Paramount Lodging Advisors Successfully Transacts Chicago Renaissance OHare Hotel
Paramount Lodging Advisors | November 7, 2023
RADCO Hotel Division Acquires Aloft Phoenix-Airport Hotel
The RADCO Companies | August 8, 2023
Acquisitions
Affiliates of Paceline Equity Partners Acquire Full-Service Delta Hotel Virginia Beach Bayfront Suites
Paceline Equity | June 15, 2022
DALLAS--Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that they have acquired the Delta Hotel Virginia Beach Bayfront Suites, a full-service, all-suite hotel located on the northern coast of Virginia Beach, VA. The property is located less than 10 miles from the heart of Virginia Beach and Atlantic Ave. The acquisition will be Paceline’s second strategic partnership with BlackPearl Capital, a group with significant hospitality investing and operating experience. The Delta Hotel Virginia Beach Bayfront Suites was built in 1986 and most recently underwent a comprehensiv...
Highline Hospitality Partners Acquires Sheraton Suites Galleria-Atlanta in JV With Paceline Equity Partners
Highline Hospitality Partners | June 15, 2022
ATLANTA, GA (June 15, 2022) – Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has acquired the Sheraton Suites Galleria-Atlanta in a joint venture with an affiliate of Paceline Equity Partners, LLC, a Dallas-based private equity manager. The full-service and 278-room all-suite hotel, which is HHP’s sixth property, is located in a highly active corridor just 20 minutes from downtown Atlanta. The joint venture will be Highline Hospitality Partners’ first strategic investment with Paceline. Highline Hospitality Partners' team has more than 60 years of combined expe...
Avistone Acquires 187-Room Courtyard Dulles Airport Herndon
Avistone | June 15, 2022
San Diego, Calif., June 15, 2022—Officials of Avistone today announced the company acquired the 187-room Courtyard Dulles Airport Herndon in Va. The company also named Youngbin Park vice president, lodging investments. “This Courtyard by Marriott hotel marks our first acquisition in Virginia. This market growth allows us to keep pace with the expansion of Dulles International Airport and the technical epicenter surrounding our nation's capital,” said Dan Culler, CEO, Avistone. “We are looking to continued growth in the hotel sector with additional acquisitions either on our own or in partnership with others.” Courtyard Dull...
The Siegel Group Expands Siegel Select® Extended-Stay Brand With Portfolio Acquistion
The Siegal Group | June 14, 2022
LAS VEGAS--The Siegel Group (www.siegelcompanies.com), a real estate investment and management company announced today that it had acquired a portfolio of five extended-stay properties previously operated under the Hamilton Inn Extended-Stay brand for $29 million. These acquisitions increase the number of Siegel Suites® (www.siegelsuites.com) and Siegel Select® (www.siegelselect.com) properties throughout the United States to 66 and marks the brand’s first location in Georgia and its further expansion into the Tennessee market. These locations are in addition to the company’s significant presence throughout Nevada, Arizona, Texas, Lou...
Provenance Hotels Sells Minority Interest in the Woodlark Hotel to Majority Owner, NBP Capital
Provenance Hotels | June 14, 2022
PORTLAND, Ore.--Provenance Hotels (“Provenance”), an owner and operator of boutique hotels, today announced the strategic sale of its minority interests in the Woodlark Hotel (the “Woodlark” or the “Hotel”) to majority shareholder NBP Capital (“NBP”), a vertically integrated commercial real estate investment platform. In connection with the transaction, NBP has also acquired the management rights to the Hotel. Terms of the deal were not disclosed. The Woodlark Hotel is sophisticated 151-room hotel housed within two historic structures brought together as one in the heart of downtown Portland. The Woodlark utilizes Portland�...
Summit Hotel Properties Completes Acquisition of AC Hotel by Marriott & Element Miami Brickell for $89 Million
Summit Hotel Properties | June 14, 2022
AUSTIN, Texas, June 14, 2022-- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced acquisition of the dual-branded 264-guestroom AC Hotel by Marriott & Element Miami Brickell (the "Brickell Hotels"). The Company's initial purchase option was based on a gross hotel valuation of $89.0 million, or $337,000 per key, and the Company funded its 90% equity interest totaling $38 million with the conversion of the previously funded $30 million mezzanine construction loan, which earned 9% cash interest during the loan term, and $8 million in cash. The transaction was finance...
MCM Elegante Hotel and Suites Acquires TownePlace Suites by Marriott in Farmington, NM
June 14, 2022
Phoenix, AZ, June 14, 2022 -- Dinesh “Dan” Rama and Anthony Becerra of NewGen Advisory is pleased to announce the successful closing of the TownePlace Suites by Marriott located in Farmington, New Mexico. Being within close range of some of Farmington’s unforgettable outdoor and cultural adventures such as Aztec Ruins National Monument, this 117-room suite property has maintained a powerful reputation with guests across major booking sites. “We’re excited about the property and happy to be part of the Marriott family,” says CEO/President Ed Lasater of MCM Elegante Hotel and Suites. “We feel this asset fits well with our othe...
Sandpiper Lodging Trust Acquires Two Residence Inn Extended Stay Hotel Properties in Central Florida
Sandpiper | June 14, 2022
(Richmond, Va. – June 14, 2022) – Sandpiper Lodging Trust (“SLT”) is pleased to announce the acquisition of two Residence Inn by Marriott ™ extended stay hotels located in the Central Florida market. One of the hotels, Sandpiper Gainesville, is located 2 miles southwest of the University of Florida in Gainesville, FL. The other hotel, Sandpiper Lakeland, is located 30 miles east of Tampa, near the Lakeland Linder International Airport. Terms of the deal were not disclosed. Carter Rise, CEO of SLT, stated, “We are very excited about what these two Central Florida markets have to offer and believe that these two assets will se...
Key International Acquires Best Western New Smyrna Beach Hotel and Suites for $18.7 Million
Key International | June 13, 2022
MIAMI, FL (June 13, 2022)- Key International, a leading international real estate development and investment firm, has acquired the Best Western New Smyrna Beach Hotel and Suites for $18.7 million. LBA Hospitality, an Alabama–based hotel management company has secured the contract to lead operations for the hotel. Poised directly on the beach at 1401 S Atlantic Ave., the oceanfront property is strategically located near other top tourist destinations including Orlando and Cape Canaveral. Rising eight stories, the hotel features 101 suites and boasts updated amenities including a pool with an outdoor sundeck, a restaurant and a fitness ce...
Choice Hotels International to Acquire Radisson Hotel Group Americas for $625 Million
Choice Hotels International | June 13, 2022
ROCKVILLE, Md. and BRUSSELS, June 13, 2022-- Choice Hotels International, Inc. (NYSE: CHH) and Radisson Hotel Group today announced that Choice Hotels has entered into a definitive agreement to acquire the franchise business, operations and intellectual property of Radisson Hotel Group Americas for approximately $675 million. The addition of Radisson's nine hotel brands in the Americas is the latest chapter in Choice's successful strategy to expand its growth opportunities by bringing the company's best-in-class franchising platform to adjacent hotel segments and to a new set of hotel owners. The added 624 hotels with over 68,000 room...
MGM and VICI to Sell Operations of Gold Strike Tunica for $450 Million to Cherokee Nation Entertainment
MGM Resorts International | June 10, 2022
LAS VEGAS, June 10, 2022 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that it has reached an agreement to sell the operations of Gold Strike Tunica ("Gold Strike") to Cherokee Nation Entertainment Gaming Holdings, LLC ("CNE"), a subsidiary of Cherokee Nation Businesses, for $450 million in cash, subject to customary adjustments. "I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests," said Bill Hornbuckle, CEO & President, MGM Resorts International. "Gold Strike is a wonderful property with a bright...
HOS Management and Hawkeye Hotels Complete Disposition of Three Savannah Properties worth $100 Million
Hawkeye Hotels | June 9, 2022
The aLoft Savannah Airport was purchased by The Montford Group and Opterra Capital, and the aLoft and Fairfield Inn & Suites Savannah Historic District by Mission Hill and KSL Capital Partners. The individual amounts of each sale are publicly undisclosed; however, the total volume of the sales was approximately 100 Million dollars. The total key count between the 3 assets was over 400 rooms. All three of the assets were developed by HOS and Hawkeye Hotels in the last 24 months. Combined, Hawkeye Hotels and HOS Management have over 40 hotel projects in the pipeline, with over a dozen projects starting construction this year. The developer...
HHM to Integrate Urgo Hotels & Resorts Into Its Existing Platform
HHM | June 8, 2022
PHILADELPHIA, PA, June 08, 2022 -- HHM and Urgo Hotels & Resorts (“Urgo”) have entered into a definitive agreement that, upon closing, will result in Urgo becoming a wholly owned subsidiary of HHM and, as part of the total consideration, the founding members of Urgo will become shareholders of HHM. The combined company will operate over 235 hotels in North America, with HHM expanding into Canada, entering new markets in the U.S., while adding mountain leisure, development and condo-hotel management capabilities to its portfolio. This represents HHM's second strategic M&A transaction in 2022, after it closed earlier in the yea...
Soul Community Planet Expands Footprint in California With Mendocino Coast Acquisitions
SCP Hotels | June 7, 2022
LAGUNA BEACH, Calif.--Soul Community Planet (SCP) Hotels is expanding its hotel offerings with the addition of two restored inns on the California Mendocino Coast - Glendeven Inn & Lodge and Inn at the Cobbler’s Walk. Following planned renovations, the two inns will combine to become the eighth SCP Hotel and will be known as SCP Mendocino Inn and Farm. A celebration of sustainability, nature and wellness, the two inns include 31 unique rooms, most of which offer wood-burning fireplaces and whitewater ocean views, along with 15-acres of farm pastures, organic gardens and other wellness, socializing and dining spaces. “We are exc...
Sunstone Hotel Investors Completes Acquisition of The Confidante Miami Beach for $232 Million
Sunstone Hotel Investors | June 6, 2022
IRVINE, Calif., June 6, 2022-- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, today announced that it has completed the previously announced acquisition of the 339-room The Confidante Miami Beach (the "Hotel") for a purchase price of $232 million, or $684,000 per key. The Company will invest approximately $60 million to reposition the Hotel into a premiere beachfront resort under Hyatt's luxury, lifestyle Andaz brand. Upon completion of the renovation, Sunstone will own a well-located, fully renovated, beachfront resort at a highly attrac...
Ryman Hospitality Properties Closes Acquisition of Block 21 in Austin, Texas From Stratus Properties for $260M
Ryman Hospitality Properties | June 2, 2022
NASHVILLE, Tenn., June 02, 2022 -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the Company) has closed its previously announced pending acquisition of Block 21 from Stratus Properties Inc. (NASDAQ: STRS). The mixed-use complex is located in the heart of downtown Austin and is home to lodging, retail, office and entertainment spaces, including the W Austin Hotel and the ACL Live at Moody Theater. The purchase price for the acquisition, subject to certain purchase price adjustments, totaled approximately $260 million, which includes the assumption of approximately $136 million of existing mortgage debt. Colin Reed, Chairman and Chief Execu...
Premier Parks, LLC Acquires Operation of Canadian Valcartier-Calypso Group Resort and Water Parks
Premier Parks LLC | June 2, 2022
New York, NY (June 2, 2022) – Premier Parks, LLC, North America’s largest independent operator of visitor attractions and experiences, led by former Six Flags Chairman and CEO Kieran Burke, today announced the acquisition of operations of Valcartier-Calypso Group. The acquisition includes an all-inclusive four-star resort hotel with upscale spa and indoor water park, two premium outdoor water parks, a large destination campground, a unique ice hotel, and the largest winter games center in North America. These latest acquisitions increase Premier Park’s profile to fifteen properties. “This is an exciting time to welcome Village Vaca...
Sunstone Hotel Investors to Acquire Remaining 25% Joint Venture Interest in Hilton San Diego Bayfront From Park Hotels & Resorts
Sunstone Hotel Investors | June 1, 2022
IRVINE, Calif., June 1, 2022 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, announced that it has entered into a definitive agreement with an affiliate of Park Hotels & Resorts Inc. ("Park") to acquire Park's 25% interest in the joint venture that owns the leasehold interest in the 1,190-room Hilton San Diego Bayfront (the "Hotel"). As part of the transaction, Sunstone will pay Park $102 million in cash and will effectively assume Park's $55 million share of the existing mortgage loan on the Hotel, which is already fully consolida...
Affiliates of Paceline Equity Partners Acquire Full-Service Sheraton Suites Hotel in Atlanta
Paceline Equity Partners | June 1, 2022
DALLAS--Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that they have acquired The Sheraton Suites Galleria-Atlanta, a full-service hotel located in a highly active corridor near the intersection of I-285 and I-75, 20 minutes from downtown Atlanta. The property is located less than one-half mile from The Battery, a mixed-use development anchored by Truist Park, home of the Atlanta Braves. Paceline acquired the hotel in an off-market transaction with the prior owner. The acquisition will be Paceline’s first strategic partnership with Highline Hospitality Partners, a group ...
Partners Group and Trinity Investments Acquire Four Seasons Resort Dallas at Las Colinas
Partners Group | May 31, 2022
DALLAS--A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), today announced the acquisition of the Four Seasons Resort Dallas at Las Colinas, a 431-key luxury hotel located in Irving, Texas. Following the transaction, Partners Group and Trinity plan to undertake a multi-million-dollar capital improvement plan that will establish the property as the premier group and leisure destination in the Dallas Metroplex. “We have conviction in the Dallas Metroplex area due t...
Napa Valley’s Largest Destination Resort Recapitalized and Poised for Future Growth
The Meritage Resort and Spa and Vista Collina at The Meritage | May 27, 2022
The Busch Family and Pacific Hospitality Group Lead the Buyout of The Meritage Resort & Spa, Commit to $25 Million Investment in Upgraded Room, Meeting Space and Restaurant NAPA, CALIF. (May 27, 2022) –The Busch Family and Pacific Hospitality Group (PHG) have led the recapitalization of The Meritage Resort and Spa, the premier AAA Four Diamond resort located at the gateway of Napa Valley. By increasing their ownership, the Busch Family enabled previous investors to exit the property at a significant gain – but to more importantly reinvigorate long time partners and bring in new equity investors to become part of this iconic flagshi...
Pixiu Real Estate and Woodbine Development Acquire The Driskill Hotel From Hyatt
Woodbine Development Corportation | May 25, 2022
AUSTIN, Texas--Pixiu Real Estate, Woodbine Development Corporation and a collective of Austin-based investors have acquired the capital city’s first and most iconic hotel, The Driskill, from Hyatt Hotels & Resorts. Woodbine Development Corporation is the Dallas-based real estate investment firm behind many notable hotel properties in Texas and beyond. Pixiu Real Estate is part of Pixiu Investments, an investment firm owned by Eddie Margain, co-founder of several ventures, including local MLS club Austin FC. Among the investor group is Bryan Sheffield, founder of Parsley Energy and fellow investor in Austin FC. “As a destinatio...
Introducing Cloudbeds Amplify: The Intelligent Digital Marketing Solution Driving More Direct Bookings for Independent Hoteliers
Cloudbeds | May 25, 2022
Leading hotel technology platform Cloudbeds acquires AdsHotel and Odysys to level the playing field in the high-cost competition for direct bookings with new digital marketing service (SAN DIEGO) — Cloudbeds, the hospitality industry’s fastest-growing technology provider, unveiled today the expansion of its hospitality platform with its newest solution, Cloudbeds Amplify. Set for release in early Fall, the comprehensive done-for-you digital marketing service leverages advanced technologies to optimize customers’ online presence, drive more direct bookings and increase revenue. Cloudbeds Amplify services include website creation and...
Commonwealth Hotels and Baraka Capital Management Acquire the Hotel Indigo Atlanta Vinings
Baraka Group | May 23, 2022
COVINGTON, Ky., May 23, 2022 -- Commonwealth Hotels announced today the acquisition of Hotel Indigo Atlanta Vinings by Baraka Capital Management. The Indigo, an IHG hotel, is the first Indigo for Commonwealth Hotels in the state of Georgia. Located at 2857 Paces Ferry just 20 minutes from Downtown Atlanta. "We are delighted to be working with Blessed Hospitality and Baraka Capital Management," said Jennifer Porter, chief operations officer for Commonwealth Hotels. "It is because of partnerships like these that our managed portfolio continues to expand in diverse regions and markets across the US." Commonwealth Hotel...