reit
REITs and Commercial Real Estate Well Placed for Longer Term Despite Recent Volatility
JLL | July 15, 2022
CHICAGO, July 13, 2022 – Coming off of one of the strongest years on record, the REIT market is relatively well placed despite the recent volatility. JLL’s Strategic Transactions Monitor details themes driving the REIT market, including a constructive outlook in light of sharply rising rates, an increase in take-private activity and dissipating COVID-19 driven trends. REITs, along with broader markets, are down 20% year to date, driven by growing inflation, Federal Reserve rate hikes and broader geopolitical risks. Though market participants have focused on near-term underperformance, REITs have outperformed on a longer-term basis. ...
Chatham Lodging Trust Acquires Hilton Garden Inn Destin Miramar Beach for $31M
Chatham Lodging Trust | March 9, 2022
WEST PALM BEACH, FL — March 9, 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 that the company has acquired the beachside 111-room Hilton Garden Inn Destin Miramar Beach, Fla., in an off-market transaction for $31 million, or approximately $279,000 per room. Recently opened in 2020, the hotel is within walking distance of the pristine white sands of the Gulf of Mexico. The hotel’s location in Miramar Beach is well situated in relation to the thriving Santa Rosa Beach and Destin ...
Condor Hospitality Completes Sale of Its 15 Hotels Portfolio
Condor Hospitality Trust, Inc. | November 23, 2021
NORFOLK, NE – November 23, 2021 – Condor Hospitality Trust, Inc., a hotel-focused real estate investment trust (“REIT”) headquartered and incorporated in the state of Maryland, today announced that it has completed the sale of the Company’s 15 hotels. The sale of the hotels was completed pursuant to the previously announced Hotel Purchase and Sale Agreement, dated September 22, 2021, between the Company and B9 Cowboy Mezz A LLC, a Delaware limited liability company and an affiliate of Blackstone Inc. (the “Buyer”), in which the Company agreed to sell the hotels to Buyer and Buyer agreed to purchase the hotels for a purchase p...
The REIT M&A Boom Continues With Record-Breaking Year
JLL | October 7, 2021
CHICAGO, IL – October 6, 2021 – Outperforming strong expectations and driven both by strategic and private capital, 2021 has already been a record year for REIT M&A, which hit $108 billion in transaction volume as of September 30, 2021. JLL’s Capital Markets M&A and Corporate Advisory group’s new M&A and Strategic Transactions Monitor report details the positive themes in the public capital markets space contributing to this unprecedented M&A surge. REITs have shown strong earnings growth in 2021, with 63% of REITs beating consensus FFO estimates in the second quarter of 2021. This has contributed to REITs out...
American Hotel Income Properties REIT LP Announces Appointment of Travis Beatty as Chief Financial Officer
American Hotel Income Properties REIT LP | June 1, 2021
VANCOUVER, BC, June 1, 2021 - American Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN, HOT.U and HOT.DB.U) is pleased to announce that Travis Beatty has been appointed as its Chief Financial Officer effective June 7, 2021. Mr. Beatty is a strong organizational leader with a proven track record in the public REIT space as well as within the broader Canadian financial community, making him the ideal candidate to assume the role of CFO. Mr. Beatty was previously the Chief Financial Officer of Northview Apartment REIT ("Northview") from 2016 to 2020. Northview was a Canadian public REIT focused on owning and managing multi-family ...
VICI Properties Inc. Announces Fourth Quarter and Full Year 2020 Results
VICI Properties | February 19, 2021
NEW YORK--February 19, 2021--VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today reported results for the quarter and year ended December 31, 2020. All per share amounts included herein are on a per diluted share basis unless otherwise stated. Fourth Quarter 2020 Financial and Operating Highlights Total revenues increased 57.0% year-over-year to $373.0 million Net income attributable to common stockholders was $288.0 million, or $0.53 per share AFFO increased 42.5% year-over-year to $251.7 million AFFO per share increased 24.3% to $0.46 Complet...
Host Hotels & Resorts, Inc. Reports Results for 2020
Host Hotels & Resorts | February 19, 2021
BETHESDA, Md., Feb. 19, 2021 -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for the fourth quarter and full year 2020. James F. Risoleo, President and Chief Executive Officer, said, “We continued to grow sequential revenues while minimizing operating expenses in the fourth quarter and further reduced our net loss and hotel-level operating losses from third-quarter levels. With accelerating vaccine deployment, decreasing weekly COVID-19 case counts and the easing of lockdowns, we are encouraged by recent booking activitie...
Service Properties Trust Completes the Sale of Eight Hotels for $45.3 Million
Service Properties Trust | November 23, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq:SVC) today announced that it has completed the previously announced sale of eight TownePlace Suites branded hotels with 834 rooms and a net carrying value of $35.0 million for an aggregate sales price of $45.3 million, excluding closing costs. The proceeds from the sale will be used for the repayment of debt. John Murray, President and Chief Executive Officer of SVC, made the following statement: “Given current market conditions, we are pleased to complete the sale of this hotel portfolio, which we had identified for disposition in late 2019. We were successful in achieving pricing co...
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