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
Cordish Companies to Finalize Diamond Jacks Casino and Hotel Bossier City Acquisition
The Cordish Companies | October 23, 2023
BALTIMORE, MD (October 23, 2023) – The Louisiana Gaming Control Board today unanimously granted LRGC Gaming Investors, LCC, an affiliate of The Cordish Companies, the necessary regulatory approvals required to become a gaming operator in the State. The approval clears the way for Cordish to finalize the acquisition of Diamond Jacks Casino & Hotel in Bossier City and begin its transformation into a world-class Live! branded casino resort and entertainment destination. Central to the redevelopment is the construction of the first land-based casino in the Shreveport-Bossier market. In addition to fully renovating the hotel rooms and p...
Eleven Acquires Owen River Lodge in New Zealand
Eleven | October 23, 2023
Crested Butte, CO October 2023 – Eleven®, a leading collection of global adventure lodges, expands its presence in New Zealand with the addition of Owen River Lodge, an award-winning angling lodge in the Tasman region known for its brown trout sight fishing. Owen River Lodge becomes the 13th property in the portfolio and second in New Zealand, joining Eleven’s Cedar Lodge, tucked beneath the Southern Alps and famed for its access to wild trout. “While New Zealand is the pinnacle of trout fishing, Owen River Lodge is arguably the best place in the world for sighted brown trout fishing” shared Cameron Davenport, Angling Operations ...
JV of NewcrestImage, Dabu Group & Preeminent Hotels Acquire Two Marriott-Branded Hotels in The Woodlands, Texas
NewcrestImage | October 19, 2023
A joint venture of NewcrestImage, Dabu Group, and Preeminent Hotels has acquired ownership and operation of two Marriott-branded hotels -- the 90-room Courtyard and the 90-suite Residence Inn -- located in The Woodlands, 35 miles north of Houston. The transaction closed during the week of October 9. Both properties will be fully renovated starting next year and will remain open during the renovations. The hotels are convenient to George Bush Intercontinental Airport, as well as to a variety of major corporate offices such as Chevron Phillips Chemical Co., ExxonMobil, Huntsman Corp., McKesson Specialty Health, and Repsol USA. Also nea...
NewcrestImage Acquires Three Courtyard by Marriott Hotels at Major Airports
NewcrestImage | October 18, 2023
NewcrestImage is acquiring three Courtyard by Marriott hotels from W.P. Carey, a real estate investment trust with headquarters in New York City. Two properties – at Albuquerque International Sunport and at Indianapolis International Airport – have already closed, while the third property at Chicago O’Hare International Airport is expected to close in early November. “These hotels, with their strategic airport locations in high-traffic markets, offer significant opportunities for growth,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “To fully capture this upside potential, all three properties will undergo fu...
Wyndham Board of Directors Rejects Unsolicited Proposal From Choice
Wyndham Hotels & Resorts | October 17, 2023
PARSIPPANY, N.J., Oct. 17, 2023 -- Wyndham Hotels & Resorts (NYSE: WH) ("Wyndham" or the "Company"), the world's largest hotel franchising company with approximately 9,100 hotels spanning more than 95 countries, announced that its Board of Directors unanimously rejected a highly conditional, unsolicited stock-and-cash proposal by Choice Hotels International, Inc. (NYSE: CHH) ("Choice") to acquire all outstanding shares of Wyndham. Wyndham's Board of Directors, together with its financial and legal advisors, closely reviewed Choice's latest proposal with a nominal value of $90 per share, comprised of 45 percent in stock and 55 percent...
Choice Hotels Proposes to Acquire Wyndham Hotels & Resorts for Almost $10B
Choice Hotels | October 17, 2023
Represents 26% Premium to 30-Day VWAP ending on October 16, 2023, 11% Premium to 52-WeekHigh, and 30% Premium to Latest Closing Price Significantly Enhances the Return on Investment for Choice and Wyndham Franchisees Provides a Compelling Range of Lodging Options and Price Points Well-Positioned to Serve Evolving Needs of the Value-Driven Traveler Annual Run-Rate Synergies of Approximately $150 Million Anticipated While Accelerating Opportunities for Sustained Long-Term Growth ROCKVILLE, Md., Oct. 17, 2023 – Choice Hotels International, Inc. (NYSE: CHH) (the “Company” or “Choice”), today announced a proposal to acquire a...
Pebblebrook Hotel Trust Executes Contract to Sell 221-Room Hotel Zoe Fisherman’s Wharf for $68.5M
Pebblebrook Hotel Trust | October 16, 2023
BETHESDA, Md. -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced today that it executed a contract to sell the 221-room Hotel Zoe Fisherman’s Wharf in San Francisco, California for $68.5 million to a third party. The property sale is subject to normal closing conditions. The Company offers no assurances that the sale will be completed on these terms or at all. The sale is targeted to be completed later in the fourth quarter of 2023. For the trailing twelve months ended September 30, 2023, the hotel’s net loss is estimated at ($1.2) million, its net operating income is estimated at $2.2 million, and its earnings before...
Apple Hospitality REIT Acquires 175-Room Courtyard by Marriott and 159-Room Hyatt House in Downtown Salt Lake City
Apple Hospitality REIT | October 12, 2023
RICHMOND, Va. --Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of the 175-room Courtyard by Marriott Salt Lake City Downtown for approximately $48.1 million, or $275,000 per key; the 159-room Hyatt House Salt Lake City/Downtown for approximately $34.3 million, or $215,000 per key; and a corresponding 346-space parking garage for approximately $9.1 million, which serves both hotels as well as the surrounding area. “While overall industry transaction volume remains muted, the strength of our operating performance and our relative liquidity position have provided us w...
Monte-Carlo Société des Bains de Mer Acquires Palace des Neiges in Courchevel 1850
Monte-Carlo Société des Bains de Mer | October 12, 2023
Monaco, 12 October 2023 — As part of the strategy undertaken since Stéphane Valeri became Chairman and CEO, Monte-Carlo S.B.M. Group purchased the Palace des Neiges in Courchevel 1850 on Tuesday, October 3rd. The strategy thus gets underway in the prestigious French Alps resort, at the heart of the Jardin Alpin district that boasts several leading luxury hotels, with the acquisition of the Palace des Neiges and with a major renovation in view to bring to life all the know-how and expertise of S.B.M in the field. To identify the property and provide optimal support throughout this specific mountain acquisition, S.B.M Group approached the ...
Cendyn Doubles Down on the Future of CRM With Strategic Acquisition of PUSHTech
Cendyn | October 10, 2023
Barcelona, Spain, 10 October 2023 – Cendyn, a catalyst for digital transformation in the hospitality industry, is thrilled to announce its strategic acquisition of PUSHTech, a pioneering force in hotel Customer Relationship Management (CRM) services and marketing automation technology. This milestone solidifies Cendyn's commitment to investing in the future of CRM by doubling down investment in innovation, customer-centric solutions, and the empowerment of hoteliers to optimize revenue streams through advanced CRM strategies. PUSHTech is a cloud-based Customer Data Platform (CDP) and CRM platform that offers an integrated solution for the...
MDO Extends Leadership Position in Hotel Business Intelligence and Back-Office Automation With Acquisition of HelloGM
mdo | October 5, 2023
The acquisition of HelloGM further enables MDO to deliver data-driven solutions for the hospitality industry, equipping hoteliers to operate more efficiently and gain actionable insights from their data. ATLANTA, GA., OCTOBER 5, 2023 – MDO, a hotel data platform that centralizes and operationalizes critical performance and financial data for hotel companies, has bolstered its back-office automation and business intelligence capabilities with the acquisition of HelloGM. HelloGM, a centralized data analytics and automation platform, enables hotel operators to better understand property-level operating performance and automate previously...
Hawkeye Hotels Exits Moxy Omaha at Opening
Hawkeye Hotels | October 4, 2023
Moxy Hotel Celebrates Hotel Completion in Omaha's Vibrant Historic Old Market District Omaha, NE – Despite the challenging financing landscape and concerns about rising interest rates, Hawkeye Hotels not only built the hotel but also sold it at over $200,000 per room. This achievement underscores the resilience of the hotel industry, as well as the presence of eager buyers who are willing to transact. Hawkeye Hotels is proud to announce the highly-anticipated completion of the Moxy Hotel in Omaha, Nebraska's Historic Old Market District. This stylish and innovative addition to the hospitality scene in Omaha promises to redefine the ci...
Mews Acquires Nomi to Accelerate AI Guest Experiences and Personalization
Mews | October 4, 2023
[4th October, Nashville, Tenn.] — Mews, the industry-leading hospitality cloud, has today announced its acquisition of Nomi, a Nashville-based hospitality startup, as it continues focusing on its mission to enable remarkable guest experiences. Nomi will be included within Mews Guest Journey, empowering hoteliers to provide a hyper-personalized experience for guests. Founded in 2021, the Nomi team has developed a local tour guide for travelers, using predictive analytics and AI to respond to recommendation requests while considering the personality type of each user, unique preferences, interests and needs. For hotels, Nomi delivers real-ti...
Moonstar Hospitality Acquires Fairfield Inn & Suites by Marriott Phoenix Midtown for $18 Million
Cushman & Wakefield | October 3, 2023
PHOENIX, Ariz. – October 3, 2023 – Cushman & Wakefield announced the firm has brokered the sale of a 107-room Fairfield Inn & Suites by Marriott hotel asset in Phoenix, Arizona. Located at 2520 N Central Ave, the property sold to Salt Lake City, UT-based Moonstar Hospitality LLC for $18 million. Bill Murney with Cushman & Wakefield’s Hospitality team in Phoenix represented the seller, MIG Real Estate, in the transactions. MIG Real Estate, a real estate investment company with assets across the Western U.S. and Sun Belt states, is actively seeking opportunities to expand its portfolio. “The buyer now owns a great...
Alojica Completes Acquisition of Marriott Puerto Vallarta Resort & Spa
Alojica | October 2, 2023
MEXICO CITY, Oct. 2, 2023 -- Black Creek Mexico ("BCM") is pleased to announce that affiliates of Alojica, a BCM sponsored investment platform, have completed the acquisition of the Marriott Puerto Vallarta Resort & Spa, from an affiliate of Marriott International, Inc. The 433-room beachfront resort, located in Puerto Vallarta, Jalisco, Mexico, is managed by an affiliate of Marriott International under a long-term Marriott Hotels & Resorts agreement. Alojica plans for the property to undergo a transformational capital improvement plan to convert the property into All-Inclusive by Marriott Bonvoy. Planned improvements include a compr...
CapitaLand Ascott Trust Completes Divestment of Four Properties in Regional France for EUR44.4 Million
CapitaLand Ascott Trust | September 26, 2023
Singapore, 26 September 2023 – CapitaLand Ascott Trust (CLAS) has completed the divestment of four mature serviced residences in regional France to an unrelated third party for a total of EUR44.4 million (S$64.7 million[1]). The four properties are Citadines Croisette Cannes, Citadines Prado Chanot Marseille, Citadines Castellane Marseille and Citadines City Centre Lille. The four properties were divested at 63% above book value[2] and net proceeds of the divestment is approximately EUR34.1 million (S$49.7 million). The exit yield[3] is about 4% and CLAS received a net gain of approximately EUR1.2 million (S$1.8 million). Post-dive...
NewcrestImage & Dabu Group Acquire Full-Service Marriott Dallas/Fort Worth Westlake in Texas
Newcrest Image | September 26, 2023
A joint venture of two Dallas-based companies – NewcrestImage and Dabu Group – has acquired the full-service Marriott Dallas/Fort Worth Westlake. The hotel features architecture by award-winning Mexican architect Ricardo Legorreta, who is known for his innovative use of bright colors, light and shadow, and geometric shapes. Newmark Lodging Capital Markets arranged the sale on behalf of the seller. The team was led by Vice Chairman Miles Spencer and Director Parker Sherrill. The Marriott is convenient to corporate offices, historic downtown Grapevine, and destinations such as the world headquarters of Charles Schwab Corporation, DFW ...
Valor Hospitality Partners Continues Middle East Expansion With Acquisition of Second Oman Property
Valor Hospitality Partners | September 20, 2023
Atlanta, Sept. 20, 2023 –Valor Hospitality Partners, a leading global hotel management company, has announced the acquisition of its second property in Duqm, Oman—marking seven total properties in the Middle East and expanding Valor Hospitality’s Middle East portfolio to 1200+ keys and brings the Oman portfolio to 300+ keys. In partnership with Marriott International, the boutique property will be branded Four Points by Sheraton and owned by Ezz Assas International and will open in 2024. The Four Points by Sheraton Duqm will have 85 rooms and is anticipated to reflect Valor Hospitality’s dedication to ‘travel reinvented,’ providi...
OTH Hotels Resorts Set to Manage Le Méridien Dallas in Texas
OTH | September 19, 2023
DALLAS, TX - OTH Hotels Resorts, one of the nation’s leading upscale hotel management companies, has announced the addition of Le Méridien, a north Dallas boutique hotel, to their portfolio. The addition of this chic, mid-century, modern hotel adds 258 guest rooms to their hospitality portfolio. “This property fits perfectly into our investment criteria and is well positioned in the Dallas market as an ideal stay for business travelers,” OTH CEO & President Todd Felsen said. “We approach every partnership with our OTH standards for success in mind – comprehensive services, an innovative approach, and personalized attention t...
First Hospitality Expands Reach with Acquisition of Hostmark Hospitality Group
First Hospitality | September 18, 2023
CHICAGO (September 18, 2023) - First Hospitality, a national hotel management and development company, is pleased to announce an agreement to acquire the majority of the hotel management agreements of Hostmark Hospitality Group, headquartered in Schaumburg, IL. This strategic move significantly expands First Hospitality's geographic presence, augments its collection of restaurants and bars, and promises to bring added benefits to its expanded portfolio, which will include more than 70 hotels nationwide. David Duncan, President and CEO of First Hospitality, stated, "Our alignment with Hostmark Hospitality Group fits well with our strategy o...
Mission Hill Hospitality Expands Portfolio With Acquisition of the Residence Inn by Marriott in Breckenridge, Colorado
Mission Hill Hospitality | September 18, 2023
DENVER, CO – September 18, 2023: Mission Hill Hospitality, a leading select service and extended stay hotel investor, announced it has acquired the 129–key Residence Inn by Marriott in Breckenridge, Colorado. Terms are undisclosed. This marks Mission Hill's third acquisition in Colorado, following the purchases of the Holiday Inn and La Quinta Steamboat Springs in early 2023. The portfolio now includes 33 hotels across 16 states: Alabama, California, Colorado, Florida, Georgia, Kansas, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Oregon, South Carolina, Texas, Vermont, and Virginia. “We are excited to expand ou...
S Hotels & Resorts Acquires Mercure Glasgow City Hotel Leasehold
S Hotels and Resorts Public Company Limited | September 18, 2023
Asset enhancement work to run throughout 2023 and early 2024 at several major city centre hotels with high potential, as part of effort to maximise the performance of important assets in the UK. BANGKOK, THAILAND: S Hotels and Resorts PCL (SET: SHR), a leading hospitality investment and management company and the hospitality arm of Singha Estate PCL (SET: S), has announced the latest phase of its “3P” (“Profit, Portfolio, Planet”) strategy in the United Kingdom, with significant renovations at several hotels in key cities, including Mercure Manchester Piccadilly Hotel, Mount Royal Hotel Edinburgh, and The Grand Hotel Leicester...
MCR Acquires the Canopy by Hilton Charlotte Southpark
MCR | September 13, 2023
NEW YORK-- MCR — the country’s 3rd-largest hotel owner-operator — has acquired the Canopy by Hilton Charlotte Southpark, a five-story, 150-room hotel built in 2020 in Charlotte, North Carolina. Closed with new financing in place, the hotel was purchased at a 20% discount to MCR’s estimated replacement cost. This is the company’s sixth hotel in North Carolina and its first Canopy by Hilton hotel. Situated in the upscale commercial and residential Charlotte suburb of Southpark, the hotel is located 25 minutes from the Charlotte Douglas International Airport — the sixth busiest airport in the U.S., serving over 50 million passen...
Highline Hospitality Partners Acquires Homewood Suites by Hilton Eatontown
ighline Hospitality Partners | September 13, 2023
NEW YORK (September 13, 2023) – Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has acquired the Homewood Suites by Hilton Eatontown. The 131-room, extended-stay hotel, which is HHP’s eleventh property, is located in Eatontown, NJ in close proximity to the Jersey Shore beaches, major hospital systems, sports complexes and universities. The hotel is also located near Fort Monmouth, a decommissioned army base that is in the process of undergoing a transformational redevelopment. Highline Hospitality Partners' team has more than 60 years of combined experience acros...
