NATIONAL REPORT—Chesapeake Lodging Trust has agreed to sell two NYC properties, plus JLL and HREC have arranged for other hotel sales. Here’s a look:
Chesapeake Lodging Trust to Sell NYC Hotels
Chesapeake Lodging Trust has entered into an agreement to sell the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York Midtown South for an aggregate sale price of $138 million, or approximately $450,000 per key, subject to customary pro-rations at closing. The proposed sale by the trust of these hotels is anticipated to occur in mid-to-late September 2019 prior to completion of the trust’s proposed merger with Park Hotels & Resorts Inc. The trust acquired the Hyatt Herald Square New York in December 2011 for $52 million, or $428,000 per key, and the Hyatt Place New York Midtown South in March 2013 for $76.2 million, or $412,000 per key.
JLL Arranges Sale of DoubleTree by Hilton Hotel Salem, OR
JLL has closed the sale of DoubleTree by Hilton Hotel Salem, OR, an 80-room, full-service, Hilton-branded hotel in Salem, OR. The company marketed the property on behalf of an institutional seller. BHG Hotels purchased the asset unencumbered of existing management and debt. The hotel has two meeting rooms totaling 1,500 sq. ft., an outdoor swimming pool, a fitness center and business center along with several food and beverage options. Constructed in 1997, the four-story hotel was converted to a DoubleTree in 2012.
JLL Closes Sale of All-Suite Hotel in Southern California
JLL has closed the sale of SpringHill Suites by Marriott Corona Riverside, a 130-suite, select-service hotel in the Southern California community of Corona, CA. JLL marketed the property on behalf of an institutional seller. Titanium Elite Inc. purchased the asset, and Newport Beach, CA-based Twenty Four Seven Hotels will manage the hotel. Originally completed in 2009, the 4-story property was renovated in 2017 and has two meeting rooms totaling 809 sq. ft., an outdoor swimming pool with spa, a fitness center, business center and 24-hour sundry shop.
JLL Arranges Sale and Financing for Suburban Portland Homewood Suites
JLL has closed the sale of and arranged acquisition financing for the Homewood Suites by Hilton Hillsboro/Beaverton, a 123-suite, select-service hotel in the Portland-area community of Beaverton, OR. JLL marketed the property on behalf of an institutional seller. BHG Hotels purchased the asset. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with American Real Estate Capital, based in Coral Gables, FL. The property comprises one- and two-bedroom suite-style guestrooms averaging 482 sq. ft. The four-story, wood-frame hotel has two meeting rooms, an outdoor swimming pool, fitness center, business center and Pavilion Pantry Market.
HREC Arranges Sale of the Best Western Fort Myers Waterfront
HREC Investment Advisors has arranged the sale of the 108-key Best Western Fort Myers Waterfront located in Fort Myers, FL. Exclusively representing Fort Myers based Carrol Properties during the transaction, they also procured the buyer, an investor based in Ohio. The hotel is located on the banks of the Okeechobee Intracoastal waterway, the Caloosahatchee River, which leads to the Gulf of Mexico.