--Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that they have acquired the Delta Hotel Virginia Beach Bayfront Suites, a full-service, all-suite hotel located on the northern coast of Virginia Beach, VA. The property is located less than 10 miles from the heart of Virginia Beach and Atlantic Ave. The acquisition will be Paceline’s second strategic partnership with BlackPearl Capital, a group with significant hospitality investing and operating experience. The Delta Hotel Virginia Beach Bayfront Suites was built in 1986 and most recently underwent a comprehensiv...
Highline Hospitality Partners Acquires Sheraton Suites Galleria-Atlanta in JV With Paceline Equity Partners
Highline Hospitality Partners | June 15, 2022
ATLANTA, GA (June 15, 2022) – Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has acquired the Sheraton Suites Galleria-Atlanta in a joint venture with an affiliate of Paceline Equity Partners, LLC, a Dallas-based private equity manager. The full-service and 278-room all-suite hotel, which is HHP’s sixth property, is located in a highly active corridor just 20 minutes from downtown Atlanta. The joint venture will be Highline Hospitality Partners’ first strategic investment with Paceline. Highline Hospitality Partners' team has more than 60 years of combined expe...
Avistone Acquires 187-Room Courtyard Dulles Airport Herndon
Avistone | June 15, 2022
San Diego, Calif., June 15, 2022—Officials of Avistone today announced the company acquired the 187-room Courtyard Dulles Airport Herndon in Va. The company also named Youngbin Park vice president, lodging investments. “This Courtyard by Marriott hotel marks our first acquisition in Virginia. This market growth allows us to keep pace with the expansion of Dulles International Airport and the technical epicenter surrounding our nation's capital,” said Dan Culler, CEO, Avistone. “We are looking to continued growth in the hotel sector with additional acquisitions either on our own or in partnership with others.” Courtyard Dull...
The Siegel Group Expands Siegel Select® Extended-Stay Brand With Portfolio Acquistion
The Siegal Group | June 14, 2022
LAS VEGAS--The Siegel Group (www.siegelcompanies.com), a real estate investment and management company announced today that it had acquired a portfolio of five extended-stay properties previously operated under the Hamilton Inn Extended-Stay brand for $29 million. These acquisitions increase the number of Siegel Suites® (www.siegelsuites.com) and Siegel Select® (www.siegelselect.com) properties throughout the United States to 66 and marks the brand’s first location in Georgia and its further expansion into the Tennessee market. These locations are in addition to the company’s significant presence throughout Nevada, Arizona, Texas, Lou...
Provenance Hotels Sells Minority Interest in the Woodlark Hotel to Majority Owner, NBP Capital
Provenance Hotels | June 14, 2022
PORTLAND, Ore.--Provenance Hotels (“Provenance”), an owner and operator of boutique hotels, today announced the strategic sale of its minority interests in the Woodlark Hotel (the “Woodlark” or the “Hotel”) to majority shareholder NBP Capital (“NBP”), a vertically integrated commercial real estate investment platform. In connection with the transaction, NBP has also acquired the management rights to the Hotel. Terms of the deal were not disclosed. The Woodlark Hotel is sophisticated 151-room hotel housed within two historic structures brought together as one in the heart of downtown Portland. The Woodlark utilizes Portland...
Summit Hotel Properties Completes Acquisition of AC Hotel by Marriott & Element Miami Brickell for $89 Million
Summit Hotel Properties | June 14, 2022
AUSTIN, Texas, June 14, 2022-- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced acquisition of the dual-branded 264-guestroom AC Hotel by Marriott & Element Miami Brickell (the "Brickell Hotels"). The Company's initial purchase option was based on a gross hotel valuation of $89.0 million, or $337,000 per key, and the Company funded its 90% equity interest totaling $38 million with the conversion of the previously funded $30 million mezzanine construction loan, which earned 9% cash interest during the loan term, and $8 million in cash. The transaction was finance...
MCM Elegante Hotel and Suites Acquires TownePlace Suites by Marriott in Farmington, NM
June 14, 2022
Phoenix, AZ, June 14, 2022 -- Dinesh “Dan” Rama and Anthony Becerra of NewGen Advisory is pleased to announce the successful closing of the TownePlace Suites by Marriott located in Farmington, New Mexico. Being within close range of some of Farmington’s unforgettable outdoor and cultural adventures such as Aztec Ruins National Monument, this 117-room suite property has maintained a powerful reputation with guests across major booking sites. “We’re excited about the property and happy to be part of the Marriott family,” says CEO/President Ed Lasater of MCM Elegante Hotel and Suites. “We feel this asset fits well with our othe...
Sandpiper Lodging Trust Acquires Two Residence Inn Extended Stay Hotel Properties in Central Florida
Sandpiper | June 14, 2022
(Richmond, Va. – June 14, 2022) – Sandpiper Lodging Trust (“SLT”) is pleased to announce the acquisition of two Residence Inn by Marriott ™ extended stay hotels located in the Central Florida market. One of the hotels, Sandpiper Gainesville, is located 2 miles southwest of the University of Florida in Gainesville, FL. The other hotel, Sandpiper Lakeland, is located 30 miles east of Tampa, near the Lakeland Linder International Airport. Terms of the deal were not disclosed. Carter Rise, CEO of SLT, stated, “We are very excited about what these two Central Florida markets have to offer and believe that these two assets will se...
