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
CapitaLand Ascott Trust Divests Three Hotels in Japan for JPY10.7 Billion ($69.9M US)
December 18, 2023
Transaction is part of CLAS’ active portfolio reconstitution strategy to deliver sustainable returns to Stapled Securityholders Singapore, 18 December 2023 – CapitaLand Ascott Trust (CLAS) is divesting three hotels in Osaka, Japan to an unrelated third party for a total of JPY10.7 billion (S$99.8 million[1]). The three properties are Hotel WBF Honmachi, Hotel WBF Kitasemba East and Hotel WBF Kitasemba West. The three properties will be divested at about 15% above book value[2]. Net proceeds of the divestment are expected to be about JPY3.9 billion (S$36.4 million) and CLAS will recognise a net gain of JPY1.1 billion (S$10.1 million...
GL Rogers and Company and Maine Course Hospitality Group Acquire the Four Points by Sheraton in Greensboro, North Carolina
Maine Course Hospitality Group | December 18, 2023
PORTSMOUTH, NH -- GL Rogers and Company, a local leader in the commercial real estate and hospitality industries, and Maine Course Hospitality Group, an award winning leader in hospitality management, proudly announce the successful acquisition of the Four Points by Sheraton Hotel in Greensboro, North Carolina. This strategic move marks a significant expansion in GL Rogers and Company's portfolio, solidifying its commitment to investing in thriving communities and building upon its legacy of providing exceptional guest experiences through Maine Course Hospitality Group. Under new ownership, the Greensboro Four Points by Sheraton will be ma...
SSG Hotels Acquires Two Hyatt-Branded Properties in Warrenville, Illinois
SSG Hotels LLC | December 12, 2023
Lafayette, IN – December 12, 2023 – SSG Hotels, a family-owned hotel development and management company headquartered in Lafayette, IN, proudly announces the recent acquisition of two prominent Hyatt properties in Warrenville, IL. This strategic move marks another significant milestone in SSG Hotels' commitment to providing exceptional hospitality experiences. The newly acquired Hyatt Place Chicago/Naperville/Warrenville and Hyatt House Chicago/Naperville/Warrenville properties, located in the vibrant community of Warrenville, present an exciting opportunity for SSG Hotels to enhance its presence in the dynamic Chicagoland hospitality ...
The Azur Selection To Acquire Two New Hotels in Volos and Meganisi, Greece
The Azur Selection | December 11, 2023
ATHENS, Greece--Regulatory News: The Azur Selection (ISIN: GRS528003007 – Ticker: MLAZR) (Paris:MLAZR), a Greek hotel company listed on the Euronext Access + market in Paris, today announces the acquisition of two new hotels in the city of Volos and on the island of Meganisi, in Greece. The shareholders of The Azur Selection, at an Extraordinary General Meeting on 6 December 2023 in the Company’s offices in Athens, approved the acquisition of two hotels, Azur Volos, in the coastal town of Volos and Azur Meganisi on the island of Meganisi, both in Greece. This acquisition will be made through the issue of 1,296,335 new shares of ...
Stonebridge Cos. Acquires Five-Property Portfolio Across U.S.
Stonebridge Cos. | December 11, 2023
The purchase of the portfolio represents the firm’s continued focus on strategic growth throughout the country into both new and existing markets DENVER — Stonebridge Cos. (“Stonebridge”), a privately owned, nationally recognized, innovative hotel owner and manager headquartered in Denver, acquired a five-property, approximately 1,200 key hotel portfolio spanning the U.S. in late November. “Our closing of this transaction was especially rewarding due to the size of the portfolio, the multiple moving parts and speed in which we were able to complete the deal,” said Navin Dimond, CEO and founder of Stonebridge. “We are ex...
NexGen Hotels Acquires the EVEN Hotel Miami – Airport
NexGen Hotels | December 6, 2023
The Wellness-Focused Brand is the First in NexGen’s Portfolio MIAMI – December 6, 2023 – NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of the EVEN Hotel Miami - Airport. Located at 3499 N.W. 25th Street, the upscale select-service hotel will be managed by Genuine Hospitality Group of St. Louis, Missouri. Situated one mile from Miami International Airport and just minutes from the Port of Miami, the hotel is a perfect stopover for cruise travelers. Whether traveling for business or leisure, EVEN Hotel Miami – Airport offers guests convenient access to Waterfor...
Andronis Hotels Expands to Paros With Acquisition of Minois Hotel Paros
December 1, 2023
SANTORINI, GREECE – DECEMBER 1, 2023 – Andronis Hotels, a family-owned collection of luxury five-star hotels and villas in Athens and Santorini, today announced its expansion into Paros with the acquisition of Minois Hotel Paros. This strategic expansion aligns with the ongoing plan to extend Andronis presence to Milos, with a potential upscale establishment slated to debut, tentatively in 2025. Part of Small Luxury Hotels of the World™ (SLH), the most desirable community of independently spirited hotels in the world, this initiative further cements the brand’s position as the foremost independent luxury hospitality operator in Greece...
NexGen Hotels Acquires Best Western Plus in Venice, Florida
NexGen Hotels | November 30, 2023
Hotel Located Just a Few Miles from Pristine Gulf Beaches Venice, FL – November 30, 2023 – NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of the Best Western Plus Ambassador Suites Venice. Located at 400 Commercial Court, the 83-room hotel will be managed by Genuine Hospitality Group of St. Louis, Missouri. Located five miles from historic downtown Venice and 24 miles from the Sarasota-Bradenton International Airport, the Best Western Plus Ambassador Suites Venice provides travelers with easy access to 14 miles of Gulf beaches, championship golf courses and numerous...
NexGen Hotels Acquires Holiday Inn St. Petersburg West
NexGen | November 27, 2023
Hotel is the Latest Addition to NexGen’s Growing Portfolio St. Petersburg, FL – November 27, 2023 – NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of the Holiday Inn St. Petersburg West. Located at 1200 34th Street North, the 129-room hotel will be managed by Genuine Hospitality Group of St. Louis, Missouri. Centrally situated on I-19 and just minutes away from downtown St. Petersburg, the Holiday Inn St. Petersburg West offers guests easy access to Tropicana Field, the Dali Museum, Morean Arts Center, Duke Energy Center for the Arts - Mahaffey Theater and Al Lan...
Apple Hospitality REIT Completes Acquisition of Embassy Suites by Hilton South Jordan Salt Lake City
Apple Hospitality REIT, Inc. | November 22, 2023
RICHMOND, Va.--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that it has completed the acquisition of the 192-room Embassy Suites by Hilton South Jordan Salt Lake City (the “Hotel”) for approximately $36.8 million, or $191,000 per key. “We are pleased to expand our portfolio with the acquisition of this ideally located Embassy Suites by Hilton in South Jordan,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “South Jordan is a thriving, dynamic city in the Salt Lake City metropolitan area that has experienced strong economic, employment an...
KWC Management Closes Acquisition of Montage Kapalua Bay
KWC Management | November 20, 2023
Memphis, Tenn. (November 20, 2023) KWC Management, LLC, the hospitality investment management company of Kemmons Wilson Companies, today announced its acquisition of the storied Montage Kapalua Bay, following an engagement that began in the early spring. Montage Kapalua Bay has consistently been ranked among the top resorts on Maui and throughout the state of Hawaii. “Since first visiting Hawaii in the early 1980s, we have held a profound respect for the islands, their culture and people, and we have grown only more intrigued through the process of making Montage Kapalua Bay part of our portfolio,” said Webb Wilson, CEO of KWC Manage...
Kolter Hospitality and BH Group Acquire Crystal Beach Suites Miami Oceanfront Hotel
Kolter Hospitality | November 16, 2023
Miami, FL—November 16, 2023— Kolter Hospitality and BH Group announced the acquisition of the Crystal Beach Suites Miami Oceanfront Hotel located at 6985 Collins Avenue in Miami Beach. The 84-room hotel was acquired by Kolter and BH Group from Crystal Beach, Inc., and Crystal Beach Development Corp. “Our company is in a long-term growth mode, and we are constantly looking for thoughtful acquisitions to grow our portfolio,” said Scott Webb, President of Kolter Hospitality. “The hotel has a dedicated team who will join our family of employees.” Crystal Beach Suites Miami Oceanfront Hotel is located on Collins Avenue, near Bal Harb...
Dreamscape Companies Acquires Holston House Nashville From HRI Properties
Dreamscape | November 16, 2023
Holston House Nashville Will Make Dreamscape The Largest Hotel Owner In Downtown Nashville, With Three Hotels Totaling Over 900 Rooms Nashville, TN (November 16, 2023) – Dreamscape Companies, a New York-based real estate and investment firm, completed the acquisition of the Holston House Nashville from HRI Properties, a recently redeveloped hotel situated in the heart of Downtown Nashville. This purchase marks Dreamscape’s third hospitality transaction in the city in the last three years, having acquired The Sheraton Grand Nashville Downtown and Holiday Inn & Suites Nashville Downtown. The purchase of this 191-room hotel undersco...
Pebblebrook Hotel Trust Completes Sale of Hotel Zoe Fisherman’s Wharf
Pebblebrook Hotel Trust | November 15, 2023
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced today that on November 14, 2023, it closed on the sale of the 221-room Hotel Zoe Fisherman’s Wharf in San Francisco, California for $68.5 million to a third party. For the trailing twelve months ended September 30, 2023, the hotel’s net loss was ($1.2) million, its net operating income was $2.2 million, and its earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $2.7 million. The $68.5 million sales price reflects a 25.0x EBITDA multiple and a 3.2% net operating income capitalization rate (assuming a capital reserve of 4.0% of...
Innisfree Hotels Acquires 94-Room Hampton Inn & Suites St. Augustine-Vilano Beach
Innisfree Hotels | November 15, 2023
The Hilton-branded property, Innisfree’s first in this historic part of Florida, is a seamless fit for the hotel operator’s beachfront and beach-oriented portfolio. GULF BREEZE, Fla.— Innisfree Hotels (innisfreehotels.com), a best-in-class operator of beachfront hotels and resorts in the Southeastern United States, has completed the acquisition of the Hampton Inn & Suites by Hilton in St. Augustine-Vilano Beach, Fla. The 94-room property, originally built in 2001 as a high-end condo, is Innisfree’s first hotel in the St. Augustine area. “The Hampton Inn & Suites St. Augustine-Vilano Beach fits perfectly into our beac...
Maine-Based Hotelier Tim Harrington Acquires The Dunes on the Waterfront in Ogunquit
November 10, 2023
OGUNQUIT, ME, November 10, 2023 - Tim Harrington, hotelier, real estate developer, entrepreneur and owner of several award-winning properties, has acquired The Dunes on the Waterfront, adding to his number of boutique properties in Maine. Harrington purchased the property with his Batson River Partner Kevin Lord. Set to open for the summer 2024 season, The Dunes overlooks Ogunquit Beach and is situated among sandy dunes, providing inspiration for its namesake along with an ideal setting for a seaside getaway. Originally purchased in 1935 as farmland, The Dunes property is one of Maine’s original cottage colonies, and has welcomed gues...
Paramount Lodging Advisors Successfully Transacts Chicago Renaissance OHare Hotel
Paramount Lodging Advisors | November 7, 2023
CHICAGO, IL - Paramount Lodging Advisors (PLA) has successfully executed the sale of a Marriott-branded Renaissance Hotel situated minutes from Chicago O’Hare International Airport. Managing Director Mike Schlictman and Director Andrew Makhlouf, along with Partners Bennett Webster and Brent Clemens represented the seller in the transaction. The full-service 362-key Renaissance Hotel opened in 2005 and features over 9,000 SF of meeting space and the Asado Urban Grill restaurant. The upscale property is ideally located in the top 3 MSA market of Chicago....
CapitaLand Ascott Trust Divests Two Hotels in Australia for AUD109.0 Million
CapitaLand Ascott Trust | November 7, 2023
Transaction is part of CLAS’ active portfolio reconstitution strategy to deliver sustainable returns to Stapled Securityholders Singapore, 7 November 2023 – CapitaLand Ascott Trust (CLAS) is divesting two mature hotels in Sydney, Australia to an unrelated third party for a total of AUD109.0 million (S$95.6 million[1]). Situated outside of the city centre, the two properties are Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Paramatta. The two properties will be divested at about 5% above book value[2] and net proceeds of the divestment is expected to be AUD98.0 million (S$85.9 million). The exit yield[3] is 4.4% and C...
Parks Hospitality Holdings Acquires Boston Park Plaza
Parks Hospitality Holdings | October 31, 2023
BOSTON, Oct. 31, 2023 -- In a move signaling its U.S. market expansion strategy, Parks Hospitality Holdings (PHH), a leading hospitality developer and hotel owner, today confirmed the acquisition of the strategically positioned Boston Park Plaza. Located at 50 Park Plaza in Boston's central Back Bay neighborhood, the 1,060-key property will see the property transition to Hilton Boston Park Plaza as part of a post-acquisition rebranding initiative. The architecturally impressive hotel features contemporary and pet-friendly guestrooms and suites, two restaurants, a variety of amenities, and 70,000 square feet of meetings and event spac...
Sunstone Hotel Investors Complete Sale of 1,060-Key Boston Park Plaza for $370M
Sunstone Hotel Investors, Inc. | October 27, 2023
ALISO VIEJO, Calif., Oct. 27, 2023 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced that it has completed the sale of the 1,060-room Boston Park Plaza (the "Hotel") for a gross sale price of $370 million, or approximately $350,000 per key. The sale price represents a 12.1x multiple on Hotel Adjusted EBITDAre and a 7.1% cap rate on Hotel Net Operating Income for the trailing four quarter period ended June 30, 2023. The Company acquired the Hotel in 2013 and successfully executed a business plan to reinvigorate the well-located historic hotel. Over the course of the Company's ownership period, the H...
Choice Hotels Calls on Wyndham Hotels & Resorts to Engage in Discussions
Choice Hotels | October 26, 2023
Choice Sees a Clear Path to Completion and Remains Committed to the Transaction Ready to Move Expeditiously to Provide Requisite Transaction Certainty Strongly Urges Wyndham to Return to the Negotiating Table ROCKVILLE, Md., Oct. 26, 2023 -- Choice Hotels International, Inc. (NYSE: CHH) (the "Company" or "Choice"), today called upon the board of directors of Wyndham Hotels & Resorts, Inc. (NYSE: WH) ("Wyndham") to engage in good faith discussions so that shareholders of both companies can benefit from the compelling combination. Patrick Pacious, President and Chief Executive Officer of Choice, said, "We appreciate the positive feed...
Q3 2023 Major U.S. Hotel Sales Survey
Daniel Lesser | October 26, 2023
By Daniel Lesser Notwithstanding a persistent jittery economic environment and rising global geopolitical concerns, market conditions in the U.S. appear simultaneously shaky and resilient. National lodging sector metrics, particularly average room rates and RevPAR, continue to achieve exceptional results as demand for travel and lodging remains robust. Although overall leisure patronage is trailing off from pandemic highs, due in part to Americans opting for international travel, domestic corporate individual and group meeting business continues to rebound to pre Covid-19 levels. Additionally, inbound international travel to the U.S. conti...
The Siegel Group Acquires Former Sunstyle Suites Inn Located in Orlando, Florida
The Siegel Group | October 25, 2023
LAS VEGAS--The Siegel Group, a real estate investment and management company, announced today that it had acquired the former Sunstyle Suites Inn located in Orlando, Florida. The property, which closed in a quick 30 day off-market transaction, was purchased for $10.33 million. This acquisition increases the number of Siegel Select® (www.siegelselect.com) and Siegel Suites® (www.siegelsuites.com) properties throughout the United States to 62 and marks the second location that the brand has acquired in the Florida market within the last six months. This newest Florida location is in addition to the company’s significant presence throughou...
Apple Hospitality REIT Completes Acquisition of Residence Inn by Marriott Seattle South/Renton for $55.5M
Apple Hospitality REIT, Inc. | October 23, 2023
RICHMOND, Va.--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that it has completed the acquisition of the 146-room Residence Inn by Marriott Seattle South/Renton (the “Hotel”) for approximately $55.5 million, or $380,000 per key. “We are pleased to further diversify and enhance our portfolio with the acquisition of this recently-built, extended-stay hotel in Renton,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “Renton is well known for its strong business environment that spans aviation, aerospace, manufacturing, technology, life scien...
