NATIONAL REPORT—Woodmont Lodging, Milestone Companies, Mani Brothers, Vesta Hospitality and Ascott have all completed hotel acquisitions. Here’s a closer look at deals in the U.S. and abroad:
Woodmont, Milestone Complete Joint Acquisition in Pittsburgh
Woodmont Lodging and Milestone Companies have jointly completed acquisition of the 98-room Fairfield Inn & Suites Pittsburgh Downtown. Woodmont Lodging will provide asset management services, and Milestone Hospitality will deliver property management services to the newly constructed hotel. The seven-story hotel is proximate to PNC Park, Heinz Field and the David L. Lawrence Convention Center. Amenities include a 24/7 fitness center, guest laundry and sundry store. The hotel hosted its grand opening this month after two years of construction.
Mani Brothers Real Estate Group Acquires Property in Maui, CA
Mani Brothers Real Estate Group has purchased the Travaasa Hāna, a 72-acre oceanfront resort with 75 private bungalows situated on Maui’s east coast. Travaasa Hāna has multiple pools, hot tubs and relaxation areas. Current on-site offerings in this wellness-centric property include horseback riding, stand-up paddling, yoga and guided meditation. The property also features two full service food and beverage destinations. The hotel was purchased for an undisclosed amount, and the transaction was completed on Sept. 26.
Vesta Hospitality Acquires Cannery Pier Hotel & Spa
Vesta Hospitality has acquired the Cannery Pier Hotel & Spa, an independent luxury boutique property on the Columbia River Basin in Astoria, OR. Built on the site of the former Union Fish Cannery, the Cannery Pier Hotel & Spa projects 600 ft. into the Columbia River with views of Cape Disappointment Lighthouse and nearby Washington. The property has a full-service day spa, a fitness room and meeting and event space. Nearby are the Columbia River Maritime Museum, the Lewis and Clark National Historical Park and biking trails among other attractions.
Ascott Acquires Property in Sydney
CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), is investing $202.2 million (S$192 million) in a freehold serviced residence in the Central Business District of North Sydney through the Ascott Serviced Residence Global Fund, its global fund with Qatar Investment Authority (QIA). To be named Citadines Walker North Sydney, the serviced residence is part of a 48-story integrated development which also has office and retail components upon its completion in 2021. The property will have 252 apartments and facilities including a restaurant, rooftop bar, meeting rooms, business center, executive lounge and gym.