NATIONAL REPORT—Hotel Business is tracking a flurry of hotels sales activity as the year comes to a close. Here’s a look at what’s being bought and sold:
Xenia Completes $53.5M Acquisition of Atlanta Property
Xenia Hotels & Resorts Inc. has acquired the former Mandarin Oriental, Atlanta, a 127-room luxury hotel located in the upscale Buckhead area of Atlanta, for $53.5 million or approximately $421,000 per key. The hotel was rebranded as Waldorf Astoria Atlanta Buckhead immediately upon completion of this acquisition.
CBRE Arranges Sale of 228-Room Portfolio in Milwaukee Area
CBRE announced that it has arranged the sale of a 228-room, two-property hotel portfolio in Oconomowoc, WI. The two hotels in the offering consist of a 128-room Staybridge Suites at 1141 Blue Ribbon Dr., purchased by KGNMP Hotels LLC, a Wisconsin limited liability company, and a 100-room Hilton Garden Inn at 1443 Pabst Farms Circle, purchased by KM Hotel LLC.
38-Property Select-Service portfolio is Sold
JLL, Hotels & Hospitality has arranged the sale of The Hyatt Select Service and Extended Stay Portfolio, which is comprised of 38 Hyatt Place and Hyatt House hotels located across 21 states. Singapore-based ARA Asset Management Limited purchased the institutional-quality portfolio. Managing directors Mark Fair and Al Calhoun led the JLL team on the transaction.
Driftwood Acquisitions and Development Enters Atlanta Market
Driftwood Acquisitions and Development (DAD) marks its entry into the Atlanta market with the acquisition of three Marriott-flagged properties as part of a six-property Marriott select-service portfolio. The hotels DAD acquired are: Fairfield Inn & Suites Atlanta Buckhead; Fairfield Inn & Suites Atlanta Perimeter Center; and Fairfield Inn & Suites Atlanta Alpharetta. All of the properties were renovated between 2015 and 2017. Hunter Hotel Advisors brokered the transaction.
Pebblebrook Completes Sale of the Grand Hotel Minneapolis
Pebblebrook Hotel Trust has closed on the sale of the 140-room, Grand Hotel Minneapolis in Minneapolis, MN for $30 million. The sale price includes the 140-room hotel and the 57,000-sq.-ft. fitness center, which is fully leased to a third-party tenant until June 2019.
Chatham Lodging Acquires Courtyard by Marriott Dallas Downtown
Chatham Lodging Trust has acquired the recently opened 167-room Courtyard by Marriott Downtown Dallas for $49 million, or approximately $293,000 per room. The hotel opened in September.
Sold: Fairfield Inn & Suites in Ithaca, NY
HREC Investment Advisors has arranged the sale of the 106-guestroom Fairfield Inn & Suites located in Ithaca, New York. The buyer was Baywood Hotels.
HREC Investment Advisors represented the seller Titan Hotel Group during the transaction. The sale was negotiated by Ketan Patel, managing director in the Washington, DC office.
The Fairfield Inn & Suites is proximate to Cornell University and Ithaca College, which is home to approximately 28,000 students.
MCR Acquires Two Hotels
MCR has added a new quarterback to its starting lineup: the 78-suite Residence Inn by Marriott Harrisburg Carlisle located proximate to the U.S. Army War College. The property is located at 1 Hampton Ct.
In addition, MCR acquired the 100-suite Residence Inn by Marriott Philadelphia Langhorne less than one mile from the Sesame Place theme park in Langhorne, PA.
Linchris Buys Harbor Hotel Provincetown
A partnership between Alta Properties, Finard Properties and Saltaire Properties sold the Harbor Hotel Provincetown. The contemporary boutique hotel has 129 rooms and is located on a 4.5-acre waterfront site in Provincetown, MA. A real estate fund managed by an affiliate of Linchris Hotel Corp. acquired the property. The sale was brokered by Boston Realty Advisors who represented Alta and Finard.
Hyatt Place in Chesapeake, VA is Sold
Hyatt Place Chesapeake, VA was purchased by SAK Developers, a private investment group, from an institutional seller. Marshall Hotels & Resorts of Salisbury, MD will provide sales & marketing, operations and accounting services to the owner. Hunter Hotel Advisors represented the owner in the transaction.