Hospitality

MIAMI BEACH, FLA. — Courtyard Cadillac Miami Beach Oceanfront, a boutique hotel in Miami Beach, is set to debut its new 93-guestroom, oceanfront tower. The 356-room hotel has recently undergone a $25 million restoration, which includes the addition of the LEED certified tower, a new oceanfront salt water pool, fitness center, updated lobby, 5,803 square feet of indoor/outdoor meeting space, renovated restaurant/bar and new poolside cabanas. Courtyard Cadillac Miami Beach Oceanfront is a Courtyard by Marriott hotel and Hersha Hospitality Trust, a hotel REIT, is the hotel’s owner and operator.

CHARLOTTE, N.C. — Marriott International Inc. has acquired the 438-room Charlotte Marriott Center City for $111 million, according to the Charlotte Business Journal. The hotel is located at 100 W. Trade St. in Uptown Charlotte. The company is reportedly planning an extensive renovation to the property and doesn't plan on owning the hotel for long. Marriott usually manages its hotels but typically does not own the properties. By purchasing the Charlotte Marriott Center City, the company can ensure it stays a Marriott-managed property and will also allow the company to try out new ideas, according to the report. The seller was a company managed by Cornerstone Real Estate Advisors.

ATLANTA — Cascade Investments, a privately owned investment arm of Bill Gates, has purchased Four Season Hotel Atlanta in Midtown Atlanta for an undisclosed amount. Cascade purchased the hotel from Host Hotels & Resorts, which has owned it since 1998. Four Seasons Hotel Atlanta opened in 1997 and features 244 guestrooms, 18 luxury suites, a 7,790-square-foot private spa and fitness center and two upscale restaurants. The hotel occupies the first 19 floors of a 54-story tower. Toronto-based Four Seasons Hotels & Resorts will continue to operate the hotel. Four Seasons Hotels & Resorts is owned jointly by Cascade, Kingdom Holding Co. and Triples Holdings. The transaction also includes the acquisition of 99,000 square feet of office space in the tower. The Four Seasons Hotel Atlanta is Cascade’s second Four Seasons acquisition in recent weeks.

MEMPHIS, TENN. — Paramount Lodging Advisors has brokered the sale of Drury Inn & Suites, a 118-room hotel located in Memphis. A regional investor purchased the hotel and has rebranded it as a Quality Inn & Suites. Adam Montufar and Brent Clemens of Paramount represented the seller, DSW Inns LLC, in the transaction.