NATIONAL REPORT—Who’s buying and selling? Here are the latest deals for hotels made across the U.S.
The Wardman Group Acquires the Berkshires’ Seven Hills Inn
The Wardman Group acquired Seven Hills Inn, a historic, 57-room hotel in Lenox, MA on June 15. The Washington, D.C.-based real estate investment firm has engaged Scout Hotel & Resort Management to operate the inn.
“This property is a textbook example of what we’re looking to acquire. We were able to buy the hotel at a substantial discount to replacement cost, and we see tremendous amount of upside with marketing and operational enhancements, and with our planned $2.2-million renovation,” said Thad Paul, founder and CEO of The Wardman Group.
Set on 26 acres, Seven Hills Inn offers 57 guest accommodations in three buildings: the original 1910-built Manor House, the Carriage House and the Terrace Building. Amenities include private baths, complimentary breakfast, a swimming pool, kitchenettes in select units, and WiFi access. The inn’s 5,000 sq. ft. of meeting and event space includes a formal dining room, parlor and two expansive banquet rooms. Each of the four rooms feature step-out access to a wide veranda overlooking the gardens.
HREC Arranges Sale of DoubleTree in Rocky Mount, NC
HREC Investment Advisors arranged the sale of the 166-room DoubleTree Rocky Mount located in Rocky Mount, NC. The hotel was acquired by an affiliate of AD1 Global, a Florida-based hotel developer, owner and operator.
Monty Levy, managing director in HREC Investment Advisors’ Atlanta office, exclusively represented the seller, an affiliate of Rockbridge, in this transaction.
Hunter Hotel Advisors Arranges Sale of Courtyard by Marriott in Myrtle Beach, SC
Hunter Hotel Advisors represented the Vista Hospitality Group in the sale of the 157-room Courtyard by Marriott Myrtle Beach – Barefoot Landing in Myrtle Beach, SC. Vista Hospitality is a management company that specialize in the ownership, management and development of hotels, resorts and related commercial real estate. AD1 Global purchased the property.
The hotel sits within Barefoot Landing, North Myrtle Beach, which is a large mixed-use development comprising national retailers, boutiques and amusement attractions located adjacent to the Intracoastal Waterway.
Hospitality Properties Trust Acquires Radisson Blu Minneapolis
Hospitality Properties Trust (HPT), a real estate investment trust, has acquired the Radisson Blu Minneapolis Downtown in a sale from an affiliate of KKR. The hotel was acquired by KKR in June 2014 and converted to Radisson Blu following a multimillion-dollar renovation.
The hotel has more than 360 rooms, 29,000 sq. ft. of flexible meeting and event space, 24-hour business center, business class lounge, and the FireLake Grill House & Cocktail Bar. The Radisson Blu Minneapolis Downtown becomes the ninth property owned by HPT and managed by Radisson Hotel Group.
In addition, HPT has announced a $50-million-plus investment across its portfolio of hotels under Radisson Hotel Group’s brands including Radisson Hotel Salt Lake City Downtown; Radisson Hotel Seattle Airport; Radisson Hotel Nashville Airport; Radisson Hotel Phoenix Airport; Country Inn & Suites by Radisson, Brooklyn Center, MN; Country Inn & Suites by Radisson, Bothell, WA; Country Inn & Suites by Radisson, San Diego North, CA; Country Inn & Suites by Radisson, Sunnyvale, CA (which will convert to a Radisson following its renovation).
The portfolio improvements to the Country Inn & Suites by Radisson hotels are already underway and expected to be completed by Q3 2018. The Radisson hotels will begin renovations in Q3 2018 and are expected to be completed in early 2019.