NATIONAL REPORT—From a sophisticated boutique hotel to an upscale property with a downtown vibe, here’s a look at some of the latest hotel acquisitions.
Pebblebrook Hotel Trust Completes Sale of Hotel Amarano Burbank
Pebblebrook Hotel Trust has closed on the sale of the 132-room Hotel Amarano Burbank in Los Angeles for $72.9 million.
Proceeds from the sale of the Hotel Amarano Burbank will be utilized for general business purposes, which may include reducing the company’s outstanding debt. As a result of this completed sale, the company estimates its total net debt to trailing 12-month corporate EBITDA will be approximately 4.6 times at the end of the third quarter 2019.
HREC Arranges Sale of the DoubleTree by Hilton San Antonio Airport
HREC Investment Advisors has arranged the sale of the 291-guestroom DoubleTree by Hilton San Antonio Airport located in San Antonio, TX. Presidian Hotels has been retained to manage the hotel.
The marketing, negotiations and final sale were led by Mike Armstrong, principal in the San Diego office, and Arnold Armstrong, an affiliate broker in Texas.
The hotel is less than a mile from the entrance to the San Antonio International Airport and has highway visibility and access from I-410.
Mohr Capital Acquires Hyatt Regency Hotel Ground Lease in Milwaukee
Dallas-based, privately-held real estate investment firm Mohr Capital has acquired its first hotel ground lease in downtown Milwaukee at 333 W. Kilbourn Ave. The Hyatt Regency that sits on the 99-year ground lease is a four-star hotel with 481 rooms on 22 floors. The hotel is managed by Interstate Hotels.
Rodrigo Godoi and Kyle Campbell handled the transaction on behalf of Mohr Capital.