Hospitality

Sands Corp. to Sell Off All Las Vegas Assets for $6.2B

by Kristin Harlow March 3, 2021

LAS VEGAS — Las Vegas Sands Corp. (NYSE: LVS) has agreed to sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate purchase price of approximately $6.2 billion. Under the terms of the agreement, VICI Properties Inc. (NYSE: VICI) will acquire all of the land and real estate assets associated with the Venetian for $4 billion in cash, representing a capitalization rate of 6.2 percent. Affiliates of Apollo Global Management Inc. (NYSE: APO) will acquire the operating company of the Venetian for $2.2 billion, of which $1.2 billion is in the form of a secured term loan, and the remainder is payable in cash. The closing of the transactions is subject to customary closing conditions, including regulatory approvals. It is expected to be completed by the end of the year. Regarding the sale, Sands says it plans to focus on reinvestment in Asia and pursue new growth prospects. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities,” says Robert Goldstein, chairman and …

March 3, 2021

Acquisitions Hospitality Texas

Hodges Ward Elliott Arranges Sale of Four Omni Hotels & Resorts in Texas

by Taylor Williams March 2, 2021

AUSTIN, TEXAS — Hodges Ward Elliott, a hospitality brokerage firm with offices across the country, has arranged the sale of four Omni Hotels & Resorts in Texas. The hotels are located in the metro areas of each of the state’s four largest markets: Austin, Dallas, Houston and San Antonio. The hotels were sold as part of a five-property, 1,729-room portfolio transaction, with the fifth hotel located in Jacksonville, Fla. John Bourret, Daniel Peek, Austin Brooks and David Auer of Hodges Ward Elliott represented the seller, TRT Holdings, the Dallas-based owner-operator of the Omni family of brands. The undisclosed buyer plans to renovate and rebrand all five hotels.

March 2, 2021

Acquisitions Hospitality Texas

NewcrestImage Buys 325-Room Historic Magnolia Hotel in Downtown Dallas

by Taylor Williams March 2, 2021

DALLAS — Locally based hospitality investment firm NewcrestImage has purchased the Magnolia Hotel, a 325-room hotel located at 1401 Commerce St. across the street from AT&T’s headquarters office in downtown Dallas. The historic 29-story building was originally constructed in 1922 as the headquarters for Magnolia Petroleum and was redeveloped into a boutique hotel in 1999. NewcrestImage purchased the property from Denver-based Stout Street Hospitality for an undisclosed price. John Bourret, Daniel Peek, Austin Brooks and David Auer of Hodges Ward Elliott brokered the deal.

March 2, 2021

Development Hospitality Texas

Extended Stay America Opens Three Hotels Totaling 291 Rooms in Oklahoma

by Taylor Williams February 26, 2021

BARTLESVILLE, MCALESTER AND LAWTON, OKLA. — Extended Stay America (NASDAQ: STAY) has opened three hotels totaling 291 rooms in Oklahoma. Dallas-based Provident Realty Advisors owns the properties, and Plano-based Aimbridge Hospitality manages them. The properties are located in the northern city of Bartlesville, the central city of McAlester and the southwestern city of Lawton. All hotels feature fitness centers and onsite laundry facilities.

February 26, 2021

Acquisitions Colorado Hospitality Western

Legendary Capital Buys 141-Room Courtyard by Marriott Denver-Aurora Hotel in Colorado for $27.9M

by Amy Works February 26, 2021

AURORA, COLO. — Legendary Capital has purchased Courtyard by Marriott Denver-Aurora, a newly constructed hotel located at 255 N. Blackhawk St. in Aurora, for $27.9 million. The name of the seller was not released. Completed last year, the four-story hotel features 141 guest rooms, a business center, three meeting rooms, a fitness center, an outdoor patio with seating and firepit, valet laundry service and a two-story, 55,715-square-foot parking deck. Additionally, the first-floor lobby offers seating areas, a bar/lounge/bistro area and 24-hour front desk. Gordon Allred and Joshua Tammen of Marcus & Millichap’s Ontario, Calif., office handled the transaction. Adam Lewis of Marcus & Millichap serves as broker of record in Colorado.

February 26, 2021

Development Hospitality New York Northeast

Caspi Development Tops Out 96-Room Hotel Project in Manhattan

by Taylor Williams February 23, 2021

NEW YORK CITY — Locally based firm Caspi Development has topped out the Hotel Barrière Le Fouquet’s New York, a 96-room hotel that is being developed at 456 Greenwich St. in Manhattan’s Tribeca neighborhood. Upon completion in mid-2022, the eight-story hotel will house several food and beverage concepts, as well as a pool, spa and a screening room. Construction of the hotel, which will be operated under the French luxury brand Group Barrière, began in 2017.

February 23, 2021

Development Hospitality Texas

PEG Cos. Acquires Austin Hotel, Plans Class B Multifamily Conversion

by Taylor Williams February 19, 2021

AUSTIN, TEXAS — PEG Cos., a Utah-based investment and development firm, has acquired The Habitat Suites Austin, an extended-stay hotel located at 500 E. Highland Mall Blvd. in Austin. The company plans to convert the hotel into a Class B multifamily community. PEG plans to undertake a full renovation of the property, including the addition of new amenities like a fitness center and workspaces. Completion is slated for the summer.

February 19, 2021

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 82-Room Hotel in Dallas

by Taylor Williams February 19, 2021

DALLAS — Marcus & Millichap has brokered the sale of the Comfort Inn North Dallas Galleria, an 82-room hotel located at 7815 LBJ Freeway that is operated under the Choice Hotels International brand. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

February 19, 2021

Development Florida Hospitality Southeast

Olympia Hotel, Mountain Shore Open 120-Room Hyatt House Hotel in Tallahassee

by Julia Sanders February 19, 2021

TALLAHASSEE, FLA. — Olympia Hotel Management and Charleston-based developer Mountain Shore Properties have opened Hyatt House Tallahassee Capitol – University in Tallahassee. The 120-room hotel is located at 1100 Railroad Ave. in the city’s Railroad Square Art District. The five-story, 80,000-square-foot property features a large patio with outdoor bar service, an outdoor pool, fitness room, and an 846-square-foot meeting space. Additionally, 6,000 square feet of retail space is situated adjacent to the extended-stay hotel. Olympia Hotel Management is a Portland, Maine-based real estate firm focused on independent hotel management.

February 19, 2021

Company News Hospitality Maryland Southeast

Marriott Posts First Annual Loss Since 2009 as COVID-19 Loomed Large in 2020

by Julia Sanders February 18, 2021

BETHESDA, MD. — Marriott International (NASDAQ: MAR) posted a net income loss of $267 million for 2020, which The Wall Street Journal reports is the hotel giant’s first annual loss since 2009. The company posted a net loss of $164 million in fourth-quarter 2020, which is a significant drop from its net income of $279 million in fourth-quarter 2019. The COVID-19 pandemic materially changed global traffic patterns for both leisure and business travelers in 2020, and Marriott’s hotels bore the brunt of the subdued demand for hotel rooms, as well as conventions and conferences. “With the global pandemic, 2020 was the most challenging year in our 93-year history,” says Stephanie Linnartz, Marriott’s group president of consumer operations, technology and emerging businesses. Linnartz, along with Tony Capuano, are overseeing Marriott’s day-to-day operations of corporate matters in the wake of president and CEO Arne Sorenson’s passing earlier this week. On April 14, 2020, the Transportation Security Administration (TSA) reported its lowest travel volume of only 87,500 passengers throughout all TSA checkpoints nationwide, representing just 4 percent of passenger volume recorded on the same weekday in 2019. Average travel volume per day between Thanksgiving and New Year’s Eve, which is typically TSA’s busiest …

February 18, 2021

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