NATIONAL REPORT—Hotel Business is tracking transactions. Chatham Lodging Trust, Crystal Investment Property and CAS Associates Inc recently made deals. Here are the details:
Chatham Lodging Trust Sells Western Pennsylvania Hotels
Chatham Lodging Trust has sold the 105-room Courtyard by Marriott Altoona, PA and the 86-suite SpringHill Suites by Marriott Washington, PA for approximately $10 million. Inclusive of brand-required improvements of over $4 million, Chatham sold the hotels at an approximate 6% net operating income capitalization rate (after an assumed annual capital reserve of 4% of total hotel revenues).
Crystal Investment Property Brokers Sale of Lighthouse Inn
Crystal Investment Property has arranged the sale of the Lighthouse Inn in Florence, OR. The company represented the buyer and seller in the sale. Joseph P. Kennedy, president of Crystal Investment Property, 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.
CAS Associates Sells Quality Inn in Waynesboro, VA
CAS Associates has sold the Quality Inn located in Waynesboro, VA, on behalf of Rady LLC. The 75-unit hotel was acquired by Shree Kuleshvari 2 LLC. The new ownership group will continue the affiliation with Quality Inn, and has plans to make upgrades to the asset.