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
American Gaming Group and Saratoga Harness Racing Terminate Wildwood Casino Acquisition Due to COVID-19
Wildwood Casino | May 20, 2020
CRIPPLE CREEK, Colo., May 20, 2020 - With the coronavirus pandemic shutting down casinos across the U.S., Saratoga Harness Racing, Inc. and American Gaming Group, LLC, the owner of Wildwood Casino, decided to terminate the previously announced acquisition of Wildwood Casino. Both parties deemed the termination necessary because of the current economic impacts of the COVID-19 health crisis. "At this time, we believe it's in the best interest of both companies, and our respective casinos, to cancel the deal so we can focus on doing what's best for our casinos and our players," Joe Canfora, the owner of Wildwood Casino, said. "At Wildwood, w...
Benchmark®, A Global Hospitality Company, Acquires Arizona-Based Hotel Management Company, Westroc Hotels & Resorts
Hotel Valley Ho | May 19, 2020
The Woodlands (Houston), Texas, May 19, 2020 - Two legendary hotels and resorts previously managed under the Arizona-based Westroc Hotels & Resorts, the iconic Hotel Valley Ho in Old Town Scottsdale and the newest luxury golf resort in Paradise Valley, Mountain Shadows Resort Scottsdale, have transitioned to a larger management company, BENCHMARK®, a global hospitality company. BENCHMARK® operates 80 independent hotels, luxury resorts and conference centers throughout North America, the Caribbean and Japan, with landmark properties including Turtle Bay Resort on Oahu’s storied North Shore; Tivoli Lodge in Vail, Colorado; Willows...
Hostmark Hospitality Group Acquires Management Group, RAR Hospitality
Hostmark Hospitality Group | May 15, 2020
CHICAGO, May 14, 2020 – Hostmark Hospitality Group continues its strong growth through the integration and acquisition of RAR Hospitality, a San Diego-based hospitality management group. The combined company will now own and operate both limited-service and full-service as well as branded and independent hotels across the United States with a portfolio of 40 hotels totaling over 5,000 rooms as well as successful restaurants. Operations of RAR’s portfolio will continue under the Hostmark brand in their San Diego office. “RAR Hospitality has exhibited the breadth and depth of experience that is required in successfully managing boutique ...
Twin River Worldwide Holdings to Acquire Three Casinos From Eldorado and Caesars
Twin River | April 27, 2020
Adds Eldorado Shreveport Resort and Casino, Mont Bleu Resort Casino & Spa and Bally's Atlantic City Hotel & Casino to Twin River's Portfolio Transactions Expected to be Immediately Accretive to Earnings Significantly Advances Ongoing Portfolio Diversification Strategy PROVIDENCE, R.I., April 27, 2020 -- Twin River Worldwide Holdings, Inc. (NYSE: TRWH) ("Twin River" or the "Company") today announced that it has entered into an agreement with Eldorado Resorts, Inc. ("Eldorado") to acquire Eldorado Shreveport Resort and Casino ("Shreveport") in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa ("Mont Bleu") in Lake Taho...
Koch Industries Completes Acquisition of Infor
Infor | April 6, 2020
NEW YORK, April 6, 2020 - Koch Industries, Inc. announced that it has completed the acquisition of the remaining portion of Infor from Golden Gate Capital. Infor, a global leader in business cloud software specialized by industry, has been a key component of Koch's technological transformation. Koch companies have made more than $26 billion in technology-related investments in the past six years, transforming a global portfolio of businesses spanning multiple industries. In addition to being an investor since 2017, Koch has been a key customer, implementing Infor solutions across its businesses in areas like enterprise resource planning, hu...
Xenia Hotels & Resorts Provides Update on Transactions and Operations
Xenia Hotels & Resorts, Inc. | April 1, 2020
ORLANDO, Fla., April 1, 2020 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today provided an update on pending transactions, as well as an update on the impact of COVID-19 on its operations. On February 24, 2020, Xenia announced that it had entered into an agreement to sell the 492-room Renaissance Austin Hotel for $100.5 million, with an anticipated closing date during the first quarter of 2020. Subsequent to the announcement, the parties entered into an amendment to the agreement that extended the closing until April 16, 2020 and authorized the release of the $2 million deposit held in escrow to the Compan...
Condor Hospitality Trust Provides Update on Acquisition by NexPoint Hospitality Trust
Condor Hospitality Trust, Inc. | March 24, 2020
BETHESDA, Md. - Condor Hospitality Trust, Inc. (the “Company”) (NYSE American: CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, provided an update today on the previously announced acquisition by merger of the Company (the “Merger”) by NexPoint Hospitality Trust (“NHT”) (TSX-V: NHT-U). Closing of the acquisition did not occur on March 23, 2020, as extended to such date at the request of NHT pursuant to a previously announced amendment to the merger agreement. The Company is in discussions with NHT concerning the closing of the acquisition, and the Company is also ...
Crescent Hotels & Resorts Adds DoubleTree by Hilton Hotel Berkeley Marina to Management Portfolio
Crescent Hotels & Resorts | March 19, 2020
Berkeley, CA (March 19, 2020) – The DoubleTree by Hilton Hotel Berkeley Marina is now being managed by Crescent Hotels & Resorts. Crescent, based in Fairfax, Virginia is a nationally recognized operator of major hotels and resorts throughout the United States and Canada. The 378-room DoubleTree overlooks Berkeley Marina with views of the San Francisco Bay. The hotel is a 10-minute drive from University of California Berkeley and provides free shuttle service to the closest BART station and Tideline Ferry for quick trips into San Francisco. “The DoubleTree by Hilton Hotel Berkeley Marina is a great addition to the Crescent po...
Condor Hospitality Trust Provides Update on Acquisition by NexPoint Hospitality Trust
Condor Hospitality Trust, Inc. | March 16, 2020
BETHESDA, Md.--March 16, 2020--Condor Hospitality Trust, Inc. (the “Company”) (NYSE American: CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, provided an update today on the previously announced acquisition by merger of the Company (the “Merger”) by NexPoint Hospitality Trust (“NHT”) (TSX-V: NHT-U). NHT has requested and the Company has accommodated an extension of the Merger closing, previously set for March 16, 2020, to March 23, 2020. Forward-Looking Statement This news release (including statements about the expected timing, completion and effects of...
Waramaug Acquires Castle Hotel, Autograph Collection
Waramaug Hospitality | March 16, 2020
March 16, 2020, Boca Raton, FL — Waramaug Hospitality announced today that it acquired the Castle Hotel, Autograph Collection, located in Orlando, Florida. The 214-room lifestyle getaway property, part of the Autograph Collection by Marriott, offers boutique hotel rooms adorned with luxurious bedding and ample workstations, providing a seamless stay for both business and leisure travelers alike. It features 8,400 square feet of meeting space comprising seven rooms, terraces and gardens, an outdoor swimming pool with whirlpool spa tub, upscale dining, business center, fitness center, and two “sky terraces” that overlook Orlando’s n...
Eldorado Resorts to Sell Montbleu Resort Casino & Spa to Maverick Gaming
Eldorado Resorts | March 13, 2020
RENO, Nev. - March 13, 2020 - Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado,” “ERI,” or “the Company”) announced today that it has entered into a definitive agreement to sell the Montbleu Resort Casino & Spa in Lake Tahoe, Nevada to Maverick Gaming LLC. The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close in the second half of 2020. Tom Reeg, Chief Executive Officer of Eldorado, commented, “The agreement to divest Montbleu is consistent with our continued focus on the expected closing for the Caesars transaction in the first half of 2020.” Macquarie ...
Historic Sheraton Philadelphia Downtown Reveals $30M Transformation
Sheraton Hotels & Resorts | March 12, 2020
PHILADELPHIA (March 12, 2020) – Sheraton Hotels & Resorts, Marriott International’s most global brand, welcomes today the reimagined Sheraton Philadelphia Downtown hotel to its portfolio, following a $30M renovation. A Center City landmark at Logan Square and the second-largest hotel in the city, the property has deep roots in the local community and a long legacy of welcoming visitors to explore, relax, and enjoy the possibilities of travel. The downtown Philadelphia hotel is owned by Cambridge Landmark and operated by Aimbridge Hospitality. “Philadelphia is the cultural crossroads of history and innovation, and we are proud t...
Yotel Begins Multi-Million Dollar Transition of Liaison Washington Capitol Hill Ahead of Hotel’s Debut as Yotel Washington D.C. This Fall
Yotel | March 11, 2020
WASHINGTON, D.C. (March 11, 2020) – Following the success of YOTEL in cities including New York, Boston and San Francisco, the disruptive hospitality brand will bring YOTEL’s smart design and technology to the nation’s capital with the debut of YOTEL Washington D.C. this fall. As the brand’s first-ever acquisition and transition, the hotel will move forward with branding and incorporating YOTEL’s signature technology and adaptable design as part of a multi-million dollar full property reconstruction and remodel. The property will remain open through the transition, continuing to offer guests convenient access to both Capitol Hill an...
Prism Hotels & Resorts Adds New Embassy Suites by Hilton Tucson East to Portfolio of Managed Properties
Prism Hotels & Resorts | March 11, 2020
DALLAS, March 11, 2020 — Dallas-based Prism Hotels & Resorts, an award-winning, full service hotel management, investment, and advisory services company, announced today that it will add the newly converted and remodeled Embassy Suites by Hilton in Tucson East to its portfolio of managed properties. Prism President & CEO Steve Van made the announcement. “Adding Embassy Suites by Hilton Tucson East to our portfolio is part of an ongoing growth story for Prism built on great relationships with entrepreneurial owners and notable properties in strategic locations across the country,” said Van. “We have made extensive renovati...
Cour des Loges Hotel in Vieux-Lyon to Join Radisson Collection
Radisson Collection | March 10, 2020
Brussels/Lyon - March 10, 2020 - Radisson Hotel Group is proud to announce that Cour des Loges hotel in Vieux-Lyon, a UNESCO World Heritage listed district, will join Radisson Collection. The latest signing brings the Group’s portfolio in France to 19 hotels and 3,280 rooms in operation or under development. Located in the historic Vieux-Lyon district, Cour des Loges will receive a thoughtful renovation in 2021, introducing the exceptional Radisson Collection brand to the hotel while preserving the character and history of the building. Elie Younes, Executive Vice President & Chief Development Officer, Radisson Hotel Group says: ...
Pebblebrook Hotel Trust Completes Sale of InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square
Pebblebrook Hotel Trust | March 9, 2020
BETHESDA, Md. -- March 9, 2020 -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 422-room InterContinental Buckhead Atlanta in Atlanta, Georgia and the 237-room Sofitel Washington DC Lafayette Square in Washington, D.C. for $331.0 million to a third party on March 6, 2020. For InterContinental Buckhead Atlanta, the contracted sale price reflects a 13.7x EBITDA multiple and a 6.4% net operating income capitalization rate based on the hotel’s operating performance for 2018. Based on the hotel’s operating performance for 2019, the contracted sales price reflects a 13.0x EBITDA mul...
Partnership Between Royal Cribbean and ITM Acquire Grand Lucayan in The Bahamas
March 4, 2020
FREEPORT, Grand Bahama, March 4, 2020 -- The Government of The Bahamas sold the Grand Lucayan on Monday, March 2, 2020 to a partnership between Royal Caribbean International and ITM (Bahamas Port Investments Ltd.), which is expected to make a $250 million investment between the hotel and the redevelopment of the cruise port. The Heads of Agreement Signing Ceremony was held on the Great Lawn of the property, some 11 months following the signing of the Letter of Intent on Wednesday, March 27, 2019. Prime Minister of The Bahamas, the Most Hon. Dr. Hubert Minnis, described the day as a wonderful one as the government's intention was never t...
Gulph Creek Hotels Acquires Hilton Garden Inn Saratoga Springs
Gulph Creek Hotels | March 3, 2020
(Wayne, PA) March 3rd, 2020 – Gulph Creek Hotels is pleased to announce the acquisition of the 112-room Hilton Garden Inn located at 125 South Broadway in Saratoga Springs, New York. The property includes an indoor pool, restaurant, fitness center and 1,500 square feet of meeting space. Food and beverage offerings include a full bar and dinner menu, as well as a freshly made breakfast. Guests will enjoy proximity to restaurants, shopping and location entertainment. The hotel is a one-mile drive from downtown Saratoga Springs. This contemporary hotel is under two miles from the Saratoga Race Course and Saratoga Spa State Park. Renov...
Highgate Acquires Heavlin Management Company
Highgate | February 27, 2020
New York, NY – February 27, 2020 - Highgate, a leading real estate investment and hospitality management company, announced today that it has acquired Heavlin Management Company, LLC (“HMC”), a hotel management company with over 30 years of operating experience headquartered in Chandler, Arizona. Heavlin Management Company oversees nine branded properties throughout Arizona and two independent properties in Alaska. Under the terms of the purchase, Highgate will assume management of all properties in HMC’s portfolio. The properties in the acquired portfolio include: Crowne Plaza Phoenix Airport, Arizona Four Points by Sh...
EOS Investors LLC Acquires Kennebunkport Resort Collection
EOS | February 26, 2020
New York (February 26, 2020) - EOS Investors LLC (“EOS”), a privately held real estate investment firm, today announced its acquisition of Kennebunkport Resort Collection, a leading multi-property resort destination located in Kennebunkport, Maine. Kennebunkport Resort Collection will continue to manage the Resort on EOS’s behalf. “As our first investment in the Northeast, we are delighted to add such a renowned collection of resorts to our portfolio and contribute to the evolving and thriving destination that Kennebunkport, Maine has become,” says Jonathan Wang, President of EOS. “Kennebunkport Resort Collection has been a stapl...
Stonebridge Companies Acquires Residence Inn by Marriott Herndon Reston
Stonebridge Companies | February 25, 2020
DENVER — Stonebridge Companies — a Denver-based, privately owned, innovative hotel owner, operator and developer — has acquired and will manage the 168-room Residence Inn by Marriott Herndon Reston in Herndon, Virginia. The acquisition is Stonebridge Companies’ second in less than three months and third since late 2018. Stonebridge last month announced the purchase of the Le Méridien New Orleans, and in late 2018 acquired the Embassy Suites by Hilton New Orleans. The Residence Inn by Marriott Herndon Reston is located at 315 Elden St. in Herndon, just minutes from Washington Dulles International Airport and blocks from Reston T...
Park Hotels & Resorts Closes Sale of Embassy Suites Washington DC Georgetown and Hilton São Paulo Morumbi for Gross Proceeds of $208 Million
Park Hotels & Resorts | February 20, 2020
TYSONS, Va.--February 20, 2020-- Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the two separate sales of the 197-room Embassy Suites by Hilton Washington DC Georgetown (the “Embassy Suites DC”) and the 503-room Hilton São Paulo Morumbi (the “Hilton São Paulo”) for combined gross proceeds of approximately $208 million before customary closing costs and adjustments. The Embassy Suites DC, located in Washington, D.C., was sold for gross proceeds of $90.4 million, or $459,000 per key before customary closing costs and adjustments. When adjusted for Park’s anticipated capital expenditure...
AJ Capital Partners Acquires Macdonald Marine Hotel & Spa in North Berwick, Scotland
AJ Capital Partners | February 17, 2020
Chicago-based real estate developer purchases second property in Scotland with plans to renovate and reopen with updated guest rooms and food and beverage offerings Chicago, Ill. – Adventurous Journeys (AJ) Capital Partners announced today that it has acquired the Macdonald Marine Hotel & Spa in North Berwick, Scotland. The 83-key hotel will undergo extensive renovations starting in fall 2020. Once completed in spring 2021, the reimagined hotel will debut with 89- keys, two food and beverage concepts, expansive meeting and event space and an indoor-outdoor spa and fitness center. “Our team is humbled by the opportunity to create...
MGM Resorts, MGM Growth Properties and Blackstone REIT Complete Acquisition of MGM Grand Las Vegas and Mandalay Bay Real Estate for $4.6 Billion
MGM Resorts International | February 14, 2020
MGM Resorts Executes Long-Term Lease with Joint Venture for Both Properties LAS VEGAS and NEW YORK, Feb. 14, 2020 -- MGM Resorts International ("MGM Resorts") (NYSE: MGM), MGM Growth Properties LLC ("MGP") (NYSE: MGP) and Blackstone Real Estate Income Trust ("BREIT") today announced the closing of the previously announced transaction for a joint venture formed between MGP and BREIT to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion. In addition, BREIT has purchased approximately 4.9 million MGP Class A shares at a price of $30.67 per share. In connection with the completion of the transacti...
