hotel real estate transactions
Paramount Lodging Advisors Exceeds $1 Billion in Hotel & Hotel Note Auctions
Paramount Lodging Advisors | November 15, 2021
CHICAGO, IL — November 15, 2021 — Paramount Lodging Advisors (PLA) is pleased to announce a new milestone in hotel real estate transactions. PLA has surpassed $1 Billion in hotel and hotel note auctions. PLA has overseen more than 300 auctions and maintains a 95% closure rate. These statistics place Paramount Lodging Advisors as the most active and successful hotel broker on hotel auction platforms in the United States. Throughout the COVID pandemic period alone – the PLA team has overseen nearly 40 hotel and hotel note auctions culminating in transactions over $200MM in asset value. The PLA closure rate on hotel auction platforms ha...
Investors Targeting Distressed Assets Work to Get “Dry Powder” Off the Sidelines
Turnbull Capital Group | November 30, 2020
Firms waiting for an opportunity to invest in distressed assets are looking at different avenues to approach their goals. Turnbull Capital Group is one player in an increasingly crowded field of capital jockeying for opportunity to take advantage of potential distress that may emerge in the commercial real estate market in the wake of the pandemic. Over the past nine months, the commercial real estate investment banking firm has partnered with more than $20+ billion in dry powder that it plans to aim at investment opportunities in distressed assets. Specifically, it has aligned itself with a half dozen domestic family offices and Ameri...
Avison Young Announces Recent Closings
Avison Young | June 27, 2019
ATLANTA – June 27, 2019 – Avison Young Hospitality Group announced that over the last several weeks the firm has closed a Marriott hotel in Pennsylvania, a select service hotel in DC and a resort hotel with golf in the northeast. The firm has 28 hotels under sale agreement with closings scheduled over the coming months and has closed 392 hotels since 2013....
Host Hotels & Resorts Sells the New York Marriott Marquis Retail and Closes of the Sale of the W New York – Union Square
Host Hotels & Resorts | September 25, 2018
BETHESDA, Md., Sept. 24, 2018 -- Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the "Company"), today announced that it sold the New York Marriott Marquis retail, theater, and signage commercial condominium units (the "Retail"), to Vornado Realty Trust for a sale price of $442 million. In addition, the Company closed on the sale of the W New York – Union Square for a sale price of $171 million on September 6, 2018. "Today's announcements demonstrate our continued ability to identify, execute, and effectively monetize investment opportunities within o...
Sonnenblick-Eichner Company Arranges $29,200,000 of First Mortgage Financing for the Old No. 77 Hotel & Chandlery, New Orleans, LA on Behalf of Proven
Sonnenblick-Eichner Company | September 25, 2018
Beverly Hills, CA (September 25, 2018) -- Sonnenblick-Eichner Company has arranged $29,200,000 of interim first mortgage financing to refinance the Old No. 77 Hotel & Chandlery, a historic 167-room, full-service boutique hotel located in the heart of the Warehouse Arts District, just a few blocks from the French Quarter in New Orleans. The five-year floating rate loan was priced over LIBOR at a spread in the mid-300s. Loan proceeds are being used to refinance the existing acquisition loan, as well as provide a return of equity to the borrower. In June of 2015, the Hotel completed an extensive $14,000,000 ($94,000 per room) renovatio...
Vesta Hospitality Acquires Embassy Suites Jacksonville Baymeadows in Jacksonville, Florida
Vesta Hospitality | August 28, 2018
Vancouver, Washington, August 29, 2018 – Vesta Hospitality announced today that it has acquired the Embassy Suites Jacksonville Baymeadows hotel located in Jacksonville, Florida. The 277-suite hotel is now the largest in Vesta's growing portfolio. Rick Takach, Chairman and CEO of Vesta, made the announcement. The only full service, all-suite hotel in Jacksonville, the property recently underwent a top-to-bottom $15 million renovation and Vesta will make additional investments in select upgrades. Vesta will manage the property as well. The hotel is ideally located near downtown Jacksonville, one quarter mile east of I-95 and close ...
Paramount Lodging Advisors Team Sells Hampton Inn in Victoria, TX
Paramount Lodging Advisors | June 14, 2018
Victoria, TX—Paramount Lodging Advisors (PLA) has arranged the sale of the Hampton Inn Victoria, TX. Managing Director Kami Burnette and Senior Associate Hussain Waseem sold the property via the Real Insight Marketplace platform. The 68-room hotel is located just north of downtown Victoria and is proximate to all broader area Victoria demand. Future plans under new ownership include a significant renovation to meet Hampton's Forever Young standard. "The increasing commodities pricing is stabilizing the region and have presented a profitable opportunity for the new owner to add a premium brand to his hotel portfolio," stat...
Hotel Capital Acquires The Tremont Chicago Hotel at Magnificent Mile and Mike Ditka’s Restaurant
Hotel Capital, LLC | June 13, 2018
Hotel Capital LLC, a private equity real estate investment firm, is excited to announce a direct equity investment and acquisition of The Tremont Chicago Hotel at Magnificent Mile located in Chicago, Illinois. The Tremont Chicago Hotel and Mike Ditka's Steakhouse was acquired by Hotel Capital from seller Marriott International, Inc. The Tremont Chicago Hotel is a 16-story, 122-room, boutique hotel and is located in the heart of the Gold Coast between the world-renowned Magnificent Mile and Rush Street. The hotel will retain The Tremont name and undergo a multi-million dollar renovation which will include upgrades to the lobby, all new g...
