NATIONAL REPORT—Hotel Business has been following financial transactions closely. Here’s what we’ve found:
Braemar Hotels & Resorts to Sell Renaissance Tampa
Braemar Hotels & Resorts Inc. has signed a definitive agreement to sell the 293-room Renaissance Tampa International Plaza hotel in Tampa, FL, for $68 million ($232,000 per key). The sale price represents a trailing 12-month cap rate of 8.2% on net operating income and a 10.0x hotel EBITDA multiple as of March 31. The transaction is expected to close during the second quarter. The closing of the sale is also expected to complete a reverse 1031 exchange that was initiated to acquire the Ritz-Carlton Sarasota.
Landmark Hotel and Conference Center in Morgantown, WV, to Be Sold
By authority of the U.S. Bankruptcy Court of the Northern District of West Virginia, Equity Partners HG has been retained to conduct an auction for the Ramada Morgantown Hotel and Conference Center. The property currently consists of a single tract, totaling 9.9 acres, but could be subdivided to create additional development opportunities. The auction is scheduled for June 5. Anyone wishing to participate must become a qualified bidder by submitting an offer prior to 5 p.m. eastern on June 1.
Hunter Hotel Advisors Arranges Sale of Staybridge Suites Wilmington/Wrightsville Beach, NC
Hunter Hotel Advisors represented TriGate Capital and Beacon Investment Management Group in the sale of the 92-room Staybridge Suites in Wilmington, NC. Fargo, ND-based Lodging Opportunity Fund, REIT purchased the hotel. LOF-REIT is a private, non-traded REIT dedicated to providing steady income and building investor wealth through investments in hospitality real estate. Beacon IMG will continue to manage the hotel.