hotel sale
The Mogharebi Group Advises Sunstone Development on Acquisition of Budget Inn Near Disneyland Park in Anaheim
The Mogharebi Group | August 3, 2023
Anaheim, CA (August 3, 2023) – The Mogharebi Group has arranged the sale of the 60-year-old Budget Inn, a 24-key limited-service hotel located at 1042 Ball Road in Anaheim, announced Mogharebi’s Executive Vice President Otto Ozen. The buyer was local private investor Sunstone Development which intends to explore long-term alternative strategies for the site including full-service hotel uses. The off-market transaction completes Sunstone’s 1.1-acre land assemblage at the gateway to Disneyland Park that included the purchase of the adjacent 44-key Days Inn by Wyndham last year. Sunstone recognized that together, these properties comb...
Sonnenblick-Eichner Company Arranges $100 Million Sale of The Inn at Rancho Santa Fe, Rancho Santa Fe, California
Sonnenblick-Eichner Company | July 25, 2023
Beverly Hills, CA (July 25, 2023) -- Sonnenblick-Eichner Company, on behalf of Steve Hermann Hotels, has arranged a $100 million sale of The Inn at Rancho Santa Fe, an 85-room, full-service, luxury boutique resort located in north San Diego County’s exclusive enclave of Rancho Santa Fe, CA. The resort is undergoing an extensive “top-to-bottom” renovation. When fully operational in the fourth quarter of this year, it will be positioned as one of the most preeminent and exclusive destinations in California. The resort was purchased by an institutional investment fund. “We were able to generate interest in the acquisition given...
Avison Young Closes Last Hilton Hotel in Portfolio Sale
Avison Young | July 19, 2023
ATLANTA – July 19, 2023 – Avison Young announces today that the firm has closed the transaction on the last Hilton hotel in a 10-property portfolio sale. The portfolio were all Hilton and Marriott assets located in Maryland and Pennsylvania and consisted of four Home 2 Suites, two Homewood suites, two Hampton Inns & Suites, one Fairfield Inn and one Tru by Hilton. Brad Sinclair said, “This portfolio sale represents once again, the strength of the Hilton and Marriott brands and consistent yield for investors. Financing today is very challenging, but with the right property type and actual performance, debt is still available.”...
Summit Hotel Properties Acquires Residence Inn Scottsdale North for $29 Million
Summit Hotel Properties | June 5, 2023
AUSTIN, Texas, June 5, 2023-- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the acquisition of the 120-guestroom Residence Inn Scottsdale North for $29.0 million through its joint venture with GIC. Additionally, the Company is providing an update on previously announced disposition activity. Residence Inn Scottsdale North Acquired for $29.0 Million On June 1, 2023, the Company completed the acquisition of the 120-guestroom Residence Inn Scottsdale North ("Hotel") for $29.0 million through its joint venture with GIC. Located in Phoenix's high growth affluent North Scottsdale s...
Pebblebrook Hotel Trust Completes Sale of The Hotel Monaco Seattle
Pebblebrook Hotel Trust | May 10, 2023
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that on May 9, 2023, it closed on the sale of the 189-room Hotel Monaco Seattle in Seattle, WA for $63.3 million to a third party. For the trailing twelve months ended March 31, 2023, the hotel’s net operating income was $1.6 million, and its Hotel EBITDA was $2.1 million, with the $63.3 million sales price reflecting a 30.7x EBITDA multiple and a 2.5% net operating income capitalization rate. Based on the hotel’s operating performance for 2019, the $63.3 million sales price reflects an 11.4x EBITDA multiple and a 7.6% net operating income capitalization ...
Paramount Lodging Advisors Successfully Transacts in Angleton TX With the Sale of the La Quinta Inn & Suites by Wyndham
Paramount Lodging Advisors | May 2, 2023
Angleton, TX - Paramount Lodging Advisors is pleased to announce the successful sale of the La Quinta Inn & Suites Angleton, TX. The property was sold by the firm's Texas-based Senior Managing Director Kami Burnette and Senior Associate Mason McDavid, along with Senior Managing Directors Bennett Webster and Brent Clemens, who represented the seller in the transaction. The Subject Hotel is a 57-room limited-service hotel located approximately 40 miles southwest of Houston. The property was sold to regional owners who are excited to take on the Wyndham property improvement plan and compete in the local market with an updated hotel. "W...
Paramount Lodging Advisors Successfully Transacts in College Station With the Sale of the TownePlace Suites by Marriott
Paramount Lodging Advisors | April 25, 2023
College Station, TX - Paramount Lodging Advisors (PLA) has successfully executed the sale of a Marriott-branded hotel located in College Station near Texas A&M University. Texas-based Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid, as well as Sr. Managing Directors Bennet Webster and Brent Clemens represented the seller in the transaction. The 94-key, extended-stay hotel was built in 1999 and is located only a mile and a half from Texas’ largest public university. The new owners are excited to begin work on the Marriott property improvement plan where they hope to benefit from refreshed room product in a contin...
Chartwell Hospitality Sells Home2 Suites Colorado Springs for $29 Million
Chartwell Hospitality | April 19, 2023
NASHVILLE --Chartwell Hospitality today announced the sale of their Home2 Suites by Hilton property located in Colorado Springs, Colo. to ARA US Hospitality Trust, a Singapore-based select service hospitality trust. ARA acquired the extended-stay hotel with 119 rooms for $29.0 million. “Home2 Suites Colorado Springs, Colorado is a great property. We commenced operations at the end of October 2019 and have been honored to provide a hotel designed for extended-stay travelers who wish to keep their normal routine,” said Will Schaedle, Executive Vice President of Chartwell Hospitality. “We’re excited to continue managing this high-qu...
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