hotel acquisition
Paramount Lodging Advisors Successfully Transacts Hotel Felix Downtown Chicago NPL
Paramount Lodging Advisors | November 17, 2022
Paramount Lodging Advisors (PLA) has completed the sale of the Hotel Felix Downtown Chicago NPL. The PLA team representing seller was led by Bennett Webster, Brent Clemens, Mike Schlictman, and Andrew Makhlouf. The sale allowed the lender to unwind their existing interest on the $47MM non-performing loan. “Contrary to recent headlines, Chicago is open for business, and we believe remains grossly undervalued. Our team is bullish on the ongoing recovery for the city and underlying demand,” stated Schlictman. Makhlouf added, “We were very pleased with the market turnout for the auction and to have successfully monetized this po...
NewcrestImage Sells AC Hotel by Marriott in Phoenix, Acquires Sinclair Hotel in Fort Worth
NewcrestImage | September 7, 2021
NewcrestImage has concluded two major hotel transactions -- a sale and an acquisition. The Dallas-based company sold its 199-room, 13-floor AC Hotel at Arizona Center in downtown Phoenix to Arbor Lodging Properties, a Chicago-based hotel investment and management firm. The hotel opened in February of this year as a joint venture with Las Vegas-based LaPour Properties and Atlanta-based Peachtree Hotel Group. In a separate transaction, NewcrestImage acquired the historic 164-room, 17-floor Sinclair Hotel in downtown Fort Worth, which is a luxury property in Marriott’s Autograph Collection. The hotel’s features include a fine dinin...
H.I.G. Capital Acquires Landmark Resort Hotel in Norway
H.I.G. Capital | March 30, 2021
LONDON - March 30, 2021 - H.I.G. Capital, LLC ("H.I.G."), a leading global alternative investment firm with over €36 billion of equity capital under management, announced today that an affiliate has recently completed an investment in Hotel Ullensvang, a 170-key upscale waterside resort located in Norway’s Hardangerfjord. An institution in the Norwegian hotel market, the resort is set in stunning landscape surroundings with views of the fjord and Folgefonna glacier. Terms were not disclosed. Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty in London, commented: “Hotel Ullensvang is an excellent addition to our ex...
Crescent Hotels & Resorts Adds DoubleTree by Hilton Bloomfield Hills Detroit
Crescent Hotels & Resorts | March 25, 2021
Detroit, MI – March 25, 2021 – Crescent Hotels & Resorts has added the DoubleTree by Hilton Bloomfield Hills Detroit to its award-winning suite of major hotels and resorts. The hotel, formerly known as the Kingsley Inn, underwent a stunning renovation and reopened under its new brand in 2018. Now, its elegant atmosphere will be further enhanced with the Crescent stamp of luxury. Crescent, based in Fairfax, Virginia operates more than 100 hotels and resorts in the United States and Canada. Part of the landmark hotel’s upgrade includes a two-story expansive atrium lobby, featuring sweeping natural light. The space lends itself well...
MCR Acquires Dual-Branded Tru and Home2 Suites by Hilton Near Nashville Superspeedway
MCR | March 23, 2021
NEW YORK - March 23, 2021 - The ultimate pit stop! MCR, the fourth-largest hotel owner-operator in the United States, has acquired the 167-room dual-branded Tru by Hilton Smyrna Nashville and Home2 Suites by Hilton Smyrna Nashville in Tennessee. The hotels are located less than 10 miles from the Nashville Superspeedway, the internationally renowned motor racing complex with the oldest continually operating track in the United States. On Saturday, June 19, the track hosts the NASCAR Xfinity Series race, its first NASCAR event since 2011. And for the first time in 40 years, the NASCAR Cup Series comes to Middle Tennessee with the Ally 400 ra...
Soul Community Planet Acquires Hawaii’s 138-Room Hilo Seaside Hotel
Soul Community Planet | March 19, 2021
SAN JUAN CAPISTRANO, CA - March 19, 2021 - Soul Community Planet (SCP) has announced the purchase of the 138-room Hilo Seaside Hotel, located in Hilo, Hawaii. The hotel will undergo a $4.6 million renovation and reopen as the SCP Hotel Hilo on June 1, 2021. Steeped in the rich Hawaiian tourism legacy of the William and Matilda Wassman Kimi family and their six children, the 2.23-acre seaside property was founded by Hawaiian native and tourism visionary Richard Kimi in 1956 and was continually operated by the Kimi family until this acquisition. Under the family’s management, the Hilo Seaside Hotel cultivated a deep spirit of Aloha, and be...
Hawkeye Hotels Closes Three Acquisitions in Midwest, Sunbelt Regions
Hawkeye Hotels | March 18, 2021
This week Iowa-based Hawkeye Hotels acquired Fairfield Inn & Suites in Cambridge, Ohio, for an undisclosed sum, days after closing on the acquisition of Aloft Oklahoma City Downtown -- Bricktown. These are the company’s second and third acquisitions of 2021. In January, Hawkeye Hotels acquired the Staybridge Suites in Lafayette, Louisiana. Hawkeye Hotels continues to actively seek new opportunities to grow its portfolio and looks forward to expanding further in these regions in the coming years. “Despite all the challenges that we have had to navigate as an industry over the last 12 months, Hawkeye Hotels is positioned to continue s...
Hospitality Lodging Systems Adds Two Wisconsin AmeriVu Properties
March 9, 2021
March 9, 2021 - The AmeriVu brand continues to grow with the addition of two hotels in Wisconsin – a 50-room former Super 8 in Shawano, about 40 miles northwest of Green Bay, and a 47-room former independent in Saint Croix, about 55 miles northeast of Minneapolis-St. Paul. “After a year of economic pain in 2020, hotel owners are ready for the return to more stable, more profitable results that our three brands deliver,” said Doug Collins, Chairman and CEO of Hospitality Lodging Systems (HLS), which offers the AmeriVu brand along with Budgetel and Haven Hotel. “In today’s financial environment, owners are drawn to our unlimited...
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