Acquisitions

/Acquisitions

Acquisitions

Banyan Investment Group Completes Acquisition of 101-Room Hotel Indigo Tuscaloosa Downtown in Alabama

Banyan Investment Group | September 17, 2019

TUSCALOOSA, Ala.--September 17,2019 --Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, today announced that the company completed the acquisition of the 101-room Hotel Indigo Tuscaloosa Downtown in Ala. The company also will operate the hotel and oversee a $500,000 refurbishment of The Lookout, downtown Tuscaloosa’s only rooftop bar, along with the public areas of the hotel. This marks Banyan Investment Group’s ninth acquisition from its recently launched BIG Hotels LP I, LLC fund. “We continue to seek hotel acquisition oppor...

Kemmons Wilson Hospitality Partners, Valor Hospitality, Acquire D.C.’s Kimpton Rouge Hotel

Kemmons Wilson Hospitality Partners | September 16, 2019

WASHINGTON (September 16, 2019) – Kemmons Wilson Hospitality Partners (KWHP) today officially announced that they have acquired the Kimpton Rouge Hotel in Washington, D.C. Valor Hospitality (Valor), which owns, operates, asset manages and consults on over 60+ hotels worldwide, is co-investing and will oversee a complete rebrand and renovation of the property and will be adding a new restaurant and rooftop bar within the next 18 months. KWHP, a wholly owned subsidiary of Kemmons Wilson Companies, is the hospitality investment arm of the Kemmons Wilson family, which founded Holiday Inn Hotels in 1952. After 65 years of leadership in the hosp...

KSL Capital Partners to Acquire Mackinac Island’s Iconic Grand Hotel

September 10, 2019

MACKINAC ISLAND, MI -- The famed Grand Hotel on Mackinac Island is making a change. A major change. It was announced today by the Musser family that international investment firm KSL Capital Partners has “entered into a definitive agreement," which makes Grand Hotel an an affiliate of KSL, according to release. Dan Musser III will remain chairman, providing leadership and guidance to the team, “ensuring a seamless transition,” the release said. Terms of the transaction will not be disclosed. The transaction is expected to close within the next 30 days. “It has truly been an honor and a privilege for my family to serve a...

Atma Hotel Group Acquires Courtyard by Marriott and Sheraton Europa in Chapel Hill

Atma Hotel Group | September 6, 2019

Chapel Hill, N.C., Sept. 06, 2019 -- Atma Hotel Group, Inc., a hotel ownership and management company based in Chapel Hill, announced it has added the full-service Courtyard by Marriott and the Sheraton Europa to its existing Chapel Hill hotel portfolio. These hotels complement Atma’s existing Chapel Hill properties, which include two Hampton Inn & Suites, a Holiday Inn Express and a Quality Inn. “We are excited to bring our family atmosphere, commitment to quality and exceptional customer experience to the Courtyard and Sheraton Europa,” said Manish Atma, founder and CEO of Atma Hotel Group. “The Sheraton Europa will undergo a...

Trinity Investments and Elliott Acquire JW Marriott Desert Ridge Resort & Spa

Trinity Real Estate Investments LLC | September 3, 2019

PHOENIX--September 3, 2019--A joint venture among funds managed by Trinity Real Estate Investments LLC (“Trinity”) and funds managed by Elliott Management Corporation (“Elliott”) today announced the acquisition of the JW Marriott Desert Ridge Resort & Spa (the “Resort”), the largest resort in Phoenix. This transaction follows Trinity and Elliott’s joint purchase of the Grande Lakes Orlando Resort in December 2018, advancing the partnership’s strategy of acquiring market-leading large hotel properties with value-add opportunity. Spanning 396 lush acres, the Resort features a 950-room hotel, 212,500 square feet of flexibl...

Banyan Investment Group Acquires 89-Room Fairfield Inn & Suites by Marriott Peoria East in Illinois

Investment Group | August 29, 2019

PEORIA, Ill., August 29, 2019--Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, today announced that it acquired the 89-room Fairfield Inn & Suites by Marriott Peoria East.  The company also will operate the hotel, its eighth acquisition from its recently launched BIG Hotels LP I, LLC fund. “Due to our strong and longstanding industry relations, we were able to source this deal off-market at an attractive price at better than replacement costs,” said Rakesh Chauhan, president and CEO, Banyan Investment Group.  “Equally ...

Aimbridge Hospitality and Interstate Hotels & Resorts to Merge

Aimbridge Hospitality | August 29, 2019

DALLAS, TX and ARLINGTON, VA – August 29, 2019 – Aimbridge Hospitality (“Aimbridge”), North America’s largest independent hotel management firm, and Interstate Hotels & Resorts (“Interstate”), a leading independent multinational hotel operator, announced today that they have entered into a definitive agreement to merge, creating a global leader in third-party hotel management services. The combined company will manage a portfolio of more than 1,400 branded and independent properties in 49 states and 20 countries. Terms of the transaction were not disclosed. Together, it is expected that Aimbridge and Interstate will have ...

Waramaug Hospitality Acquires SpringHill Suites by Marriott Tallahassee Center and the Residence Inn by Marriott Port St. Lucie

Waramaug Hospitality | August 27, 2019

August 27, 2019, Boca Raton, FL — Waramaug Hospitality, a private investment group focused on acquiring legacy branded assets throughout the United States, announced today the acquisitions of the SpringHill Suites by Marriott Tallahassee Center in Tallahassee, Florida and the Residence Inn by Marriott Port St. Lucie in Port St. Lucie, Florida. The 4-story, 88-suite SpringHill Suites features studio suites with plush Marriott bedding, dry-bar featuring a microwave and minifridge, separate living area with trundle bed and workspace, flat-screen HDTV, 24-hour business center, 24-hour fitness center, outdoor pool with grilling area, and 635 ...

Hawkeye Hotels Acquires Hampton Inn & Suites in Cranberry Township North of Pittsburgh

Hawkeye Hotels | August 26, 2019

Hawkeye Hotels, recently announced that it has closed on the acquisition of the Hampton Inn & Suites by Hilton in Cranberry Township, 20 miles north of Pittsburgh. With this acquisition, Iowa-based Hawkeye Hotels is expanding its footprint in the Northeast. The company is positioned to develop additional hotels in the Pittsburgh area, across Pennsylvania and beyond. Hawkeye Hotels is also developing a 150-room Holiday Inn in Erie, which is under construction and expected to open in 2020. "We are excited to explore further opportunities in Pittsburgh and surrounding markets as we continue to grow our development pipeline and hotel portfo...

Virtua Partners Finalizes Purchase of 126-Room Courtyard by Marriott in Winston-Salem, North Carolina

Virtua Partners | August 22, 2019

SCOTTSDALE, AZ and ATLANTA, GA -- August 22, 2019 -- Virtua Partners announced the purchase of a 126-room Courtyard by Marriott under construction in Winston-Salem, North Carolina. Hotel Equities will manage the Marriott hotel in downtown Winston-Salem when it opens in Q1 2020. Hotel Equities and Virtua Partners joined forces last year to expand upon their current hospitality portfolio through new development and acquisition opportunities. Hotel Equities is providing development services for the Courtyard through the construction process and will see it through completion. Located at 640 W. 4th Street in the heart of Winston-Salem, th...

Procaccianti Companies Completes Acquisition of The Lodge at Tiburon and Toll House Hotel located in Los Gatos

Procaccianti Companies | August 22, 2019

Wednesday August 22, 2019 (Providence, RI) - Procaccianti Companies, the second generation privately-held real estate investment and hospitality services organization, today announced that it has acquired two landmark Northern California hotels: The Lodge at Tiburon and Toll House Hotel located in Los Gatos. Together, the hotels comprise 228 guest rooms and suites, approximately 6,500 sf of meeting space and multiple food and beverage offerings. “This acquisition presented an extremely unique opportunity to acquire a collection of well- positioned assets in high-barrier-to-entry markets that are supported by their superior locations, rec...

Maruti Investment Acquires Two South Baton Rouge Hotels for $10.1 Million

August 21, 2019

A pair of hotels near Baton Rouge General’s Bluebonnet Boulevard campus have been sold to a group of local operators for $10.1 million. Maruti Investment paid just over $6 million for the Hyatt Place at 6080 Bluebonnet and nearly $4.1 million for the TownPlace Suites by Marriott at 8735 Summa Place in two transactions that were filed Tuesday with the East Baton Rouge Clerk of Court’s office. Hospitality Investors Trust Inc., a New York-based investment trust, was the seller. According to an investor presentation from May, Hospitality Investors Trust owned 144 hotels across the U.S., a portfolio valued at nearly $2.2 billion. At the tim...

Valor Hospitality Partners to Expand U.S. Portfolio With Three New Hotel Openings and One Acquisition

Valor Hospitality Partners | August 20, 2019

ATLANTA -- August, 20 2019 -- Valor Hospitality Partners (Valor), which owns, operates, asset manages and consults on over 75+ hotels worldwide, today officially announced plans to open three new hotels around the U.S, along with a new acquisition. These properties -- which will be located in Alabama, Tennessee and New Jersey -- are just the latest additions to Valor’s growing portfolio. The hotel management company provides a wide range of services to the hotels it owns and operates, including management, food and beverage concept, design & execution, capital raise and hotel development. The new properties include: Hotel Ind...

Southeast Hotel Investments in Partnership With Strand Hospitality Services Affiliate Acquires Hampton Inn Atlanta – Fairburn, GA

Strand Hospitality | August 19, 2019

(Fairburn, GA) August 19, 2019 – Strand Hospitality Services, a leading provider of hospitality management, consulting and advisory services, recently announced that it assumed management of the Hampton Inn Atlanta – Fairburn, Georgia located at 7790 Ella Lane. The Fairburn hotel offers 99-rooms and will undergo a renovation within the next year. The hotel is conveniently located on I-85, 20 miles southwest of Atlanta and only 13 miles southwest of the Hartsfield Jackson Atlanta International Airport. This Hampton Inn is the first acquired property by Southeast Hotel Investments. The Fairburn hotel is the 8th Hampton brand in Strand’...

Ashford Trust Announces Sale of Two Hotels for $37.8 million

August 15, 2019

DALLAS -- August 15, 2019 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced the sales of the 156-room Courtyard Savannah Downtown in Savannah, Georgia and the 128-room Hilton Garden Inn in Wisconsin Dells, Wisconsin for $37.8 million. The combined sales price, inclusive of the buyers' estimated anticipated capex of $8.2 million, represents a trailing twelve-month cap rate of 5.3% on net operating income and a 16.2x Hotel EBITDA multiple as of June 30, 2019. The hotels had existing allocated loan balances of approximately $32.8 million that were paid off at closing along with an ad...

Henley Investments Acquires Iconic 81-Room Lord Balfour Hotel on Miami’s Ocean Drive

Henley | August 15, 2019

BOSTON --August 15, 2019 -- Henley Investments, a leading private equity real estate firm based in the UK and the US, has announced the acquisition of their fourth boutique hotel in partnership with Life House, the venture-backed, technology-enabled hotel management company. The largest US hotel acquisition to-date by Henley with a total project capitalization in excess of $40M (including acquisition and renovation cost), this deal signals Life House's expansion into managing bigger hotels where its proprietary approach to hotel operations will continue to add significant value to both the underlying real estate and the hotel guest experienc...

AWH Partners Acquires Newly-Renovated DoubleTree by Hilton Albuquerque

AWH Partners | August 13, 2019

NEW YORK (Aug. 13, 2019) – AWH Partners, LLC, a privately held real estate investment, development and management firm, announces the acquisition of DoubleTree by Hilton Albuquerque, marking more than a dozen Hiltons and over 1,500 DoubleTree keys acquired across the United States - and the first hotel purchased in the growing New Mexico market - for the investment firm. Located in the heart of Albuquerque’s Central Business District, the newly-renovated DoubleTree is the only hotel directly connected to the 300,000 square-foot Albuquerque Convention Center, giving the property a strategic competitive advantage over other full-service...

Joint Venture Between Wexford Lodging Advisors and Trinity Private Equity Group Acquires 398-Room Marriott Kansas City Overland Park

Wexford Lodging Advisors | August 5, 2019

OVERLAND PARK, KANSAS -- August 5, 2019 -- Officials of a joint venture comprised of Wexford Lodging Advisors, a leading hotel investment and asset management firm, and Trinity Private Equity Group, one of the nation’s top alternative investment firms, today announced the acquisition of the 398-room Marriott Kansas City Overland Park.  The joint venture will invest approximately $17 million to upgrade the property’s guest rooms and public spaces.  Davidson Hotels and Resorts, one of the nation’s largest third-party management companies, will operate the hotel. “We are very pleased to announce our second acquisition with Trinity Pri...

White Lodging Acquires Marriott Plaza San Antonio Downtown Adding to Its Owned and Managed Portfolio

White Lodging | August 5, 2019

August 5, 2019 -- White Lodging, in partnership with REI Real Estate Services, today announced its continued growth in Texas with the acquisition of the Marriott Plaza Hotel in downtown San Antonio to its growing owned and managed portfolio of premium-branded hotels. The 251-room property is a six-acre urban oasis in the heart of downtown San Antonio, complete with sun-bathed courtyards, sparkling fountains and lush gardens. Guests can also enjoy a beautifully landscaped outdoor pool and 17,000 square feet of meeting space, which includes several historic 19th century bungalows converted into unique meeting spaces. The property’s premium...

Oliver Hospitality Acquires Station House Inn, South Lake Tahoe, CA

Oliver Hospitality | July 29, 2019

NASHVILLE, Tenn.--July 29, 2019--Oliver Hospitality announced today that it has acquired the Best Western Station House Inn and its Lewmarnel’s Food & Spirits in South Lake Tahoe, California. Oliver plans to start renovations on the hotel and restaurant in Q4 2019 and rebrand as a vintage motel called Station House Inn with a revamped design, food, beverage and social areas. Oliver Hospitality has a proven track record of acquiring and transforming properties into creatively distinctive hotels, including Hotel Clermont in Atlanta, Fairlane Hotel in Nashville and The Oliver Hotel in Knoxville, Tenn. Located in South Lake Taho...

Cambridge Landmark Expands Hospitality Portfolio With Acquisition of Historic Boutique Hospitality Property, The Citizen Hotel in Sacramento, CA.

Cambridge Landmark | July 29, 2019

MIAMI, July 29, 2019 -- Cambridge Landmark, a hotel-focused private equity company, recently announced that it has closed on the acquisition of The Citizen Hotel, a renowned 196-room boutique hotel located in Sacramento, CA. The hotel has been part of the Marriott Autograph Collection since 2015, and will retain that designation under its new ownership. "This acquisition demonstrates Cambridge Landmark's focus on ownership-driven hotel investment with assets in prime U.S. domestic markets," said Pedro Miranda, co-managing partner. "This historic property in downtown Sacramento continues the growth of our portfolio," add...

Treasure Island – TI Hotel & Casino in Las Vegas to Join Radisson

Radisson | July 25, 2019

Minneapolis - July 25, 2019 -- Radisson today announced the signing of Treasure Island - TI Hotel & Casino in Las Vegas to its portfolio of hotels. The resort will officially join the Radisson system later this year as Treasure Island - TI Hotel & Casino, a Radisson Hotel. The award-winning resort, featuring nearly 3,000 rooms, contemporary style and high-energy atmosphere, marks the company’s first property on the famous Las Vegas Strip. Guests will be able to book a stay at TI on RadissonHotels.com by late 2019 and Radisson Rewards members will be able to earn and redeem points in 2020. “TI is a true resort destination in a o...

Banyan Investment Group Completes Acquisition of Three-Hotel Portfolio in Madison, Wisconsin

Banyan Investment Group | July 24, 2019

MADISON, Wis., July 24, 2019--Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, today announced that it completed the acquisition of a three-hotel portfolio of Marriott- and Hilton-branded hotels located in Madison, Wis., for approximately $50 million. Additionally, the company announced that it will operate the portfolio, comprised of the 127-Room Courtyard by Marriott Madison East, 130-Room Fairfield Inn & Suites Madison East and 115-Room Hampton Inn Madison East Towne Mall Area. “In addition to expanding our footprint into ...

AJ Capital Partners Expands Internationally With Acquisition of DoubleTree by Hilton Hotel Cambridge City Centre in England

AJ Capital Partners | July 24, 2019

Cambridge, England - Adventurous Journeys (AJ) Capital Partners announced today that it has acquired the DoubleTree by Hilton Hotel Cambridge City Centre in Cambridge, England. This marks the first Graduate Hotels® property to debut outside of the United States. The hotel will continue to operate as DoubleTree by Hilton until the end of the year. Renovations will begin in early 2020, and the 148-key hotel will debut as Graduate Cambridge, part of the Graduate Hotels collection, in summer 2020. Created for travelers who seek memory-making journeys, Graduate Hotels is a thoughtfully crafted collection of hotels that reside in the most dynam...

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