Buying & Selling: Four Deals to Know

NATIONAL REPORT—Hoteliers are continuing to buy and sell properties throughout the United States. Here are the details:

Hawkeye Hotels Expands Northeast Portfolio 
Hawkeye Hotels has closed on the acquisition of the Hampton Inn & Suites by Hilton in Cranberry Township. With this acquisition, Iowa-based Hawkeye Hotels is expanding its footprint in the Northeast. The company is positioned to develop additional hotels in the Pittsburgh area, across Pennsylvania and beyond. Hawkeye Hotels is also developing a 150-room Holiday Inn in Erie, which is under construction and expected to open in 2020.

JLL Arranges Sale, Secures Financing for Two Hotels
JLL Hotels & Hospitality has advised on the sale of the Grand Hyatt Tampa Bay and Bayport Plaza. The 444-key hotel and the 265,976-sq.-ft. office property are located along Tampa Bay, near Tampa International Airport and at the epicenter of the Rocky Point and Westshore submarkets. JLL advised on behalf of the seller. IP Capital Partners, along with an institutional capital partner, purchased the hotel and office assets. JLL also secured acquisition financing. LL Senior Director Preston Reid and Director Wyatt Krapf led the hotel transaction effort, Senior Managing Director Hermen Rodriguez led the office transaction effort and Senior Managing Director Chris Drew and Director Maxx Carney led the financing effort.

HREC Arranges Sale of the Marriott San Antonio Northwest
HREC Investment Advisors has arranged the sale of the 296-room Marriott San Antonio Northwest located in San Antonio, TX. Mid-Continent Hospitality will manage the hotel. HREC Investment Advisors exclusively represented the seller during the transaction. 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.

Waramaug Acquires Two Florida Properties
Waramaug Hospitality has acquired SpringHill Suites by Marriott Tallahassee Center in Tallahassee, FL and the Residence Inn by Marriott Port St. Lucie in Port St. Lucie, FL.

Leave A Reply