NATIONAL REPORT—Hotel Business is tracking transactions. Here are the details:
Hospitality Properties Trust Acquires Crowne Plaza Milwaukee West in Milwaukee, WI
Hospitality Properties Trust has completed the purchase of the 198-room Crowne Plaza Milwaukee West in Milwaukee for $30 million, or approximately $151,500 per key. The hotel will be added to HPT’s existing agreement with InterContinental Hotels Group.
HFF arranges $42.27M financing for Renaissance hotel in Fort Lauderdale
HFF has arranged $42.27 million in acquisition financing for the Renaissance Fort Lauderdale Cruise Port Hotel, a 236-room, full-service hotel in the heart of the 17th St. Cruise Port district in Fort Lauderdale. HFF worked on behalf of the borrower, a joint-venture led by DoveHill Capital Management, to place the 10-year, full-term, interest only, fixed-rate acquisition loan with a top-tier CMBS lender. DoveHill Capital Management engaged its affiliate management company, Wurzak Hotel Group, upon closing.
Boston Realty Advisors Arranges Transaction of The Nantucket Portfolio
Boston Realty Advisors has arranged the transaction of The Nantucket Portfolio in Nantucket, MA—a collection of hospitality properties—in the amount of $25.1 million, equating to more than $430,000 per key.
With four buildings, a total of 58 keys and a collection of retail tenants, the transaction is the largest on the island in 2019. The Nantucket Portfolio, located on Chestnut, Center and India Streets, consists of three buildings that date back to the 1800s and one newer 21-unit inn, built in 2014. Center Street ACKquisitions LLC acquired the portfolio in 2005 for $10.8 million and sold to an affiliate of Boston-based Blue Flag Development.