acquisitions
RLJ Lodging Trust Acquires Hotel Teatro in Denver, Colorado
RLJ Lodging Trust | August 2, 2024
BETHESDA, M.D.--RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that it has acquired the fee simple interest in the 110-room Hotel Teatro in Denver (the “Hotel”) for a purchase price of $35.5 million. The Hotel was redeveloped into an independent boutique lifestyle hotel following the transformational conversion of the historic Denver Tramway Company office building, built circa 1911. The hotel is expected to generate over a 10% stabilized yield. “We are pleased to expand our footprint in Denver by acquiring this unique boutique lifestyle hotel located in a prime location within Denver, in an off-market deal,” com...
Host Hotels & Resorts Acquires 1 Hotel Central Park in New York City
Host Hotels & Resorts, Inc. | August 1, 2024
BETHESDA, Md., August 1, 2024-- Host Hotels & Resorts, Inc. (NASDAQ: HST) (“Host” or the “Company”), the nation’s largest lodging real estate investment trust, today announced that it has acquired the fee simple interest in the 234-room 1 Hotel Central Park (the “Property”) for approximately $265 million in cash. The acquisition price represents an 11.1x EBITDA multiple or a cap rate of approximately 8.1% on the Property’s 2024 estimated results1. The Property is expected to be among Host’s top-10 assets based on estimated full year 2024 results, with expected RevPAR of $545, Total RevPAR of $735, and EBITDA per key o...
Bradford Allen Acquires 100-Key Aloft Glendale at Westgate in Glendale, Arizona
Bradford Allen | March 15, 2024
With Aloft Glendale at Westgate, firm expands national hospitality platform to 800 keys across six assets CHICAGO / GLENDALE, Ariz. (March 15, 2024) — Bradford Allen, a national full-service real estate firm, today announced its investment arm has acquired Aloft Glendale at Westgate, a 100-key hotel in Glendale, Ariz. Located at 6920 N. 93rd Ave., the hotel marks the firm’s second acquisition in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022. “With the Phoenix metro continuing its growth trajectory and Glendale – which has hosted multiple Super Bowls...
Hilton to Acquire Graduate Hotels Brand for $210 Million
Graduate Hotels | March 14, 2024
Pairing Loyal Graduate Fanbase with Size and Scale of Hilton Will Create New Opportunities for Owners and Guests in Some of the World’s Greatest College Towns MCLEAN, Va. and NASHVILLE, Tenn., March 14, 2024 – Hilton (NYSE: HLT) today announced an agreement with Adventurous Journeys Capital Partners (“AJ Capital”) to acquire the fan-favorite Graduate Hotels® brand, adding a significant growth opportunity for the global hospitality leader in the fast-growing lifestyle hotel market. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipel...
Hotel Equities Promotes Dan Block to SVP of Operations
Hotel Equities (HE) | June 27, 2023
ATLANTA – June 27, 2023 – Hotel owner, operator and developer Hotel Equities (“HE”) is delighted to announce the promotion of Dan Block to Senior Vice President of Operations. In this expanded role, Block will oversee a diverse, multi-branded portfolio of hotels across the United States, driving operational excellence and ensuring outstanding guest experiences. Block will report directly to HE’s President of Hotel Operations, Al Smith. Joining HE in March 2022 through the Greenwood Hospitality partnership, Block held the position of Vice President of Operations, overseeing a diverse collection of lifestyle and full-service hotels. ...
Sensacional! City ID Acquires Historic Palace Baronesa in Lisbon, Portugal
City ID | June 1, 2023
Amsterdam, June 1, 2023 - City ID is continuing its international roll out. The transformation of a historic palace into an apartment hotel in the center of Lisbon is set to become City ID’s sixth location and one of its flagship properties. “After our locations in Amsterdam, London and Dublin, City ID is expanding into Southern Europe with this great acquisition in Lisbon. We will maintain and respect the heritage and features of the fantastic historic building, whilst creating a future proof and sustainable structure. We are thrilled with this new milestone for our international roll out and we are looking forward to the realization ...
Travel and Tourism Sector Deal Activity Down 40.7% YoY in Q1 2023, Finds GlobalData
GlobalData | April 17, 2023
A total of 179 deals* were announced in the global Travel and Tourism sector during the first quarter (Q1) of 2023, which is a 40.7% decline compared to the announcement of 302 deals during the same period in 2022, according to GlobalData, a leading data and analytics company. All the deal types under coverage witnessed a considerable year-on-year (YoY) decline in deal volume in Q1 2023. The numbers of merger & acquisitions (M&A), venture financing, and private equity deals fell by 42.9%, 29.4% and 50% during Q1 2023 compared to Q1 2022, respectively. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Deal activity in t...
Excel Group Acquires Hampton Inn & Suites Yonkers, New York
Excel Group | December 13, 2022
ARLINGTON, Va.--Arlington, VA – based real estate investment firm Excel Group recently completed the acquisition of the 150-key Hampton Inn & Suites Yonkers, NY, located 17 miles away from New York City. The asset benefits from a strategic location in the center of a mixed-use complex that includes two major hospitals, medical offices, corporate offices, industrial manufacturing, and retail outlets. The local market has seen significant demand growth over the past 5 years including the development of Lions Gate film studios, which will bring ~1 Million square feet of studio and office space to Yonkers in 2023 (largest TV production stud...
