RADCO Hotel Division Acquires Aloft Phoenix-Airport Hotel
The RADCO Companies | August 8, 2023
Noble Acquires Ten Asset Portfolio of WoodSpring Suites Hotels
Noble Investment Group | July 18, 2023
Acquisitions
Extended Stay America Welcomes Seven New Properties
Extended Stay America, Inc. | November 24, 2020
Charlotte, NC, November 24, 2020— Extended Stay America, Inc., the largest mid-priced extended-stay hotel brand, announced today the addition of seven properties through franchise conversions. The properties are all owned by New York-based Three Wall Capital (TWC) and will be operated by Dallas, Texas-based Aimbridge Hospitality, the nation’s largest management company. The properties include: Extended Stay America Virginia Beach, Virginia Beach, Virginia Extended Stay America Newport News – Yorktown, Newport News, Virginia Extended Stay America Richmond – Glen Allen – Short Pump, Glen Allen, Virginia Extended Stay ...
Eldridge Acquires the Hudson Hotel and Delano South Beach From sbe
Eldridge | November 24, 2020
GREENWICH, Conn.--Eldridge, a holding company with a unique network of businesses across finance, technology, real estate, and entertainment, has today completed the acquisition of the Hudson Hotel and Delano South Beach, located in New York City and Miami, respectively. Cain International, Eldridge’s real estate investment firm, has been appointed to lead a strategic repositioning of both assets. sbe will retain the Hudson and Delano brand names. The Hudson Hotel is an 878-key hotel located at 356 West 58th Street between 8th and 9th Avenues in Midtown Manhattan. Built in 1929, the hotel enjoys a prime central position, moments away fr...
Wheelock Street Capital Acquires Hotel Contessa in San Antonio, Texas
Wheelock Street Capital | November 23, 2020
SAN ANTONIO - Wheelock Street Capital announced it has acquired Hotel Contessa, a 265 room, all-suite and AAA Four-Diamond luxury, independent hotel located at 306 West Market Street in San Antonio, TX. The 12-story hotel, built in 2005, benefits from its central location along San Antonio’s highly sought-after Riverwalk with direct access to many of the city’s top cultural destinations, including The Alamo, San Antonio’s Central Business District and the recently expanded Henry B. Gonzalez Convention Center. The Property offers 10,000 square feet of function space, a rooftop pool, a full-service restaurant and bar opening directly ...
Service Properties Trust Completes the Sale of Eight Hotels for $45.3 Million
Service Properties Trust | November 23, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq:SVC) today announced that it has completed the previously announced sale of eight TownePlace Suites branded hotels with 834 rooms and a net carrying value of $35.0 million for an aggregate sales price of $45.3 million, excluding closing costs. The proceeds from the sale will be used for the repayment of debt. John Murray, President and Chief Executive Officer of SVC, made the following statement: “Given current market conditions, we are pleased to complete the sale of this hotel portfolio, which we had identified for disposition in late 2019. We were successful in achieving pricing co...
Alpine Investors’ ASG Acquires ProfitSword, Market Leading Hospitality Software
ProfitSword | November 17, 2020
ORLANDO, Fl. & WALNUT CREEK, Calif. - November 17, 2020 - ASG, a portfolio company of Alpine Investors that buys, builds and operates vertical SaaS companies, today announced that it has acquired ProfitSword, a hotel property operations software that provides business intelligence and data management software for the hospitality industry. This deal marks the 30th acquisition for ASG and the 2nd in the ASG Hospitality Technology vertical. “We are incredibly excited and honored that ProfitSword chose ASG for their next chapter of growth,” said Steve Reardon, President of ASG. “Tili, Mike and the entire ProfitSword team deeply un...
Eagle Four Partners and Lyon Living Acquire the Newport Beach Marriott Hotel & Spa
Eagle Four Partners | November 9, 2020
NEWPORT BEACH, Calif., Nov. 6, 2020 - Eagle Four Partners, LLC and Lyon Living announce today the acquisition of the Newport Beach Marriott Hotel & Spa located in Newport Center adjacent to Fashion Island. The hotel situated on 10 exceptional acres features sweeping views of the Pacific Ocean, Newport Harbor and the adjacent Newport Beach Country Club. Boasting 532 guestrooms, 32,000 square feet of indoor and outdoor venues, the hotel is ideal for corporate and social events. This leisure and group event hotel is conveniently located within Newport Center's over 3 million square feet of Class A office space and across from the 1.3 mil...
EOS Investors Acquires Faro Blanco Resort & Yacht Club
EOS | October 30, 2020
NEW YORK, Oct. 30, 2020 -- EOS Investors LLC ("EOS"), a privately held real estate investment firm, today announced its acquisition of the Faro Blanco Resort & Yacht Club ("Faro Blanco"), a 125-room, 16-acre waterfront resort and marina in the Florida Keys, one of the highest barrier-to-entry, destination resort markets in the United States. "We are grateful for the opportunity to add a high-quality, waterfront asset to the EOS portfolio, bringing our collection of drive-to-resorts to 15 properties," said Tom Burns, Vice President of EOS Investors. "The Upper Florida Keys have been one of the strongest performing hotel markets in the U...
Arbor Lodging Management Adds Marriott Chicago Northwest to Portfolio
Arbor Lodging | October 30, 2020
CHICAGO (October 30th 2020) – Chicago-based hotel management company, Arbor Lodging Management, today announced it has added the Marriott Chicago Northwest in Hoffman Estates, Illinois to its growing portfolio of third-party managed hotels. This addition brings Arbor Lodging Management’s portfolio total to 35 hotels now spanning across 15 states in 22 markets, showcasing the company’s ability to grow and gain trusted third-party management business amidst a challenging period for the hospitality industry. Arbor Lodging Management will manage all operations at the 294-room Marriott Chicago Northwest, expanding the company’s service t...
Twin River Acquires Operations of Tropicana Evansville Casino from Caesars for $140M
Twin River | October 28, 2020
PROVIDENCE, R.I., Oct. 27, 2020 - Twin River Worldwide Holdings, Inc. (NYSE: TRWH) today announced that it has entered into an agreement to acquire the Tropicana Evansville casino operations from Caesars Entertainment, Inc. (NASDAQ: CZR) for $140 million. As a result of the transaction structure, Twin River will make the acquisition without any cash outlay. As part of the acquisition, Gaming and Leisure Properties, Inc. ("GLPI"), a publicly traded gaming-focused real estate investment trust ("REIT"), will acquire the Evansville casino real estate for $340 million and lease it back to Twin River for $28 million/year in rent, subject to e...
EOS Investors Acquires Viceroy L’Ermitage Beverly Hills
EOS | October 27, 2020
NEW YORK, Oct. 27, 2020 - EOS Investors LLC ("EOS"), a privately held real estate investment firm, today announced its acquisition of Viceroy L'Ermitage Beverly Hills, a 116-suite luxury hotel located in Beverly Hills, California, one of the most prominent residential, commercial, and travel destinations in the world. "We are excited for the opportunity to expand the EOS portfolio with a world-class property in an unparalleled luxury hotel destination such as Beverly Hills," said Jonathan Wang, President of EOS Investors. "In a market that boasts one of the largest concentrations of Forbes Five Star properties in the world, Viceroy L'Ermi...
The Indigo Road Hospitality Group Acquires The Skyline Lodge in Highlands, North Carolina
Indigo Road Hospitality Group | October 23, 2020
CHARLESTON, SC — OCTOBER 23, 2020 — The Indigo Road Hospitality Group has added The Skyline Lodge in Highlands, NC to its growing portfolio of F&B-driven boutique hotels. Robert Nass, who owned and operated the historic property for nearly three decades, sold it to The Indigo Road for an undisclosed amount. The Indigo Road acquired The Skyline Lodge on September 25, 2020 and will completely renovate the entire property, including the addition of Oak Steakhouse, The Indigo Road’s modern take on the classic American steakhouse. The renovations should be completed by the end of April, with a mid-May reopening of the hotel. “My bus...
New Owners for Historic Maxwell Mansion Hotel in Lake Geneva, Wisconsin
Maxwell Mansion | October 21, 2020
LAKE GENEVA, Wis. (Oct. 21, 2020) – One of the most intriguing lodging properties in Lake Geneva, Wis., the Maxwell Mansion, is getting new owners. Luke and Monica Pfeifer, Wisconsin natives, will take over the reins from Andrew Fritz, who has owned the property since 2012 and is credited with its rejuvenation as one of the most glamorous inns in this storied lake resort community. For more on the Maxwell Mansion which dates back to 1856, its password-required Speakeasy , Apothecary cocktail bar, crystal-laden ballroom, and shaded gardens, visit www.MaxwellMansion1856.com. The address is 421 Baker Street, just two blocks east of Geneva Lake...
The ART Hotel Denver Joins Curio Collection by Hilton
Commonwealth Hotels Collection | October 20, 2020
DENVER, Oct. 20, 2020 - The ART Hotel Denver, a brilliant boutique hotel conveniently located in downtown Denver's Golden Triangle district, and Condé Nast Traveler's 2020 Reader's Choice Awards No. 22 hotel in the world; No. 9 hotel in the U.S. and the No. 1 hotel in the Southwest and West, today announced it has joined Hilton's upscale Curio Collection. The exclusive global portfolio of more than 90 handpicked hotels and resorts caters to travelers seeking local discovery and authentically curated experiences. Originally opened in June 2015, the ART Hotel Denver, Curio Collection by Hilton is located within walking distance of the fam...
Twin River Acquires Iconic Bally’s Brand From Caesars Entertainment
Twin River Worldwide Holdings, Inc. | October 13, 2020
PROVIDENCE, R.I., Oct. 13, 2020 - Twin River Worldwide Holdings, Inc. (NYSE: TRWH) (the "Company") today announced that it has purchased the iconic Bally's brand previously owned by Caesars Entertainment, Inc. This acquisition will allow Twin River to maintain the Bally's name for the Atlantic City property that it has agreed to purchase from Caesars Entertainment pursuant to the previously announced purchase agreement and enables the Company to rebrand virtually all of its portfolio properties under the Bally's name and logo. As part of the deal, Twin River has agreed to provide Caesars Entertainment a perpetual license to use the Bally's b...
Aimbridge Hospitality Adds 16 Extended Stay America Properties to Management Portfolio
Aimbridge Hospitality | October 13, 2020
PLANO, Texas, Oct. 13, 2020 - Aimbridge Hospitality, the leading, global, third-party hotel management company, announces it has added 16 Extended Stay America properties to its growing portfolio. Aimbridge now manages 36 Extended Stay America properties, with more in the pipeline. This portfolio of Extended Stay America properties has received $5 million of capital improvements in the last two yearsalone and will continue to receive capital improvements into the future from the new ownership group consisting of Lodging Advisory Group and ServiceStar Capital Management, LLC. Lodging Advisory Group (LAG) will serve as the portfolio's...
Xenia Hotels & Resorts Sells Residence Inn Boston Cambridge for $107.5 Million
Xenia Hotels & Resorts, Inc. | October 5, 2020
ORLANDO, Fla., Oct. 5, 2020 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has sold the 221-room Residence Inn Boston Cambridge in Cambridge, Massachusetts for a price of $107.5 million, or approximately $486,500 per key. The sale price represents a 11.6x multiple and a 7.8% capitalization rate on the hotel's 2019 Hotel EBITDA and net operating income, respectively. In connection with the transaction, the buyer assumed the $60.3 million mortgage collateralized by the hotel. The transaction generated approximately $46.0 million in net proceeds for the Company after transaction costs. P...
Blue Flag Acquires The Kelley House in Martha’s Vineyard, Partnering With Life House on Management
Life House Hotels | October 5, 2020
MARTHAS VINEYARD, Mass. - Boston-based real estate private equity firm Blue Flag Capital, part of Blue Flag Partners, has acquired The Kelley House, partnering with award-winning Life House through its Life Hospitality independent management platform on the operation of the historic, 57-room boutique hotel. This transaction represents the fourth collaboration between NYC-based Life House and Boston-based Blue Flag. Their partnership continues to prosper, with multiple additional assets under contract in key target markets, and active discussions underway to acquire hotels in Nantucket, Martha’s Vineyard, and Long Island. The Kelley H...
Twin River Worldwide Holdings to Acquire Jumer’s Casino & Hotel for $120M
Twin River | October 1, 2020
PROVIDENCE, R.I., Oct. 1, 2020 - Twin River Worldwide Holdings, Inc. (NYSE: TRWH) ("Twin River" or the "Company") today announced that it has entered into an agreement with Delaware North Companies Gaming & Entertainment, Inc. to acquire Jumer's Casino & Hotel ("Jumer's") in Rock Island, Illinois for a purchase price of $120 million in cash. The total consideration for the transaction represents an implied proforma purchase multiple of approximately 7.4x trailing twelve months earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") (for the period ended December 31, 2019). The multiple excludes the impac...
Caesars and VICI to Sell Harrah’s Louisiana Downs to Rubico Acquisition for $22 Million
Caesars Entertainment, Inc. | September 8, 2020
NEW YORK - Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars” or “CZR”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) today announced definitive agreements to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment (“Harrah’s Louisiana Downs”) to Rubico Acquisition Corp. for $22 million. The proceeds of the transactions shall be split $5.5 million to VICI Properties and $16.5 million to Caesars subject to customary adjustments for cash and net working capital. The annual base rent payments under the Regional Master Lease between Caesars and VICI will remain unchanged. The transacti...
American Hotel Income Properties REIT LP Completes the Sale of the Wingate Tampa Hotel
American Hotel Income Properties REIT LP | September 1, 2020
VANCOUVER, BC, Sept. 1, 2020 - American Hotel Income Properties REIT LP ("AHIP" or the "Company") (TSX: HOT.UN, HOT.U, and HOT.DB.U) announced today that it has closed the previously announced sale of its 86-room Wingate Tampa property for gross proceeds of US$7.5 million. AHIP has provided US$2.65 million in financing for the buyer, secured by a mortgage, which is repayable at the end of three years along with accrued interest. Net proceeds of the sale will be used to repay amounts outstanding under the Company's revolving credit facility. "We're pleased to complete the sale of this non-core asset, which was nearing significant brand-...
Sandpiper Lodging Trust Acquires Two Candlewood Suites Hotels in South Carolina
Sandpiper | August 24, 2020
(Richmond, Va. - August 24, 2020) – Sandpiper Lodging Trust (“SLT”) is pleased to announce its acquisition of two Candlewood Suites Hotels located in North Charleston and Bluffton, South Carolina from DC Hospitality. Both properties are mid-scale extended stay hotels located in two dynamic hospitality markets. Terms of the transaction were not disclosed. Carter Rise, CEO of SLT, stated, “We are extremely excited to add these two hotels to the Sandpiper Lodging Trust portfolio. We have targeted the Charleston and coastal South Carolina market as an area with exciting long-term demographic advantages, and we are pleased to be a...
Apple Hospitality REIT Acquires Hyatt House and Hyatt Place in Tempe, Arizona for $64.6M ($249K Per Key)
Apple Hospitality REIT, Inc. | August 14, 2020
RICHMOND, Va. - Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the opening and acquisition of the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Arizona (the “Hotels”), for a gross purchase price of approximately $64.6 million, or approximately $249,000 per key. “We are pleased to enhance the diversification of our portfolio with the acquisition of these newly developed Hotels in the dynamic Tempe market,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “Ideally located on the Tempe campus of Arizona State University near prem...
IAC Invests $1 Billion for 12% Stake in MGM Resorts International
MGM Resorts International | August 10, 2020
NEW YORK, Aug. 10, 2020 -- IAC (NASDAQ: IAC) today announced its accumulation of a 12% interest in global hospitality and entertainment company MGM Resorts International (NYSE: MGM) for an aggregate of approximately $1 billion. "With the separation of Match Group from IAC, and 'new' IAC emerging with $3.9 billion of cash, no debt, and its opportunistic zeal intact, we are energized and excited to make this investment in MGM. What initially attracted us to MGM, besides its leadership in leisure, hospitality and gaming, was an area that currently comprises a tiny portion of its revenue – online gaming," said Barry Diller, Chairman...
Dakota Mountain Lodge Homeowners Association Acquires Waldorf Astoria Park City
Dakota Mountain Lodge Homeowners Association | August 5, 2020
PARK CITY, Utah, Aug. 5, 2020 - Dakota Mountain Lodge Homeowners Association has acquired the 159-guestrooms and suites Waldorf Astoria Park City in Park City, Utah, according to President of the homeowners association, Mark Bober. Conveniently located at the Canyons Village base of Park City Resort, Utah's premier luxury resort by Hilton, encompasses newly renovated rooms and spacious suites, Powder restaurant and the award-winning Waldorf Astoria Spa as well as an expansive outdoor space with fire pits, a heated pool and Jacuzzis. "We are thrilled to continue to work with Hilton as they manage this beloved property that we call home...
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