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
Key International Acquires Best Western New Smyrna Beach Hotel and Suites for $18.7 Million
Key International | June 13, 2022
MIAMI, FL (June 13, 2022)- Key International, a leading international real estate development and investment firm, has acquired the Best Western New Smyrna Beach Hotel and Suites for $18.7 million. LBA Hospitality, an Alabama–based hotel management company has secured the contract to lead operations for the hotel. Poised directly on the beach at 1401 S Atlantic Ave., the oceanfront property is strategically located near other top tourist destinations including Orlando and Cape Canaveral. Rising eight stories, the hotel features 101 suites and boasts updated amenities including a pool with an outdoor sundeck, a restaurant and a fitness ce...
Choice Hotels International to Acquire Radisson Hotel Group Americas for $625 Million
Choice Hotels International | June 13, 2022
ROCKVILLE, Md. and BRUSSELS, June 13, 2022-- Choice Hotels International, Inc. (NYSE: CHH) and Radisson Hotel Group today announced that Choice Hotels has entered into a definitive agreement to acquire the franchise business, operations and intellectual property of Radisson Hotel Group Americas for approximately $675 million. The addition of Radisson's nine hotel brands in the Americas is the latest chapter in Choice's successful strategy to expand its growth opportunities by bringing the company's best-in-class franchising platform to adjacent hotel segments and to a new set of hotel owners. The added 624 hotels with over 68,000 room...
MGM and VICI to Sell Operations of Gold Strike Tunica for $450 Million to Cherokee Nation Entertainment
MGM Resorts International | June 10, 2022
LAS VEGAS, June 10, 2022 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that it has reached an agreement to sell the operations of Gold Strike Tunica ("Gold Strike") to Cherokee Nation Entertainment Gaming Holdings, LLC ("CNE"), a subsidiary of Cherokee Nation Businesses, for $450 million in cash, subject to customary adjustments. "I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests," said Bill Hornbuckle, CEO & President, MGM Resorts International. "Gold Strike is a wonderful property with a bright...
HOS Management and Hawkeye Hotels Complete Disposition of Three Savannah Properties worth $100 Million
Hawkeye Hotels | June 9, 2022
The aLoft Savannah Airport was purchased by The Montford Group and Opterra Capital, and the aLoft and Fairfield Inn & Suites Savannah Historic District by Mission Hill and KSL Capital Partners. The individual amounts of each sale are publicly undisclosed; however, the total volume of the sales was approximately 100 Million dollars. The total key count between the 3 assets was over 400 rooms. All three of the assets were developed by HOS and Hawkeye Hotels in the last 24 months. Combined, Hawkeye Hotels and HOS Management have over 40 hotel projects in the pipeline, with over a dozen projects starting construction this year. The developer...
HHM to Integrate Urgo Hotels & Resorts Into Its Existing Platform
HHM | June 8, 2022
PHILADELPHIA, PA, June 08, 2022 -- HHM and Urgo Hotels & Resorts (“Urgo”) have entered into a definitive agreement that, upon closing, will result in Urgo becoming a wholly owned subsidiary of HHM and, as part of the total consideration, the founding members of Urgo will become shareholders of HHM. The combined company will operate over 235 hotels in North America, with HHM expanding into Canada, entering new markets in the U.S., while adding mountain leisure, development and condo-hotel management capabilities to its portfolio. This represents HHM's second strategic M&A transaction in 2022, after it closed earlier in the yea...
Soul Community Planet Expands Footprint in California With Mendocino Coast Acquisitions
SCP Hotels | June 7, 2022
LAGUNA BEACH, Calif.--Soul Community Planet (SCP) Hotels is expanding its hotel offerings with the addition of two restored inns on the California Mendocino Coast - Glendeven Inn & Lodge and Inn at the Cobbler’s Walk. Following planned renovations, the two inns will combine to become the eighth SCP Hotel and will be known as SCP Mendocino Inn and Farm. A celebration of sustainability, nature and wellness, the two inns include 31 unique rooms, most of which offer wood-burning fireplaces and whitewater ocean views, along with 15-acres of farm pastures, organic gardens and other wellness, socializing and dining spaces. “We are exc...
Sunstone Hotel Investors Completes Acquisition of The Confidante Miami Beach for $232 Million
Sunstone Hotel Investors | June 6, 2022
IRVINE, Calif., June 6, 2022-- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, today announced that it has completed the previously announced acquisition of the 339-room The Confidante Miami Beach (the "Hotel") for a purchase price of $232 million, or $684,000 per key. The Company will invest approximately $60 million to reposition the Hotel into a premiere beachfront resort under Hyatt's luxury, lifestyle Andaz brand. Upon completion of the renovation, Sunstone will own a well-located, fully renovated, beachfront resort at a highly attrac...
Ryman Hospitality Properties Closes Acquisition of Block 21 in Austin, Texas From Stratus Properties for $260M
Ryman Hospitality Properties | June 2, 2022
NASHVILLE, Tenn., June 02, 2022 -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the Company) has closed its previously announced pending acquisition of Block 21 from Stratus Properties Inc. (NASDAQ: STRS). The mixed-use complex is located in the heart of downtown Austin and is home to lodging, retail, office and entertainment spaces, including the W Austin Hotel and the ACL Live at Moody Theater. The purchase price for the acquisition, subject to certain purchase price adjustments, totaled approximately $260 million, which includes the assumption of approximately $136 million of existing mortgage debt. Colin Reed, Chairman and Chief Execu...
Premier Parks, LLC Acquires Operation of Canadian Valcartier-Calypso Group Resort and Water Parks
Premier Parks LLC | June 2, 2022
New York, NY (June 2, 2022) – Premier Parks, LLC, North America’s largest independent operator of visitor attractions and experiences, led by former Six Flags Chairman and CEO Kieran Burke, today announced the acquisition of operations of Valcartier-Calypso Group. The acquisition includes an all-inclusive four-star resort hotel with upscale spa and indoor water park, two premium outdoor water parks, a large destination campground, a unique ice hotel, and the largest winter games center in North America. These latest acquisitions increase Premier Park’s profile to fifteen properties. “This is an exciting time to welcome Village Vaca...
Sunstone Hotel Investors to Acquire Remaining 25% Joint Venture Interest in Hilton San Diego Bayfront From Park Hotels & Resorts
Sunstone Hotel Investors | June 1, 2022
IRVINE, Calif., June 1, 2022 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, announced that it has entered into a definitive agreement with an affiliate of Park Hotels & Resorts Inc. ("Park") to acquire Park's 25% interest in the joint venture that owns the leasehold interest in the 1,190-room Hilton San Diego Bayfront (the "Hotel"). As part of the transaction, Sunstone will pay Park $102 million in cash and will effectively assume Park's $55 million share of the existing mortgage loan on the Hotel, which is already fully consolida...
Affiliates of Paceline Equity Partners Acquire Full-Service Sheraton Suites Hotel in Atlanta
Paceline Equity Partners | June 1, 2022
DALLAS--Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that they have acquired The Sheraton Suites Galleria-Atlanta, a full-service hotel located in a highly active corridor near the intersection of I-285 and I-75, 20 minutes from downtown Atlanta. The property is located less than one-half mile from The Battery, a mixed-use development anchored by Truist Park, home of the Atlanta Braves. Paceline acquired the hotel in an off-market transaction with the prior owner. The acquisition will be Paceline’s first strategic partnership with Highline Hospitality Partners, a group ...
Partners Group and Trinity Investments Acquire Four Seasons Resort Dallas at Las Colinas
Partners Group | May 31, 2022
DALLAS--A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), today announced the acquisition of the Four Seasons Resort Dallas at Las Colinas, a 431-key luxury hotel located in Irving, Texas. Following the transaction, Partners Group and Trinity plan to undertake a multi-million-dollar capital improvement plan that will establish the property as the premier group and leisure destination in the Dallas Metroplex. “We have conviction in the Dallas Metroplex area due t...
Napa Valley’s Largest Destination Resort Recapitalized and Poised for Future Growth
The Meritage Resort and Spa and Vista Collina at The Meritage | May 27, 2022
The Busch Family and Pacific Hospitality Group Lead the Buyout of The Meritage Resort & Spa, Commit to $25 Million Investment in Upgraded Room, Meeting Space and Restaurant NAPA, CALIF. (May 27, 2022) –The Busch Family and Pacific Hospitality Group (PHG) have led the recapitalization of The Meritage Resort and Spa, the premier AAA Four Diamond resort located at the gateway of Napa Valley. By increasing their ownership, the Busch Family enabled previous investors to exit the property at a significant gain – but to more importantly reinvigorate long time partners and bring in new equity investors to become part of this iconic flagshi...
Pixiu Real Estate and Woodbine Development Acquire The Driskill Hotel From Hyatt
Woodbine Development Corportation | May 25, 2022
AUSTIN, Texas--Pixiu Real Estate, Woodbine Development Corporation and a collective of Austin-based investors have acquired the capital city’s first and most iconic hotel, The Driskill, from Hyatt Hotels & Resorts. Woodbine Development Corporation is the Dallas-based real estate investment firm behind many notable hotel properties in Texas and beyond. Pixiu Real Estate is part of Pixiu Investments, an investment firm owned by Eddie Margain, co-founder of several ventures, including local MLS club Austin FC. Among the investor group is Bryan Sheffield, founder of Parsley Energy and fellow investor in Austin FC. “As a destinatio...
Introducing Cloudbeds Amplify: The Intelligent Digital Marketing Solution Driving More Direct Bookings for Independent Hoteliers
Cloudbeds | May 25, 2022
Leading hotel technology platform Cloudbeds acquires AdsHotel and Odysys to level the playing field in the high-cost competition for direct bookings with new digital marketing service (SAN DIEGO) — Cloudbeds, the hospitality industry’s fastest-growing technology provider, unveiled today the expansion of its hospitality platform with its newest solution, Cloudbeds Amplify. Set for release in early Fall, the comprehensive done-for-you digital marketing service leverages advanced technologies to optimize customers’ online presence, drive more direct bookings and increase revenue. Cloudbeds Amplify services include website creation and...
Commonwealth Hotels and Baraka Capital Management Acquire the Hotel Indigo Atlanta Vinings
Baraka Group | May 23, 2022
COVINGTON, Ky., May 23, 2022 -- Commonwealth Hotels announced today the acquisition of Hotel Indigo Atlanta Vinings by Baraka Capital Management. The Indigo, an IHG hotel, is the first Indigo for Commonwealth Hotels in the state of Georgia. Located at 2857 Paces Ferry just 20 minutes from Downtown Atlanta. "We are delighted to be working with Blessed Hospitality and Baraka Capital Management," said Jennifer Porter, chief operations officer for Commonwealth Hotels. "It is because of partnerships like these that our managed portfolio continues to expand in diverse regions and markets across the US." Commonwealth Hotel...
Alpine Acquisition Corporation Signs Agreement to Acquire Two Convention Hotels From Atrium Hospitality
Alpine Acquisition Corporation | May 19, 2022
PHOENIX & NEW YORK & LOS ANGELES--Alpine Acquisition Corporation (Nasdaq: REVEU, REVE, REVEW) ("Alpine"), a special purpose acquisition company, and Two Bit Circus, Inc., creators of the world’s first Micro-Amusement Parks and an experiential entertainment leader jointly announced today that they have entered into definitive agreements for a business combination. Alpine also entered into a definitive agreement with affiliates of Atrium Hospitality, LP, to acquire two full-service conference hotels with 739 rooms and 135,000 square feet of conference facilities located in Denver, CO and Stamford, CT. Upon the closing of the transacti...
HRI Hospitality & Certares Acquire DoubleTree Suites by Hilton Hotel Doheny Beach and Hilton San Antonio Hill Country
Certares | May 19, 2022
NEW ORLEANS, LA. (May 19, 2022): Affiliates of Certares Real Estate Management LLC (Certares) and HRI Hospitality, LLC (HRIH) will add two properties to their portfolio: the DoubleTree Suites by Hilton Hotel Doheny Beach in Dana Point, California, and the Hilton San Antonio Hill Country in San Antonio, Texas. Located in the charming city of Dana Point, California, the DoubleTree Suites by Hilton Hotel Doheny Beach is steps from beautiful beaches and Doheny Beach State Park for a relaxing coastal getaway. The 196-room property offers luxurious all-suite accommodations, an outdoor pool, a 24-hour fitness center, 13,643 square feet of ...
The Bahamas Accepts $100 Million Purchase Offer for Grand Lucayan Resort in Freeport
May 18, 2022
NASSAU, Bahamas, May 18, 2022-- A rebirth is on the horizon for Grand Bahama Island. The Bahamas Ministry of Tourism, Investments & Aviation (BMOTIA) made the long-awaited announcement that an offer has been accepted for the purchase of Grand Lucayan, a beachfront resort located in the bustling city of Freeport. Electra America Hospitality Group (EAHG) has entered into an agreement with Lucayan Renewal Holdings to buy the resort for $100 million. CEO and Principal of Electra America Hospitality Group Russell Urban said the company was very interested in the resort for many reasons, among them is the "opportunity ...
MGM Resorts International Completes Acquisition of Las Vegas’ The Cosmopolitan Operations for $1.625 Billion
MGM Resorts International | May 18, 2022
LAS VEGAS, May 18, 2022 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "company") today announced the closing of its transaction with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas (the "property" or "The Cosmopolitan") for cash consideration of $1.625 billion. With the closing of the transaction, The Cosmopolitan of Las Vegas officially joins MGM Resorts' roster of iconic brands along the Las Vegas Strip. "This is a big moment for our company and for the Las Vegas Strip. The Cosmopolitan of Las Vegas has already established itself as one of the Strip's premier resorts with an iconic brand, w...
Foxden Hospitality Completes Sale of Dive Palm Springs to Mariners Group for $5.15 Million
May 18, 2022
PALM SPRINGS, Calif., May 18, 2022-- Today, Foxden Hospitality, the California-based luxury hospitality management company, announced the sale of its boutique Hotel, Dive Palm Springs, to Mariners Group for $5.15 million. This significant sale, at $468,000 per key, marks the highest recorded price in history for any hotel in Palm Springs and the surrounding Coachella Valley. Dive Palm Springs emerged in 2019 to high acclaim following a renovation led by Foxden founders Dale & Brookelyn Fox, GM Abdi Manavi, and Interior Designer Vanessa Schreiber. Transporting guests back to the casual elegance of St Trope...
Mohr Capital Acquires 350-Room DoubleTree by Hilton Austin
Mohr Capital | May 18, 2022
AUSTIN, Texas, May 18, 2022-- Mohr Capital, a Dallas-based privately held real estate investment firm, acquired the 350-room DoubleTree by Hilton Austin at 6505 N. Interstate 35 in Austin, Texas, for an undisclosed amount. The acquisition marks Mohr Capital's first hospitality investment. The six-story hotel contains almost 25,000 square feet of meeting space including a ballroom. This ballroom will be upgraded along with the guest rooms, elevators and common spaces. In all, Mohr Capital plans to invest $11 million to upgrade the property, which is ideally located near the intersection of Interstate 35 and U.S. Highwa...
The Siegel Group Continues Expansion of Its Siegel Select Extended-Stay Brand With Three-Property Acquisition
The Siegel Group | May 18, 2022
LAS VEGAS--The Siegel Group (www.siegelcompanies.com), a real estate investment and management company announced that it had acquired three extended-stay properties for just under $18.94 million. With these acquisitions, The Siegel Group expands its Siegel Select® brand into the new markets of Oklahoma City, Houston and San Antonio and increases the total number of Siegel Suites® (www.siegelsuites.com) and Siegel Select® (www.siegelselect.com) properties throughout the United States to 59. The Siegel Group, which operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels, flexible-stay apartmen...
Chatham Lodging Trust Completes Sale of Four Hotels for $80 Million
Chatham Lodging Trust | May 16, 2022
WEST PALM BEACH, Fla., May 16, 2022 —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced the closing of the sales of four hotels comprising 537 rooms for aggregate proceeds of approximately $80 million. Including near term capital expenditure requirements, the aggregate sales proceeds would equate to an approximate 2 and 6 percent capitalization rate on net operating income for 2021 and 2019, respectively. The four hotels comprise the following: 180-room Hilton Garden Inn, Burlington, Mass...
