Paramount Lodging Advisors Successfully Transacts Chicago Renaissance OHare Hotel
Paramount Lodging Advisors | November 7th, 2023
RADCO Hotel Division Acquires Aloft Phoenix-Airport Hotel
The RADCO Companies | August 8th, 2023
OTO Development Acquires DoubleTree by Hilton in North Redington Beach, Florida
OTO Development | July 19, 2022
SPARTANBURG, SOUTH CAROLINA (July 19, 2022) — OTO Development has added the DoubleTree by Hilton in North Redington Beach, Florida, to its growing beachfront leisure portfolio. South Carolina-based OTO Development, which is part of The Johnson Group, acquired DoubleTree Beach Resort by Hilton Tampa Bay-North Redington Beach from the property’s original private ownership group. The transaction, brokered by The Plasencia Group, closed on Monday, July 18. “We are so intrigued by this DoubleTree, which has long been loved for its ideal location and resort-style amenities,” says Corry Oakes, CEO of OTO Development. “There’s incre...
Monarch Alternative Capital Grows Orlando Hospitality Portfolio With Acquisition of Three Hotels
Monarch Alternative Capital LP | July 14, 2022
NEW YORK and LONDON, July 14, 2022 -- Monarch Alternative Capital LP, a leading investment firm with approximately $9.4 billion of assets under management, announced the purchase of three hotels in Orlando, Florida. Given the firm's established reputation within the market, Monarch was able to acquire the newly-built, high quality properties located in Orlando submarkets adjacent to Monarch's existing hotels at a discount to replacement cost in off-market transactions. With these acquisitions, Monarch's hospitality portfolio in Orlando now totals approximately 2,000 keys across seven properties. As the Orlando market continues to...
1754 Properties and Argosy Real Estate Partners Purchase Best Western Premier Hotel in Jacksonville, Florida
1754 Properties | July 14, 2022
JACKSONVILLE, Fla. (July 14, 2022) – 1754 Properties, LLC, an institutional owner, operator and lender of hotels and other real estate based in Weston, Florida, in partnership with Argosy Real Estate Partners, has announced the July 12 acquisition of the 164-room Best Western Premier in the Southside/Deerwood Park submarket of Jacksonville. As part of a major rebranding process, the property will undergo a comprehensive, multimillion-dollar renovation, and become one of Jacksonville’s newest full-service upscale hotels. “The Delta by Marriott brand is a natural fit, giving our guests the consistency, reassurance and benefits of Marriot...
NewcrestImage to Acquire 4 LaQuinta Properties (696 Rooms) From Highgate and Cerberus
NewcrestImage | July 14, 2022
NewcrestImage has entered a definitive agreement with a joint venture between Highgate and Cerberus to acquire four LaQuinta-branded properties which together total 696 rooms. The properties include the LaQuinta Inn & Suites at Los Angeles International Airport (LAX) which marks NewcrestImage’s first gateway location in California. Closing is today on one hotel – the LaQuinta Inn & Suites Irving DFW North, located two miles from DFW International Airport -- while closing is expected in August for the other three hotels: LaQuinta Inn & Suites Anaheim; LaQuinta Inn Phoenix North; and LaQuinta Inn & Suites LAX. “The...
Altitude International Holdings to Acquire Club Med Sandpiper Bay
Altitude International Holdings, Inc. | July 12, 2022
PORT ST. LUCIE, Fla., July 12, 2022 -- Altitude International Holdings, Inc. (the "Company" or "Altitude") executed a Purchase and Sale Agreement (the "Purchase Agreement") with Sandpiper Resort Properties, Inc. and Holiday Village of Sandpiper, Inc. (collectively, "Club Med Sandpiper Bay") on May 31, 2022. Altitude Academies, a wholly owned subsidiary of the Company, has been operating at the Sandpiper Bay property for nearly 13 years, which, until a recent rebranding, has been known as "Club Med Academies." Upon closing of the Purchase Agreement, the Company intends to continue and operate the resort without interim closure. Altitude's...
Equinox Hospitality Acquires Four Sonesta Hotels in Texas
Equinox Hospitality | July 12, 2022
SAN FRANCISCO — July 12, 2022 — Equinox Hospitality, a premier hotel investment, management, acquisition, and development company, has acquired four properties in Texas from Sonesta International Hotels Corporation, one of the fastest-growing hospitality companies in the world. Equinox Hotel Management, a subsidiary of Equinox Hospitality, operates the properties. “Our growth strategy is to source and execute top-quality deals in high-growth markets and with top-tier joint venture partners that share the same values as us,” said Adam Suleman, principal and executive vice president of Equinox Hospitality. “This approach should kee...
Avocet Hospitality Acquires The Admiral in Mobile, Alabama for $21 Million
The Admiral | July 12, 2022
CHARLESTON, S.C. (July 12, 2022) – The Admiral Hotel is now a part of the Avocet Hospitality portfolio, following the closing of the property on June 27, 2022. The Charleston-based hospitality group purchased the hotel for $21 million. Located in Mobile’s Historic District, The Admiral is an upscale, historic property that has celebrated the city’s heritage with each of its guests since it was originally opened in 1940. “Historic hotels are our passion, and The Admiral is a perfect fit alongside our existing historic properties, including The Vendue in Charleston, SC and The Read House in Chattanooga, TN,” says Pietro Giardini, R...
388 Ventures Acquires Callicoon Hills in the Catskills
388 Ventures | July 7, 2022
CALLICOON CENTER, N.Y.--Just as summer begins to heat up, New York-based real estate investment firm 388 Ventures has closed on the acquisition of Callicoon Hills, a boutique resort nestled in the Western Catskills. They have tapped tech-enabled management company Life House to oversee end-to-end operations, representing an expansion of their partnership in the Berkshires, where the duo acquired and repositioned three historic hotels into the newly relaunched Lenox Collection. Callicoon Hills is a 65-key property across 23 acres that encompasses a main Boarding House with restaurant, bar, and coffee shop, a barn for large-scale events, poo...
MCR Acquires the DoubleTree by Hilton Hotel in Downtown Tallahassee
MCR | July 5, 2022
NEW YORK--Front and center! MCR — the country’s 4th-largest hotel owner-operator — has acquired the DoubleTree by Hilton Hotel Tallahassee, a 17-story, 242-room hotel in Florida’s state capital. The hotel was purchased as a real estate-owned asset from a special servicer and is the company’s seventh hotel in The Sunshine State. Selected as Florida’s state capital due to its ideal location between Pensacola to the west and Jacksonville to the east, Tallahassee — lovingly known as “Tally” to locals — is a hub for politics, sports and education. In the heart of downtown just two blocks from the State Capitol, the DoubleT...
Scottsdale, Arizona Based Walton Global Acquires the Historic Smoke Tree Resort Property in Paradise Valley, Arizona
Walton Global | June 30, 2022
PARADISE VALLEY, Ariz.--Walton Global, a real estate investment and land asset management company with US$3.6 billion under management, is pleased to announce its acquisition of the Smoke Tree Resort property located west of Scottsdale Road on Lincoln Drive in the Town of Paradise Valley, Arizona. The deal closed on June 29, 2022, with ST Holdings, a subsidiary of Scottsdale-based Walton Global Holding, LLC. Walton acquired the 5-acre property for $14 million with plans to build a new boutique hotel that will serve locals and support Arizona tourism. Walton intends to incorporate an elegance in the new design that Paradise Valley is kno...
Pebblebrook Hotel Trust Completes Sale of The Marker San Francisco in California
Pebblebrook Hotel Trust | June 29, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 208-room The Marker San Francisco in San Francisco, CA for $77.0 million to a third party. For the trailing twelve months ended May 31, 2022, the hotel’s estimated net operating loss was ($2.0) million, and its estimated Hotel EBITDA was ($1.8) million. Based on the hotel’s operating performance for 2019, the $77.0 million sales price reflects a 10.0x EBITDA multiple and an 8.8% net operating income capitalization rate. The net operating income or loss for both periods mentioned above is after an assumed annual capit...
Bally’s Agrees to Sell Real Property Assets of Two Rhode Island Properties to Gaming and Leisure Properties for $1 Billion
Bally's Corporation | June 29, 2022
PROVIDENCE, R.I., June 29, 2022-- Bally's Corporation (NYSE: BALY) today announced that it has entered into a binding term sheet with GLP Capital, L.P. ("GLP"), the operating partnership of Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI"), to acquire the real property assets of Bally's two Rhode Island casino properties – Bally's Twin River Lincoln Casino Resort ("Lincoln") and Bally's Tiverton Casino & Hotel ("Tiverton") – subject to customary regulatory approvals, with Lincoln also subject to lender consent. Pursuant to the terms of the transaction, Bally's will immediately lease back both properties and ...
Churchwick Partners and Rockledge Complete Sonesta Portfolio Acquisitions, Adding Another 347 Keys Across Three States
Rockledge | June 28, 2022
NEW YORK, June 28, 2022 -- In conjunction with Churchwick Partners, David Kaye and Joe Listhaus of Rockledge completed their Sonesta portfolio acquisition by adding another 347 keys across three hotels in three separate states. The assets included Sonesta ES Suites in St Louis, MO, Sonesta ES Suites Minneapolis in Eagan, MN and Simply Suites Detroit Southfield in Southfield, MI. Last month, Churchwick and Rockledge closed on the first portion of the portfolio consisting of 7 Sonesta hotels, which accounted for 1,085 keys across 6 states. The Churchwick and Rockledge teams are excited to close this transaction and look forward to bu...
Blackstone Completes Acquisition of Crown Resorts in the Firm’s Largest Investment to Date in Asia
Crown Resorts | June 28, 2022
MELBOURNE--Blackstone (NYSE: BX) today announced that real estate funds and private equity funds managed by Blackstone (“Blackstone”) have completed the acquisition of Crown Resorts Limited (“Crown”) in the largest transaction to date for the firm in Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone will work with the management team at Crown and its thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and continue Cro...
Pebblebrook Hotel Trust Acquires Gurney’s Newport Resort & Marina in Newport, Rhode Island for $174 Million
Pebblebrook Hotel Trust | June 27, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on June 23, 2022, it acquired the AAA Four Diamond 257-room Gurney’s Newport Resort & Marina (“Gurney’s Newport”) in Newport, Rhode Island for $174.0 million. Gurney’s Newport is an irreplaceable ten-acre waterside resort located on highly visible Goat Island in world-famous Newport, Rhode Island. The independent resort boasts 360-degree unobstructed water views of Narragansett Bay as well as Newport Harbor, and the iconic Newport Bridge, creating the quintessential coastal New England experience. Gurney’s Newport features 257 guestr...
myDigitalOffice Acquires Datavision to Expand Hotel Performance & Analytics Footprint
myDigitalOffice | June 27, 2022
BETHESDA, MD, June 27, 2022, — myDigitalOffice (MDO), the world's fastest growing hotel performance management platform, today announced the acquisition of Datavision Technologies, an industry leader in hotel data analytics and business intelligence for luxury resorts.Datavision's hospitality BI platform provides a 360-degree view into any hotel operation, enabling customers to create bespoke reports and dashboards that contain powerful insights that elevate operations and customer service levels to new heights. Datavision's tools, now combined with MDO's growing data lake, positions customers to have access to a state-of-the-art data &...
Dynamic City Capital Acquires Anaheim Portofino Inn & Suites, Anaheim, California
Dynamic City Capital | June 23, 2022
PROVO, Utah, June 23, 2022 -- Dynamic City Capital (DCC), a Utah-based real-estate investment firm focused on hotel investments in prime markets, announced the acquisition of the Anaheim Portofino Inn & Suites (Anaheim Portofino). The Anaheim Portofino is one of the top-producing independent hotels near the Disneyland® Resort and the Anaheim Convention Center. "The acquisition of the Anaheim Portofino was an exceptional opportunity to expand our presence in the Anaheim Market," commented Ryan Phelps, DCC's Chief Investment Officer. "The hotel is ideally located for patrons to take advantage of...
Life House to Reopen and Steward The Historic Inn on Ferry Street in Midtown Detroit
Cloudland Capital | June 23, 2022
DETROIT--The Inn on Ferry Street, a unique collection of Victorian mansions in Midtown Detroit and a member of the Historic Hotels of America, is reopening to guests under new ownership and management. The 33-key inn is comprised of five buildings, including four restored Victorian homes and one carriage house located in the East Ferry Street Historic District, a nationally recognized neighborhood that stretches between Woodward Avenue and Beaubien. It was developed into a hotel by Midtown Detroit Inc, a non-profit focused on supporting and enhancing community and economic development in the area, who managed the property for the past twenty ...
NewcrestImage Acquires Cambria Hotel Southlake DFW in Southlake, Texas
June 23, 2022
NewcrestImage has added the 175-room Cambria Hotel Southlake DFW in Southlake, Texas to its portfolio today. The company takes over operations at the property effective immediately, with management being provided by Aimbridge Hospitality. “The Cambria Hotel Southlake DFW is a vibrant, contemporary hotel strategically located to attract both business and leisure travelers,” explained Mehul Patel, Managing Partner and CEO of NewcrestImage. “We look forward to taking the hotel to new levels of performance, both for guests and for our investors.” The property, built in 2016, is six miles from DFW International Airport, five mile...
Highline Hospitality Partners Acquires DoubleTree by Hilton Hotel Portland and Tru by Hilton Portland Airport Area
Highline Hospitality Partners | June 22, 2022
BIRMINGHAM, Alabama (June 22, 2022) – Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has acquired the DoubleTree by Hilton Hotel Portland and Tru by Hilton Portland Airport Area in a strategic partnership with ADËLON Capital, a real estate investment, development and asset management firm. Bringing HHP to eight properties within its portfolio, the two neighboring hotels are adjacent to the largest mall in Maine, the Portland International Jetport and the I-95 interchange in the heart of Portland’s retail corridor. HHP's team has over 60 years of combined experi...
Noble Acquires the Hilton Garden Inn Boise | Downtown
Noble Investment Group | June 22, 2022
Atlanta, Georgia (Wednesday June 22, 2022) – Noble Investment Group ("Noble") today announced the acquisition of the Hilton Garden Inn Boise | Downtown, capping more than $1.0 billion of investment activity over the past year. Boise is the Pacific Northwest’s third most populous region behind Seattle and Portland, known for its combination of urban lifestyle and outdoor adventure. The city is rapidly growing due to its affordability and quality of life, ranking No. 1 on Indeed’s list of cities with the fastest job growth and among Forbes list of Fastest-Growing City in America. The city is home to three Fortune 500 companies, Alberts...
RREAF Holdings in Partnership with Innisfree Hotels Acquires Two Boutique Hotels in Amelia Island, Florida
RREAF Holdings | June 21, 2022
DALLAS, June 21, 2022 -- RREAF Holdings LLC, a private real estate investment and development firm based in Dallas, and Innisfree Hotels, a premier coastal hotel operator in the southeast, today announced the acquisition of two boutique hotels in Amelia Island, Fla., on Fernandina Beach. The properties — Ocean Coast Hotel and Amelia Hotel — are situated in one of America's leading drive-to destination markets, which saw over 1.3 million visitors in 2021. The portfolio has 225 keys, and the properties sit adjacent to each other. The hotels are ideally located across the street from one of Florida's iconic beaches and a few miles fr...
Accor Enters Into Exclusive Negotiations on the Sale of a 10.8% Interest in Ennismore
Accor | June 21, 2022
After the launch of Ennismore, a new joint venture between Accor (which holds a majority shareholding) & Sharan Pasricha in October 2021 as the world’s leading lifestyle hospitality company, Accor today announces it is entering into exclusive negotiations to sell a 10.8% stake in Ennismore to a Qatari consortium for a total amount of €185 million, to include €20 million of Shari’a compliant financing by Qatar First Bank LLC (Public) to the Qatari consortium’s investment vehicle. This transaction demonstrates the excitement and attractiveness of this fast-growing segment, where RevPAR already significantly exceeds 2019 numbe...
Propst Development and Chartwell Hospitality Complete Hilton’s Conrad Luxury Hotel in Nashville
Chartwell Hospitality | June 20, 2022
NASHVILLE, Tenn.--Propst Development and Chartwell Hospitality today announced they have finalized development of the Conrad Nashville hotel, located in the Broadwest city block in Midtown. The Conrad Nashville is Hilton’s first luxury branded hotel in Nashville and is scheduled to open on June 29, 2022. Additionally, the co-developers have completed the sale of the 234-room property to Northwood Investors, LLC, a premier owner and manager of luxury hotels around the world. “Our goal for Broadwest was to create a property that all Nashvillians are proud of, and we believe the Conrad raises the bar as one of the most luxurious hotel pro...