Paramount Lodging Advisors Successfully Transacts Chicago Renaissance OHare Hotel
Paramount Lodging Advisors | November 7, 2023
RADCO Hotel Division Acquires Aloft Phoenix-Airport Hotel
The RADCO Companies | August 8, 2023
Acquisitions
NexGen Hotels Acquires the Hotel Versey in Chicago, Illinois
NexGen Hotels | May 7, 2024
CHICAGO – May 7, 2024 – NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of the Hotel Versey in Chicago, Illinois. Located at 644 W Diversey Parkway, the 137-room hotel will be managed by Genuine Hospitality Group of St. Louis, Missouri. The boutique hotel is housed within the 1920s Diversey Arms building, a Northside Chicago landmark, that first served as a home to jazz musician Bix Beiderbecke. Later it was known as the “Rock and Roll Days Inn” due to its popularity with many iconic rock stars of the ‘90s such as Foo Fighters, Nirvana, Smashing Pumpkins, Wilco...
Group Led by Robert J. Guidry Acquires Dual-Branded Courtyard and SpringHill Suites New Orleans for $73 Million
HREC | May 6, 2024
First Major Hotel Sale Since Early 2023 Signals Rebound of Hotel Market Sales NEW ORLEANS, May 6, 2024-- Len Wormser, Senior Vice President and Scott Stephens, Senior Principal and Chief Operating Officer of Hospitality Real Estate Counselors (HREC), together with Cushman Wakefield Commercial Real Estate Services, are pleased to announce the sale of the 410 room Marriott dual branded New Orleans Courtyard and Spring Hill Suites Hotels located near the Ernest N. Morial Convention Center/Arts and Warehouse District of the Central Business District. The purchase price was $73 million. Robert J. Guidry along with Guidry Land Partners ...
Whitestone Capital Acquires Pennsylvania Holiday Inn in Partnership With PJD Capital
Whitestone Capital | May 6, 2024
Columbus, OH (May 6, 2024) - Whitestone Capital, a division of Whitestone Companies, joined forces with PJD Capital to purchase the 152 room Holiday Inn East Mountain in Wilkes Barre, Pennsylvania. This acquisition marks the first joint venture between the two real estate companies. “We are excited about our new partnership with PJD Capital to reposition this property into a product the Wilkes Barre community has been craving,” said Jay Batra, Chief Executive Officer of Whitestone Companies. “We expect the transformation to happen in two phases with the first phase starting later this year.” Phase one of the transformation will ...
Driftwood Capital Acquires 225-Key Marriott Raleigh Durham Research Triangle Park
Driftwood Capital | May 2, 2024
DURHAM, NC (May 2, 2024) – Driftwood Capital (“Driftwood”), a vertically integrated commercial hospitality real estate firm, announces the acquisition of the Marriott Raleigh Durham Research Triangle Park (“Hotel”), a 225-key full-service, upper-upscale hotel located in North Carolina’s prestigious Research Triangle area. Driftwood will carry out an extensive renovation project to enhance numerous features throughout the Hotel. Franklin BSP Realty Trust originated a multimillion, two-year loan with three one-year extension options at a competitive interest rate. "The acquisition of Marriott Raleigh Durham Research Triangle P...
Host Hotels & Resorts Acquires 1 Hotel Nashville and Embassy Suites By Hilton Nashville Downtown
HOST HOTELS & RESORTS | May 2, 2024
BETHESDA, Md., May 02, 2024 -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust, today announced that it has acquired the fee simple interest in a two-hotel complex comprising the 215-room 1 Hotel Nashville and the 506-room Embassy Suites by Hilton Nashville Downtown (together, the “Property”) for approximately $530 million in cash. The acquisition price represents a 12.6x EBITDA multiple or a cap rate of approximately 7.4% on the Property’s 2024 estimated results1. The Property is expected to be among Host’s top-25 assets based on estimated full year 2024 ...
Schwartz Family Company Acquires Leura Gardens Resort
Schwartz Family Company | April 24, 2024
Schwartz Family Company has acquired a prized Blue Mountains resort to strengthen its position as the region’s premier leisure and conference provider. Leura Gardens Resort consolidates the Schwartz Family Company presence in the Blue Mountains, joining the award-winning Fairmont Resort Blue Mountains and Leura Golf Club, all within a few minutes' drive of each other. Leura Gardens Resort is the 15th hotel in the Schwartz hotel network and was acquired for $25 million from the Elanor Hotel Accommodation Fund. The recently refurbished Leura Gardens Resort is an expansive 92-room hotel set in four and a half acres of landscaped...
Travelodge Acquires 6 Hotels in Spain From Louvre Hotels Group
Travelodge | April 18, 2024
18 April, 2024 – Travelodge, the UK’s first budget hotel brand which operates approximately 600 hotels, today announces that it is acquiring six hotels, totalling 773 rooms, in Spain from Louvre Hotels Group. The hotels are currently branded Hotel Campanile, with five acquired on a freehold basis and one to be acquired on a long leasehold. The hotels are acquired by Spanish subsidiaries held within the Travelodge OpCo Group and are located in Alicante, Barcelona, Madrid, Malaga and Murcia. The acquisition builds on Travelodge’s existing strongly performing six hotel Spanish business, doubling its presence in the Spanish market. ...
Rockbridge and Delmonte Hotel Group Acquire Courtyard in Downtown Providence, Rhode Island
Rockbridge | April 17, 2024
Columbus, OH (APRIL 17, 2024) – Rockbridge and Delmonte Hotel Group announce the acquisition of the 219-room Courtyard Providence Downtown, Rhode Island. DelMonte will manage the property. The Courtyard is positioned in a prime downtown location in the heart of Providence’s Capital, steps away from the Rhode Island Convention Center, historic Union Station Complex, and the headquarters of Citizens Financial Group. Brown University, Johnson and Wales University and Amica Mutual Pavilion are also within walking distance. The hotel will undergo a comprehensive makeover, featuring a full renovation of all guestrooms, extensive upgrades to a...
ASSA ABLOY Acquires Axxess Industries
ASSA ABLOY Global Solutions | April 16, 2024
Additions to solution portfolio include Axxess’ innovative Electronic Do-Not-Disturb systems, Doorbells, Keypads, Lighting Controls, Curtain Controls, Guest Presence Detections and more - each designed to create the ultimate Smart Hotel experience. Stockholm – April 16, 2024 – ASSA ABLOY Global Solutions is announcing the acquisition of Axxess Industries Inc., a renowned innovator of electronics and smart technologies engineered for the needs of hotel and residential environments. Axxess’ solutions will be offered alongside the offerings of Vingcard, the main brand for ASSA ABLOY Global Solutions’ business area Hospitality, promoti...
Partners Group Acquires a Strategic Minority Stake in Trinity Investments
Trinity Investments | April 15, 2024
LOS ANGELES--April 15, 2024--Partners Group, a leading global private markets firm, has agreed to acquire a strategic minority stake in Trinity Investments, a U.S. based hospitality-focused real estate investor, to support its future growth. Partners Group will initially target a U.S. $500 million investment with Trinity and will also have the opportunity to commit further capital to Trinity’s North American, European, and special situations investment platforms. Partners Group’s acquisition of a strategic minority stake in Trinity aligns with the firm’s strategy to invest in real estate operating companies in order to provide exposu...
Sunstone Hotel Investors To Acquire Hyatt Regency San Antonio Riverwalk for $230 Million
Sunstone Hotel Investors | April 11, 2024
ALISO VIEJO, Calif., April 11, 2024 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) announced that it has entered into a definitive agreement with an affiliate of Hyatt Hotels Corporation to acquire the fee-simple interest in the 630-room Hyatt Regency San Antonio Riverwalk (the "Hotel"). The exceptionally well-located Hotel is situated directly between San Antonio's famous Riverwalk and the Alamo, the two most visited tourist sites in Texas. The acquisition includes nearly two acres of riverfront land and a 516-space parking garage, located adjacent to the Alamo Visitor Center and Museum which is currently ...
Certares Acquires the 390-Room Hilton Boston Back Bay for $171 Million
Certares | April 10, 2024
Property acquired in joint venture with Belcourt Capital Partners BOSTON, April 10, 2024 -- Certares, a leading global investment firm focused exclusively on the travel and hospitality industries, today announced its twelfth hotel acquisition. The firm purchased the 390-room Hilton Boston Back Bay, inclusive of a 209-space parking garage, for $171 million. This acquisition was made in partnership with Belcourt Capital Partners ("Belcourt"). Together, Certares and Belcourt have plans to modernize the hotel's facilities through a comprehensive capital expenditure program to enhance the overall guest experience. Located in the heart of ...
Trinity Investments and Partners Group Acquire The Scottsdale Plaza Resort & Villas
Trinity Investments | April 8, 2024
37.4-acre resort in Paradise Valley includes 404 hotel rooms and suites PARADISE VALLEY, Ariz.--A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Investments (“Trinity”), announced today the acquisition of The Scottsdale Plaza Resort & Villas (the “Resort”), located in Paradise Valley, Arizona. The Scottsdale Plaza Resort & Villas features 404 rooms spread across the central hotel and surrounding villa suites, as well as 50,000 square feet of meeting space. The transaction also includes the potential for expansion with entitlements...
Trinity Investments, Funds Managed by Oaktree Capital Management, and Funds Managed by UBS Asset Management Acquire Park Hyatt Zurich
Trinity Investments | April 4, 2024
The acquisition marks Trinity’s entry into Europe and extends relationships among the three firms LONDON--A joint partnership among Trinity Investments (“Trinity”), funds managed by Oaktree Capital Management (“Oaktree”), and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business (“UBS AM REPM MM”) has acquired Park Hyatt Zurich, a 138-key luxury hotel with ancillary office and parking elements. The joint partnership purchased the hotel from an affiliate of Hyatt Hotels Corporation, and the hotel will remain branded as Park Hyatt Zurich under a long-term management agreement with...
Hilton Acquires Majority Controlling Interest in Sydell Group to Expand NoMad Hotels Brand Worldwide
Hilton | April 3, 2024
Brand marks Hilton’s debut in fast-growing luxury lifestyle category MCLEAN, Va. and MIAMI – Hilton (NYSE: HLT) today announced it has acquired a majority controlling interest in Sydell Group (“Sydell”) to expand the NoMad Hotels brand from its existing London flagship location to high-end markets around the world. The addition of NoMad to Hilton’s brand portfolio marks the global hospitality leader’s entry into the fast-growing luxury lifestyle hotel market with a meticulously designed brand defined by exceptional food and beverage, interior design and service. Over the last decade, Sydell, led by founder Andrew Zobler, h...
ASSA ABLOY Acquires Messerschmitt Systems
ASSA ABLOY Global Solutions | April 3, 2024
Latest acquisition adds a wide range of access control and intelligent room control systems to the ASSA ABLOY Global Solutions’ portfolio under the Vingcard brand, part of business area Hospitality. Stockholm –April 3, 2024 –ASSA ABLOY Global Solutions is now announcing the acquisition of Messerschmitt Systems, an internationally renowned manufacturer of access and room control hardware and software. Founded in Germany in 1985, Messerschmitt Systems specializes in serving the needs of hotels, with its solutions able to seamlessly integrate with the leading PMS platforms in use by today’s industry businesses. Messerschmitt Systems wi...
Apple Hospitality REIT Acquires the AC Hotel by Marriott Washington DC Convention Center for $116.8M
Apple Hospitality REIT, Inc. | March 27, 2024
RICHMOND, Va.--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of the 234-room AC Hotel by Marriott Washington DC Convention Center (the “Hotel”) for approximately $116.8 million, or $499,000 per key. “We are pleased to expand our portfolio with the acquisition of the AC Hotel Washington DC Convention Center and are thrilled to establish a presence in downtown Washington, D.C., a market we have tracked and wanted to have a presence in for some time,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “With a wide variety of dema...
Bradford Allen Acquires 100-Key Aloft Glendale at Westgate in Glendale, Arizona
Bradford Allen | March 15, 2024
With Aloft Glendale at Westgate, firm expands national hospitality platform to 800 keys across six assets CHICAGO / GLENDALE, Ariz. (March 15, 2024) — Bradford Allen, a national full-service real estate firm, today announced its investment arm has acquired Aloft Glendale at Westgate, a 100-key hotel in Glendale, Ariz. Located at 6920 N. 93rd Ave., the hotel marks the firm’s second acquisition in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022. “With the Phoenix metro continuing its growth trajectory and Glendale – which has hosted multiple Super Bowls...
Hilton to Acquire Graduate Hotels Brand for $210 Million
Graduate Hotels | March 14, 2024
Pairing Loyal Graduate Fanbase with Size and Scale of Hilton Will Create New Opportunities for Owners and Guests in Some of the World’s Greatest College Towns MCLEAN, Va. and NASHVILLE, Tenn., March 14, 2024 – Hilton (NYSE: HLT) today announced an agreement with Adventurous Journeys Capital Partners (“AJ Capital”) to acquire the fan-favorite Graduate Hotels® brand, adding a significant growth opportunity for the global hospitality leader in the fast-growing lifestyle hotel market. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipel...
Ashford Hospitality Trust Completes Sale of Residence Inn Salt Lake City
Ashford Hospitality Trust | March 12, 2024
DALLAS, March 12, 2024 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced that it has closed on the sale of the 144-room Residence Inn located in Salt Lake City, Utah (the "Hotel") for $19.2 million. When adjusted for the Company's anticipated capital expenditures, the sale price represented a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the anticipated capital spend, the sale price represented a 6.0% capitalization rate on 2023 net operating income, or 14.0x 2023 Hotel EBITDA. All of the proceeds from the sale were used to pay down debt....
BirchStreet Systems Acquires ReactorNet Technologies
BirchStreet Systems | March 5, 2024
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Noble House Hotels & Resorts Acquires Chatham Inn Relais & Châteaux
Noble House Hotels & Resorts | March 4, 2024
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Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park Close Acquisition of Loews Minneapolis Hotel
Marcus Hotels & Resorts | March 4, 2024
The 251-room property will be rebranded as The Lofton Hotel under the Tapestry Collection by Hilton flag; Marcus Hotels & Resorts to manage the property MILWAUKEE--Marcus® Hotels & Resorts, a nationally recognized owner and management company and division of The Marcus Corporation (NYSE: MCS), announced today that it, Hempel Real Estate, and Robinson Park have closed on the acquisition of the Loews Minneapolis Hotel. The property will be managed by Marcus Hotels & Resorts, effective today, and will be rebranded immediately as The Lofton Hotel under the Tapestry Collection by Hilton flag, making it the first Tapestry Collect...
MCR To Acquire Historic BT Tower – One of London’s Tallest Buildings
MCR | February 21, 2024
NEW YORK, NY / FEBRUARY 21, 2024 MCR, the third-largest hotel owner-operator in the U.S., has agreed to purchase the BT Tower — one of London’s tallest buildings — from BT Group. MCR will own the 620-foot Tower and podium, encompassing a full London city block, freehold. MCR intends to secure the future of the iconic Tower — which was opened in 1965 in Fitzrovia, London, and is listed Grade II importance by England’s Historic Buildings and Monuments Commission — by repurposing it as a hotel and opening it up to the public. MCR will partner with London-based Heatherwick Studio to consider how best to reimagine its use as a ho...
