NATIONAL REPORT—Hotel Business is tracking transactions. Excel Group, Whitbread, McNeill Hotel Investors, Marcus & Millichap and JLL have recently been involved in deals. Here are the details:
Excel Group Purchases Three-Hotel Portfolio in VA, NY and RI
Excel Group has acquired three hotels: the 151-room Hyatt Place Dulles Herndon-East in Herndon, VA; the 161-room Hampton Inn Long Island Brookhaven in Farmingville, NY; and the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield, RI.
Whitbread Acquires Development Site for Premier Inn Hotel
Whitbread has completed a freehold deal to purchase the Twilfit House development site in Dublin 1 for a new-build, 180-bedroom Premier Inn hotel. The purchase is Whitbread’s first freehold acquisition in Dublin and represents a significant step in Premier Inn’s expansion into Ireland as the business looks to fulfill a requirement for 2,000-2,500 bedrooms in Dublin. Whitbread has acquired the freehold on the Twilfit House site from Abarta Investments ICAV. The investment fund had previously secured full planning permission from Dublin City Council to build a 180-bedroom hotel on the site. The planning consent was upheld by An Bord Pleanála in late December 2018 and, upon expiration of the existing tenancies, Whitbread will demolish the existing three-story Twilfit House building and construct a new seven-story Premier Inn hotel on the site.
McNeill Hotel Investors Acquires Two Properties
McNeill Hotel Investors has acquired a two-hotel portfolio of adjacent properties in Columbia, MD, the four-story, 124-room Hampton Inn & Suites by Hilton and the four-story, 117-room SpringHill Suites by Marriott, adding to the company’s growing portfolio. The acquisition by McNeill Hotel Investors was facilitated by capital recently secured by McNeill through New York-based Almanac Realty Investors LLC.
Marcus & Millichap Arranges Sale of Americas Best Value Inn in Cheyenne, WY
Marcus & Millichap has arranged the the sale of Americas Best Value Inn located in Cheyenne, WY. The seller, KO AMSJ Incorporated, was represented by Neville Rustomjee, VP of investments, located in Marcus & Millichap’s Denver office. The buyers, 8th Avenue Lodging LLC, were procured by Rustomjee. The asset sold for more than 95% of the asking price and at a premium price per key for an economy hotel.
JLL Arranges Sale of Westin New York Grand Central
JLL Hotels & Hospitality has advised on the sale of the 774-key Westin New York Grand Central located in Manhattan’s Midtown submarket. Additionally, JLL secured acquisition financing for the asset.