Hotels Sold Twice, Cut Once

NATIONAL REPORT—Hotel sales continue to be brisk, with deals apparently to be had. JLL’s Hotels & Hospitality Group arranged the sale of the Hamilton Crowne Plaza in Washington, DC, on behalf of Barings Real Estate Advisers for an institutional investor.

The hotel features 318 guestrooms, two F&B outlets, 7,700 sq. ft. of meeting space with access to another 18,000 sq. ft. in an adjacent building, and a fitness center. The hotel is located six blocks from the White House and the Walter E. Washington Convention Center, and 10 minutes from Ronald Reagan Airport.

Barings Real Estate Advisers is part of Barings LLC, a diversified real estate investment manager.

Managing Director Robert Webster, EVP Tim Southard and SVP John Harper led the JLL team on the transaction, working with Jim O’Shaughnessy, managing director at Barings Real Estate Advisers.

Residence Inn Sold in Portland, ME

Holliday Fenoglio Fowler LP (HFF) sold the 179-suite Residence Inn Portland Downtown/Waterfront hotel in Portland, ME, on behalf of Norwich Partners, and procured the undisclosed buyer.

The hotel, at 145 Fore St., is proximate the Ocean Gateway Terminal cruise port as well as restaurants, retail shops, leisure attractions and offices.

Completed in 2009, the five-story property features suites with fully equipped kitchens, the Shipyard Lounge, 1,235 sq. ft. of event space, an outdoor courtyard, business center, fitness center and indoor pool.

The hotel was purchased unencumbered of management.

The HFF investment sales team representing the seller included Managing Director Denny Meikleham, Senior Director Alan Suzuki and Director Matthew Enright.

Price Cut in Kansas

According to Leisure Real Estate Advisors LLC, there’s been a $100,000 price reduction on the Holiday Inn Express Bonner Springs at 13031 Ridge Drive in Bonner Springs, KS.

The three-story hotel, with an I-70 location, has new exterior paint and stone accents, an indoor pool, fitness center, and a brand standard Formula Blue breakfast area and lobby.

The owners of the 63-key HIEx completed a Formula Blue PIP in 2015.

The hotel is located five miles from the Legends at Village West entertainment district, which includes attractions such as the Kansas Speedway (NASCAR), Children’s Mercy Park (pro soccer stadium), Community America Ballpark (minor league baseball), Cabela’s, the Schlitterbon KC Waterpark, Nebraska Furniture Mart and the Hollywood Casino.

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