NATIONAL REPORT—Hotel Business has been rounding up transaction deals in the industry. DSH Hotel Advisors, Chesapeake Lodging Trust and Condor Hospitality Trust are some of the top transactions we found.
DSH Hotel Advisors Arranges Sale of Kissimmee, FL Property
DSH Hotel Advisors has closed on the Baymont Inn & Suites by Wyndham—Kissimmee, FL on June 8 for $4,750,000—the full list price as offered to the marketplace. He represented the seller, Maingate East Development Inc. The buyer, J.E. System Service Corp., a Florida corporation, was represented by George Jimenez, president of Multifamily Real Estate Group Inc.
Chesapeake Lodging Trust Enters Into Agreement to Sell Hyatt Centric Santa Barbara
Chesapeake Lodging Trust has entered into an agreement to sell the 200-room Hyatt Centric Santa Barbara located in Santa Barbara, CA for a sale price of $90 million, or approximately $450,000 per key, subject to customary pro-rations at closing. Completion of the proposed sale is expected to close within the next 60 days, subject to customary closing requirements and conditions.Chesapeake Lodging Trust acquired the Hyatt Centric Santa Barbara in June 2013 for $61 million, or $305,000 per key.
Condor Hospitality Trust Closes Sale of Non-Core Legacy Hotel
Condor Hospitality Trust Inc. closed the sale of a legacy hotel asset, the 127-room Comfort Suites located at 5775 Coventry Lane in Fort Wayne, IN, for $7.1 million. Net proceeds from the sale will be applied to outstanding debt on the company’s $150 million secured credit facility.
Crystal Investment Property Brokers the Sale of Captain Whidbey Inn
Crystal Investment Property LLC (CIP) has brokered the sale of the Captain Whidbey Inn in Coupeville, WA. CIP represented the seller in the sale. Joseph P. Kennedy, president of CIP, worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.