hotel transaction
Chatham Lodging Trust Completes Sale of Four Hotels for $80 Million
Chatham Lodging Trust | May 16, 2022
WEST PALM BEACH, Fla., May 16, 2022 —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced the closing of the sales of four hotels comprising 537 rooms for aggregate proceeds of approximately $80 million. Including near term capital expenditure requirements, the aggregate sales proceeds would equate to an approximate 2 and 6 percent capitalization rate on net operating income for 2021 and 2019, respectively. The four hotels comprise the following: 180-room Hilton Garden Inn, Burlington, Mass...
Summit Hotel Properties Completes Sale of Hilton Garden Inn San Francisco Airport North for $75 Million
Summit Hotel Properties | May 13, 2022
AUSTIN, Texas, May 13, 2022 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC. The transaction represents 1% capitalization rate based on the hotel's net operating income after a 4% FF&E reserve for the twelve months ended March 31, 2022. The joint venture will also forego a comprehensive renovation that was scheduled for late 2022 estimated to be $7.1 million, or $42,000 per key, as a re...
Mills Park Hotel in Yellow Springs, Ohio, Sold to Employee and Spouse for $4.5 Million
April 28, 2022
YELLOW SPRINGS, Ohio, April 28, 2022 -- The stylish Mills Park Hotel, located at 321 Xenia Avenue, in downtown Yellow Springs, Ohio, has been sold to an employee and his spouse. Ryan Aubin, the marketing manager for the hotel since 2019, and his husband, Alex Price, have purchased the property and business for approximately $4.5 million. The Dayton couple was one of several parties who made offers when the owners first announced their intent to sell nearly a year ago. Mills Park Hotel was the project of developer Jim Hammond and his family, who have owned and operated the property from the start. Construction was completed in 2016 a...
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 ...
Avison Young Hospitality Group- December 2021 Sales
Avison Young | January 4, 2022
ATLANTA – January 4, 2022 – Avison Young announced today it closed 15 hotel transactions totaling $264 million for the month of December 2021. $183 million of the transaction volume was big box urban core or Hilton and Marriott assets with geographic locations from Colorado to New York down through Pennsylvania, Virginia, and the Carolinas. The brokers involved in the closings were Brad Sinclair, Andy Broad, Michael Bernath, Chris Stark, Chris Kilcullen, Wendy Blissett, Mike George, Rick George, Thierry Roch and Niven Patel. Keith Thompson said, “These closings represent a continued investment trend in hospitality real estate that...
Condor Hospitality Trust Enters Agreement to Sell Hotels to Blackstone Real Estate
Condor Hospitality Trust, Inc. | September 23, 2021
NORFOLK, Neb. – September 23, 2021 – Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) announced today that it has entered into an agreement with affiliates of Blackstone Real Estate Partners to sell its entire portfolio of hotels in a $305 million transaction. This is an all cash transaction without the assumption of any existing debt. Completion of the transaction, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the Company’s shareholders. Bill Blackham C.E.O. stated " We believe that this is an extremely attractive transaction ...
OTO Development Acquires 150-Room DoubleTree by Hilton Cocoa Beach
OTO Development | September 10, 2021
SPARTANBURG, SOUTH CAROLINA (Friday, September 10, 2021) — OTO Development has added DoubleTree by Hilton Cocoa Beach Oceanfront to its growing portfolio. South Carolina-based OTO Development, which is part of The Johnson Group, acquired the DoubleTree by Hilton in Cocoa Beach, Florida, from Pandey Hotel Group of New Zealand. The transaction — brokered by Paul Weimer, Christian Charre, Jennifer Jin and Andrew Pastorino, all of CBRE Hotels — closed on Thursday, September 9. This Space Coast hotel is the sixth oceanfront property OTO has purchased since Q4 2018. “We got our feet wet a few years ago in Key West, where we discov...
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