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
H.I.G. Capital Acquires Landmark Resort Hotel in Norway
H.I.G. Capital | March 30, 2021
LONDON - March 30, 2021 - H.I.G. Capital, LLC ("H.I.G."), a leading global alternative investment firm with over €36 billion of equity capital under management, announced today that an affiliate has recently completed an investment in Hotel Ullensvang, a 170-key upscale waterside resort located in Norway’s Hardangerfjord. An institution in the Norwegian hotel market, the resort is set in stunning landscape surroundings with views of the fjord and Folgefonna glacier. Terms were not disclosed. Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty in London, commented: “Hotel Ullensvang is an excellent addition to our ex...
Crescent Hotels & Resorts Adds DoubleTree by Hilton Bloomfield Hills Detroit
Crescent Hotels & Resorts | March 25, 2021
Detroit, MI – March 25, 2021 – Crescent Hotels & Resorts has added the DoubleTree by Hilton Bloomfield Hills Detroit to its award-winning suite of major hotels and resorts. The hotel, formerly known as the Kingsley Inn, underwent a stunning renovation and reopened under its new brand in 2018. Now, its elegant atmosphere will be further enhanced with the Crescent stamp of luxury. Crescent, based in Fairfax, Virginia operates more than 100 hotels and resorts in the United States and Canada. Part of the landmark hotel’s upgrade includes a two-story expansive atrium lobby, featuring sweeping natural light. The space lends itself well...
Dovetail + Co Acquires Hawaii Hotel to Become Wayfinder Waikiki
Dovetail + Co | March 24, 2021
Dovetail + Co Enters the Hawaii Market With the Acquisition and Planned Redevelopment of Waikiki Sand Villa Hotel in Honolulu As Its Second Wayfinder Hotel New York, NY and Honolulu, HI — March 24, 2021 — Hotel owner, developer, and operator Dovetail + Co moves into Hawaii with the acquisition of Waikiki Sand Villa Hotel in Honolulu, Hawaii. Located along the Ala Wai Canal within close walking distance to Waikiki Beach, the hotel will be rebranded as the Wayfinder Waikiki following a renovation of the property's 228 rooms, 70-foot saltwater lagoon pool, and multiple bar and restaurant spaces. Dovetail + Co’s Wayfinder Hotel brand is co...
Highline Hospitality Partners Inks Third Deal With Acquisition of Pearl South Padre Resort
Highline Hospitality Partners | March 24, 2021
Transitioning to a Margaritaville resort after renovations, the new ownership tapped Aimbridge Hospitality to manage the property, set to open in 2022. NEW YORK – March 24, 2021 – Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has added their third property with the acquisition of Pearl South Padre Resort in Texas and tapped Aimbridge Hospitality, the leading, global, third-party hotel management company, to manage the property. They are preparing to convert the destination to a Margaritaville resort, the global lifestyle brand synonymous with fun and escapism,...
MCR Acquires Dual-Branded Tru and Home2 Suites by Hilton Near Nashville Superspeedway
MCR | March 23, 2021
NEW YORK - March 23, 2021 - The ultimate pit stop! MCR, the fourth-largest hotel owner-operator in the United States, has acquired the 167-room dual-branded Tru by Hilton Smyrna Nashville and Home2 Suites by Hilton Smyrna Nashville in Tennessee. The hotels are located less than 10 miles from the Nashville Superspeedway, the internationally renowned motor racing complex with the oldest continually operating track in the United States. On Saturday, June 19, the track hosts the NASCAR Xfinity Series race, its first NASCAR event since 2011. And for the first time in 40 years, the NASCAR Cup Series comes to Middle Tennessee with the Ally 400 ra...
Soul Community Planet Acquires Hawaii’s 138-Room Hilo Seaside Hotel
Soul Community Planet | March 19, 2021
SAN JUAN CAPISTRANO, CA - March 19, 2021 - Soul Community Planet (SCP) has announced the purchase of the 138-room Hilo Seaside Hotel, located in Hilo, Hawaii. The hotel will undergo a $4.6 million renovation and reopen as the SCP Hotel Hilo on June 1, 2021. Steeped in the rich Hawaiian tourism legacy of the William and Matilda Wassman Kimi family and their six children, the 2.23-acre seaside property was founded by Hawaiian native and tourism visionary Richard Kimi in 1956 and was continually operated by the Kimi family until this acquisition. Under the family’s management, the Hilo Seaside Hotel cultivated a deep spirit of Aloha, and be...
Sonesta Completes Acquisition of Red Lion Hotels
Sonesta | March 18, 2021
NEWTON, Mass. - March 18, 2021 - Sonesta International Hotels Corporation (Sonesta) today announced the completion of its previously announced acquisition of RLH Corporation (NYSE: RLH). As a result, Sonesta is now one of the largest hotel companies globally with approximately 1,200 locations, more than 100,000 guest rooms, and a diversified portfolio of 15 brands across multiple market segments. Sonesta also announced that 35-year hotel industry veteran Keith Pierce is joining Sonesta as Executive Vice President, President of Franchise & Development effective March 18, 2021. John J. Russell, Jr., Chief Executive Officer of RLH, ...
Hawkeye Hotels Closes Three Acquisitions in Midwest, Sunbelt Regions
Hawkeye Hotels | March 18, 2021
This week Iowa-based Hawkeye Hotels acquired Fairfield Inn & Suites in Cambridge, Ohio, for an undisclosed sum, days after closing on the acquisition of Aloft Oklahoma City Downtown -- Bricktown. These are the company’s second and third acquisitions of 2021. In January, Hawkeye Hotels acquired the Staybridge Suites in Lafayette, Louisiana. Hawkeye Hotels continues to actively seek new opportunities to grow its portfolio and looks forward to expanding further in these regions in the coming years. “Despite all the challenges that we have had to navigate as an industry over the last 12 months, Hawkeye Hotels is positioned to continue s...
Host Hotels & Resorts Acquires Hyatt Regency Austin for $161 Million
Host Hotels & Resorts | March 17, 2021
BETHESDA, Md. - March 17, 2021 - Host Hotels & Resorts, Inc., the nation’s largest lodging real estate investment trust (“REIT”), today announced that it has acquired the fee simple interest in the 448-room Hyatt Regency Austin in Austin, Texas for approximately $161 million in cash. The purchase price represents a 10.0% capitalization rate and an 8.8x EBITDA multiple based on 2019 actual results(1) and reflects a 20-25% discount to pre COVID-19 pricing based on comparable publicly-disclosed hotel sales.(2) Hyatt will continue to manage Hyatt Regency Austin under a long-term management agreement. James F. Risoleo, President and...
MCR Acquires 99-Room Inn of Naples in Florida
MCR | March 16, 2021
NEW YORK -- March 16. 2021 -- Caddyshack up here! MCR, the fourth-largest hotel owner-operator in the United States, has acquired the 99-room Inn of Naples in Naples, Florida, the self-proclaimed golf capital of the world. After a winning renovation of public spaces, MCR will convert the hotel to a Hilton Tapestry. The Inn of Naples Hotel & Suites Tapestry by Hilton will welcome its first guests in August 2021. In the meantime, the hotel is open so you can still have a ball and be the ball — there are greens as far as the eye can see. The Inn of Naples is located within five miles of more than a dozen championship courses, while ...
Blackstone and Starwood Capital Group to Acquire Extended Stay America in $6B Deal
Extended Stay America, Inc. | March 15, 2021
CHARLOTTE, N.C. -- March 15, 2021 -- Extended Stay America, Inc. and its paired-share REIT, ESH Hospitality, Inc. (“ESH” and together with ESA, the “Company”) announced today that it has signed a definitive agreement to be acquired by a 50/50 joint venture between funds managed by Blackstone Real Estate Partners (“Blackstone”) and Starwood Capital Group (“Starwood Capital”) for $19.50 per paired share in an all-cash transaction valued at approximately $6 billion. The $19.50 per paired share consideration represents a premium of 23.3% over the 30-day volume-weighted average share price ending March 12, 2021 and a premium o...
Hospitality Asset Funding Group Completes Acquisition of Tremont House Hotel
Hospitality Asset Funding Group | March 3, 2021
AUSTIN, Texas - March 3, 2021 - Hospitality Asset Funding Group (HAF), a leading provider of capital market solutions for the hospitality industry, recently completed its acquisition of the landmark Tremont House Hotel in Galveston. HAF acquired The Tremont House Hotel in Galveston and made major equity investments in the Hyatt Place Cedar Park and Courtyard by Marriott Austin Pflugerville. Hospitality Asset Funding Group is a joint venture between SRH Hospitality, based in Addison, and JLM Financial Investments, based in Austin. The Tremont House Hotel, with roots dating back to 1865, is an iconic Texas landmark, located in t...
VICI Properties and Apollo Funds Ink $6.25B Deal to Acquire Las Vegas Sands’ Venetian Resort and Sands Expo Center
VICI Properties | March 3, 2021
NEW YORK -- March 3, 2021 -- VICI Properties Inc. (“VICI Properties” or the “Company”) announced today it has entered into definitive agreements to acquire from Las Vegas Sands Corp. (“LVS”) all of the land and real estate assets associated with the Venetian Resort Las Vegas and the Sands Expo and Convention Center, located in Las Vegas, Nevada (collectively, the “Venetian Resort”), for $4.0 billion in cash, representing a 6.25% cap rate. An affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (the “Apollo Funds”), has agreed to acquire the operating company of the Venetian Resort for $2.25 bi...
NewcrestImage Acquires Magnolia Hotel in Downtown Dallas From Stout Street Hospitality
NewcrestImage | March 2, 2021
March 2, 2021 - The Magnolia Hotel in downtown Dallas begins the latest chapter in its long and rich history when Dallas-based NewcrestImage acquires the 325-room, 29-floor property today from Denver-based Stout Street Hospitality. It’s the first investment by NewcrestImage’s new $100 million real estate fund, which has raised more than $25 million since being announced on January 4th of this year. The hotel is one the most recognized buildings in downtown Dallas, opening in 1922 as the headquarters offices for Magnolia Petroleum. It was the city’s first skyscraper and the first high-rise in the United States to hav...
Baxter Hospitality Acquires Cape Cod’s The Compass Rose
Baxter Hospitality | March 1, 2021
Cape Cod, MA, March 1, 2021 – Baxter Hospitality proudly announces its expansion with the acquisition of The Compass Rose, a historic boutique inn on Cape Cod. Over the next five months, the family-owned management company will lead a comprehensive renovation and rebranding of the inn, which will debut as Chapter House this summer. Chapter House is Baxter Hospitality’s second renovation project in New England. The group also owns and operates Sesuit Harbor House, a boutique inn that seamlessly blends the warmth and charm of a B&B with the upscale amenities and guest services of a modern resort. Baxter carefully selected the loc...
The Roxborough Group, AWH Partners and West Point Partners Acquire Hilton Garden Inn Portland/Lake Oswego
The Roxborough Group, LLC | February 9, 2021
NEW YORK — February 9, 2020 — The Roxborough Group, LLC, AWH Partners, LLC, and West Point Partners have acquired the Hilton Garden Inn Portland/Lake Oswego. This marks the first hotel acquisition each company has closed since the beginning of the COVID-19 pandemic. The financial terms of the transaction were not disclosed. “This deal demonstrates our ability to find attractive investment opportunities despite the challenging deal environment,” said Chad Cooley, co-founder and managing partner of AWH Partners. “With our team in place, we believe the Hilton Garden Inn Portland/Lake Oswego is well positioned to quickly reboun...
Dynamic City Capital Acquires Hilton Garden Inn and Homewood Suites by Hilton San Diego Downtown/Bayside
DCC | February 5, 2021
PROVO, Utah - Feb. 5, 2021 - Dynamic City Capital (DCC), a Utah-based firm focused on premium-branded hotel investments, today announced the acquisition of the Hilton Garden Inn and Homewood Suites by Hilton San Diego Downtown/Bayside hotels. Built in 2016, the two hotel properties combine to create a 364-key dual-branded campus. "The acquisition of these two properties is well aligned with our strategy of pursuing strong, high-quality, branded hotels in core markets. We are thrilled with this outcome," commented Ryan Phelps, DCC's Chief Investment Officer. The Hilton Garden Inn, San Diego Downtown/Bayside, has 204 premium guest rooms...
Alpine Investors’ ASG Acquires Visual Matrix, Adding a Third Market Leading Hospitality Software to Its Portfolio
Visual Matrix | January 26, 2021
RICHARDSON, Texas. & WALNUT CREEK, Calif. - January 26, 2021 - ASG, a portfolio company of Alpine Investors that buys, builds and operates vertical SaaS companies, today announced that it has acquired Visual Matrix, an industry leading hotel property management software providing an all in one PMS with revenue management, channel management, and operational tools to maximize hotel profitability and efficiency. This deal marks the 31st acquisition for ASG and the 3rd in the ASG Hospitality Technology vertical. Visual Matrix joins Transcendent, acquired in 2019, and ProfitSword, acquired in 2020. David Awad, Founder of Visual Matrix, wil...
MGM Resorts International Statement Regarding Entain PLC
MGM RESORTS INTERNATIONAL | January 19, 2021
LAS VEGAS, Jan. 19, 2021 -- MGM Resorts International ("MGM" or the "Company") announced today that, after careful consideration and having reflected on the limited recent engagement between the respective companies regarding MGM's rejected all stock proposal at an exchange ratio of 0.6x, it does not intend to submit a revised proposal and it will not make a firm offer for Entain plc ("Entain"). MGM is committed to being a premier global omni-channel gaming and entertainment company, and will maintain a disciplined framework while evaluating a range of compelling strategic opportunities. "BetMGM, our U.S. sports betting and online gamin...
Kasada Acquires 1602-Key Sub-Saharan African Hotel Portfolio From AccorInvest
Kasada Capital Management | January 19, 2021
JOHANNESBURG & PORT LOUIS, Mauritius -- January 19, 2021 --Funds advised by Kasada Capital Management today announced the first transaction made through the debut fund, Kasada Hospitality Fund LP (“Kasada”), acquiring a portfolio of Sub-Saharan African Hotels from AccorInvest. The landmark deal is one of the largest cross-border hospitality M&A transactions in Africa and will see Kasada take control of eight fully operational hotels across three countries - Ivory Coast, Senegal and Cameroon - comprising 1,602 hotel rooms focussed on servicing intra-regional business travel in Africa. In taking on full ownership and manag...
East West Hospitality Grows Management Portfolio with Acquisition of Vail Valley’s Peak Resort Services
| January 14, 2021
Beaver Creek, CO. (Jan. 14, 2021) – Colorado’s East West Hospitality continues to grow its management portfolio with the acquisition of Peak Resort Services, which manages the Vail Valley’s Lodge at Lionshead. Last month, East West Hospitality was awarded the management contract for The Charter at Beaver Creek in Beaver Creek Village. Located in the heart of Vail’s Lionshead Village just a short walk from the Eagle Bahn Gondola and Lionshead Ski School, the Lodge at Lionshead features 57 privately owned condominiums, which range from spacious Studios & Studio Lofts to luxurious one- to four-bedroom residences. Amenities...
Crescent Hotels & Resorts Adds The Ven at Embassy Row DC to Latitudes Collection
Crescent Hotels & Resorts | January 8, 2021
Washington, DC (January 8, 2021) – Crescent Hotels & Resorts has added The Ven at Embassy Row to the company’s “Latitudes” collection of lifestyle hotels & resorts. Crescent, based in Fairfax, Virginia is a nationally recognized operator of major hotels and resorts throughout the United States and Canada. The 231 room Ven at Embassy Row, Washington, D.C., a Marriott affiliated Tribute Portfolio Hotel is expected to open in January 2021. Surrounded by Embassy Row’s stately mansions, this boutique hotel’s prime Dupont Circle location is just steps to the Red Line Metro Station, directly connecting guests with the natio...
Rubelmann Capital to Acquire Leading Hospitality Industry Trade Publications Hotel Business and InspireDesign
Rubelmann Capital | January 7, 2021
NEW YORK, Jan. 7, 2021 -- Rubelmann Capital announced today the acquisition of the iconic hospitality trade media brand Hotel Business and partner brand InspireDesign from ICD Publications, Inc. Hotel Business is the leading voice in the hotel, leisure and travel sectors, covering the dominant trends and transformative innovation across the hospitality industry. In the wake of the COVID-19 pandemic, hospitality industry leaders and insiders look to Hotel Business for the top news, insights and analysis driving the industry into the future. Rubelmann Capital's focus on acquiring growth businesses backed by long-term capital to dri...
Wyndham Destinations Acquires Travel + Leisure Brand From Meredith Corporation in Strategic Alliance for $100M
Wyndham Destinations | January 6, 2021
Wyndham Destinations to Be Renamed Travel + Leisure Co. Leading leisure travel company has acquired the iconic, trusted travel brand to accelerate its strategic plan to broaden reach with launch of new travel services, expand its membership travel business, and amplify the global visibility of its leisure travel products The new Travel + Leisure Co. will trade on the NYSE under the ticker symbol TNL in mid-February 2021 Travel + Leisure’s successful multi-platform media assets, renowned for journalistic excellence, will continue to be operated by Meredith Corporation to serve clients and consumers This strategic alliance...
