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
Ashford Hospitality Trust Agrees to Sell 144-Room Residence Inn Salt Lake City for $19.2 Million
Ashford Hospitality Trust | February 16, 2024
DALLAS, Feb. 16, 2024 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced that it has signed a definitive agreement to sell the 144-room Residence Inn located in Salt Lake City, Utah (the "Hotel") for $19.2 million. The sale is expected to be completed in early March and is subject to normal closing conditions. The Company provides no assurances that the sale will be completed on these terms or at all. When adjusted for the Company's anticipated capital expenditures, the sale price represents a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the an...
Marcus Hotels and Resorts, Hempel Real Estate and Robinson Park Investments Form Joint Venture to Acquire Loews Minneapolis Hotel
Marcus Hotels & Resorts | February 14, 2024
MILWAUKEE--Marcus® Hotels & Resorts, a nationally recognized owner and management company and division of The Marcus Corporation (NYSE: MCS), announced today that it along with Hempel Real Estate and Robinson Park Investments have reached an agreement to jointly acquire the Loews Minneapolis Hotel. The terms of the agreement were not disclosed and are subject to the satisfaction of certain standard closing conditions. Upon closing, Marcus Hotels & Resorts will assume management of the hotel, which will be rebranded under another major global hotel system. “The agreement to purchase the Loews Minneapolis Hotel is consistent wi...
Peachtree Group Acquires Hilton Garden Inn Denver Tech Center
Peachtree Group | February 13, 2024
ATLANTA--Peachtree Group ("Peachtree") announced the acquisition of the 180-room Hilton Garden Inn Denver Tech Center in Denver, Colo. Peachtree's hospitality management team will operate the property. The seven-story hotel is ideally located in the heart of the Denver Tech Center, one of the Denver MSA's prominent employment hubs and the largest office submarket outside of the Central Business District, with 8.8 million sq ft of Class-A space. The area is situated near the intersection of Interstate 25 and Interstate 225, providing direct access to the Denver CBD and Denver International Airport. The hotel further benefits from its pro...
Crawford Hoying Acquires Courtyard by Marriott Hamilton in Partnership With Operator, Shaner Hotel Group
Crawford Hoying | February 8, 2024
HAMILTON, OHIO (February 8, 2024) -- Crawford Hoying has announced the acquisition of Courtyard by Marriott Hamilton in partnership with award-winning international hotel owner, operator and developer, Shaner Hotel Group (Shaner). This will be Crawford Hoying’s first hotel in Hamilton, Ohio and fifteenth hotel in the company’s portfolio. Courtyard by Marriott Hamilton is located in downtown Hamilton at 1 Riverfront Plaza, near the vibrant Marcum Park and numerous dining, retail and entertainment establishments. The 120-key hotel consists of three event rooms and breakout rooms, offering more than 5,800 square feet of event space....
MCR Sells the Residence Inn by Marriott Philadelphia Langhorne
MCR | February 6, 2024
NEW YORK-- MCR — the country’s 3rd-largest hotel owner-operator — today announced it has completed the sale of the 100-room Residence Inn by Marriott Philadelphia Langhorne located in Langhorne, Pennsylvania for $22.1 million, or $221,000 per key. Since the beginning of 2023, MCR has completed a series of dispositions totaling seven hotels for gross proceeds of $174 million, or $210,000 per key. By successfully completing its business plan, MCR doubled the hotel’s net operating income over the course of its ownership. The firm purchased the hotel for $13.2 million, or $132,000 per key, in November 2018 and completed a $3 million u...
The Azur Selection Expands Into France With the Acquisition of Three Hotels in Cannes
The Azur Selection | February 5, 2024
The Azur Selection (ISIN: GRS528003007 – Ticker: MLAZR), announces its entry into the French market with the acquisition of three prestigious hotels in the centre of Cannes, France. The company signed an agreement to acquire 100% of the share capital of Hôtels Du Groupe Boucau, a well-established company renowned for its hospitality offerings. This strategic move materializes The Azur Selection's expansion plans beyond Greece, where it has already experienced rapid growth and success. With this acquisition, The Azur Selection aims to establish a strong presence in France, a worldly renowned destination for luxury and hospitality offe...
Saltwater Holdings Acquires Wilmington’s The Hive Hotel
The Hive | February 2, 2024
WILMINGTON, N.C., Feb. 2, 2024 -- Today, Wilmington-based real estate holding company Saltwater Holdings announced its acquisition of local boutique hotel The Hive, located at 505 N. 2nd Street. A local real estate family, the Rosenbergs, and developer, Kaylie O'Connor, originally opened the hotel in 2019. They bought the original building in 2009 and teamed up with local interior decorator Robin Hertzog to create rooms with unique furniture and artwork -- mixing modern styles and bright colors in a home-like atmosphere. "We are thrilled to announce the acquisition of The Hive and deeply honored to uphold the Rosenbergs' visio...
Wyndham Comments on Choice’s Self-Serving Director Nominations
Wyndham Hotels & Resorts | January 22, 2024
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Choice Hotels Proposes a Full Slate of Independent, Highly Qualified Individuals for Election at the 2024 Annual Meeting of Wyndham Hotels & Reso
Choice Hotels | January 22, 2024
Nominees Are Seasoned Leaders with Financial and Operational Experience Across Hospitality, Franchising and Other Relevant Industries Wyndham Shareholders Deserve a Board Focused on Good Governance and Its Fiduciary Duty to Drive Shareholder Value NORTH BETHESDA, Md., Jan. 22, 2024 -- Choice Hotels International, Inc. (NYSE: CHH) ("Choice"), one of the world's most successful lodging franchisors, today announced that it has proposed eight independent, highly qualified individuals to stand for election at the 2024 Annual Shareholder Meeting of Wyndham Hotels & Resorts, Inc. (NYSE: WH) ("Wyndham"). Stewart W. Bainum, Chair of Choice'...
IBS Software Acquires APS® for $90 Million as It Targets Major Growth in Hospitality Sector
ABOVE PROPERTY SERVICES (APS®) | January 17, 2024
Acquisition allows IBS Software to add state-of-the-art CRS, PMS and RMS capabilities to its established booking engine and distribution platform, significantly increasing its addressable market in hospitality Atlanta, 17 January 2024 – IBS Software, a leading SaaS solutions provider to the travel industry globally, has reached an agreement to acquire the ground-breaking hotel and travel technology provider Above Property Services (APS®). The $90 million transaction will further solidify IBS Software’s position in the hospitality market and strengthen the brand, to underpin an ambitious expansion of its reach in the hospitality i...
Gencom Retakes Majority Ownership in Ritz-Carlton Key Biscayne Resort in Miami
Gencom | January 17, 2024
The Gencom-led partnership is planning a $100M transformation and repositioning of the cornerstone hotel asset in 2025 MIAMI, FL – Jan. 17, 2024 – Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, announced today that it has retaken majority ownership in the 291-key Ritz-Carlton Key Biscayne. The transaction was financed by Citigroup and affiliates of KSL Capital Partners, LLC for an undisclosed amount. Situated at 455 Grand Bay Drive, the 275,000-square-foot Ritz-Carlton resort rises over 13 stories on Miami’s barrier island of Key Biscayne. The upscale resort f...
Noble Acquires Holiday Inn Express Downtown Nashville
Noble Investment Group | January 16, 2024
Urban city center hotel is centrally located in the heart of Music City Atlanta, Georgia (Tuesday, January 16, 2024) – Noble Investment Group ("Noble") today announced the acquisition of the Holiday Inn Express Nashville Downtown. Located on Broadway in the heart of downtown Nashville, the hotel is embedded within the city's entertainment district and steps away from over 100 live music venues, the Music City Center, Bridgestone Arena, more than 500 bars and restaurants, and over 100 shopping experiences. Downtown Nashville is a vibrant, walkable district with eight million square feet of Class A office space accommodating over 80,00...
Alpental Capital Acquires 187-Room DoubleTree Leominster in Massachusetts
Alpental Capital | January 16, 2024
Alpental Capital (“Alpental”), a hospitality investment group with offices in Colorado and Washington, announced the acquisition of the full-service DoubleTree by Hilton Leominster, Massachusetts in late December 2023. Located just off I-190, the DoubleTree Leominster provides both business and leisure travelers convenient access to nearby businesses, attractions, and outdoor recreation throughout the Leominster-Fitchburg area. The hotel boasts 187 spacious guest rooms, nearly 15,000 square feet of modern meeting space, an indoor pool and fitness center, and an on-site restaurant and bar. Alpental plans to invest in significant propert...
Transwestern Hospitality Group Acquires Houston’s Renowned Hotel Granduca
Transwestern Hospitality Group | January 12, 2024
HOUSTON, Jan. 12, 2024 -- Transwestern Hospitality Group (THG) announces it has acquired Hotel Granduca, a 122-key luxury hospitality property located on three and a half acres at 1080 Uptown Park Boulevard. THG partners Tyler Lavin and Thomas Duncan, supported by Transwestern's investment team, facilitated the transaction and will lead a comprehensive repositioning project at the renowned hotel. "Hotel Granduca is an irreplaceable five-star property located in an amenity-rich, walkable enclave situated between the River Oaks and Galleria submarkets," Lavin said. "In a world where travelers increasingly expect a memorable, authentic ...
Starwood Capital Acquires Portfolio of Ten Hotels From Edwardian Group Comprising 2,053 Rooms
Starwood Capital | January 12, 2024
LONDON, Jan. 12, 2024 -- Starwood Capital Group ("Starwood Capital"), a global private investment firm with a primary focus on real estate, announced today that a controlled affiliate has acquired a portfolio of 10 hotels from Edwardian Group for an undisclosed sum via an off-market transaction. The portfolio comprises 10 hotels with 2,053 rooms. Edwardian Group will continue to own and operate The Londoner and its two Radisson Collection hotels, The May Fair and The Edwardian Manchester, following closing of the transaction. Alongside the acquisition, Starwood Capital and Edwardian Group intend to collaborate on future opportunities ...
Wyndham Confirms Receipt of Expansive FTC Second Request Under HSR Act for Choice’s Unsolicited Hostile Offer to Acquire Wyndham
Wyndham Hotels & Resorts | January 12, 2024
Extended Regulatory Review Certain Offer Continues to Undervalue Wyndham and Exposes Wyndham Shareholders to Significant Asymmetrical Risk PARSIPPANY, N.J., Jan. 12, 2024 -- Wyndham Hotels & Resorts (NYSE: WH) ("Wyndham" or the "Company"), the world's largest hotel franchising company with approximately 9,100 hotels spanning more than 95 countries, today confirmed receipt of a 40-page and 65-topic 'Second Request' from the Federal Trade Commission in connection with Choice Hotels International, Inc.'s (NYSE: CHH) ("Choice") unsolicited proposed acquisition of Wyndham: "From the beginning, Wyndham has consistently stated that this...
JRK Property Holdings Acquires Hyatt Branded Hotel Portfolio in San Juan, Puerto Rico From PRISA Group
JRK Property Holdings | January 12, 2024
Los Angeles, CA (January 12, 2024) – JRK Property Holdings, through its $350 million hospitality fund, has acquired a two-property, 275-key Hyatt-branded hotel portfolio in San Juan, Puerto Rico from the PRISA Group for an undisclosed price. The portfolio comprises two premium select-service hotels located within the Puerto Rico Convention District: the 149-room Hyatt Place San Juan and 126-room Hyatt House San Juan. Developed by the seller within the past eight years, both properties have been recently renovated including lobby refresh, updated F&B outlets, and guestroom and corridor improvements. Both properties were designed t...
Chatham Lodging Trust Announces Sale of Hilton Garden Inn Denver Tech Center
Chatham Lodging Trust | January 11, 2024
WEST PALM BEACH, Fla., January 11, 2024 —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 sale of the 180-room Hilton Garden Inn Denver Tech Center for approximately $18 million. An approximate $6 million renovation of the hotel was planned for 2023 but was not completed due to the pending sale. Proceeds from the sale of the hotel will be used for corporate investments and to repay debt....
San Antonio’s Historic El Tropicano Hotel Sells
JLL | January 10, 2024
SAN ANTONIO, Jan. 10, 2024 – JLL’s Hotels & Hospitality group announced today that it arranged the sale of the historic El Tropicano River Walk Hotel, the first purpose-built hotel located on San Antonio’s famed River Walk. JLL worked on behalf of the seller, El Tropicano Hotel LLC, and procured the buyers, Trestle Studios, Sopris Capital and The Town Lake Company. Located in the heart of San Antonio's renowned River Walk district, this iconic property presents a unique investment opportunity in one of the fastest-growing cities in the United States. The 308-room hotel resides on a prime location in the north Riverwalk corrido...
Ascott and CapitaLand Wellness Fund Acquire Lodging Property in Singapore to Be Relaunched Under the Award-Winning lyf Brand
CapitaLand Investment Limited | January 9, 2024
Singapore, 9 January 2024 – The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment (CLI) and CapitaLand Wellness Fund(C-WELL), have jointly acquired a freehold lodging property in Singapore. Ascott and C-WELL each holds a 50% stake in the lodging property. This is C-WELL’s first acquisition since announcing its first close in end-October 2023. C-WELL is CLI’s inaugural wellness and healthcare-related real estate fund anchored in Southeast Asia. The value-add fund will focus initially on Singapore, Thailand and Malaysia. With a target fund size of S$1 billion on an upsized option, C-WELL wil...
Travelodge To Acquire 66 Travelodge-Branded Hotels From Its Largest Landlord – LXi REIT – for £210 Million
Travelodge | January 8, 2024
The 66 hotels will be acquired on a freehold and long leasehold basis enabling the Travelodge group to take control of the assets, enhancing value The assets will be acquired through a newly created property holding group, under a new Travelodge group holding company, benefitting from support to drive further growth from its owner, GoldenTree Asset Management (GTAM) The hotels cover a wide geography, including London, the Midlands and the North of England across City Centre and roadside locations The transaction comes after Travelodge reported record-breaking Q3 results in November, with revenue up 16.7% to £782.0 million and u...
Linchris Acquires Provincetown Inn in Massachusetts
Linchris Hotel Corporation | January 3, 2024
PLYMOUTH, MA – January 3, 2023 – Linchris announces the acquisition of the Provincetown Inn in Provincetown, MA. The 102-room hotel sits on just over 6 acres of land, overlooking the Provincetown Harbor. The property has its own private beach and is only a short walk away from the many cultural attractions downtown Provincetown has to offer including restaurants, local shops and galleries, and annual events that draw visitors all year round. Built in the 1930s, this historic property maintains its historic past, while including all the modern amenities required by today’s traveler. "We are incredibly happy about the purchase of th...
Apple Hospitality REIT Acquires the SpringHill Suites by Marriott Las Vegas Convention Center
Apple Hospitality REIT, Inc. | January 2, 2024
RICHMOND, Va.--January 2, 2024--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of the 299-room SpringHill Suites by Marriott Las Vegas Convention Center (the “Hotel”) for approximately $75 million, or $251,000 per key. “Las Vegas, well known as a premier gaming and entertainment destination, has dynamically expanded in recent years with the arrival of major league sports teams, the Sphere and Formula 1 racing, to capture an even larger segment of leisure travel demand,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “In add...
SSG Hotels Acquires Full-Service Holiday Inn & Suites in Farmington Hills, MI
SSG Hotels LLC | January 2, 2024
Lafayette, January 2, 2024 — SSG Hotels LLC, a leading hospitality management company, is delighted to announce the acquisition of a brand-new 133-room full-service Holiday Inn & Suites in Farmington Hills, MI. The hotel, constructed in 2018, boasts state-of-the-art facilities, including nearly 5000 square feet of meeting space, making it a premier destination for both business and leisure travelers. About the Property: The newly acquired Holiday Inn & Suites features a range of amenities designed to enhance the guest experience. With an indoor swimming pool, fitness center, business center, guest laundry, and a sundry shop, gue...
