Rockpoint Group Completes $375M of Hotel Sales
Monday July 8th, 2013 - 10:33AM EH
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BOSTON—Rockpoint Group, L.L.C., a global real estate investment management firm based here, and its affiliates have completed two hotel sales over the last three weeks, which have generated $375 million.
These transactions include the 1,053-room Boston Park Plaza Hotel & Towers to a public lodging REIT for $250 million and the Courtyard by Marriott Waikiki Beach to Highgate Hotels, Inc., which managed the hotel, for $125 million.
The company bought the Boston Park Plaza two years ago, and in partnership with Highgate Hotels and affiliates of the Donald Saunders Family, LLC, added 112 guestrooms, updated the lobby, restaurant and guestrooms, as well as added street-level retail space.
Rockpoint bought the Courtyard by Marriott Waikiki Beach in partnership with Lodging Capital Partners, LLC in June 2011 for $85 million. The property is a 401-room limited service hotel located in the Waikiki submarket of Oahu.
According to the company, it has sold or recapitalized seven hotels with an aggregate value of $1.5 billion over the last nine months. The other five properties are the Alex Hotel, the Flatotel and the Milford Plaza, all in New York City; the Bacara Resort & Spa in Goleta, CA; and Hotel Le Parc in Paris, France.
Tags: • Hospitality • Acquisitions • Ownership •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.