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
The Indigo Road Hospitality Group Acquires The Skyline Lodge in Highlands, North Carolina
Indigo Road Hospitality Group | October 23, 2020
CHARLESTON, SC — OCTOBER 23, 2020 — The Indigo Road Hospitality Group has added The Skyline Lodge in Highlands, NC to its growing portfolio of F&B-driven boutique hotels. Robert Nass, who owned and operated the historic property for nearly three decades, sold it to The Indigo Road for an undisclosed amount. The Indigo Road acquired The Skyline Lodge on September 25, 2020 and will completely renovate the entire property, including the addition of Oak Steakhouse, The Indigo Road’s modern take on the classic American steakhouse. The renovations should be completed by the end of April, with a mid-May reopening of the hotel. “My bus...
New Owners for Historic Maxwell Mansion Hotel in Lake Geneva, Wisconsin
Maxwell Mansion | October 21, 2020
LAKE GENEVA, Wis. (Oct. 21, 2020) – One of the most intriguing lodging properties in Lake Geneva, Wis., the Maxwell Mansion, is getting new owners. Luke and Monica Pfeifer, Wisconsin natives, will take over the reins from Andrew Fritz, who has owned the property since 2012 and is credited with its rejuvenation as one of the most glamorous inns in this storied lake resort community. For more on the Maxwell Mansion which dates back to 1856, its password-required Speakeasy , Apothecary cocktail bar, crystal-laden ballroom, and shaded gardens, visit www.MaxwellMansion1856.com. The address is 421 Baker Street, just two blocks east of Geneva Lake...
The ART Hotel Denver Joins Curio Collection by Hilton
Commonwealth Hotels Collection | October 20, 2020
DENVER, Oct. 20, 2020 - The ART Hotel Denver, a brilliant boutique hotel conveniently located in downtown Denver's Golden Triangle district, and Condé Nast Traveler's 2020 Reader's Choice Awards No. 22 hotel in the world; No. 9 hotel in the U.S. and the No. 1 hotel in the Southwest and West, today announced it has joined Hilton's upscale Curio Collection. The exclusive global portfolio of more than 90 handpicked hotels and resorts caters to travelers seeking local discovery and authentically curated experiences. Originally opened in June 2015, the ART Hotel Denver, Curio Collection by Hilton is located within walking distance of the fam...
Twin River Acquires Iconic Bally’s Brand From Caesars Entertainment
Twin River Worldwide Holdings, Inc. | October 13, 2020
PROVIDENCE, R.I., Oct. 13, 2020 - Twin River Worldwide Holdings, Inc. (NYSE: TRWH) (the "Company") today announced that it has purchased the iconic Bally's brand previously owned by Caesars Entertainment, Inc. This acquisition will allow Twin River to maintain the Bally's name for the Atlantic City property that it has agreed to purchase from Caesars Entertainment pursuant to the previously announced purchase agreement and enables the Company to rebrand virtually all of its portfolio properties under the Bally's name and logo. As part of the deal, Twin River has agreed to provide Caesars Entertainment a perpetual license to use the Bally's b...
Aimbridge Hospitality Adds 16 Extended Stay America Properties to Management Portfolio
Aimbridge Hospitality | October 13, 2020
PLANO, Texas, Oct. 13, 2020 - Aimbridge Hospitality, the leading, global, third-party hotel management company, announces it has added 16 Extended Stay America properties to its growing portfolio. Aimbridge now manages 36 Extended Stay America properties, with more in the pipeline. This portfolio of Extended Stay America properties has received $5 million of capital improvements in the last two yearsalone and will continue to receive capital improvements into the future from the new ownership group consisting of Lodging Advisory Group and ServiceStar Capital Management, LLC. Lodging Advisory Group (LAG) will serve as the portfolio's...
Xenia Hotels & Resorts Sells Residence Inn Boston Cambridge for $107.5 Million
Xenia Hotels & Resorts, Inc. | October 5, 2020
ORLANDO, Fla., Oct. 5, 2020 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has sold the 221-room Residence Inn Boston Cambridge in Cambridge, Massachusetts for a price of $107.5 million, or approximately $486,500 per key. The sale price represents a 11.6x multiple and a 7.8% capitalization rate on the hotel's 2019 Hotel EBITDA and net operating income, respectively. In connection with the transaction, the buyer assumed the $60.3 million mortgage collateralized by the hotel. The transaction generated approximately $46.0 million in net proceeds for the Company after transaction costs. P...
Blue Flag Acquires The Kelley House in Martha’s Vineyard, Partnering With Life House on Management
Life House Hotels | October 5, 2020
MARTHAS VINEYARD, Mass. - Boston-based real estate private equity firm Blue Flag Capital, part of Blue Flag Partners, has acquired The Kelley House, partnering with award-winning Life House through its Life Hospitality independent management platform on the operation of the historic, 57-room boutique hotel. This transaction represents the fourth collaboration between NYC-based Life House and Boston-based Blue Flag. Their partnership continues to prosper, with multiple additional assets under contract in key target markets, and active discussions underway to acquire hotels in Nantucket, Martha’s Vineyard, and Long Island. The Kelley H...
Twin River Worldwide Holdings to Acquire Jumer’s Casino & Hotel for $120M
Twin River | October 1, 2020
PROVIDENCE, R.I., Oct. 1, 2020 - Twin River Worldwide Holdings, Inc. (NYSE: TRWH) ("Twin River" or the "Company") today announced that it has entered into an agreement with Delaware North Companies Gaming & Entertainment, Inc. to acquire Jumer's Casino & Hotel ("Jumer's") in Rock Island, Illinois for a purchase price of $120 million in cash. The total consideration for the transaction represents an implied proforma purchase multiple of approximately 7.4x trailing twelve months earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") (for the period ended December 31, 2019). The multiple excludes the impac...
Caesars and VICI to Sell Harrah’s Louisiana Downs to Rubico Acquisition for $22 Million
Caesars Entertainment, Inc. | September 8, 2020
NEW YORK - Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars” or “CZR”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) today announced definitive agreements to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment (“Harrah’s Louisiana Downs”) to Rubico Acquisition Corp. for $22 million. The proceeds of the transactions shall be split $5.5 million to VICI Properties and $16.5 million to Caesars subject to customary adjustments for cash and net working capital. The annual base rent payments under the Regional Master Lease between Caesars and VICI will remain unchanged. The transacti...
American Hotel Income Properties REIT LP Completes the Sale of the Wingate Tampa Hotel
American Hotel Income Properties REIT LP | September 1, 2020
VANCOUVER, BC, Sept. 1, 2020 - American Hotel Income Properties REIT LP ("AHIP" or the "Company") (TSX: HOT.UN, HOT.U, and HOT.DB.U) announced today that it has closed the previously announced sale of its 86-room Wingate Tampa property for gross proceeds of US$7.5 million. AHIP has provided US$2.65 million in financing for the buyer, secured by a mortgage, which is repayable at the end of three years along with accrued interest. Net proceeds of the sale will be used to repay amounts outstanding under the Company's revolving credit facility. "We're pleased to complete the sale of this non-core asset, which was nearing significant brand-...
Sandpiper Lodging Trust Acquires Two Candlewood Suites Hotels in South Carolina
Sandpiper | August 24, 2020
(Richmond, Va. - August 24, 2020) – Sandpiper Lodging Trust (“SLT”) is pleased to announce its acquisition of two Candlewood Suites Hotels located in North Charleston and Bluffton, South Carolina from DC Hospitality. Both properties are mid-scale extended stay hotels located in two dynamic hospitality markets. Terms of the transaction were not disclosed. Carter Rise, CEO of SLT, stated, “We are extremely excited to add these two hotels to the Sandpiper Lodging Trust portfolio. We have targeted the Charleston and coastal South Carolina market as an area with exciting long-term demographic advantages, and we are pleased to be a...
Apple Hospitality REIT Acquires Hyatt House and Hyatt Place in Tempe, Arizona for $64.6M ($249K Per Key)
Apple Hospitality REIT, Inc. | August 14, 2020
RICHMOND, Va. - Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the opening and acquisition of the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Arizona (the “Hotels”), for a gross purchase price of approximately $64.6 million, or approximately $249,000 per key. “We are pleased to enhance the diversification of our portfolio with the acquisition of these newly developed Hotels in the dynamic Tempe market,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “Ideally located on the Tempe campus of Arizona State University near prem...
IAC Invests $1 Billion for 12% Stake in MGM Resorts International
MGM Resorts International | August 10, 2020
NEW YORK, Aug. 10, 2020 -- IAC (NASDAQ: IAC) today announced its accumulation of a 12% interest in global hospitality and entertainment company MGM Resorts International (NYSE: MGM) for an aggregate of approximately $1 billion. "With the separation of Match Group from IAC, and 'new' IAC emerging with $3.9 billion of cash, no debt, and its opportunistic zeal intact, we are energized and excited to make this investment in MGM. What initially attracted us to MGM, besides its leadership in leisure, hospitality and gaming, was an area that currently comprises a tiny portion of its revenue – online gaming," said Barry Diller, Chairman...
Dakota Mountain Lodge Homeowners Association Acquires Waldorf Astoria Park City
Dakota Mountain Lodge Homeowners Association | August 5, 2020
PARK CITY, Utah, Aug. 5, 2020 - Dakota Mountain Lodge Homeowners Association has acquired the 159-guestrooms and suites Waldorf Astoria Park City in Park City, Utah, according to President of the homeowners association, Mark Bober. Conveniently located at the Canyons Village base of Park City Resort, Utah's premier luxury resort by Hilton, encompasses newly renovated rooms and spacious suites, Powder restaurant and the award-winning Waldorf Astoria Spa as well as an expansive outdoor space with fire pits, a heated pool and Jacuzzis. "We are thrilled to continue to work with Hilton as they manage this beloved property that we call home...
A-1 Hospitality Group Now Managing Homewood Suites by Hilton in New Braunfels, Texas
A-1 Hospitality Group | July 30, 2020
Kennewick, WA – July 30, 2020 – A-1 Hospitality Group, a family owned and operated hotel management and development company based in Kennewick, Washington announced today that it has acquired the management contract for the Homewood Suites by Hilton New Braunfels, a 90-suite property. This is the third addition into the A-1 Hospitality Group portfolio this year. It previously opened the Courtyard by Marriott in Pasco, Washington in February, as well as the Holiday Inn Express & Suites in The Dalles, Oregon in April. Located at 620 Oxford Drive, the all-suite hotel offers guests convenient access to the Comal River, the Guadalupe Ri...
Radisson Partners With Cycas Hospitality for Radisson Hotel & Suites Amsterdam South
Radisson Hotel Group | July 22, 2020
Radisson Hotel Group is proud to announce the launch of a strategic collaboration with Cycas Hospitality, who will operate the Radisson Hotel & Suites Amsterdam South under a lease agreement with ECHO Partners, who recently acquired the hotel for its ECHO Fund. Cycas Hospitality has signed a lease agreement with ECHO Partners to operate the all-suite property. Opening in early 2021, the 227-suite Amsterdam aparthotel will become the first serviced apartments product to operate under the upscale Radisson brand in Western Europe. The new property brings the group´s portfolio in The Netherlands to six properties in operation and under de...
Crescent Hotels & Resorts Adds The Ritz-Carlton New York, Westchester to Management Portfolio
Crescent Hotels & Resorts | July 8, 2020
Westchester, NY (July 8, 2020) – Crescent Hotels & Resorts and Glacier Global Partners revealed its plans for a significant renovation and the re-branding of The Ritz-Carlton New York, Westchester, further emphasizing Glacier Global Partners long-term investment in the future of the luxury hotel located in the heart of Westchester County. The hotel is projected to reopen early 2021 as part of Marriott International’s Autograph Collection brand and will be managed by Crescent Hotels & Resorts. The multi-million dollar renovation is set to commence later this summer and will include a full redesign and reconstruction of the exist...
The Buccini/Pollin Group Acquires the Renaissance Baltimore Harborplace Hotel for $80M
The Buccini/Pollin Group | July 8, 2020
CHEVY CHASE, Md., July 8, 2020 - The Buccini/Pollin Group (BPG) today announced the acquisition of the Renaissance Baltimore Harborplace Hotel, further expanding their portfolio of Marriott-affiliated and lifestyle hotels. Situated in the vibrant Inner Harbor, the Renaissance Baltimore Harborplace occupies prime real estate along the city's waterfront. The recently renovated, full-service lifestyle hotel features 622-rooms, nearly 30,000 square feet of flexible meeting and event space, three food and beverage outlets and a signature, waterfront restaurant called Watertable. Additional hotel amenities include a state-of-the-art 24-hour fit...
Woodmont Lodging, Milestone Companies and Blue Vista Announce Joint Venture Recapitalization of Sheraton Milwaukee Brookfield Hotel
Woodmont Lodging | July 7, 2020
MILWAUKEE - Woodmont Lodging, a leading hotel company, Blue Vista Capital Management, a leading real estate investment firm, and Milestone Companies, a premier full-service real estate development company specializing in hotel assets, today announced the joint venture recapitalization of the 388-room Sheraton Milwaukee Brookfield Hotel in Wisconsin. Woodmont Lodging and Milestone Hospitality will acquire a minority interest in the hotel and provide asset management services. Blue Vista Capital Management will be the lead investor in the transaction. “The Sheraton Milwaukee Brookfield Hotel benefits from its prime location in the reinvig...
The Siegel Group Nevada Acquires Two Budgetel Extended Stay Hotels in Alabama
The Siegel Group | July 1, 2020
LAS VEGAS - The Siegel Group Nevada, Inc., a real estate investment and management company, announced today that it had acquired two former Budgetel extended stay hotels in Birmingham, Alabama. These acquisitions increase the number of Siegel Suites® and Siegel Select® properties throughout the United States to 58 and mark the brand’s second and third locations in the Alabama market. These locations are in addition to the company’s sizable presence throughout Nevada, Arizona, Texas, New Mexico, Louisiana, Tennessee, Mississippi, Alabama, South Carolina and Ohio. “We opened our first Siegel Select location in Montgomery, AL just un...
Preferred Hotel Group Acquires Beyond Green Travel in Move to Advance Sustainable Tourism Globally
Preferred Hotel Group, Inc. | June 10, 2020
Newport Beach, California – June 10, 2020: Today, Preferred Hotel Group, Inc. – the family-owned company that manages and operates global travel and hospitality brands including Preferred Hotels & Resorts, Historic Hotels of America, Historic Hotels Worldwide, and PHG Consulting – announced the acquisition of Beyond Green Travel – a world-renowned leader in providing sustainable tourism services and consulting, founded by ecotourism pioneer and global sustainability expert Costas Christ. Finalized on February 4, 2020, this is the first acquisition by the Ueberroth Family since they purchased Preferred Hotel Group, Inc. in March 20...
Three-Way Joint Venture Acquires Hutton Hotel in Nashville, Tennessee
BentallGreenOak | June 10, 2020
SAN FRANCISCO - As part of a new three-way venture, BentallGreenOak (BGO), Flank Management LP(Flank), and Geolo Capital (Geolo) today announced the acquisition of the Hutton Hotel in Nashville, Tenn., in an all-cash purchase for an undisclosed price. Credited with energizing Nashville’s West End neighborhood upon opening in 2009, the Four-Star, Four Diamond Hutton Hotel weaves a creative spirit across 250 guest rooms and suites, Writers Studios for musicians, and a social club & entertainment venue with live performances. “We are pleased to make our relationship with Geolo and BentallGreenOak official as partners in this transact...
Paramount Hotel Group Adds Hampton Inn in Kennebunk, Maine to Management Portfolio
Paramount Hotel Group | May 28, 2020
Kennebunk, Maine – May 27, 2020 – Paramount Hotel Group, a full-service third party hotel management company, announced today that it has added the Hampton Inn in Kennebunk, Maine to its portfolio of properties managed. This hotel represents the seventh hotel added to the Paramount portfolio within the last 12 months. Paramount Hotel Group President Ethan Kramer made the announcement. The Hampton Inn Kennebunk is only three years old, having opened mid-2017. Each of the hotel’s stylish guestrooms feature vintage seacoast style and decor, a work desk, free WiFi and a clean and fresh Hampton bed®. You’ll find a refrigerator and a mi...
Pebblebrook Hotel Trust Executes Contract to Sell Union Station Hotel Nashville, Autograph Collection
Pebblebrook Hotel Trust | May 27, 2020
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to sell the 125-room Union Station Hotel Nashville, Autograph Collection in Nashville, TN for $56.0 million to a third party. The sale of Union Station Hotel Nashville, Autograph Collection is subject to normal closing conditions, and the Company offers no assurances that this sale will be completed on these terms, or at all. The Company is targeting to complete the sale in the third quarter of 2020. This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Priv...
