NATIONAL REPORT—Hotel Business has been monitoring transactions. Here’s what we found:
Key International Makes Acquisition
Key International has acquired the Hampton Inn & Suites by Hilton Destin in Destin, FL. The 130-room hotel was purchased from McNeill Hotel Co., which will continue to provide management services for the property. The transaction amount was not disclosed.
Upland Capital Corporation Purchases Hotel
Upland Capital Corporation has acquired Harbor View Hotel on Martha’s Vineyard, in Dukes County, MA. The real estate investment and asset management firm is developing plans to renovate Harbor View Hotel starting late fall.
Sunstone Hotel Investors Sells Two Properties
Sunstone Hotel Investors Inc. has sold the 289-room Marriott Philadelphia and the 464-room Marriott Quincy in Quincy, MA, for a combined gross sale price of $139 million, or approximately $184,600 per key. The sale price represents a 10.3x multiple on combined 2017 hotel adjusted EBITDA of $13.5 million and an 8.3% capitalization rate on combined 2017 hotel net operating income, and it excludes approximately $12 million of brand-required capital expenditures.