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
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...
Alpine Acquisition Corporation Signs Agreement to Acquire Two Convention Hotels From Atrium Hospitality
Alpine Acquisition Corporation | May 19, 2022
PHOENIX & NEW YORK & LOS ANGELES--Alpine Acquisition Corporation (Nasdaq: REVEU, REVE, REVEW) ("Alpine"), a special purpose acquisition company, and Two Bit Circus, Inc., creators of the world’s first Micro-Amusement Parks and an experiential entertainment leader jointly announced today that they have entered into definitive agreements for a business combination. Alpine also entered into a definitive agreement with affiliates of Atrium Hospitality, LP, to acquire two full-service conference hotels with 739 rooms and 135,000 square feet of conference facilities located in Denver, CO and Stamford, CT. Upon the closing of the transacti...
HRI Hospitality & Certares Acquire DoubleTree Suites by Hilton Hotel Doheny Beach and Hilton San Antonio Hill Country
Certares | May 19, 2022
NEW ORLEANS, LA. (May 19, 2022): Affiliates of Certares Real Estate Management LLC (Certares) and HRI Hospitality, LLC (HRIH) will add two properties to their portfolio: the DoubleTree Suites by Hilton Hotel Doheny Beach in Dana Point, California, and the Hilton San Antonio Hill Country in San Antonio, Texas. Located in the charming city of Dana Point, California, the DoubleTree Suites by Hilton Hotel Doheny Beach is steps from beautiful beaches and Doheny Beach State Park for a relaxing coastal getaway. The 196-room property offers luxurious all-suite accommodations, an outdoor pool, a 24-hour fitness center, 13,643 square feet of ...
The Bahamas Accepts $100 Million Purchase Offer for Grand Lucayan Resort in Freeport
May 18, 2022
NASSAU, Bahamas, May 18, 2022-- A rebirth is on the horizon for Grand Bahama Island. The Bahamas Ministry of Tourism, Investments & Aviation (BMOTIA) made the long-awaited announcement that an offer has been accepted for the purchase of Grand Lucayan, a beachfront resort located in the bustling city of Freeport. Electra America Hospitality Group (EAHG) has entered into an agreement with Lucayan Renewal Holdings to buy the resort for $100 million. CEO and Principal of Electra America Hospitality Group Russell Urban said the company was very interested in the resort for many reasons, among them is the "opportunity ...
MGM Resorts International Completes Acquisition of Las Vegas’ The Cosmopolitan Operations for $1.625 Billion
MGM Resorts International | May 18, 2022
LAS VEGAS, May 18, 2022 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "company") today announced the closing of its transaction with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas (the "property" or "The Cosmopolitan") for cash consideration of $1.625 billion. With the closing of the transaction, The Cosmopolitan of Las Vegas officially joins MGM Resorts' roster of iconic brands along the Las Vegas Strip. "This is a big moment for our company and for the Las Vegas Strip. The Cosmopolitan of Las Vegas has already established itself as one of the Strip's premier resorts with an iconic brand, w...
Foxden Hospitality Completes Sale of Dive Palm Springs to Mariners Group for $5.15 Million
May 18, 2022
PALM SPRINGS, Calif., May 18, 2022-- Today, Foxden Hospitality, the California-based luxury hospitality management company, announced the sale of its boutique Hotel, Dive Palm Springs, to Mariners Group for $5.15 million. This significant sale, at $468,000 per key, marks the highest recorded price in history for any hotel in Palm Springs and the surrounding Coachella Valley. Dive Palm Springs emerged in 2019 to high acclaim following a renovation led by Foxden founders Dale & Brookelyn Fox, GM Abdi Manavi, and Interior Designer Vanessa Schreiber. Transporting guests back to the casual elegance of St Trope...
Mohr Capital Acquires 350-Room DoubleTree by Hilton Austin
Mohr Capital | May 18, 2022
AUSTIN, Texas, May 18, 2022-- Mohr Capital, a Dallas-based privately held real estate investment firm, acquired the 350-room DoubleTree by Hilton Austin at 6505 N. Interstate 35 in Austin, Texas, for an undisclosed amount. The acquisition marks Mohr Capital's first hospitality investment. The six-story hotel contains almost 25,000 square feet of meeting space including a ballroom. This ballroom will be upgraded along with the guest rooms, elevators and common spaces. In all, Mohr Capital plans to invest $11 million to upgrade the property, which is ideally located near the intersection of Interstate 35 and U.S. Highwa...
The Siegel Group Continues Expansion of Its Siegel Select Extended-Stay Brand With Three-Property Acquisition
The Siegel Group | May 18, 2022
LAS VEGAS--The Siegel Group (www.siegelcompanies.com), a real estate investment and management company announced that it had acquired three extended-stay properties for just under $18.94 million. With these acquisitions, The Siegel Group expands its Siegel Select® brand into the new markets of Oklahoma City, Houston and San Antonio and increases the total number of Siegel Suites® (www.siegelsuites.com) and Siegel Select® (www.siegelselect.com) properties throughout the United States to 59. The Siegel Group, which operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels, flexible-stay apartmen...
Chatham Lodging Trust Completes Sale of Four Hotels for $80 Million
Chatham Lodging Trust | May 16, 2022
WEST PALM BEACH, Fla., May 16, 2022 —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced the closing of the sales of four hotels comprising 537 rooms for aggregate proceeds of approximately $80 million. Including near term capital expenditure requirements, the aggregate sales proceeds would equate to an approximate 2 and 6 percent capitalization rate on net operating income for 2021 and 2019, respectively. The four hotels comprise the following: 180-room Hilton Garden Inn, Burlington, Mass...
Summit Hotel Properties Completes Sale of Hilton Garden Inn San Francisco Airport North for $75 Million
Summit Hotel Properties | May 13, 2022
AUSTIN, Texas, May 13, 2022 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC. The transaction represents 1% capitalization rate based on the hotel's net operating income after a 4% FF&E reserve for the twelve months ended March 31, 2022. The joint venture will also forego a comprehensive renovation that was scheduled for late 2022 estimated to be $7.1 million, or $42,000 per key, as a re...
Pebblebrook Hotel Trust Acquires Inn on Fifth in Naples, Florida for $156M
Pebblebrook Hotel Trust | May 12, 2022
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it acquired the AAA Four Diamond 119-room Inn on Fifth in Naples, Florida for $156.0 million on May 11, 2022. As previously announced, the Company retained Noble House Hotels & Resorts (“Noble House”) to manage this unique independent luxury resort property at the center of Downtown Naples. The acquisition of Inn on Fifth brings the total number of properties in the Company’s portfolio to 54, including 12 unique drive-to, independent lifestyle resorts and 6 properties in South Florida. The Company funded the acquisition with approximat...
EOS Investors Acquires Wequassett Resort and Golf Club in Cape Cod
EOS Investors | May 11, 2022
NEW YORK, NY (May 11, 2022) - EOS Investors LLC ("EOS"), a privately held real estate investment firm, today announced its acquisition of Wequassett Resort and Golf Club, a timeless, luxury, oceanfront resort in Cape Cod, Massachusetts. The acquisition of Wequassett Resort further expands EOS’s presence in Cape Cod, following the company’s acquisition of Red Jacket Resorts in 2021. EOS’s New England drive-to resort portfolio consists of 17 properties, featuring over 1,000 keys, more than 20 restaurants and bars, and nearly $125 million of annual revenue. "We are excited to continue one of New England’s most special hospitality...
Banyan Investment Group Completes Sale of 96-Room Kimpton Goodland Hotel Ft. Lauderdale Beach
Kimpton Goodland Hotel | May 10, 2022
FT. LAUDERDALE, Fla., May 10, 2022—Banyan Investment Group (BIG), an Inc. 5000-recognized, hotel investment company that acquires hotels in the United States, today announced the sale of the 96-room Kimpton Goodland Hotel Fort Lauderdale Beach in Fla., to DiamondRock Hospitality Company for $35.3 million. “Following an extensive market study that led us to believe South Florida travel would rebound quickly, we took a calculated risk and purchased this property in Q420, prior to vaccines being released when travel volumes remained low,” said Andy Chopra, managing partner, Banyan Investment Group. “Our research proved prescient,...
Watermark Lodging Trust to be Acquired by Brookfield Real Estate Funds for $3.8 Billion
Watermark Lodging Trust | May 9, 2022
Chicago, May 9, 2022 – Watermark Lodging Trust, Inc. (“Watermark,” “WLT” or the “Company”) announced today that it has entered into a definitive agreement with private real estate funds managed by Brookfield ("Brookfield"), under which Brookfield will acquire all of the outstanding shares of common stock of Watermark for $6.768 per Class A share and $6.699 per Class T share in an all-cash transaction valued at $3.8 billion, including the assumption of debt and preferred equity. The purchase price represents a premium of over 7.5% from the most recently published Net Asset Values per share as of December 31, 2021, of $6.29 per C...
Sunstone Hotel Investors to Acquire The Confidante Miami Beach for $232 Million
Sunstone Hotel | May 5, 2022
IRVINE, Calif., May 5, 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 Hyatt Hotels Corporation to acquire the 339-room The Confidante Miami Beach (the "Hotel"), located on 1.5 acres of fee-simple, oceanfront land in Miami Beach for a purchase price of $232 million, or $684,000 per key. Following the acquisition, the Company expects to pursue a full transformation of the property and a rebranding of the Hotel to Andaz Miami Beach. T...
Arch Amenities Group Acquires Synergy Fitness Group With 26 Managed Sites
Arch Amenities Group | May 2, 2022
ROCKVILLE, Maryland (May 2, 2022) – Arch Amenities Group, a full-service global provider of wellness, amenity and meeting services for commercial and residential properties, hotels and private clubs, today announced it acquired Synergy Fitness Group, a premier fitness management company with 26 facilities in the mid-Atlantic region. Specializing in wellness and fitness programming, Synergy offers its corporate clients a range of services, including fitness center design, management and equipment maintenance. Barry Goldstein, Arch chief executive officer, said the acquisition would strengthen the company’s leadership position in corp...
VICI Properties Inc. Completes $17.2 Billion Strategic Acquisition of MGM Growth Properties
VICI Properties Inc. | May 2, 2022
– Adds 15 Marquee Assets Expanding Real Estate Portfolio to 43 Class-A Properties – – Increases Annual Rent by Over $1.0 Billion – – Diversifies Tenant Base to Eight Best-In-Class Operators – – Closes on $5.0 Billion of Investment Grade Senior Unsecured Notes – – Settles the Exchange Offer and Consent Solicitation for Notes Originally Issued by MGP NEW YORK--May 2, 2022--VICI Properties Inc. (NYSE: VICI) (“VICI,” “VICI Properties” or the “Company”), an experiential real estate investment trust, today announced it has closed on the previously announced acquisition of MGM Growth Properties LLC (NYSE: MGP) ("MG...
myDigitalOffice Expands Platform to Now Include Revenue Intelligence Data With Acquisition of Focal Revenue
myDigitalOffice | April 28, 2022
Hotel performance management leader myDigitalOffice acquires Focal Revenue to bring additional visibility across hotel portfolios with curated hotel revenue insights. Bethesda, MD, April 28, 2021 / myDigitalOffice, the world’s fastest-growing hotel performance management platform, today announced the acquisition of Focal Revenue, a hospitality revenue intelligence software company. With this acquisition, myDigitalOffice significantly expands its capabilities to offer more granular hotel revenue insights while bridging the gap between sales, marketing, and revenue teams. Focal Revenue is the industry's only business intelligence soluti...
Mills Park Hotel in Yellow Springs, Ohio, Sold to Employee and Spouse for $4.5 Million
April 28, 2022
YELLOW SPRINGS, Ohio, April 28, 2022 -- The stylish Mills Park Hotel, located at 321 Xenia Avenue, in downtown Yellow Springs, Ohio, has been sold to an employee and his spouse. Ryan Aubin, the marketing manager for the hotel since 2019, and his husband, Alex Price, have purchased the property and business for approximately $4.5 million. The Dayton couple was one of several parties who made offers when the owners first announced their intent to sell nearly a year ago. Mills Park Hotel was the project of developer Jim Hammond and his family, who have owned and operated the property from the start. Construction was completed in 2016 a...
Hersha Hospitality Trust to Sell Non-Core Urban Select Service Properties for $505 Million
Hersha Hospitality Trust | April 28, 2022
PHILADELPHIA, April 28, 2022 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced that it has entered into a definitive agreement to sell seven of its non-core Urban Select Service properties outside of New York (the “USS Portfolio”) for gross proceeds of $505 million, or approximately $360,000 per key. Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “We’re pleased to have reached an agreement that supports our long-term strategic objectives and delivers immediate shareholder val...
Sonesta Invests in Four New York City Hotels Adding 918 Guestrooms
Sonesta | April 27, 2022
Newton, MA (April 27, 2022) – Sonesta International Hotels Corporation (Sonesta), one of the fastest-growing hotel companies in the U.S., today announced an investment in four boutique and lifestyle hotels in New York City. The hotels are all located in Midtown and were formerly known as The Benjamin, The Shelburne Hotel & Suites, the Gardens Suites Hotel and the Fifty Hotel & Suites. Each hotel will be rebranded under Sonesta’s portfolio of dynamic brands and operate as The Benjamin Royal Sonesta New York, The Shelburne Sonesta New York, The Gardens Sonesta ES Suites New York and The Fifty Sonesta Select New York. The hotel...
Mission Hill Hospitality Acquires Dual-Branded Residence Inn and Fairfield Inn & Suites Boston Waltham
Mission Hill Hospitality | April 27, 2022
DENVER, CO – April 27, 2022: Mission Hill Hospitality, a KSL Capital Partners portfolio company focused on transforming select-service and extended-stay hotel investing, announced it has acquired the Residence Inn and Fairfield Inn & Suites Boston Waltham in Massachusetts. Island Hospitality, the premier third-party management company for select-service and upscale, extended-stay hotels in the United States, will operate the hotels on behalf of Mission Hill Hospitality. These are the 17th and 18th hotels added to the Mission Hill Hospitality portfolio since the company was launched 12 months ago. Terms of the deal are undisclosed. ...
Kolter Hospitality Acquires the Embassy Suites by Hilton Sarasota
Kolter Hospitality | April 25, 2022
DELRAY BEACH, Fla., April 25, 2022 -- Kolter Hospitality, a division of The Kolter Group, is pleased to announce the acquisition of the Embassy Suites by Hilton Sarasota located at 202 North Tamiami Trail in Sarasota. Located in the city's downtown district, the 18-story hotel was built in 2018 and has 180 all-suite guestrooms boasting breathtaking views of Sarasota Bay. "This is our second hotel in Sarasota joining the Westin Sarasota, which has been a true success story. We loved the downtown feel of the Embassy Suites by Hilton Sarasota and are honored to add it to our growing portfolio of impressive hotels across Florida," said...
Pebblebrook Hotel Trust Executes Contract to Acquire Inn on Fifth in Naples, Forida for $156M
Pebblebrook Hotel Trust | April 25, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to acquire the AAA Four Diamond 119-room Inn on Fifth in Naples, Florida for $156.0 million. Upon completion of the acquisition, Pebblebrook will retain Noble House Hotels & Resorts (“Noble House”) to manage this unique independent luxury resort property at the center of Historic Downtown Naples. The purchase is expected to be completed by the end of the second quarter 2022 and is subject to customary closing conditions. The Company offers no assurances that this acquisition will be completed on these terms or at all. ...