NATIONAL REPORT—Who’s been buying and selling hotel properties? Here are the details:
RLJ Lodging Trust Sells Kingston Plantation for $156M
RLJ Lodging Trust has sold two hotels located in Myrtle Beach, SC, consisting of the 385-room Hilton Myrtle Beach Resort and 255-room Embassy Suites by Hilton Myrtle Beach Oceanfront Resort for $156 million, or approximately $244,000 per key.
Based on the trailing 12 months ended in May, the sales price represents a 12.9x Hotel EBITDA multiple
and 6.7% capitalization rate, inclusive of $44.5 million in planned capital expenditures. The company estimates the disposition of Kingston Plantation will have the following effect on its full year 2019 outlook: Pro forma Consolidated Hotel EBITDA will be reduced by approximately $15.5 million; and adjusted EBITDA will be reduced by approximately $8.8 million.
Four Wisconsin Hotels Sold
Milmark Hotel/Motel Investments LLC represented the sellers in the sales of four Wisconsin lodging properties:
- Motel 6 – Prairie du Chien
- Nordic Lodge – Sister Bay
- Avalon Hotel & Conference Center – Chippewa Falls
- Econo Lodge – Stevens Point
HREC Arranges Sale of Two Hotels
HREC Investment Advisors has arranged the sale of the 103-guestroom Fairfield Inn & Suites Watertown Thousand Islands, located in Watertown, NY, and the 112-guestroom Candlewood Suites Watertown-Fort Drum, located in Evans Mills, NY. The buyer, Visions Hotels, based in Corning, NY, is an established owner/operator with hotel investments throughout New York State. HREC Investment Advisors exclusively represented the seller during the transaction. The marketing, negotiations and final sale were led by Ketan Patel, managing director in the Washington DC office, and Mark von Dwingelo, SVP in the Danbury, CT office. The seller is an entrepreneurial real estate company that builds and owns various properties across the real estate spectrum.