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
Braemar Hotels & Resorts Completes Acquisition Of The Mr. C Beverly Hills Hotel
Braemar Hotels & Resorts | August 6, 2021
DALLAS - August 6, 2021 - Braemar Hotels & Resorts Inc. today announced that it has completed the acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the "Mr. C" or the "Property"), previously announced on June 1, 2021. In addition, the Company acquired five luxury condominium residences adjacent to the hotel. The total consideration for the acquisition was $77.9 million and consisted of $65.4 million for the hotel ($474,000 per key) and an allocated price of $12.5 million for the five adjacent condominium units. The acquisition was funded with approximately $30 million of cash, 2.5 million ...
DiamondRock Acquires Two Hotels Combined Price of $108.6 Million
DiamondRock Hospitality | August 5, 2021
BETHESDA, Md. - August 5, 2021 - DiamondRock Hospitality Company today announced that it has acquired the Bourbon Orleans Hotel ("Bourbon Orleans" or the "Hotel"), a lifestyle boutique hotel on the famed Bourbon Street in the French Quarter of New Orleans, Louisiana, and Henderson Park Inn (the "Resort"), a beachfront resort situated on the Emerald Coast in Destin, Florida. The combined purchase price for the two hotels is $108.6 million. Inclusive of transaction costs, the total investment is $117.4 million. The total investment in the 220-room Bourbon Orleans Hotel represents a 7% capitalization rate on 2019 net operating income ...
Chatham Lodging Trust Acquires Two Extended-Stay Hotels in Austin, Texas
Chatham Lodging Trust | August 4, 2021
WEST PALM BEACH, Fl — August 4, 2021 — Chatham Lodging Trust, a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that the company has acquired in an off-market transaction two, high-quality, premium-branded hotels comprising 269 rooms at the Domain in Austin, Texas, for $71.2 million, or approximately $265,000 per room (the “Austin Acquisitions”). The acquired hotels include the 132-room Residence Inn Austin Domain, which opened in July 2016, and the 137-room TownePlace Suites Austin Domain, which opened in June 2021. Upon stabil...
Oxford Capital Group, LLC Acquires Thompson Chicago
Thompson Chicago | August 4, 2021
CHICAGO – August 4, 2021 — Oxford Capital Group, LLC today announced the acquisition of the 247-room, luxury lifestyle hotel Thompson Chicago, located in the prestigious Gold Coast neighborhood. Oxford Capital Group’s wholly owned affiliate, Oxford Hotels & Resorts, LLC, also takes over management of the property as of today. Thompson Chicago joins Oxford’s growing national lifestyle hotel portfolio, which includes Godfrey Hotels in Chicago, Boston, Tampa, and Hollywood (with several additional locations in the pipeline); LondonHouse; Hotel Julian; Le Méridien Essex Chicago; Hotel Griffon; Hotel Vertigo; and others...
RLJ Lodging Trust to Acquire Hampton Inn & Suites Atlanta Midtown for $50 Million
RLJ Lodging Trust | July 28, 2021
BETHESDA, Md. – July 28, 2021 – RLJ Lodging Trust today announced that it is under contract to acquire the fee simple interest in the newly-built, 186-room Hampton Inn & Suites Atlanta Midtown (the “Hotel”) for a purchase price of $58.0 million in cash. Upon stabilization, the Company expects the Hotel to generate an estimated 8.0% to 8.5% NOI yield. “We are pleased to acquire this high-quality, young asset in one of the fastest growing markets in the country,” commented Leslie D. Hale, President and Chief Executive Officer. “Midtown Atlanta is a top submarket, and this property is located within the heart of dema...
Linchris Acquires Hotel Silver Spring
Linchris | July 28, 2021
PLYMOUTH, MA – July 28, 2021 – Linchris Capital Opportunity Fund II, LP (including its affiliate, the “Fund”), which is managed by an affiliate of Linchris Hotel Corp., today announced the acquisition of Hotel Silver Spring, formerly Sheraton Silver Spring Hotel. Hotel Silver Spring is located in the center of the Arts District in Downtown Silver Spring within walking distance to shops and restaurants. The AFI Silver Theater & Cultural Center and Live Nation’s Fillmore Silver Spring concert venue headline the list of local attractions in the neighborhood. Hotel features include the Mica Restaurant & Lounge offering breakfas...
Napali Capital/Napali Hospitality Group Acquires Tru by Hilton Dallas Market Center
Napali Capital | July 27, 2021
ROANOKE, Texas - July 27, 2021 - Napali Capital, LLC, a leading Texas-based real estate investment company, today announced the acquisition of Tru by Hilton Dallas Market Center in Dallas, Texas. Originally constructed as a bank in 1965 (and operated as an office building prior to the renovation), the hotel opened in January 2021 as Tru by Hilton Dallas Market Center, following a comprehensive gut renovation which included a complete modernization of both the interior and exterior of the building. Today the hotel represents the newest upper-midscale lodging asset in the Dallas Central Business District/Market Center STR tract. Fea...
Outrigger Resumes Acquisition of Hawaii’s Sheraton Kona Resort & Spa at Keauhou Bay
Outrigger Hotels and Resorts | July 27, 2021
HONOLULU – July 27, 2021 – Outrigger Hospitality Group announced today that it has revived its plan to acquire ownership of Sheraton Kona Resort & Spa at Keauhou Bay, a 509-room property in a prime oceanfront location on the Island of Hawai‘i. The transaction is expected to close in late August 2021, at which time the property will be rebranded as Outrigger Kona Resort and Spa. With nearly 75 years of successful leadership in Hawai‘i’s hospitality industry and 25 hotels, resorts and vacation condos across the Hawaiian Islands – Outrigger is uniquely positioned to steward this property. “We are grateful for the opportu...
Dynamic City Capital Acquires AC Hotel by Marriott® Seattle Bellevue/Downtown
Dynamic City Capital | July 26, 2021
PROVO, Utah - July 26, 2021 - Dynamic City Capital (DCC), a Utah-based real-estate investment firm focused on acquiring and developing premium-branded hotels, today announced the acquisition of the AC Hotel by Marriott® Seattle Bellevue/Downtown (AC Hotel Seattle Bellevue). The seven-story, 234-room hotel in the heart of Bellevue is within short walking distance to the Meydenbauer Center, Bellevue Plaza, Bellevue City Hall, and Lincoln Square North. With easy access to Seattle and countless nearby businesses, restaurants, and shops, the location caters to the business, government, or tourism traveler. "We are excited to enter the Pac...
Pebblebrook Hotel Trust Acquires Iconic 200-Room Jekyll Island Club Resort for $94 Million
Pebblebrook Hotel Trust | July 23, 2021
BETHESDA, Md. - July 23, 2021 - Pebblebrook Hotel Trust today announced that it acquired the Jekyll Island Club Resort for $94.0 million. The 200-room resort is listed in the National Register of Historic Places and is located in the heart of Jekyll Island, one of the renowned Golden Isles off the coast of Georgia. The Company retained Noble House Hotels & Resorts (“Noble House”) to manage the resort. Jekyll Island Club Resort includes the Jekyll Island Club, located on the East River, which features 159 guest rooms and suites inspired by late 19th-century charm and décor across four landmarked buildings, each with a custom design...
Union Investment Acquires New Operators for Hotels in New York City and Portland
| July 23, 2021
Hamburg - July 23, 2021 - Union Investment has acquired two new, big-name operators for its hotels in New York City and Portland, both of which are held by UniImmo: Global. Motel One has signed a 20-year lease for the hotel in New York City. In Portland, Oxford Capital Group, LLC will take over as tenant and manager of The Porter hotel. The hotel will continue to form part of the Curio Collection by Hilton. The hotel in New York City has already been handed over to Motel One, and the hotel in Portland is also due to be handed over in July. . “In this challenging market environment, we’re pleased to have found solutions that secure a vi...
Noble Acquires the Hampton Inn and Home2Suites by Hilton Tampa Downtown | Channel District
Noble Investment Group | July 23, 2021
Atlanta, Georgia – July 23, 2021 – Noble Investment Group today announced the acquisition of Hampton Inn and Home2Suites by Hilton Tampa Downtown | Channel District and Starbucks Coffee Channel District. Opened in July 2019, these newly built dual-brand hotels and retail Starbucks Coffee store are located in Tampa, Florida’s rapidly growing Downtown Channel District. Tampa is a vibrant metropolitan city that enjoys a depth and breadth of leisure, corporate, healthcare, and government demand. The market is anchored by 6.5 million square feet of office space, the 1,000-bed Tampa General Hospital, and the 600,000 square foot Tampa ...
Sandpiper Lodging Trust Acquires Two Savannah Suites Extended Stay Hotels in Colorado and Texas
Sandpiper | July 23, 2021
Richmond, Va. – July 23, 2021 – Sandpiper Lodging Trust is pleased to announce the acquisition of two Savannah Suites Extended Stay hotels. One hotel is located just outside of Denver in Arvada, CO, while the other hotel is in Pleasanton, TX, located near San Antonio. SLT will convert the 116-room Arvada, CO hotel into a Suburban Extended Stay hotel, part of the Choice Hotel Group, and the 64-room Pleasanton, TX hotel into an independent extended-stay hotel. Terms of the transaction and brand conversion were not disclosed. Carter Rise, CEO of SLT, stated, “We are extremely excited to add these two hotels to the Sandpiper Lodging Trust ...
Outrigger Hospitality Group Acquires Three Thailand Resorts
OUTRIGGER HOSPITALITY GROUP | July 21, 2021
PHUKET, THAILAND - July 21, 2021 - Outrigger Hospitality Group announced today that it has completed its purchase of the Manathai Hotels and Resorts brand - inclusive of three premier beach resorts in southern Thailand. The resorts consist of 372 keys in three of the most sought-after beach locations in Asia. Outrigger will refresh the former Manathai Koh Samui, Manathai Khao Lak and Manathai Surin Phuket before rebranding and re-opening by the year-end high season as Outrigger Koh Samui Beach Resort, Outrigger Khao Lak Beach Resort and Phuket Manathai by Outrigger®. The investment is directly aligned with Outrigger’s strategic bus...
MCR Purchases The Lexington Hotel, Autograph Collection by Marriott, in New York City for $185 Million
MCR | July 20, 2021
NEW YORK — July 20, 2021 — MCR, the country’s 4th-largest hotel owner-operator — has acquired the 725-room The Lexington Hotel for $185 million, which equates to $255,000 per guestroom. The hotel was purchased by MCR in a joint venture transaction with Island Capital Group and Three Wall Capital LLC. Located along Lexington Avenue’s Hotel Alley at 48th Street, the iconic Lexington Hotel was landmarked in 2016 as one of the most architecturally significant properties in Manhattan. Since its opening in 1929, The Lexington Hotel has housed historic figures, international celebrities, world leaders and renowned sports icons. Specialt...
TPG Hotels, Resorts & Marinas Acquires Danfords Hotel, Marina & Spa in Port Jefferson, New York
TPG Hotels, Resorts & Marinas | July 15, 2021
Providence, RI – July 15, 2021 – TPG Hotels, Resorts & Marinas, one of the nation’s premier hospitality management firms, today announced that it acquired the iconic Danfords Hotel, Marina & Spa located in Port Jefferson, New York. Surrounded by spectacular views of Long Island Sound – and nestled in the heart of historic Port Jefferson Village – Danfords Hotel, Marina & Spa boasts 92 upscale guest rooms and suites and a world-class marina featuring more than 100 slips and over 1,000 feet of side to tie with the capacity to accommodate vessels up to 250’ in length. Danfords onsite restaurant and lounge, WAVE, offers ...
Alpental Capital, Solid Rock Group, and Taconic Capital Acquire The Sheraton Denver Tech Center
Alpental Capital | July 14, 2021
Alpental Capital, Solid Rock Group, and Taconic Capital together have announced the acquisition of the Sheraton Denver Tech Center, a 263-room hotel located in Greenwood Village, CO. The partnership purchased the Sheraton as part of the bankruptcy auction of Singapore’s Eagle Hospitality Trust, that involved the sale of 14 properties total hotels for a price of $481.9 million. The Sheraton has been closed since March 2020, when COVID began to impact the hotel industry, and has remained closed through the prior owner’s bankruptcy process. The Sheraton’s new ownership group plans to reopen the hotel in August 2021 and occupancy is ...
MCR Purchases Five Marriott and Hilton Hotels for $94 Million
MCR | July 13, 2021
NEW YORK - July 13, 2021 - High five! MCR, the country’s 4th-largest hotel owner-operator, has acquired a quintet of premium-branded hotels in Texas and Washington. Totaling 674 rooms, the five hotels are situated in some of the highest growing metropolitan regions in the United States, including the aerospace hub of Renton, Washington (which has pumped out 14,500 Boeing airplanes!), Dallas’s Telecom Corridor and Houston’s Energy Corridor. The portfolio includes four Marriotts and one Hilton. MCR purchased the five hotels for $94 million. Located directly across from Boeing’s one-million-square-foot Renton airplane assembly plan...
Summit Hotel Properties Completes Acquisition of Residence Inn by Marriott Steamboat Springs
Summit Hotel Properties | July 12, 2021
AUSTIN, Texas - July 12, 2021 - Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced acquisition of the 110-guestroom Residence Inn by Marriott Steamboat Springs for $33.0 million through its joint venture with GIC. The Company funded its 51% interest in the joint venture acquisition using approximately $17 million of cash on-hand. Additionally, the Company still has nearly $425 million of total liquidity and over $150 million of current investment capacity permitted under credit facility amendments to pursue future investment opportunities. ...
Rockbridge Acquires The Island Resort in Fort Walton Beach, Florida
ROCKBRIDGE | July 12, 2021
COLUMBUS, Ohio – July 12, 2021 – Rockbridge announced the acquisition of the 331-room Island Resort in Fort Walton Beach, Florida, located on 11 acres of irreplaceable real estate with 600 feet of private, lush beach. Rockbridge acquired the property from the original owner, who recently invested $20 million to fund extensive renovations that reinforce its standing as a premier resort operation in the Florida Panhandle. With spacious beachfront suites and comfortable poolside rooms, The Island Resort is the only dedicated, full-service property in the market and offers 24,000 square feet of flexible meeting space with a penthouse ...
KSL Capital Partners Acquires Four Beachfront Assets in Islamorada, Florida; Davidson Hospitality Group Selected to Manage
Davidson Hospitality Group | July 8, 2021
Amara Cay Resort, La Siesta Resort & Marina, Pelican Cove Resort & Marina and Postcard Inn Beach Resort & Marina under new ownership and management ATLANTA (July 8, 2021) – Leading hospitality management company, Davidson Hospitality Group, has been tapped by an affiliate of KSL Capital Partners, LLC to manage four distinctive beachfront hotels in Islamorada, Florida: Amara Cay Resort, La Siesta Resort & Marina, Pelican Cove Resort & Marina and Postcard Inn Beach Resort & Marina. As part of the transition, there are plans for extensive renovations and impactful enhancements to the guest experience. The boutique...
Driftwood Capital Acquires Hotel Indigo® Houston at the Galleria
Driftwood Capital | July 8, 2021
HOUSTON – July 8, 2021 – Driftwood Capital, a vertically integrated commercial real estate investment, development, and lending platform specializing in hospitality, announces it has acquired the Hotel Indigo® Houston at the Galleria, a 131-key hotel located in Houston’s Uptown submarket. Driftwood Capital, which provides high-net-worth investors direct access to institutional-quality hotel assets through its unique syndication model, acquired the property through its acquisition GP fund, which targets hotel acquisition opportunities in the $30 million to $150 million range. The property will be open for syndication beginning on Septe...
DiamondRock Hospitality Company Completes Disposition of 725-Room Lexington Hotel in New York City
DiamondRock Hospitality Company | July 6, 2021
BETHESDA, Md., July 6, 2021 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) announced today that it completed the disposition of the 725-room Lexington Hotel in New York City on June 30, 2021 for $185.3 million. Including the Company's projected capital expenditures, the sale price represents a 14.2x multiple on 2019 Hotel EBITDA and a 5.4% capitalization rate on 2019 Hotel net operating income. The Company intends to redeploy the net proceeds from the sale to acquire high-growth experiential resort and urban lifestyle hotels aligned with its investment strategy. "We are pleased to announce the closing of this trans...
Host Hotels & Resorts Acquires Baker’s Cay Resort Key Largo for $200 Million
Host Hotels & Resorts | July 6, 2021
BETHESDA, MD - July 6, 2021 - Host Hotels & Resorts, Inc. (NASDAQ: HST), the nation's largest lodging real estate investment trust (the "Company"), today announced that it has acquired the fee simple interest in the 200-room Baker’s Cay Resort Key Largo, Curio Collection for approximately $200 million in cash. The purchase price represents an estimated 6.2% capitalization rate and a 14.5x EBITDA multiple based on 2021 property forecasts.(1) James F. Risoleo, President and Chief Executive Officer, said, “We are pleased to announce the off-market acquisition of our first hotel in the Florida Keys which we believe will improve the...
