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
Park Hotels & Resorts Inc. Closes Sale of the Conrad Dublin
Park Hotels & Resorts | November 14, 2019
TYSONS, Va.-- November 14, 2019 --Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it and its joint venture partners have closed on the sale of their interests in the company that owns the 192-room Conrad Dublin (the “Hotel”) located in Dublin, Ireland, for gross proceeds of €116.4 million, before customary closing adjustments and debt repayment. The gross proceeds equate to approximately $128 million, or $667,000 per key. Park’s pro rata share of gross proceeds was approximately $61 million. The sale price represents a 3.9% capitalization rate on the Hotel’s projected 2019 net operating income, or 22.1x th...
Phoenix Development Partners Acquires Historic Chicago Office Building to Redevelop as 350-Key Dual-Branded Hilton Property
Phoenix Development Partners | November 11, 2019
CHICAGO – November 5, 2019 – Phoenix Development Partners (“Phoenix”), as the lead sponsor, in partnership with Green Door Capital, Crowdstreet, Polaris, among other minority investors, announced the acquisition of 226 West Jackson (Chicago), a 238,000sf historic office building. This property will be restored and transformed to become a 350-room dual flag Hilton property (a Canopy by Hilton – 215 rooms - on the upper floors and a Hilton Garden Inn – 135 rooms - on the lower floors). John Mangel, Founder and CEO of Phoenix Development Partners commented that “the restored property will include a new 4,800sf rooftop restaurant...
Hawkins Way Capital Acquires Copley Square Hotel in Boston’s Back Bay Neighborhood
Hawkins Way Capital | November 6, 2019
Beverly Hills, CA - November 6, 2019 – Real estate investment firm Hawkins Way Capital today announced the acquisition of Copley Square Hotel, a historic 143-room property that has the distinction of being the first hotel to open in Boston’s Back Bay area in 1891. “The prime Boston real estate market is difficult to break into competitively, so we are very pleased to be able to complete our third property acquisition in another coveted location with substantial value-added opportunity,” said Ross Walker, Co-Founder and Managing Partner, Hawkins Way Capital. Hawkins Way Capital plans to update and reconfigure the guest rooms and ...
Aimbridge Hospitality and Interstate Hotels & Resorts Complete Merger
Aimbridge Hospitality | October 28, 2019
DALLAS and ARLINGTON, Virginia, Oct. 28, 2019 - Aimbridge Hospitality ("Aimbridge"), North America's largest independent hotel management firm, announces that it has completed its merger with Interstate Hotels & Resorts ("Interstate"), a leading independent multinational hotel operator on October 25, 2019. The combined company will manage a portfolio of more than 1,400 branded and independent properties in 49 states and 20 countries. Terms of the transaction were not disclosed. With this merger, Aimbridge and Interstate will create enhanced offerings for hotel owners benefiting from a scaled, global platform: enhanced data and analy...
Partnership Between Three Wall Capital and Guggenheim Investments Completes Acquisition of 18-Asset Extended Stay Hotel Portfolio
Three Wall Capital | October 22, 2019
NEW YORK -- October 22, 2019 -- A partnership between Three Wall Capital and Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, completed the acquisition of an 18-asset extended stay hotel portfolio. Clients managed by Guggenheim Investments also provided the mortgage debt for the portfolio acquisition. The national portfolio includes hotels located in North Carolina, Virginia, Florida, Texas, Tennessee, and Georgia, and the assets are affiliated with brands in the Hilton, IHG, and Choice systems. The hotels are all well positioned in their respective markets and are proximate to dens...
Marriott International to Acquire Elegant Hotels Group Expanding All-Inclusive Platform
Marriott International | October 21, 2019
Marriott International (NASDAQ: MAR) announced today the company has reached an agreement with the board of Elegant Hotels Group plc (LON: EHG; “Elegant”) on the terms of a recommended all cash offer for Elegant. Under the terms of the offer, each Elegant shareholder would be entitled to receive 110 pence per Elegant share. The offer values the entire issued and to be issued ordinary share capital of Elegant at approximately £100.8 million ($130.1 million based on £1:$1.29). The offer price implies an enterprise value for Elegant of approximately $199.0 million based on Elegant’s total net debt of $68.9 million as at 31 March 2019 ...
Generator Acquires Freehand Hotels for $400 Million
Generator | October 17, 2019
HONG KONG, CHINA - 17 October 2019 - Generator, whose design-driven affordable luxury has disrupted the hospitality industry across Europe since 2011, will now operate all four Freehand Hotels and their respective food and beverage outlets after purchasing the brand for $400 million this week. The acquisition led by London-based firm Queensgate Investments, which owns Generator, merges the original upscale hostel trailblazers and reaffirms Generator as a global pioneer in the hospitality industry. With Generator's storied success in Europe and Freehand's expertise in the U.S. market, this new merger marks a momentous milestone in the brand's...
Marriott International Purchases W New York – Union Square to Create W Brand’s Next-Generation Flagship in North America
Marriott International, Inc. | October 17, 2019
Purchase Marks New Chapter in Transformation Plan for Company’s Iconic Luxury Lifestyle Brand BETHESDA, M.D., OCT. 17, 2019 — Marriott International, Inc. today announced that it has purchased the 270-room W New York – Union Square in the heart of Manhattan’s dynamic Union Square neighborhood. The company paid $206 million for W New York – Union Square, with plans for a significant renovation. Marriott International will transform the existing hotel into a cutting-edge W Hotels showcase, advancing the company’s strategy to redefine and reinvigorate the brand in North America. “There’s no better place than New York City to re...
Aimbridge Hospitality Acquires Canadian Hotel Management Company, Bellstar Hotels & Resorts, Ltd.
Aimbridge Hospitality | October 11, 2019
DALLAS (October 10, 2019) – Aimbridge Hospitality, North America’s largest independent hotel investment and management firm, announces its Canadian affiliate has acquired Canadian condo-hotel management company, Bellstar Hotels & Resorts, Ltd. Founded in 2003, Bellstar Hotels & Resorts, Ltd., manages luxury destination resorts across western Canada. The company ensures each managed property maintains its unique individuality with a corporate mission of exceptional experiences for guests, owners and employees. “I am excited to pass the torch to Aimbridge Hospitality, a company just as dedicated to innovation and revenue g...
Apple Hospitality REIT Acquires The Berkeley Hotel in Richmond, Virginia for $7 Million
Apple Hospitality REIT, Inc. | October 11, 2019
RICHMOND, Va.--October 11, 2019--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of a 55-room independent boutique hotel in Richmond, Virginia (the “Hotel”), for a purchase price of approximately $7 million, or $125,000 per key. “We are pleased to add this unique property to our portfolio and expand our presence in the dynamic downtown Richmond market,” said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. “We plan to renovate and reposition the Hotel, incorporating services and amenities that are consistent with our...
Pebblebrook Hotel Trust Executes Contract to Sell Topaz Hotel for $33 Million
Pebblebrook Hotel Trust | October 8, 2019
BETHESDA, Md.--October 8, 2019--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to sell the 99-room Topaz Hotel in Washington, D.C. for $33.0 million to a third party. The contracted sale price reflects a 19.5x EBITDA multiple and a 4.4% net operating income capitalization rate based on the hotel’s operating performance for 2018. Based on the trailing 12-month period ended June 2019, the contracted sales price reflects an 18.2x EBITDA multiple and a 4.8% net operating income capitalization rate. The net operating income capitalization rates are after an assumed annual capital reserve of...
Summit Hotel Properties to Acquire West Coast Portfolio for $249 Million
Summit Hotel Properties | October 8, 2019
AUSTIN, Texas, Oct. 8, 2019 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has entered into a definitive agreement to acquire four hotels located on the west coast for $249 million through its recently formed joint venture with GIC. The high-quality portfolio is located in three high-growth markets and includes the 258-guestroom Residence Inn by Marriott Portland Downtown/RiverPlace, the 169-guestroom Hilton Garden Inn San Francisco Airport North, the 161-guestroom Hilton Garden Inn San Jose/Milpitas, and the 122-guestroom Residence Inn by Marriott Portland Hillsboro. The total purchase price of $249 m...
AWH Partners Acquires Embassy Suites Laredo in Texas
AWH Partners, LLC | October 7, 2019
NEW YORK (Oct. 7, 2019) – AWH Partners, LLC, a privately held real estate investment, development and management firm, announces today the purchase of Embassy Suites by Hilton Laredo, a strategic acquisition for the company already well-versed in the ownership, renovation and operation of Embassy Suites by Hilton hotels. Located in downtown Laredo - the largest port along the United States-Mexico border - the 154-suite property is the only full-service, branded hotel in the market. Spire Hospitality, AWH’s full-service hospitality management company, is now managing the Embassy Suites Laredo and will begin implementing core strategie...
Woodmont Lodging, Milestone Companies and Blue Vista Complete Joint Acquisition of New Fairfield Inn & Suites Pittsburgh Downtown
Woodmont Lodging | October 7, 2019
PITTSBURGH, Pa., Oct. 7, 2019— Woodmont Lodging, a leading hotel company, and Milestone Companies, a premier full-service real estate development company specializing in hotel assets, today jointly announced the completed acquisition of the 98-room Fairfield Inn & Suites Pittsburgh Downtown. Woodmont Lodging will provide asset management services, and Milestone Hospitality will deliver property management services to the newly constructed hotel. “We continue to seek premium-branded assets in compelling markets with multiple demand generators capable of better weathering any potential economic downturns,” said Elliott Estes, pri...
Vesta Hospitality Acquires Cannery Pier Hotel & Spa in Astoria, Oregon
Vesta Hospitality | October 7, 2019
Vancouver, Washington, October 7, 2019 – Vesta Hospitality announced today that it has acquired Cannery Pier Hotel & Spa, an independent luxury boutique property on Astoria, Oregon’s Columbia River Basin. The announcement was made by Vesta Hospitality Chairman & CEO Rick Takach. Built on the site of the former Union Fish Cannery, the Cannery Pier Hotel & Spa projects 600 feet into the Columbia River, offering guests unparalleled views of a real working river, as well as views of Cape Disappointment Lighthouse and nearby Washington. Each room has a private balcony and is lavishly appointed with a fireplace, hardwood floors a...
Mani Brothers Real Estate Group Acquires Hawaii’s Travaasa Hāna
Mani Brothers Real Estate Group | October 2, 2019
West Hollywood, CA — October 2, 2019 — Location! Location! Location! Mani Brothers Real Estate Group announces today the purchase of Travaasa Hāna, the beautiful 72-acre oceanfront resort boasting 75 private bungalows situated on Maui’s east coast, marking it the newest addition to the group’s expanding portfolio of luxury and lifestyle hospitality brands. “As we get to know the community of Hāna and the team at the hotel, we will continue to offer the authentic, upscale Hawaiian experience that Travaasa is known for,” said Gregory Day, President of Hospitality at Mani Brothers Real Estate Group. “The dedicated service vis...
Blackstone to Acquire 65% Controlling Interest in Great Wolf Resorts
Great Wolf Resorts, Inc. | October 2, 2019
NEW YORK--October 2, 2019 --Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX) (“Blackstone”), and affiliates of Centerbridge Partners, L.P. (“Centerbridge”, the existing owner) announced today that Blackstone is acquiring a 65% controlling interest in Great Wolf Resorts, Inc. (“Great Wolf” or the “Company”). Great Wolf is a leading owner and operator of family-oriented entertainment resorts, with 18 resorts around the country. As part of the transaction, Blackstone and Centerbridge will form a new $2.9 billion joint venture to own the Company. Tyler Henritze, Head of US Acquisitions for Blackstone Re...
TJM Properties Sells Atlantic Club Casino Hotel to Colosseo Atlantic City INC.
TJM Properties | October 1, 2019
ATLANTIC CITY, N.J., Oct. 1, 2019 -- TJM Properties, a noted Florida real estate firm and hotel management company, has sold the Atlantic Club Casino Hotel to Colosseo Atlantic City INC., a New York City-based investment and construction firm. One of two TJM-owned properties located on Atlantic City's fabled Boardwalk, the 800-room hotel was closed in 2014 by Caesars Entertainment, and subsequently purchased by TJM. The property was owned and developed by Stephen Wynn, the well-known casino operator of such properties as the Mirage and Bellagio in Las Vegas. "We have made every effort to find a buyer who could realize the potential of T...
Blue Water Development Acquires, Begins Renovations on Daytona Beach Hotel
Blue Water Development | October 1, 2019
OCEAN CITY, Md. (October 1, 2019) – Blue Water Development, a real estate developer specializing in commercial and hospitality properties on the East Coast, is proud to announce the acquisition of and start of renovations on the Comfort Inn & Suites, Daytona Beach Oceanfront. Formerly The Mayan Inn, the hotel will reopen in early 2020 following an extensive interior and exterior renovation. This is the company’s first property in Florida and brings its total number of hotels to ten. “We’re very excited to expand the Blue Water family into Florida and bring the Comfort Inn and Suites brand to Daytona Beach,” said Todd Burbage,...
Pebblebrook Hotel Trust Completes Sale of Hotel Madera
Pebblebrook Hotel Trust | September 27, 2019
BETHESDA, Md.--September 27, 2019 --Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 82-room Hotel Madera in Washington, D.C. for $23.3 million to a third party. The sale price of $23.3 million reflects a 14.3x EBITDA multiple and a 5.7% net operating income capitalization rate based on the hotel’s operating performance for 2018. Based on the trailing 12-month period ended June 30, 2019, the contracted sales price reflects a 14.1x EBITDA multiple and a 5.9% net operating income capitalization rate. Following the sale of Hotel Madera, the Company has completed a total of $1.3 bil...
Caesars Entertainment to Sell Rio All-Suite Hotel & Casino to Company Controlled by a Principal of Imperial Companies for $516.3M
Caesars Entertainment | September 23, 2019
LAS VEGAS, Sept. 23, 2019 -- Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars" or "Caesars Entertainment"), one of the world's most diversified casino-entertainment providers, today announced it has signed an agreement to sell the Rio All-Suite Hotel & Casino (the "Rio") to a company controlled by a principal of Imperial Companies (the "Buyer") for $516.3 million, which implies a strong sales price to EBITDA multiple. Under the terms of the agreement, Caesars will continue to operate the property pursuant to a lease for a minimum of two years and pay annualized rent of $45 million. The Buyer has the option to pay Caesars $7 m...
Banyan Investment Group Completes Acquisition of 101-Room Hotel Indigo Tuscaloosa Downtown in Alabama
Banyan Investment Group | September 17, 2019
TUSCALOOSA, Ala.--September 17,2019 --Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, today announced that the company completed the acquisition of the 101-room Hotel Indigo Tuscaloosa Downtown in Ala. The company also will operate the hotel and oversee a $500,000 refurbishment of The Lookout, downtown Tuscaloosa’s only rooftop bar, along with the public areas of the hotel. This marks Banyan Investment Group’s ninth acquisition from its recently launched BIG Hotels LP I, LLC fund. “We continue to seek hotel acquisition oppor...
Kemmons Wilson Hospitality Partners, Valor Hospitality, Acquire D.C.’s Kimpton Rouge Hotel
Kemmons Wilson Hospitality Partners | September 16, 2019
WASHINGTON (September 16, 2019) – Kemmons Wilson Hospitality Partners (KWHP) today officially announced that they have acquired the Kimpton Rouge Hotel in Washington, D.C. Valor Hospitality (Valor), which owns, operates, asset manages and consults on over 60+ hotels worldwide, is co-investing and will oversee a complete rebrand and renovation of the property and will be adding a new restaurant and rooftop bar within the next 18 months. KWHP, a wholly owned subsidiary of Kemmons Wilson Companies, is the hospitality investment arm of the Kemmons Wilson family, which founded Holiday Inn Hotels in 1952. After 65 years of leadership in the hosp...
Atma Hotel Group Acquires Courtyard by Marriott and Sheraton Europa in Chapel Hill
Atma Hotel Group | September 6, 2019
Chapel Hill, N.C., Sept. 06, 2019 -- Atma Hotel Group, Inc., a hotel ownership and management company based in Chapel Hill, announced it has added the full-service Courtyard by Marriott and the Sheraton Europa to its existing Chapel Hill hotel portfolio. These hotels complement Atma’s existing Chapel Hill properties, which include two Hampton Inn & Suites, a Holiday Inn Express and a Quality Inn. “We are excited to bring our family atmosphere, commitment to quality and exceptional customer experience to the Courtyard and Sheraton Europa,” said Manish Atma, founder and CEO of Atma Hotel Group. “The Sheraton Europa will undergo a...
