NATIONAL REPORT—Ares Real Estate Group has sold its $270 million stake in the Gaylord Rockies Resort & Convention Center, which is scheduled to open later this year. Here’s a look at that and other transactions:
Ares Real Estate Group Sells $270M Stake in Gaylord Rockies Resort & Convention Center
Ares Management L.P. revealed that funds managed by its real estate group have agreed to the sale of its investment in the Gaylord Rockies Resort & Convention Center, a 1,500-room hotel and convention center under construction in Aurora, CO. As part of the transaction, Ryman Hospitality Properties Inc. and RIDA Development Corporation, Ares’ other partners in the development’s joint venture, will pay a combined total of approximately $270 million to acquire Ares’ investment. The transaction is subject to customary closing conditions, including joint venture lender consent, and is expected to close by the end of the year.
Construction of the Gaylord Rockies began in early 2016, and it is expected to be the largest combined hotel and convention center in Colorado when the property begins operations in the fourth quarter.
“We are proud to have been an early investor in this transformative project, and to have had the opportunity to continue our longstanding partnership with RIDA and to build a relationship with Ryman,” said Andrew Holm, partner in the Ares Real Estate Group. “Our Gaylord Rockies investment continues Ares’ longstanding track record of developing best-in-class convention and resort properties across major markets in the United States and our long-term strategy of being a meaningful investor in developments that meet the needs of local communities.”
DSH Hotel Advisors Arranges Sale of Microtel in Florida
DSH Hotel Advisors has arranged the sale of the Microtel Inn & Suites by Wyndham – Port Charlotte, FL on Sept. 12 for $7 million. The company represented the buyer, Maingate East Development Inc. and the seller, Interdevco, a Miami-based investment group.
“We generated a tremendous amount of interest on the Microtel from buyers throughout the U.S. and internationally—ultimately, the seller selected Maingate East Development Inc. as the buyer due to their financial strength, hotel ownership experience and attractive offer,” said Dennis Hopper, managing principal of DSH Hotel Advisors. “We have seen a surge of hotel investors seeking opportunities in Southwest Florida due to the unique mix of corporate and leisure demand generators coupled with the positive outlook of the region.”
Hunter Hotel Advisors Announces Sale of Hilton Garden Inn in Atlanta
Hunter Hotel Advisors represented an institutional owner in the sale of the 193-room Hilton Garden Inn Atlanta Perimeter Center, Atlanta to Noble Investment Group. The institutional quality, premium-branded select-service hotel is located in the heart of Perimeter Center, a 29-million-sq.-ft. office complex housing headquarters for State Farm, Mercedes Benz, UPS (United Parcel Service), AT&T Mobility, First Data and more, and is surrounded by more than six million sq. ft. of shopping, dining and entertainment.
Noble Investments was pleased to have “the opportunity to acquire a high-quality physical asset in one of the Southeast’s fastest growing markets,” according to Ben Brunt, Noble principal.