Paramount Lodging Advisors Successfully Sells the Wyndham Garden Inn Oklahoma City Airport
Paramount Lodging Advisors | April 5, 2022
New Hotel to Rise in Los Angeles’ Miracle Mile
CGI+ Real Estate Investment Strategies | October 19, 2021
Real Estate
Q1 2022 Major U.S. Hotel Sales Survey
Daniel Lesser | April 20, 2022
By Daniel Lesser As the world was emerging from a once in century pandemic, global and national events during the first three months of 2022 have resulted in a transformative quarter unlike any for nearly 80 years. During the nuclear superpower age, the notion of an unprovoked brutal attack and invasion of a sovereign state was the stuff of fiction. "Never again" is a phrase associated with the Holocaust, the genocide of European Jews during World War II. Unfortunately, the phrase is merely two words as history is currently repeating itself in Eastern Europe. As of the end of Q1 2022, skyrocketing energy and food costs have greatly ...
Paramount Lodging Advisors Successfully Transacts in Houston With the Sale of the Four Points by Sheraton Hobby Airport
Paramount Lodging Advisors | April 6, 2022
Houston, TX - Paramount Lodging Advisors (PLA) has successfully executed the sale of the Four Points by Sheraton Hobby Airport. Austin, TX-based Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid along with Sr. Managing Directors Brent Clemens and Bennett Webster represented the special servicer in the transaction. The 79-key, 2011 built hotel is ideally located near Hobby Airport. The buyer has increased the number of hotels owned in the submarket and is looking to capitalize on economies of scale as the Hobby submarket continues to recover after airline travel was disrupted with the onset of COVID-19. “With viru...
Paramount Lodging Advisors Successfully Sells the Wyndham Garden Inn Oklahoma City Airport
Paramount Lodging Advisors | April 5, 2022
Oklahoma City, OK – Paramount Lodging Advisors (PLA) successfully transacted on the Wyndham Garden Oklahoma City Airport. Austin, TX-based Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid as well as Managing Director Rob Willard represented the seller. The 244-room hotel is optimally located approximately four miles north of Will Rogers World Airport in Oklahoma City. The new buyer is looking forward to ramping property performance after renovating the 1984-built hotel and as airline and corporate business return to pre-pandemic levels in the MSA. “The Oklahoma City hotels were negatively impacted by COVID-19 and ...
New Hotel to Rise in Los Angeles’ Miracle Mile
CGI+ Real Estate Investment Strategies | October 19, 2021
The transit-oriented development will bring first institutional-quality hotel to the area Woodland Hills, CA (October 19, 2021) -- CGI+ Real Estate Strategies has received full entitlements and will begin development on a major hotel/multifamily/retail multi-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’s Miracle Mile District. The transit-oriented development at 639 S. La Brea, which takes up nearly half a city block along the west side of La Brea, is immediately adjacent to Metro’s Wilshire/La Brea subway station now under construction. The eight-story development is the result of nearly...
Avison Young Hospitality Group – Red Roof Inns
Avison Young | August 23, 2021
ATLANTA – August 23, 2021 – Avison Young announced today it has successfully closed the sale of 32 Red Roof Inns over the last 19 months. The hotels were located in most of all US regions and ranged in room counts, size and demand generators. The broker leading in these transactions was Wendy Blissett, Principal with Avison Young. Keith Thompson said, “These closings represent a continued investment trend into limited-service hotel product which has outperformed most all other hospitality segments.”...
Avison Young Hospitality Group Closes Marriott Sales
Avison Young | August 18, 2021
ATLANTA – August 18, 2021 – Avison Young announced today it has successfully closed the sale on four Marriott Courtyards and five Springhill Suites. The properties were located from the pacific northwest, Midwest, and eastern seaboard states. The brokers involved in the closings were Brad Sinclair, Andy Broad and Michael Bernath. Keith Thompson said, "These closings represent a continued investment trend into hospitality and the hotels ranged from cash flowing assets to closed hotels all with large required pips. Most importantly they were all priced on 2019 performance levels."...
Paramount Lodging Advisors Successfully Transacts Godfrey Tampa
Paramount Lodging Advisors | August 17, 2021
Paramount Lodging Advisors (PLA) has successfully executed the sale of the Godfrey Hotel & Cabanas Tampa. The PLA team representing the seller was led by Bennett Webster, Brent Clemens, and Brian Guernier. The sale allowed the lender to unwind their existing interest on the $45MM non-performing loan. “Despite the ongoing national and regional challenges in the current market, our team remains very bullish on the longer-term industry rebound. We believe Florida will remain at the forefront of the recovery,” stated Bennett Webster The sales add to Paramount Lodging Advisors’ continued and unprecedented success over the cou...
Paramount Lodging Advisors Successfully Transacts in Texas, Louisiana, Oklahoma With Seven-Asset Portfolio Sale
Paramount Lodging Advisors | August 12, 2021
Paramount Lodging Advisors (PLA) has successfully executed the sale of the Courtyard Houma LA, Staybridge Suites Laredo TX, Holiday Inn Express & Suites Cotulla TX, Fairfield Inn & Suites San Angelo TX, Staybridge Suites San Angelo TX, Springhill Suites Ardmore OK and Hampton Inn Denton TX via online auctions. The hotels were part of a larger portfolio. The PLA team representing the seller was led by Kami Burnette, Brent Clemens, and Bennett Webster “Despite the ongoing national and regional challenges in the current market, our team remains very bullish on the longer-term industry rebound and we believe Texas will remain at...
U.S. CMBS Delinquencies Tumble in July With Strong Hotel Resolutions
Fitch Ratings | August 6, 2021
Fitch Ratings-New York-06 August 2021: Fitch Ratings’ U.S. CMBS delinquency rate fell 22 bps to 3.59% in July from 3.81% in June, due to more loan resolutions, fewer new delinquencies and strong new issuance. Resolution volume was strong, totaling $1.7 billion in July, up from $1.6 billion in June. Most resolutions were hotel ($958 million) and retail ($524 million) loans. Borrowers continue to bring loans current as property cash flows improve, although some are still receiving debt relief. New delinquencies were $853 million in July, down from $1.0 billion in June. The roll rate of 30 to 60 days delinquent was 35% from June to July,...
Avison Young 2021 Transactions
Avison Young | July 27, 2021
ATLANTA – July 28, 2021 – Avison Young Hospitality Group announced that the firm closed its 50th hotel transaction for 2021. Of the 50 closings, 29 were Hilton and or Marriott branded assets and the remaining transactions were among other brand families. Geographically, the hotels were located from the Pacific Northwest, California, across the Midwest and along Eastern seaboard states ending with Connecticut Keith Thompson said, “The closings represent broad segment diversity from upper upscale, midscale to economy and even a couple of independent hotels. It was good to see corporate-driven hotels transacting at a more brisk pace tha...
Paramount Lodging Advisors Arranges the Sale of the Holiday Inn La Mesa San Diego, California
Paramount Lodging Advisors | July 14, 2021
Paramount Lodging Advisors (PLA) is pleased to announce the sale of Holiday Inn La Mesa San Diego to Greens Group based in Irvine CA. The hotel is located at 8000 Parkway Dr, La Mesa, CA, proximate to a diverse base of demand generators that included San Diego State University, Sharp Grossmont Hospital, Regen BioPharma, Zander Therapeutics, Grossmont Center for Clinical Research, and Kaiser Permanente. The two-story, 141-room, Holiday Inn hotel will undergo a multi-million-dollar renovation to be repositioned as a Holiday Inn Express. The PLA team members Senior Managing Director, Scott Griemsmann and Senior Associate, Subu Thiagarajan ...
DiamondRock Hospitality Company Completes Disposition of 725-Room Lexington Hotel in New York City
DiamondRock Hospitality Company | July 6, 2021
BETHESDA, Md., July 6, 2021 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) announced today that it completed the disposition of the 725-room Lexington Hotel in New York City on June 30, 2021 for $185.3 million. Including the Company's projected capital expenditures, the sale price represents a 14.2x multiple on 2019 Hotel EBITDA and a 5.4% capitalization rate on 2019 Hotel net operating income. The Company intends to redeploy the net proceeds from the sale to acquire high-growth experiential resort and urban lifestyle hotels aligned with its investment strategy. "We are pleased to announce the closing of this trans...
Park Hotels & Resorts Completes Sale of the Hotel Indigo San Diego Gaslamp Quarter and Courtyard Washington Capitol Hill Navy Yard
Park Hotels & Resorts | July 1, 2021
TYSONS, Va., July 1, 2021 -- Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the sale of the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, for combined gross proceeds of $149 million, or approximately $360,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 7.0% capitalization rate on 2019 net operating income (7.4% excluding capex), or 12.8x 2019 EBITDA (12.2x excluding capex). Proceeds from the sale will be used to fully repay debt curre...
Paramount Lodging Advisors Successfully Transacts Las Vegas Hotel
Paramount Lodging Advisors | June 29, 2021
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the property at located at 1440 E Craig Rd, North Las Vegas was represented by Associate, Suzanna Farley Aldrich. “The My Place Hotel Franchise added a new franchisee to its family with the sale of the North Las Vegas My Place Hotel. Congratulations to both the seller and the buyer! This property is a great addition to the buyers’ growing portfolio and allows the franchise to continue its impressive growth even in this challenging market,” stated Suzanna. The four-story, 63-room, MyPlace Hotel opened in 2018 in one of Nevada’s fastest-growing cities. The Hotel i...
Could REIT M&A Be on Track for a Record Year?
JLL | June 23, 2021
CHICAGO – June 23, 2021 – REIT M&A activity has totaled $70 billion year-to-date, putting it on track to be a record-breaking year as companies emerge from the COVID-19 pandemic. JLL Capital Markets’ M&A and Corporate Advisory group’s latest M&A and Strategic Transactions Monitor report shows how the positive themes in the public capital markets space are contributing to this M&A surge. “The record in this economic cycle was set in 2006 when REIT M&A volume reached $103 billion for the year,” said Steve Hentschel, head of JLL M&A and Corporate Advisory. “REITs have enjoyed a strong run ...
BuildCentral Announces Geospex™, a New Planned Construction Visualization Tool for Real Estate Market Opportunity and Risk Analysis
BuildCentral | June 23, 2021
Real estate, finance and construction industry pros can now use planned construction data visualization to better understand opportunities and risks in key markets. CHICAGO, June 23, 2021 -- BuildCentral today announced Geospex™, a new planned construction visualization tool built for real estate, finance and construction industry professionals. Geospex™ provides a new way for construction industry, finance and real estate professionals to better evaluate their key markets for growth opportunities and potential risks. Using ESRI geospatial technology, Geospex™ pairs planned real estate development data from BuildCentral with ...
Investors Targeting Distressed Assets Work to Get “Dry Powder” Off the Sidelines
Turnbull Capital Group | November 30, 2020
Firms waiting for an opportunity to invest in distressed assets are looking at different avenues to approach their goals. Turnbull Capital Group is one player in an increasingly crowded field of capital jockeying for opportunity to take advantage of potential distress that may emerge in the commercial real estate market in the wake of the pandemic. Over the past nine months, the commercial real estate investment banking firm has partnered with more than $20+ billion in dry powder that it plans to aim at investment opportunities in distressed assets. Specifically, it has aligned itself with a half dozen domestic family offices and Ameri...
Estatefy Chooses NextPax as Exclusive Channel Manager
Estatefy | November 3, 2020
Barcelona, November 2020 - Estatefy, a leading all in one software solution for property managers, real estate brokers, vacation home owners and vacation rental management companies selects NextPax, provider of one of the most advanced worldwide channel management technologies for hotels, resorts and vacation rentals as its exclusive channel manager. One of the main selling points for the Estatefy and NextPax combination is that real estate agents can now combine their real estate sales software with vacation rental software capabilities. This powerful combination will provide brokers with much more added value and income. ‘Our partnership...
Avison Young Announces Weekly Open Forum Results
Avison Young | October 27, 2020
ATLANTA – October 27, 2020 – Two weeks ago, Avison Young Hospitality Group launched a weekly virtual forum for every Monday at 2pm eastern time running through the end of the year. The main focus of the 45-minute virtual forum is to answer live questions from the participants who are private and public hotel investors, lenders, owners and operators. The hotel investment world has changed since COVID and we want to be a resource to the marketplace. Keith Thompson said, “This forum is not a sales pitch for our company. It is simply a resource. With hundreds already registered for each Monday, the questions and answers seem to be driven...
New Hospitality Group, Long Weekend, Launches Hotel Portfolio
Long Weekend | October 26, 2020
Properties include The Lake House on Canandaigua, The Seagate Hotel & Beach Club and The Elbow Cay Club in Abaco, Bahamas New York, NY (October 26, 2020) – Launching today is Long Weekend, a new hospitality group with three projects under its flag. The independent collective will bring together award-winning designers, architects, restaurateurs and operators to create thoughtfully designed properties located in unexpected destinations. Each Long Weekend property, a mixture of existing and yet to be built, will be unified by a common goal. To create spaces and experiences that hold lasting memories. Long Weekend properties redef...
Avison Young Announces Weekly Open Forum
Avison Young | October 14, 2020
ATLANTA – October 14, 2020 – Avison Young Hospitality Group announces the firm launched a weekly virtual forum for every Monday at 2pm eastern starting with next Monday, October 19th. The forum will start with a very short overview of the previous week lodging performance at the property level as well as at the publicly traded level. The main focus of the 45-minute virtual forum is to answer live questions from the participants. Keith Thompson said, “This forum is for private and public hotel investors, owners, operators who needs clear answers and sound advice. The hotel investment world has changed since COVID and we want to be a r...
Paramount Lodging Advisors (PLA) Facilitates the Sale of the Four Points College Station
Paramount Lodging Advisors | October 13, 2020
Paramount Lodging Advisors (PLA) successfully led the sale of the Four Points located in College Station, TX. The marketing efforts were led by Managing Director Kami Burnette, Senior Managing Director Scott Griemsmann and Associate Mason McDavid. The 126-room hotel is adjacent to Texas A&M University, the largest university in Texas and one of the biggest employers in the region. The university also provides infrastructure and research for a growing engineering, agriculture and biomedical sector. The upscale hotel also has a 92-seat restaurant that operates for breakfast and dinner services. "This acquisition highlights the buyer...
Paramount Lodging Advisors (PLA) Leads the Sale of the Hampton Inn Houston NW
Paramount Lodging Advisors | October 7, 2020
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Hampton Inn NW (Subject) located in Houston, TX. PLA was exclusively engaged to represent the seller in the transaction of the 62-room property. The marketing efforts were led by Managing Director Kami Burnette, Senior Associate Subu Thiagarajan and Associate Mason McDavid. The Houston hotel is located in the northwest Houston MSA and ideally situated at the intersection of US Route 290 and TX State Highway 6. The Buyer plans to renovate and maintain the Subject as a Hampton Inn for the remainder of the term. “There has been much discussion over the near-term...
Paramount Lodging Advisors Successfully Transacts the Spanish Garden Inn Santa Barbara
Paramount Lodging Advisors | September 30, 2020
Santa Barbara, CA - Paramount Lodging Advisors (PLA) has successfully executed on the sale of the Spanish Garden Inn. The Spanish Garden Inn is an award-winning luxury boutique hotel located within walking distance to many of Santa Barbara’s renowned cultural centers and restaurants. The hotel's 24 luxuriously-appointed guestrooms and suites are spread throughout 5 buildings surrounding a central courtyard with fountain and lush gardens. Scott Griemsmann, Eric Gunderson and Subu Thiagarajan represented the Seller in the transaction. “In spite of the challenges surrounding Covid-19, this asset generated tremendous interest which is a...
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