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
Summit Hotel Properties Completes Sale of Hilton Garden Inn San Francisco Airport North for $75 Million
Summit Hotel Properties | May 13, 2022
AUSTIN, Texas, May 13, 2022 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC. The transaction represents 1% capitalization rate based on the hotel's net operating income after a 4% FF&E reserve for the twelve months ended March 31, 2022. The joint venture will also forego a comprehensive renovation that was scheduled for late 2022 estimated to be $7.1 million, or $42,000 per key, as a re...
Pebblebrook Hotel Trust Acquires Inn on Fifth in Naples, Florida for $156M
Pebblebrook Hotel Trust | May 12, 2022
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it acquired the AAA Four Diamond 119-room Inn on Fifth in Naples, Florida for $156.0 million on May 11, 2022. As previously announced, the Company retained Noble House Hotels & Resorts (“Noble House”) to manage this unique independent luxury resort property at the center of Downtown Naples. The acquisition of Inn on Fifth brings the total number of properties in the Company’s portfolio to 54, including 12 unique drive-to, independent lifestyle resorts and 6 properties in South Florida. The Company funded the acquisition with approximat...
EOS Investors Acquires Wequassett Resort and Golf Club in Cape Cod
EOS Investors | May 11, 2022
NEW YORK, NY (May 11, 2022) - EOS Investors LLC ("EOS"), a privately held real estate investment firm, today announced its acquisition of Wequassett Resort and Golf Club, a timeless, luxury, oceanfront resort in Cape Cod, Massachusetts. The acquisition of Wequassett Resort further expands EOS’s presence in Cape Cod, following the company’s acquisition of Red Jacket Resorts in 2021. EOS’s New England drive-to resort portfolio consists of 17 properties, featuring over 1,000 keys, more than 20 restaurants and bars, and nearly $125 million of annual revenue. "We are excited to continue one of New England’s most special hospitality...
Banyan Investment Group Completes Sale of 96-Room Kimpton Goodland Hotel Ft. Lauderdale Beach
Kimpton Goodland Hotel | May 10, 2022
FT. LAUDERDALE, Fla., May 10, 2022—Banyan Investment Group (BIG), an Inc. 5000-recognized, hotel investment company that acquires hotels in the United States, today announced the sale of the 96-room Kimpton Goodland Hotel Fort Lauderdale Beach in Fla., to DiamondRock Hospitality Company for $35.3 million. “Following an extensive market study that led us to believe South Florida travel would rebound quickly, we took a calculated risk and purchased this property in Q420, prior to vaccines being released when travel volumes remained low,” said Andy Chopra, managing partner, Banyan Investment Group. “Our research proved prescient,...
Watermark Lodging Trust to be Acquired by Brookfield Real Estate Funds for $3.8 Billion
Watermark Lodging Trust | May 9, 2022
Chicago, May 9, 2022 – Watermark Lodging Trust, Inc. (“Watermark,” “WLT” or the “Company”) announced today that it has entered into a definitive agreement with private real estate funds managed by Brookfield ("Brookfield"), under which Brookfield will acquire all of the outstanding shares of common stock of Watermark for $6.768 per Class A share and $6.699 per Class T share in an all-cash transaction valued at $3.8 billion, including the assumption of debt and preferred equity. The purchase price represents a premium of over 7.5% from the most recently published Net Asset Values per share as of December 31, 2021, of $6.29 per C...
Sunstone Hotel Investors to Acquire The Confidante Miami Beach for $232 Million
Sunstone Hotel | May 5, 2022
IRVINE, Calif., May 5, 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 Hyatt Hotels Corporation to acquire the 339-room The Confidante Miami Beach (the "Hotel"), located on 1.5 acres of fee-simple, oceanfront land in Miami Beach for a purchase price of $232 million, or $684,000 per key. Following the acquisition, the Company expects to pursue a full transformation of the property and a rebranding of the Hotel to Andaz Miami Beach. T...
Arch Amenities Group Acquires Synergy Fitness Group With 26 Managed Sites
Arch Amenities Group | May 2, 2022
ROCKVILLE, Maryland (May 2, 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 it acquired Synergy Fitness Group, a premier fitness management company with 26 facilities in the mid-Atlantic region. Specializing in wellness and fitness programming, Synergy offers its corporate clients a range of services, including fitness center design, management and equipment maintenance. Barry Goldstein, Arch chief executive officer, said the acquisition would strengthen the company’s leadership position in corp...
VICI Properties Inc. Completes $17.2 Billion Strategic Acquisition of MGM Growth Properties
VICI Properties Inc. | May 2, 2022
– Adds 15 Marquee Assets Expanding Real Estate Portfolio to 43 Class-A Properties – – Increases Annual Rent by Over $1.0 Billion – – Diversifies Tenant Base to Eight Best-In-Class Operators – – Closes on $5.0 Billion of Investment Grade Senior Unsecured Notes – – Settles the Exchange Offer and Consent Solicitation for Notes Originally Issued by MGP NEW YORK--May 2, 2022--VICI Properties Inc. (NYSE: VICI) (“VICI,” “VICI Properties” or the “Company”), an experiential real estate investment trust, today announced it has closed on the previously announced acquisition of MGM Growth Properties LLC (NYSE: MGP) ("MG...
myDigitalOffice Expands Platform to Now Include Revenue Intelligence Data With Acquisition of Focal Revenue
myDigitalOffice | April 28, 2022
Hotel performance management leader myDigitalOffice acquires Focal Revenue to bring additional visibility across hotel portfolios with curated hotel revenue insights. Bethesda, MD, April 28, 2021 / myDigitalOffice, the world’s fastest-growing hotel performance management platform, today announced the acquisition of Focal Revenue, a hospitality revenue intelligence software company. With this acquisition, myDigitalOffice significantly expands its capabilities to offer more granular hotel revenue insights while bridging the gap between sales, marketing, and revenue teams. Focal Revenue is the industry's only business intelligence soluti...
Mills Park Hotel in Yellow Springs, Ohio, Sold to Employee and Spouse for $4.5 Million
April 28, 2022
YELLOW SPRINGS, Ohio, April 28, 2022 -- The stylish Mills Park Hotel, located at 321 Xenia Avenue, in downtown Yellow Springs, Ohio, has been sold to an employee and his spouse. Ryan Aubin, the marketing manager for the hotel since 2019, and his husband, Alex Price, have purchased the property and business for approximately $4.5 million. The Dayton couple was one of several parties who made offers when the owners first announced their intent to sell nearly a year ago. Mills Park Hotel was the project of developer Jim Hammond and his family, who have owned and operated the property from the start. Construction was completed in 2016 a...
Hersha Hospitality Trust to Sell Non-Core Urban Select Service Properties for $505 Million
Hersha Hospitality Trust | April 28, 2022
PHILADELPHIA, April 28, 2022 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced that it has entered into a definitive agreement to sell seven of its non-core Urban Select Service properties outside of New York (the “USS Portfolio”) for gross proceeds of $505 million, or approximately $360,000 per key. Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “We’re pleased to have reached an agreement that supports our long-term strategic objectives and delivers immediate shareholder val...
Sonesta Invests in Four New York City Hotels Adding 918 Guestrooms
Sonesta | April 27, 2022
Newton, MA (April 27, 2022) – Sonesta International Hotels Corporation (Sonesta), one of the fastest-growing hotel companies in the U.S., today announced an investment in four boutique and lifestyle hotels in New York City. The hotels are all located in Midtown and were formerly known as The Benjamin, The Shelburne Hotel & Suites, the Gardens Suites Hotel and the Fifty Hotel & Suites. Each hotel will be rebranded under Sonesta’s portfolio of dynamic brands and operate as The Benjamin Royal Sonesta New York, The Shelburne Sonesta New York, The Gardens Sonesta ES Suites New York and The Fifty Sonesta Select New York. The hotel...
Mission Hill Hospitality Acquires Dual-Branded Residence Inn and Fairfield Inn & Suites Boston Waltham
Mission Hill Hospitality | April 27, 2022
DENVER, CO – April 27, 2022: Mission Hill Hospitality, a KSL Capital Partners portfolio company focused on transforming select-service and extended-stay hotel investing, announced it has acquired the Residence Inn and Fairfield Inn & Suites Boston Waltham in Massachusetts. Island Hospitality, the premier third-party management company for select-service and upscale, extended-stay hotels in the United States, will operate the hotels on behalf of Mission Hill Hospitality. These are the 17th and 18th hotels added to the Mission Hill Hospitality portfolio since the company was launched 12 months ago. Terms of the deal are undisclosed. ...
Kolter Hospitality Acquires the Embassy Suites by Hilton Sarasota
Kolter Hospitality | April 25, 2022
DELRAY BEACH, Fla., April 25, 2022 -- Kolter Hospitality, a division of The Kolter Group, is pleased to announce the acquisition of the Embassy Suites by Hilton Sarasota located at 202 North Tamiami Trail in Sarasota. Located in the city's downtown district, the 18-story hotel was built in 2018 and has 180 all-suite guestrooms boasting breathtaking views of Sarasota Bay. "This is our second hotel in Sarasota joining the Westin Sarasota, which has been a true success story. We loved the downtown feel of the Embassy Suites by Hilton Sarasota and are honored to add it to our growing portfolio of impressive hotels across Florida," said...
Pebblebrook Hotel Trust Executes Contract to Acquire Inn on Fifth in Naples, Forida for $156M
Pebblebrook Hotel Trust | April 25, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to acquire the AAA Four Diamond 119-room Inn on Fifth in Naples, Florida for $156.0 million. Upon completion of the acquisition, Pebblebrook will retain Noble House Hotels & Resorts (“Noble House”) to manage this unique independent luxury resort property at the center of Historic Downtown Naples. The purchase is expected to be completed by the end of the second quarter 2022 and is subject to customary closing conditions. The Company offers no assurances that this acquisition will be completed on these terms or at all. ...
Stonebridge Companies Acquires Denver Airport Marriott at Gateway Park
Stonebridge Companies | April 25, 2022
DENVER — Stonebridge Companies, a privately owned, nationally recognized innovative hotel owner, operator and developer headquartered in Denver, has acquired the Denver Airport Marriott at Gateway Park. Stonebridge Companies will serve as the property owner and operator of the hotel. The acquisition of this full-service property is a further expansion of Stonebridge's intent to own and operate properties within the vicinity of Denver International Airport, the third-busiest airport in the world. “As we continue to aggressively pursue new opportunities for continued growth throughout the country, it was clear from the beginning this pro...
Arbor Lodging Partners Acquire Hilton Garden Inn and TownePlace Suites in Ann Arbor
Arbor Lodging | April 25, 2022
Chicago, IL (April 2022) – Chicago-based hotel investment and management company, Arbor Lodging Partners, is proud to announce its latest acquisition and first expansion into the Ann Arbor market with a 2-hotel portfolio consisting of the Hilton Garden Inn Ann Arbor and the TownePlace Suites by Marriott Ann Arbor. Located near the University of Michigan, one of the leading universities in the country and home to nearly 48,000 undergraduate and graduate students, the 130-room Hilton Garden Inn Ann Arbor and 97-room TownePlace Suites by Marriott Ann Arbor are perfectly situated for the multiple demand drivers in Ann Arbor. The hotel...
Island Capital Group and MCR Acquire Sheraton New York Times Square Hotel for $373M
Island Capital | April 20, 2022
Joint venture marks the second high-profile hotel transaction between Island Capital and MCR and demonstrates continued optimism in the recovery of New York City's hospitality industry NEW YORK, April 20, 2022 -- MCR, a leading hotel investor and the third-largest hotel owner-operator in the United States, and Island Capital Group LLC ("Island Capital"), a leading international real estate merchant bank that controls a diverse group of real estate services companies engaged in fund management, principal investment, and financial advisory and consulting services, today announced that they have jointly acquired the Sheraton New York Times ...
Fullsteam Acquires IQware Inc and Megasys Hospitality Solutions
Fullsteam Holdings LLC. | April 19, 2022
Fullsteam strengthens its position in the Hospitality Industry by acquiring IQware Inc. and Megasys Hospitality Solutions. Laval, Quebec, Canada - Fullsteam, a holding company acquiring software and payments businesses, announced its March 2022 acquisition of IQware Inc and Megasys Hospitality Solutions, leading providers of hospitality management solutions. IQware Inc and Megasys were merged at the end of 2021 to create an industry-leading software and services solution for hotels, condo-hotels, state parks, and other recreational facilities. Both companies have long served the hospitality market with deep expertise, understanding, and ...
Vivo Investment Group Acquires 710-Key Hotel Complex in Baltimore, MD
Vivo | April 19, 2022
Plans Major Conversion to Create Needed Downtown Housing El Segundo, CA (April 19, 2022) – Vivo Investment Group (“Vivo”) has acquired the dual-branded Holiday Inn and Radisson Hotel in Downtown Baltimore’s Inner Harbor with plans to convert the twin tower high-rise property into a multifamily community. The vacant hotel towers occupying an entire city block at 105 W. Fayette Street will be rebranded as Vivo Baltimore and will offer studio, one- and two-bedroom units with amenities found in Class A apartments at rents more affordable than the competitive set in the area. “Some renters in Baltimore are spending 50% of their income...
Remington Hotels Acquires Chesapeake Hospitality
Remington Hotels | April 18, 2022
DALLAS, TX — April 18, 2022 — Remington Hotels, a dynamic and growing hotel management company, has acquired Chesapeake Hospitality’s hotel management expertise, and legacy of excellence. With 65 years of experience helping hotel owners and real estate investors in the eastern United States discover their properties’ full potential, Chesapeake joins Remington with a complementary vision and mission. The acquisition expands Remington’s footprint to Midwestern markets, including Pittsburgh, Milwaukee, Detroit, and St. Louis. Additionally, Remington will expand its portfolio of IHG & Independent properties in several locations ...
Boutique Hotel The Georges Acquires Neighboring Sheridan Livery Building
The Georges | April 7, 2022
LEXINGTON, VA – April 7, 2022 – The Georges, an award-winning boutique hotel in Lexington, Virginia, announced today it has acquired the neighboring Sheridan Livery Building, currently the home of the Tonic Restaurant and Inn. This addition will expand The Georges from 21 guest rooms to 33 and provide more banquet and event space to benefit guests and the community. Dating back to 1887, the historic Sheridan Livery Building originally served as a horse stable and stagecoach depot and has an important place in Main Street Lexington’s history. The Georges’ owner Ann Parker Gottwald will lead the hotel’s renovation with the same r...
Trinity Investments and Oaktree Acquire 530-Key Hyatt Regency Indian Wells Resort & Spa
Trinity Real Estate Investments LLC | April 4, 2022
INDIAN WELLS, CA - April 4, 2022 - A joint venture among funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) today announced the acquisition of Hyatt Regency Indian Wells Resort & Spa, a 530-key hotel located in the Greater Palm Springs area, one of the top drive-to resort markets in the country. Trinity and Oaktree intend to undertake a multi-million-dollar capital improvement plan to reposition the resort, and Hyatt Corporation will continue to manage Hyatt Regency Indian Wells Resort & Spa under a long...
Salter Brothers’ Recent Travelodge Portfolio Acquisition to Join Accor in 2023
SALTER BROTHERS | April 1, 2022
In one of Australia’s largest hotel management portfolio agreement deals for over a decade, Salter Brothers has announced that its portfolio of hotels, acquired as part of the recent Travelodge acquisition, will be joining the global hotel giant Accor at the start of the 2023 financial year. The management agreement, which includes an industry-leading link to ESG outcomes, will see its hotels (2000+ rooms) rebranded to ibis Styles, Mercure and Novotel hotels when they join the 340+ Accor network of hotels, apartments and resorts across Australia. Paul Salter, Managing Director of Salter Brothers confirmed that the signing was an excitin...
