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
Xenia Hotels & Resorts Acquires Hyatt Regency Portland at The Oregon Convention Center for $190 Million
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 acquired the newly developed 600-room Hyatt Regency Portland at the Oregon Convention Center located in Portland, Oregon for a purchase price of $190 million, or approximately $317,000 per key. The purchase price includes the complete development cost of the hotel, as well as pre-opening and startup costs, working capital, and all supplies to ensure the hotel was fully operational upon opening. The acquisition was funded with cash available on the Company's balance sheet and its senior unsecured credit facility. ...
NewcrestImage Acquires SpringHill Suites in Downtown Dallas, Texas
December 17, 2019
NewcrestImage has expanded its portfolio by acquiring the 148-room SpringHill Suites by Marriott on Lamar Street in the heart of the West End Historic District of downtown Dallas. The company will now operate four hotels and almost 600 rooms in downtown Dallas. The three other properties are a dual-brand 128-room AC Hotel and 121-room Residence Inn, and a 176-room Hampton Inn & Suites. “The SpringHill Suites has a prime location in a vibrant neighborhood that attracts both business and leisure travelers,” explained Mehul Patel, Chairman and CEO of NewcrestImage. “It complements our existing properties just a few blocks away an...
PHI Hotel Group Acquires Pacific Gateway Hotel at Vancouver Airport
PHI Hotel Group | December 17, 2019
Surrey, BC – December 17, 2019 – PHI Hotel Group today announced the acquisition of the 7-acre Pacific Gateway Hotel, Vancouver Airport. The 382 room Pacific Gateway Hotel is located on Sea Island, just minutes from Vancouver International Airport. Amenities include close to 25,000 sq. feet of versatile meeting and function space, a 158-slip marina, on a nearly 5-acre waterfront on the Fraser River, several food and beverage options, including waterfront dining and patio at The Deck Kitchen + Bar. “We are very excited about adding the Pacific Gateway Hotel to our portfolio,” said Sukhi Rai, President of PHI Hotel Group. “Our f...
High Street Real Estate Partners and WHI Real Estate Partners Acquire Charleston’s Iconic King Charles Inn
Davidson Hotels & Resorts | December 17, 2019
ATLANTA (December 17, 2019) – Davidson Hotels & Resorts, one of the nation’s premier full-service hospitality management companies, announces the addition of King Charles Inn to its growing portfolio. Operated by Pivot Hotels & Resorts, Davidson’s lifestyle and luxury vertical, the 91-room boutique hotel is centrally located in downtown Charleston’s Historic District with convenient access to shopping on King Street and the city’s celebrated dining and entertainment scene. Beginning in 2020, the property will undergo a transformation that will include renovations to all guestrooms and public spaces as well as a rebranding to...
Gencom-Led Partnership Acquires Fairmont Southampton, Bermuda From AccorInvest
Gencom | December 16, 2019
MIAMI, Dec. 16, 2019 - An affiliate of Miami-based Gencom, a leading domestic and international investment and development firm, has acquired Fairmont Southampton, Bermuda. The hotel will remain under the brand and management of Fairmont Hotels & Resorts. News of the acquisition comes with the announcement that the U.S.-based investment firm has committed to a long-term investment in the property, returning one of Bermuda'sleading resorts to its original glory. Financial terms of the transaction were not disclosed. The acquisition marks Gencom's second investment in Bermuda. In 2017, a Gencom-led affiliate acquired the 200-acr...
MCR Acquires Hilton Garden Inn Cleveland Downtown, Ohio, Near A Christmas Story House
MCR | December 16, 2019
Leg lamps for every guestroom! MCR, the fifth-largest hotel owner-operator in the United States, has acquired the 240-room Hilton Garden Inn Cleveland Downtown in Cleveland, Ohio. The Hilton Garden Inn — we triple dog dare you to find a better place to stay — lies just a short drive from the home where the 1983 yuletide classic A Christmas Story was filmed. In case you’re not one of the millions who tune in to TNT or TBS annually for the film’s 24-hour Christmas Eve marathon, a quick primer: The 1940s-set tale follows 9-year-old Ralphie Parker in his quest to obtain a Red Ryder BB gun from Santa and survive the school bullies ...
ONOMO Hotels Acquires BON Hotels, Creating a Powerful Pan-African Hospitality Player
ONOMO Hotels | December 13, 2019
ONOMO Hotels has acquired a 60.1% controlling stake in BON Hotels With the announcement, today of the acquisition of BON Hotels by ONOMO Hotels (www.OnomoHotel.com), the hospitality industry on the African continent is set for a major shake-up. ONOMO Hotels has acquired a 60.1% controlling stake in BON Hotels. “ONOMO is consolidating the African hospitality market and will continue to strengthen its pan-African presence. The acquisition deal establishes ONOMO as a key player in the Nigerian market and will reinforce our presence in Southern Africa,” says ONOMO Chairman, Julien Ruggieri. “The deal positions ONOMO as the leading ...
Crescent Heights Sells 50% of Mondrian South Beach to Investor Michael S. Liebowitz
Mondrian Hotel South Beach | December 13, 2019
Crescent Heights, the real estate development company behind some of the nation’s most notable residential and mixed-use properties, office buildings and hotels, announced today that it has sold 50 percent of the Mondrian South Beach hotel to investor Michael S. Liebowitz for an undisclosed amount. Russell Galbut, Managing Principal of Crescent Heights, will retain 50 percent ownership of the Mondrian South Beach, and Menin Hospitality will continue to manage and operate the property. The sale will see Galbut and Liebowitz as managing members of the hotel and introduce new opportunities for the property in 2020. Together, Galbut and Lieb...
OTO Development Acquires Howard Johnson by Wyndham St. Pete Beach Resort Hotel
OTO Development | December 11, 2019
SPARTANBURG, SC (December 11, 2019) – OTO Development has jumped into the seaside hotel market in St. Pete Beach by purchasing the Howard Johnson by Wyndham St. Pete Beach FL Resort Hotel. The purchase was finalized on December 5 between the Reagan Family Trust and OTO Development. “We are continually surveying the market in key travel destinations for opportunities to expand our portfolio,” said Corry Oakes, CEO of OTO Development. “We are excited to have this St. Pete Beach property as part of our family and getting started on renovations to improve the guest experience.” Preston Reid, previously a senior director with JLL, ...
McNeill Hotel Investors Acquires Hyatt Place Bloomington / Normal, IL
McNeill Hotel Company | December 11, 2019
Germantown, Tenn. – December 11, 2019 – McNeill Hotel Investors (“McNeill”) announced today the acquisition of the 114-room, upscale select service, Hyatt Place Bloomington / Normal, IL, adding to the company’s growing portfolio and expanding its presence in the Midwest market. The announcement was made by Phillip McNeill, Jr., the company’s chief executive officer. The Hyatt Place Bloomington / Normal features a spacious, attractive lobby and relaxed rooms that offer partially separated sitting areas with desks and pullout sofas. The rooms feature tea and coffeemakers, minifridges and wet bars, along with 42” flat-screen HDT...
Waramaug Acquires Holiday Inn Express & Suites Bonita Springs, Florida
Waramaug Hospitality | December 11, 2019
December 11, 2019, Boca Raton, FL — Waramaug Hospitality announced today that it acquired the Holiday Inn Express & Suites Naples North – Bonita Springs, located in Bonita Springs, Florida. The four-story, 105-room property features standard Holiday Inn Express amenities and was renovated to the IHG Formula Blue standard at a cost of $1.5mm in 2016. Waramaug will complete the Formula Blue renovation with significant lobby and public space upgrades, as well as new carpet and other amenities in the guest rooms. “Despite its outstanding location and amenities, the property has been trailing the competitive set, and we intend to ...
Pacifica Hotels Acquires Best Western Seacliff Inn in Aptos, California
Pacifica Hotels | December 10, 2019
More recently, the 148-room property has been owned and managed by Frank E. Giuliani, Lori Giuliani; and Kathy Graff at The Bei Scott Company Pacifica Hotels, a family owned business with a proud legacy of owning and operating boutique hotels in coastal communities such as Half Moon Bay, Cambria, and Pismo Beach for over 40 years, is expanding further along the California Coast with the acquisition of the Best Western Seacliff Inn in Aptos, California. Frank Sr. and Colleen Giuliani, TJ and Shirley Scott and Norman Bei were key partners in the initial development and operation of the Seacliff Inn in the 1980’s. More recently, the prop...
Marriott International Completes Acquisition of Elegant Hotels Group
Marriott International, Inc. | December 9, 2019
Marriott International, Inc. (NASDAQ: MAR) announced that it has completed its acquisition of Elegant Hotels Group plc. The announcement from Elegant and International Hotel Licensing Company S.à r.l. was issued over London’s Regulatory News Service earlier today. Full text can be found below: On 18 October 2019, the boards of Elegant Hotels Group plc (“Elegant”) and International Hotel Licensing Company S.à r.l. (“IHLC”), a wholly-owned indirect subsidiary of Marriott International, Inc. ("Marriott"), announced that they had reached agreement on the terms of a recommended all cash offer to be made by IHLC for the entire issued...
MCR Acquires Hampton Inn by HIlton in King of Prussia, Pennsylvania
MCR | December 3, 2019
NEW YORK / DECEMBER 3, 2019 Let’s talk shop: MCR, the fifth-largest hotel owner-operator in the United States, has acquired the 149-room Hampton Inn by Hilton Philadelphia/King of Prussia in King of Prussia, Pennsylvania. The newly renovated hotel is less than a mile from the East Coast’s largest shopping center, the King of Prussia Mall. If the thought of braving the 3-million-square-foot mecca makes you want to run, run as fast as you can like a gingerbread man, don’t fret! The smart cookies at the Hampton Inn have some sweet shopping strategies to share. Fuel Up With Free Baked Goods A hot breakfast — and plenty of coffe...
Noble Acquires New Haven Hotel at Yale University
Noble Investment Group | December 3, 2019
ATLANTA, GA (December 3, 2019) – Noble Investment Group ("Noble") today announced the acquisition of the New Haven Hotel at Yale University in the heart of downtown New Haven, Connecticut. Downtown New Haven is a vibrant commercial, educational and medical district flourishing with retail, dining, art galleries and historic landmarks. The downtown area is home to both Yale University and the 1,541 bed Yale-New Haven Hospital, one of the largest hospitals in the world and the primary teaching hospital for the Yale School of Medicine and the Yale School of Nursing. “The New Haven Hotel provides Noble the opportunity to acquire a well-...
American Hotel Income Properties to Acquire 12 Premium Branded Hotels for $191.0 Million
American Hotel Income Properties REIT LP | December 2, 2019
AHIP also confirms completion of the previously announced profitable sale of the Economy Lodging portfolio for gross proceeds of $215.5 million Acquisition of the 12 Premium Branded hotels at an approximate 8% capitalization rate The hotels, all built in the last five years, are being acquired below replacement cost Transaction follows completion of the sale of the Economy Lodging portfolio; AHIP is now exclusively a premium branded hotel REIT The acquisition will be financed using proceeds from the sale of the Economy Lodging portfolio and a new interest-only fixed-rate term loan (All numbers are in U.S. dollars unless ot...
Pebblebrook Hotel Trust Completes $33.1 Million Sale of Topaz Hotel
Pebblebrook Hotel Trust | November 25, 2019
BETHESDA, Md - Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that it closed on the sale of the 99-room Topaz Hotel in Washington, D.C. for $33.1 million to a third party on November 22, 2019. The sale price of $33.1 million 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 September 30, 2019, the contracted sales price reflects a 17.9x EBITDA multiple and a 4.9% net operating income capitalization rate. Following the sale of Topaz Hotel, the Company has completed a total of $1.33 bill...
ERG Enterprises Joins GMB Properties, the Berger Company, Fulcrum Hospitality in Acquiring Hyatt Regency New Orleans
ERG | November 22, 2019
Three New Orleans-based investment firms team on the largest hotel acquisition in Louisiana history NEW ORLEANS, Nov. 22, 2019 -- ERG Enterprises, a New Orleans-based investment company, announces its partnership in acquiring the Hyatt Regency New Orleans, a 1,193-room luxury hotel in downtown New Orleans. The sale represents the largest hotel acquisition in Louisiana history, and the first time the Hyatt Regency will fall under local majority ownership. For the purchase, ERG joins the local ownership team of Gayle Benson and her investment company GMB Properties and The Berger Co., owned by long-time local developer Darryl Ber...
Midas Hospitality Acquires Wisconsin’s Aloft Milwaukee Downtown
Midas Hospitality | November 22, 2019
(St. Louis, Mo., Nov. 22, 2019) Midas Hospitality has acquired its third hotel through the Midas Hotel Fund as the total capital raised reaches $25 million to date. Midas Hospitality—a leading hotel development, management and investment firm—recently acquired Aloft Milwaukee Downtown, which is ideally situated directly on the RiverWalk. This “different by design” hotel from Marriott is located at 1230 Old World Third St. and offers 160 tech-forward rooms with five meeting rooms and amenities that include the W XYZ®bar, a backyard outdoor space, fitness center and indoor swimming pool. The Milwaukee hotel is adjacent to Fiser...
AJ Capital Partners Acquires the Macdonald Randolph Hotel in Oxford, England
AJ Capital Partners | November 20, 2019
Oxford, England – Graduate Hotels, owned by Adventurous Journeys (AJ) Capital Partners, announced today that it has acquired the Macdonald Randolph Hotel in Oxford, England. This marks the second Graduate Hotels property to launch outside of the United States, following the announcement in July 2019 of the forthcoming Graduate Cambridge. Renovations will begin in fall 2020, and the 151-key hotel will open as Graduate Oxford, part of the Graduate Hotels collection, in early spring 2021. Additionally, AJ Capital acquired the Rusacks Hotel, from the Macdonald Hotels & Resorts portfolio, in St Andrews, Scotland. Created for travelers who...
RIU Hotels & Resorts Acquires 531-Room Sheraton Fisherman’s Wharf in San Francisco
RIU | November 19, 2019
Palma de Mallorca, Spain -- November 19, 2019 -- RIU Hotels & Resorts has added a new hotel to its Riu Plaza brand in the United States through the acquisition of the 531-room Sheraton Fisherman’s Wharf in San Francisco. The new Riu Plaza Fisherman’s Wharf is located at 2500 Mason Street, in the heart of one of San Francisco’s most storied and vibrant neighborhoods and central to the city’s most iconic sites and attractions. “This project is great news for RIU and for the consolidation of our line of Riu Plaza urban hotels. San Francisco is a great city with a very competitive hotel market and this acquisition places u...
AJ Capital Partners Acquires Macdonald Rusacks Hotel in St Andrews, Scotland
AJ Capital Partners | November 19, 2019
Chicago, Ill. – Adventurous Journeys (AJ) Capital Partners announced today that it has acquired the Macdonald Rusacks Hotel in St Andrews, Scotland. The 70-key hotel will begin pre-construction design and architectural work in November 2019 and will undergo complete renovations starting spring 2020. Once completed in summer 2021, the reimagined hotel will debut with an additional 44 keys and a rooftop bar and restaurant overlooking the 18th hole of the Old Course at St Andrews and the historic Swilcan Bridge. This marks the second acquisition by AJ Capital from the Macdonald Hotels & Resorts portfolio in addition to the Randolph Hotel i...
Stockholders of Eldorado Resorts and Caesars Entertainment Vote to Approve Eldorado’s Acquisition of Caesars
Eldorado Resorts, Inc. | November 18, 2019
RENO, Nev. & LAS VEGAS--November 18, 2019 -- Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado”) and Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars”) announced that, at separate Special Meetings of Stockholders today, their respective stockholders approved certain actions in connection with Eldorado’s acquisition of Caesars. The transaction is expected to be consummated in the first half of 2020 and remains subject to the receipt of all required regulatory approvals, and other closing conditions. Holders of over 99% of the Eldorado shares that voted on the issuance of shares of Eldorado common stock in connection wit...
Blackstone Completes Acquisition of Bellagio Real Estate From MGM Resorts International for $4.25 Billion in Sale-Leaseback Transaction
Blackstone Real Estate | November 18, 2019
November 18, 2019 – New York and Las Vegas – Blackstone Real Estate Income Trust (“BREIT”) and MGM Resorts International (“MGM Resorts”) (NYSE: MGM) today announced the closing of the previously announced 95%/5% BREIT-led joint venture with MGM Resorts to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction. As part of the transaction, MGM Resorts has leased the property from the joint venture and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis. The transaction was announced on October 15, 2019. Advisors Weil, Gotshal & ...
