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
Alpental Capital Acquires Courtyard Atlanta Airport West
Alpental Capital | July 1, 2021
Alpental Capital (“Alpental”), a Denver-based hotel investment group, announced the acquisition of the Courtyard Atlanta Airport West and has selected Providence Hospitality Partners to manage the hotel. The 128-room hotel is located in East Pointe, Georgia, three miles from Hartsfield-Jackson International Airport and just a 10-minute drive from downtown Atlanta. The hotel recently completed an extensive $1.6m guestrooms renovation in 2018-2019, and Alpental has continued capital improvements planned for the property to further enhance the guest experience. In addition to the recently renovated guestrooms, the four-story hotel fea...
Park Hotels & Resorts Completes Sale of the Hotel Indigo San Diego Gaslamp Quarter and Courtyard Washington Capitol Hill Navy Yard
Park Hotels & Resorts | July 1, 2021
TYSONS, Va., July 1, 2021 -- Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the sale of the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, for combined gross proceeds of $149 million, or approximately $360,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 7.0% capitalization rate on 2019 net operating income (7.4% excluding capex), or 12.8x 2019 EBITDA (12.2x excluding capex). Proceeds from the sale will be used to fully repay debt curre...
TPG Hotels, Resorts & Marinas Acquires the Historic Sherburne Inn in Nantucket, MA
TPG Hotels, Resorts & Marinas | June 29, 2021
Providence, RI – June 29, 2021 – TPG Hotels, Resorts & Marinas, one of the nation’s premier hospitality management firms, today announced that it had acquired the historic Sherburne Inn located at 10 Gay Street in the heart of Downtown Nantucket. Nestled on a quiet side street within walking distance of all popular Nantucket tourist destinations, restaurants, shopping, and beaches, The Sherburne Inn boasts eight (8) uniquely designed upscale rooms. “The Sherburne Inn is a unique and truly historic property located in the heart of Downtown Nantucket” states Robert Leven, Chief Investment Officer for TPG Hotels, Resorts, ...
AWH Partners and Funds Managed by Apollo Global Management Acquire DoubleTree Anaheim – Orange County
AWH Partners, LLC | June 29, 2021
NEW YORK — June 29, 2021 — AWH Partners, LLC and funds managed by a subsidiary of Apollo Global Management, Inc. (NYSE:APO) have acquired DoubleTree by Hilton Hotel Anaheim - Orange County. As a result of the deal, Spire Hospitality has taken over management of the property from Hilton Worldwide Holdings Inc. The financial terms of the transaction were not disclosed. “This acquisition, which took almost 12 months from agreement to closing and included assuming existing debt, required discipline and focus through much of the pandemic,” said Russell Flicker, co-founder and managing partner of AWH Partners. “The property’s adjac...
Kirkwood Collection Adds Iconic Seven Gables Inn on Monterey Bay to Historic Hotel Portfolio
KIRKWOOD COLLECTION | June 29, 2021
June 29, 2021 - Kirkwood Collection, a leader in the luxury boutique hotel space, announces the recent acquisition of Seven Gables Inn on Monterey Bay, expanding its portfolio to six properties. Building on Kirkwood’s reputation of blending timeless architecture with unforgettable guest experiences, Seven Gables Inn joins the Kirkwood Family of owned and operated design-driven hotels. This recent acquisition follows Kirkwood Collection’s successful addition and renovation of Garden Street Inn in San Luis Obispo and continues their expansion into California’s premier vacation destinations - including Santa Barbara, San Luis Obispo, Ranc...
Paramount Lodging Advisors Successfully Transacts Las Vegas Hotel
Paramount Lodging Advisors | June 29, 2021
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the property at located at 1440 E Craig Rd, North Las Vegas was represented by Associate, Suzanna Farley Aldrich. “The My Place Hotel Franchise added a new franchisee to its family with the sale of the North Las Vegas My Place Hotel. Congratulations to both the seller and the buyer! This property is a great addition to the buyers’ growing portfolio and allows the franchise to continue its impressive growth even in this challenging market,” stated Suzanna. The four-story, 63-room, MyPlace Hotel opened in 2018 in one of Nevada’s fastest-growing cities. The Hotel i...
MCR Acquires and Opens The Chambers Hotel in Downtown Minneapolis
MCR | June 28, 2021
NEW YORK — June 28, 2021 — It’s quite a showstopper! MCR - the country’s 4th-largest hotel owner-operator - has acquired the 60-room The Chambers Hotel on 9th Street and Hennepin Avenue in downtown Minneapolis’s historic theater district. MCR rebranded the hotel, formerly a Le Meridien, as an independent property, complete with a new logo and website. The logo, which has a simple, modern C, is a nod to the hotel’s name and the building’s shape. Throughout the hotel, design features incorporate double Cs in celebration of its home in the Twin Cities! Built in 1908, The Chambers Hotel is now open after being closed for near...
AMS Hospitality Acquires 97-Key Circa 39 Hotel in Miami Beach for $26.5M
Apex Capital Realty | June 24, 2021
MIAMI, FL - June 24, 2021 - APEX Capital Realty is proud to announce the recent closing of the 97 Key hotel – Circa 39. APEX represented AMS Hospitality and Black Salmon, as the buyer's broker in the acquisition of this site located at 3900 Collins Ave, Miami Beach Fl 33140. The property was owned by Thirtynine Collins LLC. The property is composed of 3 story 97 Key Hotel with a gross square footage of 35,647 SF building sitting on a 22,000 SF Lot. The Property last traded in 2008 for 8.2M. Miguel Pinto, President/ Broker of APEX Capital Realty, represented the buyer in this transaction and Samuel Heskiel and Marilina Apfelbaum...
Pebblebrook Hotel Trust to Acquire Margaritaville Hollywood Beach Resort in Hollywood, FL for $270 Million
Pebblebrook Hotel Trust | June 23, 2021
BETHESDA, Md. - June 23, 2021 - Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today provided an update on recent operating trends, which continue to improve each week. The Company expects to achieve positive Adjusted EBITDAre in the second quarter of 2021 and positive Adjusted Funds from Operations (“FFO”) in the third quarter of 2021. Please visit https://investor.pebblebrookhotels.com/investor-presentations-1/ to view the updated presentation the Company issued on its website with additional details on the current operating trends. The Company also announced that it executed a contract to acquire the 369-room Margarit...
Dreamscape Companies Acquires The Sheraton Grand Nashville Downtown
Dreamscape | June 22, 2021
New York, NY - June 22, 2021 - Dreamscape Companies, founded by real estate industry veteran Eric Birnbaum, announces the acquisition of The Sheraton Grand Nashville Downtown, a Nashville-based hotel known for its elevated comfort in the heart of Music City. A major milestone for Dreamscape, this newest addition to the company’s robust portfolio illustrates its commitment to the targeted goal of $1 billion in acquisition over the next 24 months, as well as signifies the company’s first foray into the Nashville market. As the exclusive hotel operating partner for Dreamscape Companies’ growing collection of hospitality proper...
Dynamic City Capital Acquires Element by Westin® in Anaheim, California
Element by Westin® | June 21, 2021
PROVO, Utah - June 21, 2021 - Dynamic City Capital (DCC), a Utah-based real-estate investment firm focused on premium-branded hotel investments, announced the acquisition of the Element Anaheim Resort Convention Center (Anaheim Element). The Anaheim Element is a recently completed hotel that will open in July 2021. "The acquisition of the Anaheim Element is exceptionally well aligned with our strategy of acquiring high-quality, branded hotels in core markets. We are thrilled to add a world-class hotel within walking distance to the premier theme park on the planet," stated Joel Sybrowsky, DCC's co-managing partner. "Consistent with the...
AMS Hospitality Group & Black Salmon Acquire Circa 39 Hotel in Miami Beach
AMS Hospitality | June 21, 2021
MIAMI – June, 21, 2021 – AMS Hospitality, the affiliate hospitality group of The Allen Morris Company, and Miami-based national commercial real estate investment firm Black Salmon announced today the acquisition of Circa 39 Hotel in Miami Beach. The 97-key boutique hotel marks the most recent acquisition for the group as part of its plans to acquire $300 million in hospitality assets across the U.S. The two firms have additional assets under contract throughout the southeast United States. Located at 3900 Collins Avenue, the Art Deco-style Circa 39 Hotel is across from the iconic Miami Beach boardwalk and housed within two buildings, ...
Lighthouse Investments and ESI Ventures Acquire the Hotel 1000 in Seattle
Evolution Hospitality | June 21, 2021
SAN CLEMENTE, CA – June 21, 2021 – Lighthouse Investments and ESI Ventures with equity financing from Kildare Partners has acquired the Hotel 1000 in Seattle and has selected Evolution Hospitality, the lifestyle operating division of Aimbridge Hospitality, to manage the hotel. The partnership plans to improve areas of the hotel including the spa, addition of a lobby lounge bar, updates to bathrooms and updating the golf simulator in partnership with a leading golf simulator company for an activated entertainment space. Plans also include joining Hilton’s LXR Hotels & Resorts distinctive properties. Located in the heart of Downtow...
Ohana Real Estate Investors Acquires Hyatt Regency Lost Pines in Texas
Ohana Real Estate Investors | June 17, 2021
REDWOOD CITY, Calif. - June 17, 2021 - Ohana Real Estate Investors (“Ohana”), a vertically integrated investment firm focused exclusively on full-service hotels, announced today that it has acquired the Hyatt Regency Lost Pines Resort & Spa, a 491-key resort located near Austin, TX, from an affiliate of Hyatt Hotels Corporation. This strategic transaction marks Ohana’s second Texas acquisition this month, as it recently purchased the La Cantera Resort & Spa in San Antonio. Set on 650 acres along the banks of Texas’ Colorado River between Austin and Bastrop, Texas, Hyatt Regency Lost Pines is a destination unto itself. The a...
Cerberus and Highgate to Acquire Dorsett City London Hotel
Cerberus | June 15, 2021
LONDON & NEW YORK - June 15, 2021 - Cerberus Capital Management, L.P. (together with its affiliates “Cerberus”) and Highgate today announced the signing of a Sale and Purchase Agreement (“SPA”) for the acquisition of Dorsett City London, located at 9-13 Aldgate High Street in London (the “Hotel”), from subsidiaries of Far East Consortium International Limited (“FEC”; SEHK: 35). Located in the heart of London’s financial district with a strong reputation for luxury and service, Dorsett City London is well-positioned to capitalize on the ongoing economic recovery. This transaction further strengthens Cerberus’ and Hig...
Ohana Real Estate Investors Acquires La Cantera Resort & Spa in San Antonio, Texas
Ohana Real Estate Investors | June 15, 2021
REDWOOD CITY, Calif. - June 15, 2021 - Ohana Real Estate Investors (“Ohana”), a vertically integrated investment firm focused exclusively on full-service hotels, announced today the acquisition of the La Cantera Resort & Spa, a 496-key luxury resort located in San Antonio, Texas, from USAA Real Estate. This transaction advances Ohana’s strategy to acquire high-quality hotel and resort properties across North America. Located at the highest elevation point in San Antonio on 550 acres, La Cantera Resort & Spa is a pristine oasis offering stunning views of the Texas Hill Country and is in close proximity to San Antonio attractio...
MCR Acquires Hilton Garden Inn Louisville Mall of St. Matthews
MCR | June 14, 2021
NEW YORK - June 14, 2021 - MCR takes the lead! The country’s 4th-largest hotel owner-operator has acquired the 150-room Hilton Garden Inn Louisville Mall of St. Matthews in the heart of Kentucky. The hotel is 10 minutes from Louisville International Airport and 15 minutes to downtown Louisville. But the real attraction is just a short drive away at the legendary Churchill Downs, home of the Kentucky Derby, the first race in the coveted thoroughbred Triple Crown. While the world waits with unbridled enthusiasm to find out whether this year’s winning colt, Medina Spirit, will keep his title, there’s plenty of action in town for ho...
Five Senses Hospitality Acquires Former Baymont Inn & Suites in Frisco, Colorado
| June 14, 2021
DENVER — June 14, 2021 — Denver-based hotel company Five Senses Hospitality has announced the acquisition of the former Baymont Inn & Suites in Frisco, Colorado. The deal is part of a joint venture with Bedford Lodging, a Dallas-based hotel development company founded by Jeff Blackman, with which Five Senses has an exclusive partnership to manage the day-to-day operations of its assets. The hotel will operate independently as the Summit Suites while undergoing an extensive renovation before joining the major hotel brand which will enhance their guest experience. “This is a very exciting opportunity to add a property at an attract...
Scarlett Hotel Group Acquires Wyndham San Antonio River Walk in Joint Venture With Trailbreak Partners
Scarlett Hotel Group | June 10, 2021
SAN ANTONIO - June 10, 2021 - Scarlett Hotel Group (SHG) announced today that the company has purchased the former Wyndham San Antonio River Walk, located at 111 East Pecan Street in San Antonio, as part of a joint venture with Trailbreak Partners. The new owners have closed the property to begin implementing plans for a $50 million overhaul of the hotel which will be transformed to a luxury, full-service, four-star, 390-room InterContinental hotel in early 2023. "Turning this property into a luxury hotel is an amazing opportunity for us to contribute to the city of San Antonio," said Zio Pekovic, principal and co-founder of SHG. "Sa...
Pebblebrook Hotel Trust Announces Update on Recent Operating Trends and Contract to Sell The Roger New York
Pebblebrook Hotel Trust | June 9, 2021
BETHESDA, Md.--June 9, 2021-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced an update on recent operating trends, including: Operating Trends: Overall operating trends continue to improve each week, and the Company expects to achieve positive Adjusted EBITDAre in the second quarter of 2021; Strong leisure demand; Business transient demand improving: Leisure demand continues to show robust growth. Business transient travel is in the early stages of its recovery, and the Company is encouraged with improved group activity and booking trends; Balance Sheet: The Company currently estimates its liquid...
Summit Hotel Properties to Acquire Residence Inn by Marriott Steamboat Springs for $33 Million
Summit Hotel Properties | June 8, 2021
AUSTIN, Texas - June 8, 2021 - Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has entered into a definitive agreement to acquire the 110-guestroom Residence Inn by Marriott Steamboat Springs for $33.0 million through its joint venture with GIC. Opened in December 2020, the newly built Residence Inn by Marriott Steamboat Springs is ideally located in close proximity to the base of Mount Werner and Gondola Square, biking and hiking trails, downtown Steamboat Springs, restaurants, shopping, and numerous other attractions. The hotel is well-positioned to capture strong winter ski demand and summer leisure d...
Bally’s Corporation Completes Acquisition of Tropicana Evansville Casino for $140 Million
Bally's Corporation | June 7, 2021
PROVIDENCE, R.I. - June 7, 2021 - Bally's Corporation, a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced that it completed its acquisition of the Tropicana Evansville casino operations from Caesars Entertainment, Inc. (NASDAQ: CZR). As part of the transaction, Bally's also acquired the unencumbered rights to the Evansville operations' sports betting and iGaming skins, which will provide the Company with greater access to the growing Indiana gaming market. George Papanier, President and Chief Executive Officer of Bally's Corporation, said, "The Tropicana Evansville acquisition...
OTO Development Acquires South Bay Inn & Suites in Myrtle Beach, South Carolina
OTO Development | June 7, 2021
SPARTANBURG, SC – June 7, 2021 – OTO Development is growing once again with its fifth waterfront location, the purchase of the South Bay Inn & Suites in Myrtle Beach. “We have been watching for an opportunity to have a presence in Myrtle Beach for some time,” says Corry Oakes, CEO of OTO Development. “The oceanfront location and the quality of this newer hotel, with an indoor waterpark, makes this a perfect vacation destination year-round. While OTO has built its reputation by developing new hotels in high-barrier-to-entry markets, the company’s growth strategy also includes purchasing – and re-purposing – existing a...
Angevin & Co. Acquires The Frenchmen Hotel in New Orleans
Angevin & Co. | June 3, 2021
NEW ORLEANS, June 3, 2021 -- In a move that returns entrepreneur Robert Thompson to his southern roots, the food and beverage veteran's newly established New Orleans hospitality firm, Angevin & Co., has completed the purchase of the historic boutique hotel, The Frenchmen Hotel (417 Frenchmen St., New Orleans, LA 70116). The Frenchmen is the first investment of many planned for Thompson and his team as the Mississippi native joins the burgeoning New Orleans hospitality industry. Working in the restaurant and hospitality industry since he was 16 years old, Thompson has owned and operated food and beverage establishments fo...
