hotel sale
Pebblebrook to Sell InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for $331 Million
Pebblebrook Hotel Trust | January 28, 2020
BETHESDA, Md.- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to sell the 422-room InterContinental Buckhead Atlanta in Atlanta, Georgia and the 237-room Sofitel Washington DC Lafayette Square in Washington, D.C. for $331.0 million to a third party. For InterContinental Buckhead Atlanta, the contracted sale price reflects a 13.7x EBITDA multiple and a 6.4% net operating income capitalization rate based on the hotel’s operating performance for 2018. Based on the hotel’s estimated 2019 operating performance, the contracted sales price reflects a 13.0x EBITDA multiple and a 6.8% net ope...
Xenia Hotels & Resorts Sells Marriott Griffin Gate Resort & Spa and Marriott Chicago at Medical District/UIC
Xenia Hotels & Resorts, Inc. | December 19, 2019
ORLANDO, Fla., Dec. 19, 2019 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has completed the sale of the 409-room Marriott Griffin Gate Resort & Spa in Lexington, Kentucky for $51.5 million. The sale price represents a 7.1x multiple on the resort's trailing twelve month Hotel EBITDA as of November 30, 2019. Inclusive of estimated required capital expenditures of approximately $30 million, the price reflects an 11.2x trailing twelve month Hotel EBITDA multiple. Additionally, the Company also announced that it has sold the 113-room Marriott Chicago at Medical District/UIC in Chicago, Illinois...
Park Hotels & Resorts Inc. Closes Sale of the Conrad Dublin
Park Hotels & Resorts | November 14, 2019
TYSONS, Va.-- November 14, 2019 --Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it and its joint venture partners have closed on the sale of their interests in the company that owns the 192-room Conrad Dublin (the “Hotel”) located in Dublin, Ireland, for gross proceeds of €116.4 million, before customary closing adjustments and debt repayment. The gross proceeds equate to approximately $128 million, or $667,000 per key. Park’s pro rata share of gross proceeds was approximately $61 million. The sale price represents a 3.9% capitalization rate on the Hotel’s projected 2019 net operating income, or 22.1x th...
Radisson Providence Airport Hotel Will Be Auctioned on RealINSIGHT Marketplace This November
RealINSIGHT Marketplace | October 24, 2019
This November, Radisson Providence Airport Hotel, a newly renovated, full service, airport hotel optimally located in Warwick, Rhode Island, will be auctioned through the online commercial real estate platform, RealINSIGHT Marketplace. The offering, presented by Berkadia and RealINSIGHT Marketplace, represents a compelling opportunity to acquire a value-add opportunity with built-in operational efficiency upside. The Radisson Providence Airport Hotel recently completed a comprehensive $2.5 million renovation and now offers the newest rooms product in its competitive set, requiring minimal change of ownership PIP expenses for a new owner...
Pebblebrook Hotel Trust Completes Sale of Hotel Madera
Pebblebrook Hotel Trust | September 27, 2019
BETHESDA, Md.--September 27, 2019 --Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 82-room Hotel Madera in Washington, D.C. for $23.3 million to a third party. The sale price of $23.3 million reflects a 14.3x EBITDA multiple and a 5.7% net operating income capitalization rate based on the hotel’s operating performance for 2018. Based on the trailing 12-month period ended June 30, 2019, the contracted sales price reflects a 14.1x EBITDA multiple and a 5.9% net operating income capitalization rate. Following the sale of Hotel Madera, the Company has completed a total of $1.3 bil...
Tennessee Quality Inn & Suites Will Be Auctioned on RealINSIGHT Marketplace This September
RealINSIGHT | August 19, 2019
CENTERVILLE, TN—August 19, 2019—RealINSIGHT Marketplace and CBRE Hotels are pleased to offer the fee-simple interest in the 39-room Quality Inn & Suites, situated in Centerville, Tennessee. This full-service hotel is situated along Highway 100, between Highway 50 and Highway 48, and is approximately 15 miles from Interstate 40. This Quality Inn & Suites benefits from great accessibility and is within close proximity to some of Centerville’s main demand generators, including the Duck River (1.8 miles), Centerville RiverPark, Life Care Center of Centerville, Saint Thomas Hickman Hospital, Pink Cadillac Drive In Movie Theater, G...
Ashford Trust Announces Sale of Two Hotels for $37.8 million
August 15, 2019
DALLAS -- August 15, 2019 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced the sales of the 156-room Courtyard Savannah Downtown in Savannah, Georgia and the 128-room Hilton Garden Inn in Wisconsin Dells, Wisconsin for $37.8 million. The combined sales price, inclusive of the buyers' estimated anticipated capex of $8.2 million, represents a trailing twelve-month cap rate of 5.3% on net operating income and a 16.2x Hotel EBITDA multiple as of June 30, 2019. The hotels had existing allocated loan balances of approximately $32.8 million that were paid off at closing along with an ad...
Pennsylvania Hampton Inn to Be Auctioned on RealINSIGHT Marketplace
RealINSIGHT Marketplace | August 15, 2019
PITTSBURGH, PA—August 15, 2019—RealINSIGHT Marketplace and Berkadia are pleased to offer the fee-simple interest in the 88-room Hampton Inn Wexford Sewickley for your acquisition consideration. The most recent proto-type Hampton Inn is ideally located just off Interstate 79, one of the Ohio Valley’s primary north-south corridors running from Lake Erie to the north and to Charleston, West Virginia to the south. The Hotel is also 15 miles north of downtown Pittsburgh’s many businesses and regionally popular leisure attractions. This represents an exceptional opportunity for investors to acquire a new-build Hampton, which is also t...
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