INTERNATIONAL REPORT—Hotel Business is tracking transactions. HREC, Queensgate Investments and Barot Capital have all made deals. Here are the details:
HREC Arranges Portfolio Sale of Three Hampton Inns
HREC Investment Advisors has arranged the sale of a three-property portfolio, including the 122-guestroom Hampton Inn Appleton-Fox River Mall Area located in Wisconsin, the 119-guestroom Hampton Inn Milwaukee/Brookfield located in Wisconsin and the 135-guestroom Hampton Inn West Des Moines located in Iowa. Denver, CO-based Walker Reynolds acquired this select-service portfolio.
HREC Investment Advisors exclusively represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, WI, during the transactions. The marketing, negotiations and final sales were led by Mike Cahill, CEO and founder in the Denver office; SVP Scott Kaniewski, VP Tom Sommer, and VP Jeff Preston, all three located in the Chicago office; and Mike Dube, VP, located in the Denver office.
Queensgate Investments Acquires Four Grange Hotels
Queensgate Investments has completed the acquisition of the Grange St Paul’s EC4, Grange Tower Bridge E1, Grange City EC3, and Grange Holborn WC1 for circa £1 billion (roughly $1.3 billion).
The portfolio comprises 1,345 Central London rooms, around 930,000 sq. ft. of real estate. The four upscale hotels have significant meeting and conference space as well as spa and leisure facilities, including swimming pools.
The portfolio was sold by Grange Hotels, one of London’s largest privately held hotel groups which, following the transaction, will own and operate 13 hotels, primarily in Central London. Queensgate has an agreement with Fattal Hotel Group to run the assets. Fattal Group will implement rolling refurbishments of all assets and will pursue a repositioning strategy to drive superior performance and growth, increasing its London portfolio to a total of seven hotels and 2,000 rooms. Queensgate secured a fully underwritten debt facility from Société Générale, The Carlyle Group and Cheyne Capital for the transaction.
Barot Capital Arranges Financing for Acquisition
Barot Capital has arranged financing for a $4-million acquisition of a Ramada by Wyndham in the city of Murfreesboro, TN, in partnership with the U.S. Small Business Administration and Bank.