hotel transaction

Avison Young Closes 260 Million YTD 2019

Avison Young | April 11, 2019

ATLANTA – April 11, 2019 – Avison Young Hospitality Group announced today the firm closed on its 15th hotel transaction of the year with year to date sales totaling 260 million. Since 2013, the Avison Young Hospitality Group has closed 106 Marriott branded hotels, 72 Hilton branded assets, 49 IHG branded assets and 158 historic, upscale boutique, resort and other branded hotels. ...

Paramount Lodging Advisors Sells Ocean Front Gold Beach Inn, Ireland’s Rustic Lodges & RV Park and Ireland’s Commercial Income Property in OR

Paramount Lodging Advisors | January 31, 2019

Paramount Lodging Advisors (PLA) has successfully executed the transaction of the Ocean Front Gold Beach Inn, Ireland's Rustic Lodges & RV Park and Ireland's Commercial Income property in Gold Beach, OR. Senior Managing Director Scott Griemsmann and Senior Associate Subu Thiagarajan represented the seller in the sale. This transaction presented the buyer a unique opportunity to acquire two independent hotels, an RV Park, and commercial rental units on several acres between the Pacific Ocean and coastal Highway 101. Upon completion of a property improvement plan (PIP), upgrading technology, and implementation of professional manageme...

Hotel Investment News – Leisure Real Estate Advisors, LLC Announces the Sale of the Fairfield Inn & Suites, Downtown, Wichita, KS

Leisure Real Estate Advisors, LLC | August 3, 2018

Leisure Real Estate Advisors, LLC, (LREA) is pleased to announce it has arranged the sale of the Fairfield Inn & Suites downtown, Wichita, KS, Leisure Real Estate Advisors represented a Wichita based investor. Four G, LLC in the transaction. Jim Korroch of Landmark Hotel Advisors, LLC, in an affiliate relationship with LREA, also assisted FourG and facilitated the sale. Midas Old Town Wichita, LLC, an investment group based out of St. Louis, MO, purchased the 131 unit hotel for an undisclosed price. The listing price was $12,700,000. "The Marriott brand, especially a city center based Fairfield Inn & Suites, will always attract ...

CBRE Hotels Arranges Sale of the West Inn & Suites Carlsbad

CBRE Group, Inc. | June 11, 2018

Newport Beach, California – June 11, 2018 – CBRE Hotels has arranged the sale of the 86-room West Inn & Suites in Carlsbad, California for an undisclosed price. CBRE Hotels represented the seller, West Real Estate LLC, who had developed the hotel along with the West Steak & Seafood Restaurant, Bistro West Restaurant, and a gas station/minimart at Cannon Road and Interstate 5 in 2006. The buyer was an affiliate of San Diego-based Pacifica Companies. The three-story upscale boutique hotel features high-end finishes and focuses on detail serving both the leisure and corporate markets. The proximity to LEGOLAND, Palomar ...

DiamondRock Acquires The Landing Resort & Spa in Lake Tahoe, California for $42 Million, or $545,000 Per Key

DiamondRock Hospitality | March 2, 2018

BETHESDA, Md., March 1, 2018 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has acquired The Landing Resort & Spa ("The Landing" or "Resort"), a luxury resort in Lake Tahoe, California, for $42 million, or $545,000 per key. The acquisition represents a 7% yield on 2017 Hotel Adjusted EBITDA. The Landing Resort & Spa is a premier luxury resort with one of the best locations in Lake Tahoe. The Landing was ranked as a TripAdvisor Traveler's Choice Award Top 20 Hotel in the US and Condé Nast Readers' Choice Award #1 resort in Northern California in ...

DiamondRock Acquires the Kimpton Hotel Palomar in Phoenix, AZ for $80 Million, or $331,000 Per Key

DiamondRock Hospitality | March 2, 2018

BETHESDA, Md., March 1, 2018 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has acquired the Kimpton Hotel Palomar ("Hotel Palomar" or the "Hotel"), a lifestyle boutique hotel in the heart of downtown Phoenix, Arizona. The purchase price is $80 million, or $331,000 per key, which represents a 12.6x multiple of the forward 12 months of hotel EBITDA. The Hotel Palomar is ranked #2 of 174 Phoenix hotels on TripAdvisor. Opened in 2012, the Hotel Palomar is situated in the heart of the CityScape mixed-use project, a 1.2 million square foot urban development that is capital...

RLH Corporation Executes Five Hotel Purchase and Sale Agreements

RLH Corporation | January 29, 2018

DENVER (January 29, 2018) — RLH Corporation (NYSE:RLH) today announced the execution of five hotel purchase and sale agreements resulting from the previously disclosed listing for sale of 11 company-owned hotels. The five sales are currently anticipated to close in February or early March, 2018, subject to standard contingencies and closing conditions. The sale prices contracted on these five assets exceeded the company's expectations. The real estate market conditions remain robust and RLH Corporation was able to negotiate pricing for these first five hotels reflecting single-digit cap rates. The company expects to maintain Red L...