NATIONAL REPORT—Hotel Business is tracking transactions in the industry, with numerous properties being acquired and sold—three are domestic and one is international. Here’s a closer look at the deals done:
Apple Hospitality REIT Acquires Two Residence Inn by Marriott Hotels
Apple Hospitality REIT Inc. has acquired the 179-room Residence Inn by Marriott Portland Downtown/Waterfront in Portland, ME, for a purchase price of approximately $55.8 million, or $311,500 per key; and the 136-room Residence Inn by Marriott Salt Lake City Murray, located in Salt Lake City, for a purchase price of approximately $25.5 million, or $187,500 per key.
Chesapeake Lodging Trust to Sell The Hotel Minneapolis, Autograph Collection
Chesapeake Lodging Trust has entered into an agreement to sell the 222-room The Hotel Minneapolis, Autograph Collection, located in Minneapolis, for a sale price of $46 million, or approximately $207,000 per key, subject to customary working capital pro-rations at closing. Completion of the proposed sale is expected to close within the next 30 days, subject to customary closing requirements and conditions.
Condor Hospitality to Sell Non-Core Legacy Hotel
Condor Hospitality Trust Inc.’s 71-room Comfort Inn & Suites Warsaw, located in Warsaw, IN, is now under contract to sell for $4.7 million and expected to close in late December. Net proceeds from the anticipated sale will be applied to outstanding debt on the company’s $150-million secured credit facility.
Europe Hotels Private Collection Acquires Parkhotel The Hague
Amsterdam-based hotel group Europe Hotels Private Collection (EHPC) has acquired Parkhotel The Hague, which is located in The Hague, Netherlands. This purchase adds Parkhotel The Hague to EHPC’s portfolio, which already includes Park Hotel Amsterdam, Max Brown Hotels (with hotels in Amsterdam, Berlin and Dusseldorf, Germany), Sir Hotels (including five hotels in Amsterdam, Berlin, Hamburg, Germany, and Ibiza, Spain) and the asset management of the W Amsterdam.