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
Rockbridge Acquires Hyatt House Chicago West Loop / Fulton Market
Rockbridge | August 19, 2024
COLUMBUS, Ohio – August 19, 2024 – Owner and developer Rockbridge announced the acquisition of the 200-room Hyatt House Chicago West Loop / Fulton Market. The Hyatt House hotel is located near Chicago’s downtown West Loop and Fulton Market, a premiere hub for corporate campuses including McDonald’s global headquarters as well entertainment, restaurants, and nightlife. The hotel is a home away from home for both business and leisure guests who are visiting the city and seeking to experience the unique culture and features that define Chicago. Fulton Market has rapidly grown into the premier destination for office, residential, re...
Hyatt Completes Sale of Hyatt Regency Orlando for $1.07 Billion
Hyatt Hotels Corporation | August 19, 2024
CHICAGO (August 19, 2024) – Hyatt Hotels Corporation (NYSE:H) today announced that an affiliate of Hyatt has completed the sale of the 1,641-room Hyatt Regency Orlando and adjacent 45 acres of land to affiliates of RIDA Development Corporation and an Ares Management Real Estate fund (“Ares”) for approximately $1.07 billion, while retaining a long-term management agreement under the Hyatt Regency brand. In connection with the transaction, Hyatt retained $265 million of non-controlling preferred equity and provided an additional $50 million of seller financing for the adjacent 45-acre parcel. The sale of Hyatt Regency Orlando is...
The Historic Jekyll Island Club Names Shane Pappas Managing Director
Jekyll Island Club | August 16, 2024
JEKYLL ISLAND, Ga. (August 16, 2024) - - Don Dennis, president of operations for Noble House Hotels & Resorts announced the appointment of veteran hotelier Shane Pappas as managing director of the historic Jekyll Island Club Resort, and its oceanfront boutique sister, the Jekyll Ocean Club. Pappas rejoins Noble House following his tenure as opening general manager of the Southall Farm and Inn near Nashville TN. “Shane has an outstanding resume that includes some of the most renowned luxury resorts in the country,” said Dennis. “He’s perfect to lead this beloved resort at this stage of it’s history; fresh from an extensive ...
Hyatt Centric Downtown Denver Appoints Michelle Martinez as New Director of Sales
Hyatt Centric Downtown Denver | August 15, 2024
August 15, 2024, DENVER, CO - Hyatt Centric Downtown Denver proudly appoints Michelle Martinez as the new Director of Sales. With over 18 years of experience in various capacities, primarily in sales, Michelle brings a wealth of knowledge and a deep-rooted passion for hospitality to the sales team at one of Denver’s top-ranking boutique lifestyle hotels. “What excites me about this venture is that it’s my first time working for Hyatt Centric, and this property has so much to offer, not just in terms of its central location but all of the amazing amenities and flexible meeting and event spaces,” says Martinez. “I look forward to le...
Sayaji Pune Welcomes Rajendra Singh as New Executive Chef
Sayaji Hotels | August 15, 2024
Pune, August 2024: Sayaji Pune is delighted to announce the appointment of Rajendra Singh as the new Executive Chef. With nearly 19 years of professional culinary experience and a distinguished focus on Indian cuisine, Chef Singh brings a wealth of knowledge and expertise to the esteemed culinary team at Sayaji Pune. Rajendra Singh's core competencies include menu creation, culinary expertise, leadership, and training. His extensive experience encompasses managing production, inventory, equipment, and ensuring compliance with food quality standards. Chef Singh has excelled in building and nurturing customer relationships, while leading and t...
Lang & Schwander Principals Acquire Hotel Engadinerhof in Switzerland
Lang & Schwander | August 15, 2024
Renovation and repositioning of historic property in Pontresina will showcase Lang & Schwander’s multiple hospitality verticals within their existing ecosystem MIAMI, FL (Aug. 15, 2024) – Sebastian Lang and Marcus Schwander, founding partners of Miami-headquartered Lang & Schwander, a hotel interior design firm specializing in FF&E (furniture, fixtures, and equipment), have acquired the Hotel Engadinerhof, located in Pontresina, a picturesque mountain village in southeast Switzerland. Terms of the sale were not disclosed. The 85-key hotel, which originally opened in 1905, complements the idyllic Swiss locale with its Bel...
Zleep Hotels Merges With Core Hospitality
Core Hospitality | August 14, 2024
All 14 Zleep Hotels in Denmark are merging with the management company Core Hospitality to create one of the largest hotel operators in the country. Danish hotel company Zleep Hotels A/S is merging with the third-party hotel management company Core Hospitality A/S, creating the 4th largest hotel operating company from Denmark. The merger happens immediately after a split with Deutsche Hospitality; while the German hotel group now owns 100% of the Zleep Hotels brand, Core Hospitality owns 100% of the operations in Denmark. Combined, the new management company will continue as “Core Hospitality”, signifying its multi-brand strategy a...
South Street Partners and TPG Acquire The King and Prince Beach & Golf Resort on St. Simons Island From MMI Hospitality Group
South Street Partners | August 13, 2024
ST. SIMONS ISLAND, Ga., Aug. 13, 2024 -- South Street Partners ("South Street"), a leading private equity real estate investment firm headquartered in Charlotte and Charleston, and TPG Real Estate, the dedicated real estate platform of global alternative asset management firm TPG, announced today that they have formed a joint venture (the "JV") to acquire The King and Prince Beach & Golf Resort ("The King and Prince" or "the resort"), the largest beachfront resort in coastal Georgia's Golden Isles. South Street and TPG Real Estate are acquiring the resort and golf club from MMI Hospitality Group ("MMI"), a Mississippi-based, ...
MHG Hotels Acquires Homewood Suites Bloomington, IN
MHG Hotels | August 8, 2024
Bloomington, IN – August 8, 2024 – MHG Hotels is proud to announce the acquisition of the Homewood Suites Bloomington, located at 1399 Liberty Drive, Bloomington, IN. This well-regarded property is ideally positioned near Indiana University, providing easy access to the campus, sports events, and cultural attractions. Sanjay Patel, President and CEO of MHG Hotels, commented, "This acquisition reinforces our commitment to expanding our footprint in key markets. We are excited about the opportunities this property presents in Bloomington, especially given our strong presence in the area with existing hotel, apartment community, and anothe...
Noble Acquires Courtyard by Marriott Jacksonville Beach Oceanfront
Noble Investment Group | August 6, 2024
Atlanta, Georgia (Tuesday, August 6, 2024) – Noble Investment Group ("Noble") today announced the acquisition of the Courtyard by Marriott Jacksonville Beach Oceanfront. Located on the shores of Jacksonville Beach, the hotel will undergo a comprehensive enhancement to all hotel guestrooms and suites, public areas, and meeting and event spaces. Jacksonville, Florida, is a rapidly growing metropolitan city known for its high quality of life and business-friendly environment. In 2024, new census data shows Jacksonville is among the fastest growing cities in the U.S., and the city was ranked among the list of the best large cities to start a ...
NexGen Hotels Acquires The Cole Hotel in Palm Springs, California
NexGen Hotels | August 6, 2024
NexGen Hotels Expands its Portfolio into the California Market Palm Springs, CA – August 6, 2024 – NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of The Cole Hotel in Palm Springs, California. Located at 2323 North Palm Canyon Drive, the boutique hotel will be managed by Genuine Hospitality Group of St. Louis, Missouri. The Cole Hotel is nestled at the base of the majestic San Jacinto Mountains and is the perfect desert oasis whether looking to be laid-back poolside or out for adventure. The 30-room hotel offers guests convenient access to the scenic trails of th...
RLJ Lodging Trust Acquires Hotel Teatro in Denver, Colorado
RLJ Lodging Trust | August 2, 2024
BETHESDA, M.D.--RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that it has acquired the fee simple interest in the 110-room Hotel Teatro in Denver (the “Hotel”) for a purchase price of $35.5 million. The Hotel was redeveloped into an independent boutique lifestyle hotel following the transformational conversion of the historic Denver Tramway Company office building, built circa 1911. The hotel is expected to generate over a 10% stabilized yield. “We are pleased to expand our footprint in Denver by acquiring this unique boutique lifestyle hotel located in a prime location within Denver, in an off-market deal,” com...
Host Hotels & Resorts Acquires 1 Hotel Central Park in New York City
Host Hotels & Resorts, Inc. | August 1, 2024
BETHESDA, Md., August 1, 2024-- Host Hotels & Resorts, Inc. (NASDAQ: HST) (“Host” or the “Company”), the nation’s largest lodging real estate investment trust, today announced that it has acquired the fee simple interest in the 234-room 1 Hotel Central Park (the “Property”) for approximately $265 million in cash. The acquisition price represents an 11.1x EBITDA multiple or a cap rate of approximately 8.1% on the Property’s 2024 estimated results1. The Property is expected to be among Host’s top-10 assets based on estimated full year 2024 results, with expected RevPAR of $545, Total RevPAR of $735, and EBITDA per key o...
Frontier Development & Hospitality Group LLC Acquires the Cambria Washington D.C. Downtown/Convention Center
Frontier Development & Hospitality Group | August 1, 2024
Washington, D.C. (August 1, 2024) – Frontier Development & Hospitality Group LLC and its joint venture partner Basis Investment Group announced today the acquisition of the Cambria Washington DC, Downtown/Convention Center, a 182-key hotel located at 899 O Street NW, Washington, D.C. 20001. The hotel has joined Hyatt's portfolio as Hyatt Washington DC / Convention Center and now participates in Hyatt's award-winning loyalty program, World of Hyatt loyalty, which allows members to have the opportunity to earn and redeem points on stays at the hotel and across the World of Hyatt portfolio. The hotel has also commenced a comprehensive pro...
Highline Hospitality Partners Expands Into Washington D.C. Metro Area With Acquisition of Hilton Garden Inn Arlington Courthouse Plaza
Highline Hospitality Partners | July 31, 2024
ARLINGTON, VA - JULY 31, 2024 - Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners, has acquired the Hilton Garden Inn Courthouse Plaza Arlington Courthouse Plaza. The 193-room, premium select-service hotel marks HHP’s 12th property and its first venture into the Washington DC metro area. Situated in Arlington’s Rosslyn-Ballston corridor, the hotel is ideally situated in Northern Virginia’s stable and growing demand generators, including the Pentagon, Amazon’s HQ2 and the burgeoning defense and tech corporate sectors. The hotel is also conveniently located within walki...
Bally’s Enters Into Merger Agreement With Affiliates of Standard General L.P.
Bally’s Corporation | July 25, 2024
Bally’s Stockholders to Receive $18.25 per Share in Cash, Representing a 71% Premium to the Company’s 30-day Volume Weighted Average Price Prior to the Initial Standard General Proposal Bally’s Special Committee Unanimously Recommended and Board of Directors Approved the Transactions and the Per Share Cash Merger Consideration In Lieu of Receiving the Per Share Cash Merger Consideration, Bally’s Stockholders Can Elect to Remain Invested in the Company via Rollover ElectionBally’s to be Combined with The Queen Casino & Entertainment PROVIDENCE, R.I.-- Bally’s Corporation (“Bally’s” or the “Company”) (NYSE: BALY) an...
Valencia Hotel Group Secures Largest Equity Raise to Date, Acquiring Cavalry Court and The George in College Station, Texas
Valencia Hotel Group | July 24, 2024
HOUSTON, TX – Valencia Hotel Group is thrilled to announce a major achievement in its growth trajectory with the successful completion of its largest equity raise to date. This landmark investment facilitates the acquisition of Cavalry Court and The George, two premier boutique hotel properties located in the heart of College Station, Texas. With this significant expansion, Valencia Hotel Group now holds majority interest in all hotels within its management portfolio. The acquisition of these distinguished hotels was made possible through the purchase of the controlling interest from Harrison Street, a leading investment management firm ...
Braemar Hotels & Resorts Closes Sale of Hilton La Jolla Torrey Pines for $165M
Braemar Hotels & Resorts | July 18, 2024
DALLAS, July 18, 2024 -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that it has closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). Including anticipated capital expenditures of $40 million, the sale price represents a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024. The Company continues to evaluate the sale of two more hotels, subject to market conditions, to be completed in 2024 and 2025, respectively. "We are pleased to announce the closing of the sale of the Hilton...
Paramount Lodging Advisors (PLA) Arranges the Sale of the Doubletree Jersey City
Paramount Lodging Advisors | July 17, 2024
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Doubletree Jersey City. PLA transacted the 198-room asset through a receiver sale. The buyer purchased the property with an assumption of the existing CMBS debt. Sales efforts were led by PLA Principals Bennett Webster and Brent Clemens, and PLA director Sean Banilivy. “Our team remains bullish on the market and we look forward to continued strong positive RevPAR trajectory for New York City and surrounding areas. We were pleased to be able to trade with the debt assumption amidst continued uncertainty in capital markets,” noted Webster. PLA is now also...
Xenia Hotels & Resorts Completes Disposition of Lorien Hotel & Spa
Xenia Hotels & Resorts | July 10, 2024
ORLANDO, Fla., July 10, 2024-- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has completed the disposition of the 107-room Lorien Hotel & Spa in Alexandria, VA, for $30 million, or approximately $280,000 per key. The sale price represents a 21.3x multiple and a 3.1% capitalization rate on Hotel EBITDA and Net Operating Income for the trailing twelve months ended May 31, 2024, respectively. Proceeds will be utilized for general corporate purposes, which may include share repurchases, debt repayment, capital expenditures and acquisitions consistent with the Company's long-term strategy....
Room Mate Hotels Expands Presence Across Spain With Acquisition of Staying Valencia
Room Mate Hotels | July 8, 2024
MADRID--Room Mate Hospitality & Leisure, S.L. (“Room Mate Hotels”), a leading lifestyle hotel brand and lease management company headquartered in Madrid, today announced the acquisition of Staying Valencia, a portfolio of boutique hotels and aparthotels in Valencia. This strategic acquisition marks a significant milestone in Room Mate Hotels’ expansion strategy, bolstered by the support of TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG, and Westmont Hospitality (“Westmont”), which together acquired Room Mate Hotels in 2022. Staying Valencia operates a portfolio of 10 boutique properties ...
Blackstone Real Estate Acquires Village Hotels
Blackstone Real Estate | June 28, 2024
LONDON, UK – June 28, 2024 – Blackstone Real Estate (“Blackstone”) announced on June 26th that funds managed by Blackstone have completed the acquisition of Village Hotels, a hotel owner, operator and developer, from affiliates of KSL Capital Partners, a leading investor in travel and leisure businesses. Village Hotels owns and operates 33 well-located assets in large regional cities and suburban areas across the UK. Representing 4,400 hotel keys, it operates as an “all under one roof” leisure destination, offering traditional full-service hotel stays, fitness clubs, food and beverage outlets, and co-working spaces. Thanks to i...
Hyatt Acquires The Me and All Hotels Brand From Lindner Hotels AG to Unlock Growth in New European Markets
Hyatt Hotels Corporation | June 28, 2024
Builds on strategic collaboration with German Lindner Hotel Group, with plans to increase footprint of fast-growing upscale brand me and all hotels as part of Hyatt’s lifestyle portfolio CHICAGO--Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has acquired the me and all hotels brand from Lindner Hotels AG (Lindner) to unlock growth in new European markets and build on Hyatt’s strong momentum in the region. This move builds on the successful strategic collaboration that Hyatt and Lindner entered into in 2022, which significantly increased Hyatt’s brand footprint in Germany and Europe, with the subsequent in...
McKibbon Acquires the Courtyard Atlanta Buford Mall of Georgia
Hunter Hotel Advisors | June 28, 2024
ATLANTA (June 28, 2024) — Hunter Hotel Advisors ("HUNTER") today announced the successful sale of the Courtyard Atlanta Buford Mall of Georgia. An institutional seller sold the property to McKibbon Income Fund I (“McKibbon”) for an undisclosed price on June 27, 2024. David Perrin, senior vice president out of HUNTER’s Atlanta office, facilitated the transaction. “We’re excited to be expanding our footprint in the Atlanta Metro with the purchase of Courtyard Buford,” said Matthew Ram, senior vice president of acquisitions at McKibbon. “It’s been a challenging transaction market over the last few years and we are pleased to ...
