WICHITA, KAN. — Marcus & Millichap has brokered the sale of Best Western Airport Inn & Conference Center in Wichita for an undisclosed price. The 130-room hotel is located at 6815 W. Kellogg Drive near the Dwight D. Eisenhower National Airport. Steve Swenholt, Allan Miller, Chris Gomes and Greg Bates of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
WEST PLAINS, MO. — Mumford Co. has arranged the sale of a 62-room Ozark Hills Inn in West Plains, located in southern Missouri. The sales price was not disclosed. The property, located at 1605 Imperial Road, features a swimming pool and outside picnic area. George Arvanitis of Mumford Co. represented the seller, a local hotel and commercial real estate owner/developer, and procured the buyer, a Missouri-based hotel owner. The buyer plans to operate the hotel as a Baymont Inn under the Wyndham brand.
BOSTON — Pebblebrook Hotel Trust (NYSE: PEB), a hospitality REIT, has sold an 826-space parking garage at Revere Hotel Boston Common, located at 200 Stuart St. in downtown Boston, for $95 million. The buyer was not disclosed. The sale, which closed on June 23, also includes 10,500 square feet of vacant space on the ground floor. Pebblebrook will utilize the proceeds from the sale for general business purposes, such as paying off outstanding debt or repurchasing some of its shares of common stock. The company expects the acquisition to generate approximately $11.7 million in additional net income across the second, third and fourth quarters, and to reduce funds from operations (FFO) by $1.3 million during that period. Since initiating a strategic disposition plan in 2016, the REIT has sold five hotels and two non-hotel assets that have generated $676.8 million in gross proceeds. “This sale generates significant value for our shareholders at a very favorable price and overall capitalization rate,” says Jon Bortz, CEO and president of Pebblebrook, based in Bethesda, Md. “These property sales continue to allow us to take advantage of the value differential between the higher private market prices and values and the lower public market valuation …
MONTEREY, CALIF. — A local, private investor has acquired the 46-room Lone Oak Lodge in Monterey for an undisclosed sum. The hotel is located at 2221 N. Fremont St. The boutique property is near the Monterey Bay Aquarium, Cannery Row, Fisherman’s Wharf and Pebble Beach. Joshua Miehl and Oliver Shah of Atlas Hospitality Group represented the seller.
HOUSTON — CBRE has arranged the sale of a 120-room Staybridge Suites hotel located at 9000 S. Main Street in Houston. Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma of CBRE represented the undisclosed seller in the transaction. St. Louis-based Midas Hospitality purchased the asset, its first Texas-based acquisition, for an undisclosed price.
SOUTH BEND, IND. — CBRE Hotels has arranged the sale of the DoubleTree by Hilton Hotel South Bend for an undisclosed price. The 291-room hotel is located at 123 N. Dr. Martin Luther King Blvd. in South Bend. In 2013, the hotel changed brands from a Marriott to a DoubleTree and underwent a comprehensive renovation. The property is connected to the Century Center Convention Complex. Nate Sahn and Drew Noecker of CBRE Hotels represented the seller, Jenna Hotel Investments LLC. United Capital Corp. purchased the property.
DALLAS — The Siegel Group Nevada Inc. has purchased the former Regency Hotel, a four-building, 153,000-square-foot hospitality property located on the LBJ Freeway in northeast Dallas, for approximately $5 million. Originally constructed as a Holiday Inn in 1977, the property features a bar and restaurant, theater, fitness center, pool and banquet areas. As part of the property’s repurposing, the company plans to demolish the building that houses the bar, restaurant and banquet areas and construct a stand-alone retail property in its place.
SARATOGA SPRING, N.Y. — Homewood Suites by Hilton has opened Homewood Suites by Hilton Saratoga Springs, located at 3368 S. Broadway in Saratoga Springs. Developed by Turf Pioneer Broadway, a joint venture between Turf Hotels Inc. and Pioneer Cos., the hotel features 113 suites in studio, one- and two-bedroom layouts with fully equipped kitchens and separate living and sleeping areas. On-site amenities include complimentary hot breakfast, WiFi, an indoor pool and hot tub, 480 square feet of flexible meeting space and an outdoor patio with fire pit and sports court.
ST. LOUIS — Cushman & Wakefield has arranged the sale of the Chase Park Plaza Hotel in St. Louis for $87.8 million. Behringer Harvard Opportunity REIT I sold the hotel to Hospitality Properties Trust (Nasdaq: HPT). Sonesta International Hotels Corp. will operate the hotel under its new name, Chase Park Plaza Royal Sonesta Hotel. Built over 90 years ago, the historic hotel features 338 guest rooms and suites, 51 furnished executive apartments and retail space.
NEW YORK — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 252-room Dumont NYC in New York for $118 million. The transaction marks Pebblebrook’s exit from the New York market. The upper upscale hotel is located at 150 E. 34th St. at Lexington Avenue in Manhattan. It was built in 1986. The buyer was LeFrak Organization, which plans to convert the hotel into apartments, according to The Real Deal. Dumont NYC was previously part of a six-hotel portfolio Pebblebrook held with joint venture partner Denihan Hospitality Group. Denihan Investments completed a redemption agreement with Pebblebrook that transferred ownership of the jointly owned hotels in October. Denihan became the sole owner of four of the assets. This included The Benjamin, Fifty NYC, Gardens NYC and Shelburne NYC for a total of 917 rooms. Pebblebrook assumed full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms. Manhattan NYC was then sold to a joint venture between Sioni Group, Patriarch Equities and Highgate for $217.5 million. It was rebranded as the Stewart Hotel. Proceeds from the Dumont NYC sale will be used for general business purposes, which may include reducing Pebblebrook’s outstanding debt or repurchasing some of the company’s common shares. “With …
