Hospitality

KEY WEST, FLA. — Sixth Street, a global investment firm based in San Francisco, and partner Riller Capital have acquired Pier House Resort & Spa, a 142-room luxury oceanfront resort located at 1 Duval St. in Key West. Dallas-based Braemar Hotels & Resorts sold the property to the partnership for $190 million. Situated on five acres, Pier House offers two oceanfront restaurants, a full-service spa, oceanfront pool, 75 linear feet of private beach frontage and 3,000 square feet of meeting and event space. Starwood Property Trust provided acquisition financing for the deal. CBRE represented Sixth Street in the transaction, and The Plasencia Group represented Braemar.

ORLANDO, FLA. — Ryman Hospitality Properties Inc., a publicly traded hotel REIT based in Nashville, has entered into a definitive agreement to purchase Grande Lake Orlando Resort for approximately $1.4 billion from Trinity Investments. The 409-acre resort comprises a 1,010-room JW Marriott hotel, 582-room Ritz-Carlton hotel and an 18-hole championship golf course designed by Greg Norman. Amenities include 320,000 square feet of event and meeting space, 14 food-and-beverage options, the Grande Lakes Waterpark and a 40,000-square-foot spa and fitness center. Ryman plans to continue to operate the two hotels, which have recently received a combined $150 million renovation, under their Marriott-branded flags. Ryman expects to close the transaction in the third quarter, subject to customary closing conditions. BofA Securities and J.P. Morgan acted as financial advisors to Ryman, and Bass, Berry & Sims PLC and Greenberg Traurig, LLP acted as the firm’s legal advisors.