Avison Young | February 26, 2020
ATLANTA – February 26, 2020 – Avison Young Hospitality Group announced that the firm has closed 20 hotel transactions during January and February. The property closings ranged from Hilton select service hotels to various other brands located throughout the northeast, upper Midwest, south central and southeast. Most all the hotels are under 200 rooms each and represent the ever changing hospitality investment market. The sellers represented in these transactions range from US investment companies, management companies and overseas investors. The buyers were mostly private investment companies and private family office money with the str...
Avison Young | February 10, 2020
ATLANTA – February 10, 2020 – Avison Young Hospitality Group announced that the firm closed fourteen hotel transactions during January and the first week of February. The property closings ranged from Hilton select service hotels to various other brands and were located from the northeast US through the south and central US markets. The firm expects to close nine other transactions over the next 20 days located from Chicago to Raleigh....
Pebblebrook Hotel Trust | July 17, 2019
BETHESDA, Md. -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 132-room Hotel Amarano Burbank in Los Angeles, California for $72.9 million. The sale price of $72.9 million reflects a 15.8x EBITDA multiple and a 5.7% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotel’s operating performance for 2018. Based on the trailing 12-month period ended March 2019, the contracted sales price reflects a 16.9x EBITDA multiple and a 5.3% net operating income capitalization rate (after an assumed annual capital ...
Penn National Gaming | April 17, 2019
TUNICA, Miss. -- Penn National Gaming, Inc. ("Penn National" or the "Company"), today announced plans to close the Resorts Casino in Tunica, Mississippi effective June 30, 2019, subject to regulatory approvals. Penn National acquired the operations of Resorts Casino Tunica, along with Bally's Casino Tunica (subsequently renamed "1st Jackpot"), in March 2017. Penn National leases the underlying real property associated with the two casinos from Gaming and Leisure Properties, Inc. (GLPI: NASDAQ) ("GLPI") pursuant to the terms of the Company's existing Master Lease with GLPI. In addition, Penn National operates Hollywood Casino Tunica, loc...
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