Paramount Lodging Advisors Successfully Transacts Chicago Renaissance OHare Hotel
Paramount Lodging Advisors | November 7th, 2023
RADCO Hotel Division Acquires Aloft Phoenix-Airport Hotel
The RADCO Companies | August 8th, 2023
Hamilton Hotel Partners and Pyramid Hotel Group Agree to Merger
Hamilton Hotel Partners | February 6, 2020
The merger will create a leading international group that will manage or asset manage a total of 141 hotels with 32,000 rooms across 8 countries, and £5.3bn of assets under management London/Boston – Thursday 6 February 2020 The Boards of Hamilton Hotel Partners (“Hamilton” or “the Firm”), an independent London-based hotel management and investment firm, and Pyramid Hotel Group (“Pyramid” or “the Group”), a privately-owned full-service hotel and resort company based in Boston are delighted to announce today that they have completed a transaction that involves the merger of the two businesses. The merger will create...
InSite Group Acquires Holiday Inn & Suites Across From Universal Orlando™
InSite Group | February 6, 2020
FORT LAUDERDALE, Fla., Feb. 6, 2020 -- South Florida-based InSite Group announces the purchase of Holiday Inn & Suites Across from Universal Orlando. Situated on 7.3 acres between Interstate 4 and Universal Orlando Resort™ attractions, the hotel features 390 guest rooms including 134 suites along with more than 10,000 sq. ft. of meeting and event space. The hotel will be managed by Performance Hospitality, a lifestyle hospitality management company. "With the expansion of Orlando International Airport and IDrive, as well as new Universal and Disney theme parks, the hospitality market continues to grow," says Ben Shmul, President a...
Meyer Jabara Hotels Acquires Residence Inn by Marriott Amelia Island
Meyer Jabara Hotels | February 5, 2020
[Danbury, Conn., February 5, 2020]—Meyer Jabara Hotels (MJH) has acquired the Residence Inn by Marriott Amelia Island, located at 2301 Sadler Road, Fernandina Beach, Fla. Operating under MJH leadership since it opened in 2009, the 133-room all-suite hotel is a top Marriott brand performer and a favorite among travelers with a 97 percent guest satisfaction ranking. This is one of many Marriott hotels in the MJH portfolio and expands its presence with Residence Inn. “From day one of managing this property we knew it was going to be a winner, and we are thrilled to have purchased this asset — it was an opportunity we couldn’t pass up,...
Koch Industries Agrees to Acquire All of Infor
Infor | February 4, 2020
NEW YORK, Feb. 4, 2020 -- Infor, a global leader in business cloud software specialized by industry, announced today that an affiliate of Koch Equity Development LLC, the investment and acquisition subsidiary of Koch Industries, Inc., has entered into a definitive agreement to acquire the remaining equity stake in Infor held by Golden Gate Capital. At the close of the transaction, Infor will become a standalone subsidiary of Koch Industries, and will continue to be operated by the company's current management team from its headquarters in New York City. In addition to being a key enterprise customer, Koch has been an investor in Infor sin...
JV Between King Street Real Estate, Westdale and Cedar Capital Purchase Shelborne South Beach Hotel for $120 Million
King Street | February 4, 2020
NEW YORK & TORONTO & LONDON -- A joint venture between King Street Real Estate GP, L.L.C (“King Street Real Estate”), Westdale Properties (“Westdale”) and Cedar Capital Partners (“Cedar Capital”) today announced the acquisition of the Shelborne South Beach Hotel in Miami Beach, Florida for $120 million. The landmark 275-room hotel is located in the heart of Miami Beach’s famous art deco district. Opened in 1941, the Shelborne was originally designed by Igor Polevitzky and later updated and expanded by Morris Lapidus, the architect responsible for some of Miami’s most glamorous hotels. David Walch, Partner of King...
Arbor Lodging Partners Acquires 12-Hotel, 1313-Room National Portfolio
Arbor Lodging | February 3, 2020
Chicago-based hotel investment and management company, Arbor Lodging Partners, announced today the acquisition of a 12-hotel portfolio consisting of the Hilton Garden Inn Pasadena/Arcadia, Springhill Suites Pasadena/Arcadia, Hampton Inn Irvine/Lake Forest, Hilton Garden Inn Irvine/Lake Forest, Hilton Garden Inn Bakersfield, Hilton Garden Inn Folsom, Hilton Garden Inn Roseville, Courtyard Inn Hartford/Farmington, Residence Inn Hartford/Rocky Hill, Homewood Suites Wallingford, Homewood Suites Somerset and Residence Inn Mount Olive hotels in a joint venture with GFH Financial Group B.S.C. Expanding its portfolio to 37 full-service and select-ser...
Condor Hospitality Trust Provides Update on Acquisition by NexPoint Hospitality Trust
Condor Hospitality Trust, Inc. | January 31, 2020
BETHESDA, Md.--January 31, 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 and the Company have agreed to extend the closing of the Merger to February 28, 2020, subject to further possible extension to March 16, 2020 and the satisfaction or waiver of certain remaining closing date conditions. Forward-Looking Statement This new...
Pebblebrook to Sell InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for $331 Million
Pebblebrook Hotel Trust | January 28, 2020
BETHESDA, Md.- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to sell 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. 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 estimated 2019 operating performance, the contracted sales price reflects a 13.0x EBITDA multiple and a 6.8% net ope...
Noble Investment Group Acquires Hilton Garden Inn Charleston | Mt. Pleasant
Noble Investment Group | January 21, 2020
Atlanta, Georgia (January 21, 2019) – Noble Investment Group ("Noble") today announced the acquisition of the Hilton Garden Inn Charleston | Mt. Pleasant conveniently located between historic downtown Charleston, South Carolina and the beaches of Isle of Palms and Sullivan’s Island. Located at the base of the Arthur Ravenel Jr. Bridge, the Hilton Garden Inn Charleston | Mt. Pleasant provides direct access to Charleston’s Historic District and easy circulation to the area’s corporate, government, and leisure demand including Charleston’s top employers, the Medical University of South Carolina, the Boeing Company and Volvo. “T...
AWH Partners Acquire DoubleTree Nashville Downtown
January 17, 2020
NEW YORK – Jan. 17, 2020 – AWH Partners, LLC, a privately held real estate investment, development and management firm, announces today an investment into the DoubleTree by Hilton Nashville Downtown, a strategically planned investment in the alluring market. Conveniently located in the epicenter of Downtown Nashville, the newly renovated, 341-room hotel offers ideal access to Music City’s impressive list of corporate and leisure demand generators. Newmark Knight Frank (NKF) brokered the sale and financing of the acquisition for the purchaser, an affiliate of The Inland Real Estate Group of Companies, Inc. (Inland), and Spire Hospitality...
Caesars Entertainment and VICI Properties to Sell Harrah’s Reno to CAI Investments for $50M
Caesars Entertainment | January 16, 2020
LAS VEGAS, Jan. 16, 2020 -- Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment" or "Caesars") and VICI Properties Inc. (NYSE:VICI) ("VICI Properties" or "VICI") today announced they have signed an agreement to sell Harrah's Reno Hotel and Casino ("Harrah's Reno") to an affiliate of CAI Investments (the "Buyer") for $50 million. The proceeds of the transaction shall be split 75% to VICI and 25% to Caesars, while the annual rent payments under the Non-CPLV Master Lease between Caesars and VICI will remain unchanged. Under the terms of the agreement, Caesars will continue to operate the property upon closing of the tra...
Paramount Lodging Advisors Successfully Transacts at the William P. Hobby International Airport With the Sale of the Drury Inn & Suites
Paramount Lodging Advisors | January 16, 2020
Houston, TX - Paramount Lodging Advisors (PLA) has successfully executed the transaction of the Drury Inn & Suites located at the William P. Hobby International Airport (Hobby) in Houston, TX. Managing Director Kami Burnette, Sr. Managing Director Adam Montufar and Associate Lora Simpson represented Drury Development Corporation in the transaction. The 133-room upper-midscale hotel is ideally located off of Interstate 45 proximate to Hobby. GreenTree Inns purchased the hotel as part of their strategy to acquire and rebrand well-located hotels in major metros. “The transaction was relatively seamless and we were pleased to e...
MGM Grand Real Estate to be Acquired by Joint Venture of MGM Growth Properties and Blackstone REIT
MGM Resorts International | January 14, 2020
The Joint Venture, which will be owned 50.1% by MGP and 49.9% by BREIT, will also acquire the real estate assets of Mandalay Bay from MGP and will lease both properties to MGM Resorts for an initial rent of $292 million LAS VEGAS, Jan. 14, 2020 /PRNewswire/ -- MGM Resorts International (the "Company" or "MGM Resorts") (NYSE: MGM) today announced that it has entered into a definitive agreement pursuant to which a newly formed joint venture between MGM Growth Properties LLC ("MGP") and Blackstone Real Estate Income Trust ("BREIT") (the "Joint Venture") will acquire the MGM Grand Las Vegas real estate assets in a transaction valued at ...
MCR Acquires SpringHill Suites by Marriott Green Bay in Green Bay, Wisconsin
MCR | January 9, 2020
NEW YORK / JANUARY 9, 2020 The Pack is back — and we’re ready! MCR, the fifth-largest hotel owner-operator in the United States, has acquired the 127-room SpringHill Suites by Marriott Green Bay in Green Bay, Wisconsin. It’s a touchdown for Packers fans gearing up for Sunday’s big playoff game against the Seattle Seahawks at Lambeau Field. The SpringHill Suites by Marriott Green Bay is just minutes from the Green & Gold’s legendary stadium — making it the perfect spot to watch the NFC Divisional Round (kickoff is at 6:40 PM EST). “The hotel is close enough to the field that fans and guests can hear the roar from Lambea...
Stonebridge Companies in Partnership With Walton Street Capital Acquires Le Méridien New Orleans
Stonebridge Companies | January 8, 2020
Stonebridge Companies, a Denver-based, privately owned, innovative hotel owner, operator and developer, in partnership with an affiliate of Walton Street Capital, L.L.C., has acquired the 410-room Le Méridien New Orleans hotel. The acquisition is the group’s third in the New Orleans market and second in just over 12 months, having purchased the Embassy Suites by Hilton New Orleans in late 2018. Le Méridien is located in the heart of downtown at 333 Poydras Street and is just steps away from Harrah’s New Orleans Casino, the legendary French Quarter, Bourbon Street and the renowned Warehouse Arts District. The property also provides co...
Noble Acquires Hampton Inn & Suites and Homewood Suites by Hilton Denver Downtown
Noble Investment Group | January 7, 2020
The Hampton Inn & Suites Downtown Denver and Homewood Suites by Hilton Downtown Denver feature a combined 302 guestrooms and suites Noble Investment Group ("Noble") today announced the acquisition of the Hampton Inn & Suites Downtown Denver and Homewood Suites by Hilton Downtown Denver. These urban, dual-brand hotels are centrally located in downtown Denver, Colorado, a vibrant, walkable district with more than 25 million square feet of Class A office space, over 300 restaurants, three major sports stadiums, the Pepsi Center, the Denver Performing Arts Center and a variety of art and history museums. Downtown Denver is comprised...
McNeill Hotel Investors Acquires Newly Built Hyatt Place
McNeill Hotel Company | January 6, 2020
Germantown, Tenn. – January 6, 2020 – McNeill Hotel Investors (“McNeill”) announced today the acquisition of the newly built 131-room, upscale select service, Hyatt Place Huntsville / Research Park, AL, adding to the company’s growing portfolio as its fourth property in the state. The hotel opened to guests on December 15. The announcement was made by Phillip McNeill, Jr., the company’s chief executive officer. The Hyatt Place Huntsville / Research Park features 24/7 Coffee to Cocktails Bar with Starbucks products, business center, meeting space, outdoor pool, fitness center, guest laundry, veranda with exterior lounge, in addi...
Park Hotels & Resorts Inc. Closes Sale of the Le Meridien New Orleans for $84 Million ($205 per key)
Park Hotels & Resorts | January 2, 2020
TYSONS, Va.--Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the sale of the 410-room Le Meridien New Orleans (the “Hotel”) located in New Orleans, LA, for gross proceeds of $84.0 million, or $205,000 per key before customary closing costs. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 5.0% capitalization rate on the Hotel’s projected 2019 net operating income, or 17.1x the Hotel’s projected 2019 EBITDA. Proceeds from the sale of the Hotel will be used to repay a portion of Park’s unsecured indebtedness. Including the sales of the...
AD1 Global Acquires Residence Inn by Marriott Hartford Avon
AD1 Global | December 26, 2019
AD1 Global, a fast-growing hospitality company located in Florida, recently announced the purchase of the Residence Inn by Marriott Hartford Avon. This additional hotel brings AD1 Global’s growing portfolio to 22 properties and is the first one that the company has acquired in the northeast U.S. “We’re very excited to be branching out and purchasing properties in the northeast,” said AD1 Global President Daniel Berman. “This asset is a great addition to our portfolio and I’m very grateful for the smooth transition we’ve had.” Located on Simsbury Road in Avon, Connecticut, the 100-room hotel is just a short drive from ...
Midas Hospitality Acquires Milwaukee Aloft for $26.5M
Midas Hospitality | December 26, 2019
St. Louis-based Midas Hospitality acquired the 160-room Aloft Milwaukee Downtown for $26.5 million. The hotel development, management and investment firm operates one other hotel in Wisconsin, the Aloft Green Bay. The Aloft Milwaukee Downtown is located along the Milwaukee River. The five-story hotel features more than 5,000 square feet of meeting space, a bar, a fitness center, an indoor pool and a grab-and-go shop. The property marks the third hotel the company has acquired through the Midas Hotel Fund. So far, the fund has deployed $25 million, $10 million for the Aloft Milwaukee Downtown and $15 million for the co-located Residence...
RLHC Completes Sale of Hotel RL Salt Lake City for $33 Million
RLH Coporation | December 23, 2019
The Company expects to complete the sale of the remaining two hotels by the end of Q1 2020 RLH Corporation (NYSE:RLH) announced that it has closed on the sale of its Hotel RL Salt Lake City for $33 million in gross proceeds. The Hotel RL Salt Lake City was held in a joint venture with a secured debt agreement for a term loan principal of $11.0 million. RLHC will receive approximately $12.0 million in net proceeds after closing costs, the repayment of property level mortgage debt and distributions to its joint venture partner. Net proceeds to RLHC will be used to retire corporate level term debt of $2.4 million, while the remain...
MGM Resorts International Closes Sales of Circus Circus Las Vegas for $825 Million
MGM Resorts International | December 23, 2019
The transaction with an affiliate of Treasure Island owner Phil Ruffin also includes 37 adjacent acres. MGM Resorts International (the "Company" or "MGM Resorts") (NYSE: MGM) today announced that it has closed on its sale of Circus Circus Las Vegas and the 37 adjacent acres for $825 million, subject to final purchase price adjustments, to an affiliate of Treasure Island owner Phil Ruffin. The sale is part of the Company's commitment to its asset-light strategy designed to focus on MGM Resorts' core business and maximize value for its shareholders. The purchase price is comprised of $662.5 million in cash and a $162.5 million note due 20...
Maybourne Hotel Group Acquires Montage Beverly Hills
Maybourne Hotel Group | December 23, 2019
In 2020, Maybourne will announce further plans for the re-positioning and renovation of Montage Beverly Hills. It is announced that the Montage Beverly Hills, California, has been acquired by Maybourne Hotel Group, operators of London's most legendary and prestigious hotels Claridge's, The Connaught and The Berkeley. Maybourne Hotel Group, formerly known as the Savoy Group, have been operating hotels in London since 1893, making them one of the world’s oldest hoteliers. They are renowned for running historic luxury hotels whilst keeping them relevant, attracting an international clientele, playing an active role in their local neighbo...
Xenia Hotels & Resorts Sells Marriott Griffin Gate Resort & Spa and Marriott Chicago at Medical District/UIC
Xenia Hotels & Resorts, Inc. | December 19, 2019
ORLANDO, Fla., Dec. 19, 2019 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has completed the sale of the 409-room Marriott Griffin Gate Resort & Spa in Lexington, Kentucky for $51.5 million. The sale price represents a 7.1x multiple on the resort's trailing twelve month Hotel EBITDA as of November 30, 2019. Inclusive of estimated required capital expenditures of approximately $30 million, the price reflects an 11.2x trailing twelve month Hotel EBITDA multiple. Additionally, the Company also announced that it has sold the 113-room Marriott Chicago at Medical District/UIC in Chicago, Illinois...
