Ray Regan Joins Paramount Lodging Advisors Team
Paramount Lodging Advisors | March 23, 2023
ALBUQUERQUE, NM – The Paramount Lodging Advisors (PLA) team is pleased to announce Ray Regan as their newest Associate. Ray is joining fellow PLA team member, Michael Sheppard in the New Mexico office and will be focusing on the southwestern region of the United States. Ray has a successful background in both individual and portfolio hospitality and commercial transactions in the southwestern market. “I am thrilled to extend the invaluable experience and resources of the Paramount Lodging Advisors platform to the benefit of existing and prospective clients across New Mexico and the broader SW region,” stated Regan. Ray can be c...
European Hotel Values Rise 3% in 2022 in What Proved a Mixed Year for the Sector
March 23, 2023
Hotel values across Europe rose around 3% in 2022 with Paris, London, Zürich, Amsterdam and Rome remaining those with the highest valued hotels, according to our annual European Hotel Valuation Index (HVI) published this week. During 2022, hotel values benefitted from a number of factors including strong improvement in RevPAR and the recovery of ancillary revenues. Despite this, high inflation, an increasing cost of debt and the looming threat of recession limited the recovery of values, leaving them below their 2019 peak. ‘The pandemic year of 2020 witnessed hotel values plummet by around 15%, although they rallied by around 5...
Paramount Lodging Advisors Successfully Transacts the Sale of Two Hotels in the Atlanta Market
Paramount Lodging Advisors | March 21, 2023
Carrollton, GA - Paramount Lodging Advisors (PLA) has successfully executed the sale of the Best Western and Hilton branded hotels in Carrollton, GA. Texas-based Senior Managing Director Kami Burnette and Director Omari Head lead the sale of the Best Western in a traditional marketing process. The Hampton Inn Carrollton sale was represented by Omari Head along with Principals Bennett Webster and Brent Clemens. Paramount represented the receiver of the 2003 build, 77 key hotel. “Both properties generated significant interest and positive results for our clients,” stated Omari Head. “This is the second closing in the Atlanta area ...
Aspen Hospitality Forms Strategic Joint Venture With Continuum Partners
Aspen Hospitality | February 23, 2023
DENVER and ASPEN, Colo., Feb. 23, 2023-- Continuum Partners LLC, a Denver-based real estate developer specializing in building urban, mixed-use projects, announced today that it has sold an interest in the Hotel Born to Aspen Hospitality, the hospitality division of Aspen Skiing Company. The newly formed joint venture marks the beginning of the hotel's future conversion to Limelight Denver under the operation of Aspen Hospitality in 2023. Rick Rush of CBRE represented Continuum in the deal. Hotel Born will continue to operate as usual until the conversion to Limelight occurs, with the partners ensuring a seamless transition f...
Pebblebrook Hotel Trust Completes Sale of The Heathman Hotel for $45M
Pebblebrook Hotel Trust | February 23, 2023
BETHESDA, M.D.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on February 22, 2023, it closed on the sale of the 151-room The Heathman Hotel in Portland, OR for $45.0 million to a third party. For the trailing twelve months ended December 31, 2022, the hotel’s net operating income was $1.0 million, and its Hotel EBITDA was $1.2 million. Based on the hotel’s operating performance for 2019, the $45.0 million sales price reflects a 10.7x EBITDA multiple and an 8.4% net operating income capitalization rate. The net operating income for both periods mentioned above is after an assumed annual capital reserve o...
U.S. Hotel Sales Kick-Off 2023 With Record-Breaking Pricing in Growing Markets
JLL | February 16, 2023
Investors believe long-term growth trends will outweigh near-term capital markets headwinds CHICAGO, Feb. 16, 2023 – Despite a slowdown in sales in the second half of 2022 due to dislocation in the debt markets, hotel investors have kicked off 2023 with record sales for quality assets in highly desirable and growing markets. A recent example of these transactions includes the sale of the Diplomat Beach Resort in Hollywood, Florida, which was the third-largest single-asset sale in U.S. history. In addition, the recent closing of the AC Hotel Phoenix Biltmore set a record price-per-key for upscale select-service assets in the Phoenix mark...
Avison Young Hospitality Group’s Sales for Last Ten Years
Avison Young | February 2, 2023
ATLANTA – February 2, 2023 – Avison Young Hospitality Group announced that with the closings this week, the hotel brokerage firm has closed 595 hotel transactions over the last ten years. The brand mix was 149 Marriott, 114 Hilton, 67 IHG and Hyatt, 102 Choice and Wyndham and 163 other brands, boutiques, and independents. Geographically, 64 of the closings were in the Northwest, 89 in the Northeast, 91 in the Northcentral, 66 in the Southcentral and 285 in the Southeast. Brad Sinclair said, “clearly with recent interest rate hikes, the last several months have tested the resolve of hotel owners, developers, lenders, investors, and br...
The Mogharebi Group Brokers $16.25 Million Sale of 32-Room Hotel on California’s Central Coast
The Mogharebi Group | January 25, 2023
Costa Mesa, CA (January 25, 2023) — The Mogharebi Group (TMG) has arranged the sale of the Inn at Avila, a 32-room beachfront hotel property in the Central Coast city of Avila Beach, CA, for $16.25 million. Ben Ketel, of TMG, represented the seller of the hospitality property that traded to a Los Angeles-based private investor. Built in 1965, the Inn at Avila Beach offers eight different suite types, ranging from modern spa rooms to the exclusive “owner’s suite.” The property includes a rooftop coffee house, grilling area, a business center and laundry services. “The Buyer was certainly attracted to the fact that the Inn at Av...
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