NATIONAL REPORT—Owners are purchasing properties across the country. Some companies involved in recent deals include Hodges Ward Elliot, Procaccianti Companies and Virtua Partners.
Hodges Ward Elliott Reps Owner in Sale of DoubleTree Albuquerque Downtown
Hodges Ward Elliott has represented ownership in their recent sale of the DoubleTree Albuquerque Downtown to AWH Partners. HWE also advised AWH on the financing of the acquisition. The HWE Los Angeles team, including Managing Directors Michael DiPrima and Rick Rush, and Director Diana Simpson, represented the seller in the transaction. Managing Director and Head of Capital Markets Lawrence Britvan advised the buyer on the financing of the acquisition. The hotel includes 295 guestrooms, over 8,100 sq. ft. of meeting space, three food and beverage outlets, and boasts direct connection to the recently renovated Albuquerque Convention Center. Since 2015, ownership had invested more than $8.3 million in capital improvements in the property, including a rooms renovation and transformation of the lobby as well as food and beverage outlets.
Procaccianti Completes Acquisition of Two Lifestyle Hotels
Procaccianti Companies has acquired two landmark Northern California hotels: The Lodge at Tiburon and Toll House Hotel located in Los Gatos. Together, the hotels comprise 228 guestrooms and suites, approximately 6,500 sq. ft. of meeting space and multiple food and beverage offerings.
Virtua Partners Finalizes Purchase of Courtyard by Marriott in NC
Virtua Partners has purchased of 126-room Courtyard by Marriott under construction in Winston-Salem, NC. Hotel Equities will manage the Marriott hotel in downtown Winston-Salem when it opens in Q1 2020. Hotel Equities and Virtua Partners joined forces last year to expand upon their current hospitality portfolio through new development and acquisition opportunities. Hotel Equities is providing development services for the Courtyard through the construction process and will see it through completion.