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
Hersha Hospitality Trust Sells Courtyard San Diego for $64.5 Million
Hersha Hospitality Trust | January 5, 2021
PHILADELPHIA, Jan. 05, 2021-- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced it entered into a binding sales agreement on the 245-room Courtyard San Diego for $64.5 million resulting in a net book gain approximating $5.4 million. The Courtyard San Diego has no property-level debt and will result in net proceeds of $64.5 million which will be utilized to repay borrowings under the Company’s credit facilities. “After a highly competitive sales process, we are pleased to announce the sale of the Courtyard San Die...
Sonesta International Hotels Corporation to Acquire RLH Corporation, Creating One of The World’s Largest Hotel Companies With Diversified Brands
Sonesta | December 31, 2020
NEWTON, Mass., Dec. 31, 2020 -- Sonesta International Hotels Corporation (Sonesta) today announced that it has entered into a definitive agreement to acquire RLH Corporation (NYSE: RLH). RLH is the 10th-largest U.S.-based hotel franchise company with more than 900 hotels. After the closing of the transaction, Sonesta will become one of the largest hotel companies in the U.S. with approximately 1,200 hotels in diversified brands across multiple market segments. Sonesta also announced that upon closing of this transaction, 35-year hotel industry veteran Keith Pierce will be joining Sonesta as Executive Vice President, President of Franchi...
Bally’s Corporation Completes Acquisition Of Eldorado Resort Casino Shreveport From Caesars
Bally's Corporation | December 23, 2020
PROVIDENCE, R.I., Dec. 23, 2020 -- Bally's Corporation (the "Company") today announced that it has completed the previously announced acquisition of Eldorado Resort Casino Shreveport from Caesars Entertainment, Inc. (NASDAQ: CZR). The total purchase price of the acquisition was $140 million, subject to customary adjustments, and was funded with cash on hand and available borrowings under the Company's revolving credit facility. "Eldorado Shreveport represents the latest step in our ongoing portfolio diversification strategy, expanding our rapidly growing geographic footprint into the attractive Shreveport/Bossier City market," said G...
OTO Development Acquires Holiday Inn Resort Wilmington E-Wrightsville Beach
OTO Development | December 22, 2020
SPARTANBURG, SC – December 22, 2020 - OTO Development is growing once again with its fifth acquisition in just three years, the purchase of the Holiday Inn Resort Wilmington E-Wrightsville Beach. “We are delighted to add this iconic beachfront hotel to our portfolio of owned hotels,” says Corry Oakes, CEO of OTO Development. “The location, right on the sand in Wrightsville Beach, is remarkable and the fact that each guest room or suite has a water view, most with balconies, allows visitors to truly enjoy all the benefits of a beachfront location.” While OTO has built its reputation by developing new hotels in high-barrier-to-...
Driftwood Capital Acquires 248-Key Hilton Dallas Southlake Town Square in Texas
Driftwood Capital | December 22, 2020
DALLAS (Dec. 22, 2020) – Driftwood Capital, a vertically integrated commercial real estate investment, development, and lending platform specializing in hospitality, announced today that it has acquired the Hilton Dallas Southlake Town Square, a 248-key, five-story hotel located in the Dallas suburb of Southlake, approximately 10 minutes from the Dallas-Fort Worth International Airport. Driftwood Capital acquired the asset from Hobbs & Curry family limited partnership for an undisclosed price, and plans to invest $5 million in property renovations over the next 12 months. The property will be managed by Driftwood Capital’s sister comp...
Lowe Acquires Miramonte Resort & Spa in Indian Wells, California
Lowe | December 21, 2020
LOS ANGELES - December 21, 2020 - Lowe, a national real estate developer, investor and manager, announced today that it has acquired the 215-room Miramonte Resort & Spa prominently located on Highway 111 in Indian Wells, California. Concurrent with the completion of the acquisition, Lowe will begin implementing a reopening plan for the resort, which has been closed since March, 2020 due to COVID-19. Reopening of Miramonte is anticipated for early 2021. The Miramonte Resort offers guests spacious accommodations including suites and bungalows, an array of premier dining spots, three outdoor pools and a 12,000-square-foot award-winning sp...
McWhinney Acquires Hotel Indigo in Downtown Denver
December 21, 2020
DENVER, Colo. – December 21, 2020 – McWhinney, a Colorado-based real estate investor and developer with expertise in commercial, multifamily, hospitality, residential and mixed-use assets, is excited to announce it has purchased Hotel Indigo Denver Downtown in Denver’s LoDo neighborhood. Terms of the transaction were not disclosed. The sale was brokered by Cushman & Wakefield Global Hospitality. Located in the heart of downtown just steps from Denver Union Station, Hotel Indigo Denver offers 180 rustic-luxe guestrooms – all featuring hardwood floors, polished concrete ceilings, sliding barn doors and sweeping urban or mo...
Service Properties Trust Completes Transfer of 12 Additional Hotels to Sonesta
Service Properties Trust | December 16, 2020
NEWTON, Mass. -- December 16, 2020 -- Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has completed the previously announced transition of branding and management for 12 hotels to Sonesta International Hotels Corporation, or Sonesta. This includes three hotels from InterContinental Hotels Group, plc, or IHG, located in Canada and Puerto Rico and nine hotels from Marriott International, Inc., or MAR. SVC entered short term agreements with Sonesta to manage these 12 hotels that expire on December 31, 2021. The three hotels transitioned from IHG are now operated under the Royal Sonesta and Sonesta ES Suites brands. Th...
Chatham Bars Inn Joins Preferred Hotels & Resorts
Chatham Bars Inn | December 10, 2020
Chatham, MA (December 10, 2020) – Today, Chatham Bars Inn announces its acceptance into membership of Preferred Hotels & Resorts Legend Collection; the world’s largest independent hotel brand representing more than 750 distinctive hotels, resorts, residences and unique hotel groups across 85 countries. The Preferred Hotels & Resorts Legend Collection is the portfolio’s most prestigious, with exceptional five-star properties in the world’s most remarkable destinations. Globally sophisticated and culturally refined, these singular properties feature exquisite accommodations, stellar and intuitive personal service, renowned din...
Service Properties Trust Completes Transfer of 99 Hotels to Sonesta
Service Properties Trust | December 2, 2020
NEWTON, Mass.---Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has completed the transition of branding and management for 99 hotels to subsidiaries of Sonesta International Hotels Corporation, or Sonesta, from InterContinental Hotels Group plc, or IHG. Three additional hotels located in Canada and Puerto Rico will transition to Sonesta in mid-December and one hotel located in Atlanta, GA will continue to be managed by IHG. SVC entered short term agreements with Sonesta to manage the 99 hotels that expire on December 31, 2021. These 99 hotels are now operated under the Royal Sonesta, Sonesta and Sonesta ES Suites ...
Oxford Capital Group Expands California Portfolio With Acquisition of 5 Hotels
Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC | December 2, 2020
(SAN FRANCISCO, CA; December 2, 2020) – Oxford Capital Group, LLC announces today the acquisition of five Bay Area hotels (three in San Francisco: King George Hotel; Hotel Griffon; and The Inn at Union Square; and two in Silicon Valley: Creekside Inn in Palo Alto and Hotel Los Gatos) with plans to reposition many of the assets. Oxford Capital Group’s wholly owned affiliate, Chicago-based Oxford Hotels & Resorts, LLC, takes over management of the properties as of today. These five hotels bring Oxford’s Bay Area footprint to nine properties, and join its growing national lifestyle hotel portfolio, which includes Godfrey; LondonHous...
Chatham Lodging Trust Completes Sale of Residence Inn by Marriott San Diego Mission Valley for $67 Million
Chatham Lodging Trust | December 1, 2020
WEST PALM BEACH, Fla., December 1, 2020—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, has completed the sale of the 192-room Residence by Marriott San Diego Mission Valley for $67 million, or approximately $349,000 per room, to the San Diego Housing Commission (SDHC). Proceeds from the sale will be used to repay the $27 million mortgage on the hotel. After sales related expenses, including Marriott termination fees, remaining net proceeds of approximately $38 million will be used to repay credit facility borrowings. ...
Accor Takes Full Ownership of sbe Hotel Brands
Accor | November 25, 2020
Paris, November 25, 2020 - As part of its simplification and asset-light strategy, and with the ambition of accelerating its momentum in the fast-growing Lifestyle hospitality sector, Accor today announces the signing of binding agreements on a new sbe Group’s ownership structure. Under the terms of these agreements, Accor is taking full ownership of sbe’s Hotel asset light business including the Delano, Mondrian, SLS, and Hyde hotel brands along with most of sbe’s Food & Beverage brands including Cleo, Fili’a or Carna by Dario Cecchini. These brands will be at the heart of Accor’s newly created global Lifestyle platform (...
Accor & Ennismore Enter Negotiations to Form Lifestyle Entity
Ennismore | November 25, 2020
Accor & Ennismore today announced they are entering into exclusive negotiations to form the world’s leading lifestyle operator in the hospitality sector, focusing on one of the fastest growing segments of the industry. Through this all-share merger, a new autonomous and fully asset light entity will bring together an unrivalled portfolio of world class brands, including The Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25hours, 21c Museum Hotels, TRIBE, JO&JOE and Working From_. The new entity will be headquartered in London and will take the name Ennismore. Sharan Pasricha, Founder and CEO of Ennismore ...
Extended Stay America Welcomes Seven New Properties
Extended Stay America, Inc. | November 24, 2020
Charlotte, NC, November 24, 2020— Extended Stay America, Inc., the largest mid-priced extended-stay hotel brand, announced today the addition of seven properties through franchise conversions. The properties are all owned by New York-based Three Wall Capital (TWC) and will be operated by Dallas, Texas-based Aimbridge Hospitality, the nation’s largest management company. The properties include: Extended Stay America Virginia Beach, Virginia Beach, Virginia Extended Stay America Newport News – Yorktown, Newport News, Virginia Extended Stay America Richmond – Glen Allen – Short Pump, Glen Allen, Virginia Extended Stay ...
Eldridge Acquires the Hudson Hotel and Delano South Beach From sbe
Eldridge | November 24, 2020
GREENWICH, Conn.--Eldridge, a holding company with a unique network of businesses across finance, technology, real estate, and entertainment, has today completed the acquisition of the Hudson Hotel and Delano South Beach, located in New York City and Miami, respectively. Cain International, Eldridge’s real estate investment firm, has been appointed to lead a strategic repositioning of both assets. sbe will retain the Hudson and Delano brand names. The Hudson Hotel is an 878-key hotel located at 356 West 58th Street between 8th and 9th Avenues in Midtown Manhattan. Built in 1929, the hotel enjoys a prime central position, moments away fr...
Wheelock Street Capital Acquires Hotel Contessa in San Antonio, Texas
Wheelock Street Capital | November 23, 2020
SAN ANTONIO - Wheelock Street Capital announced it has acquired Hotel Contessa, a 265 room, all-suite and AAA Four-Diamond luxury, independent hotel located at 306 West Market Street in San Antonio, TX. The 12-story hotel, built in 2005, benefits from its central location along San Antonio’s highly sought-after Riverwalk with direct access to many of the city’s top cultural destinations, including The Alamo, San Antonio’s Central Business District and the recently expanded Henry B. Gonzalez Convention Center. The Property offers 10,000 square feet of function space, a rooftop pool, a full-service restaurant and bar opening directly ...
Service Properties Trust Completes the Sale of Eight Hotels for $45.3 Million
Service Properties Trust | November 23, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq:SVC) today announced that it has completed the previously announced sale of eight TownePlace Suites branded hotels with 834 rooms and a net carrying value of $35.0 million for an aggregate sales price of $45.3 million, excluding closing costs. The proceeds from the sale will be used for the repayment of debt. John Murray, President and Chief Executive Officer of SVC, made the following statement: “Given current market conditions, we are pleased to complete the sale of this hotel portfolio, which we had identified for disposition in late 2019. We were successful in achieving pricing co...
Alpine Investors’ ASG Acquires ProfitSword, Market Leading Hospitality Software
ProfitSword | November 17, 2020
ORLANDO, Fl. & WALNUT CREEK, Calif. - November 17, 2020 - ASG, a portfolio company of Alpine Investors that buys, builds and operates vertical SaaS companies, today announced that it has acquired ProfitSword, a hotel property operations software that provides business intelligence and data management software for the hospitality industry. This deal marks the 30th acquisition for ASG and the 2nd in the ASG Hospitality Technology vertical. “We are incredibly excited and honored that ProfitSword chose ASG for their next chapter of growth,” said Steve Reardon, President of ASG. “Tili, Mike and the entire ProfitSword team deeply un...
Eagle Four Partners and Lyon Living Acquire the Newport Beach Marriott Hotel & Spa
Eagle Four Partners | November 9, 2020
NEWPORT BEACH, Calif., Nov. 6, 2020 - Eagle Four Partners, LLC and Lyon Living announce today the acquisition of the Newport Beach Marriott Hotel & Spa located in Newport Center adjacent to Fashion Island. The hotel situated on 10 exceptional acres features sweeping views of the Pacific Ocean, Newport Harbor and the adjacent Newport Beach Country Club. Boasting 532 guestrooms, 32,000 square feet of indoor and outdoor venues, the hotel is ideal for corporate and social events. This leisure and group event hotel is conveniently located within Newport Center's over 3 million square feet of Class A office space and across from the 1.3 mil...
EOS Investors Acquires Faro Blanco Resort & Yacht Club
EOS | October 30, 2020
NEW YORK, Oct. 30, 2020 -- EOS Investors LLC ("EOS"), a privately held real estate investment firm, today announced its acquisition of the Faro Blanco Resort & Yacht Club ("Faro Blanco"), a 125-room, 16-acre waterfront resort and marina in the Florida Keys, one of the highest barrier-to-entry, destination resort markets in the United States. "We are grateful for the opportunity to add a high-quality, waterfront asset to the EOS portfolio, bringing our collection of drive-to-resorts to 15 properties," said Tom Burns, Vice President of EOS Investors. "The Upper Florida Keys have been one of the strongest performing hotel markets in the U...
Arbor Lodging Management Adds Marriott Chicago Northwest to Portfolio
Arbor Lodging | October 30, 2020
CHICAGO (October 30th 2020) – Chicago-based hotel management company, Arbor Lodging Management, today announced it has added the Marriott Chicago Northwest in Hoffman Estates, Illinois to its growing portfolio of third-party managed hotels. This addition brings Arbor Lodging Management’s portfolio total to 35 hotels now spanning across 15 states in 22 markets, showcasing the company’s ability to grow and gain trusted third-party management business amidst a challenging period for the hospitality industry. Arbor Lodging Management will manage all operations at the 294-room Marriott Chicago Northwest, expanding the company’s service t...
Twin River Acquires Operations of Tropicana Evansville Casino from Caesars for $140M
Twin River | October 28, 2020
PROVIDENCE, R.I., Oct. 27, 2020 - Twin River Worldwide Holdings, Inc. (NYSE: TRWH) today announced that it has entered into an agreement to acquire the Tropicana Evansville casino operations from Caesars Entertainment, Inc. (NASDAQ: CZR) for $140 million. As a result of the transaction structure, Twin River will make the acquisition without any cash outlay. As part of the acquisition, Gaming and Leisure Properties, Inc. ("GLPI"), a publicly traded gaming-focused real estate investment trust ("REIT"), will acquire the Evansville casino real estate for $340 million and lease it back to Twin River for $28 million/year in rent, subject to e...
EOS Investors Acquires Viceroy L’Ermitage Beverly Hills
EOS | October 27, 2020
NEW YORK, Oct. 27, 2020 - EOS Investors LLC ("EOS"), a privately held real estate investment firm, today announced its acquisition of Viceroy L'Ermitage Beverly Hills, a 116-suite luxury hotel located in Beverly Hills, California, one of the most prominent residential, commercial, and travel destinations in the world. "We are excited for the opportunity to expand the EOS portfolio with a world-class property in an unparalleled luxury hotel destination such as Beverly Hills," said Jonathan Wang, President of EOS Investors. "In a market that boasts one of the largest concentrations of Forbes Five Star properties in the world, Viceroy L'Ermi...
