NATIONAL REPORT—Acquisitions, sales and financing continue to keep pace this month. In Austin, TX, Condor Hospitality Trust closed on its acquisition of a TownePlace Suites; three Marriott hotels in Florida were sold for approximately $68.75 million; and there are more industry transactions.
Condor Snaps Up TownePlace Suites in TX
Condor Hospitality Trust Inc. has closed on its previously announced agreement to purchase the 122-room TownePlace Suites located in the North Tech Ridge submarket of Austin, TX. The hotel was purchased for $19.75 million and will continue to be managed by Aimbridge Hospitality.
“With the closing of the TownePlace Suites Austin North Tech Ridge, we have added another young, high-quality select-service asset into our growing portfolio of new investment platform hotels. The TownePlace Suites represents the youngest select-service product in the North Tech Ridge submarket, which has numerous and diverse local demand drivers, including Dell’s corporate campus, Samsung’s semiconductor facility, and General Motors’ IT innovation facility,” stated Bill Blackham, Condor’s CEO. “As the 31st largest MSA by population, Austin grew faster than all other large metro areas in the United States over the last five years. This new asset fits perfectly within our acquisition strategy of acquiring newer select-service hotels in fast-growing, top-100 MSAs.
“Assuming the closing of the Home2 Suites Summerville, which is currently under contract, we will have closed approximately $276 million of acquisitions since the fourth quarter of 2015, representing 14 high-quality premium-branded, select-service hotels flagged under the leading Marriott, Hilton and IHG hotel brands,” added Blackham.
Three Marriotts Go for $68.75M
Hunter Hotel Advisors represented an affiliate of Rockwood Capital in the sale of three Florida hotels. The portfolio included the sale of the 153-room Courtyard Sarasota/Bradenton; the 149-room SpringHill Suites Tampa Westshore; and the 152-room Courtyard Boynton Beach, FL. The Courtyard Sarasota/Bradenton and the SpringhHill Suites Tampa Westshore were purchased by an affiliate of Ocean Properties, who will continue to manage the hotels under a long-term management agreement.
Both hotels have recently undergone renovations and are positioned to capitalize on the continued growth in the Tampa/Bradenton markets, according to the company.
The recently renovated Courtyard Boynton Beach was purchased by a private investor, who is also retaining Ocean Properties as the current management company.
Two Hotels Sold in CO
HREC Investment Advisors has arranged the sale of the 65-guestroom Holiday Inn Express and the 70-room Hampton Inn, both located in Glenwood Springs, CO. The buyer was Terrapin Investments and Management Corp., who will also manage the hotels.
Michael Cahill, CEO and HREC founder, and Jeffrey Duni, SVP in HREC Investment Advisors’ Denver office, exclusively represented Stonebridge Companies during the transaction.
Both hotels are expected to undergo renovations.
The Winthrop Inn Is Sold
Crystal Investment Property LLC exclusively represented the seller in the sale of The Winthrop Inn, Winthrop, WA.
Joseph P. Kennedy, president of Crystal Investment Property, worked closely with the seller and buyer’s broker, as well as lenders and other professionals, to negotiate a mutually acceptable sale. The final sale price was confidential.
The 30-key property has room to expand operations in a popular resort town drawing from throughout the region as well as nationally, according to the company.
Refi for Thompson Nashville
AJ Capital Partners, The Berger Company and MarketStreet Enterprises closed on the refinancing of the Thompson Nashville. The group secured a $91-million floating rate mortgage with a five-year term. Thompson Nashville has experienced significant ramp up in operations since opening in the fourth quarter of 2016 and, as a result, the partnership elected to refinance the existing construction loan, according to the company. Eastdil Secured acted as broker for the financing.
Florida Holiday Inn Express & Suites Gets Financing
HREC Capital Markets Group has arranged first mortgage financing for the acquisition of the 87-room Holiday Inn Express & Suites in Trinity, FL. The 10-year fixed-rate, non-recourse loan was provided by an international bank. Greg Porter, SVP in HREC’s San Diego office exclusively represented the borrower, a private partnership composed of foreign nationals making their first U.S. purchase.