KEY WEST, FLA. — Hersha Hospitality Trust has purchased Parrot Key Resort, a 148-room resort in Key West, for $100 million. The resort features a restaurant and tiki bar, four private swimming pools, a fitness center and waterfront sun-bathing terraces, as well as water sport rentals such as kayaks, paddle boards and jet skis. Gregory Rumpel and Carolina Lacerda led the JLL team in representing the seller, Northwood Investors LLC.
Hospitality
KENNEWICK, WASH. – The 61-room Red Lion Inn & Suites in Kennewick has sold to an unnamed buyer for $4.5 million. The hotel is located at 602 N. Young Street, near the Three Rivers Convention Center. The seller, Sandhu NW Hospitality, was represented by Joseph P. Kennedy of Crystal Investment Property (CIP). CIP is a member of Hotel Brokers International.
MIAMI BEACH, FLA. — HFF has brokered the sale of the Raleigh Hotel, a 105-room historic art-deco hotel located at 1775 Collins Ave. in Miami Beach. The Raleigh Group purchased the landmark hotel from affiliates of New York City-based Tristar Capital for an undisclosed price. Hospitality management firm sbe Hotel Group will continue to manage the property. The Raleigh Group, a luxury hospitality group founded by Tommy Hilfiger, plans to renovate the hotel. Manuel de Zarraga, Max Comess, Cyrus Vazifdar, Claudia Steeb and Dan Peek of HFF represented the seller in the transaction.
ERIE, PA. — Hilton Worldwide has opened its 32nd Home2 Suites by Hilton. Located near interstates 90 and 79 in Erie, the four-story, 79-suite hotel features an Oasis lobby area, Home2 MKT, Spin2 Cycle and complimentary continental breakfast. Additionally, the hotel features an indoor pool and gas grills for guests’ use. Chase Hotel Group owns the property.
DESTIN, FLA. — Marcus & Millichap has arranged the sale of a 76-room Sleep Inn located at 10775 Emerald Coast Parkway in Destin. The hotel was constructed in 1992 and fully renovated in 2012. Jonathan Ruprai of Marcus & Millichap’s Tampa office represented the seller, a Florida-based limited liability company.
ST. LOUIS — Marcus & Millichap has brokered the $11.8 million sale of a four-property portfolio of La Quinta Inns. Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla. and one is in Knoxville, Tenn. The St. Louis properties include a 136-room hotel in the Maryland Heights suburb; and a 104-room hotel in proximity to Lambert St. Louis International Airport. Two of the properties will be rebranded into Baymont Inn & Suites hotels and two will take the name Motel 6. Marcus & Millichap represented the seller, a Dallas-based hospitality firm and the undisclosed California-based buyer.
ATLANTA — Hunter Hotel Advisors has brokered the sale of three MainStay Suites hotels for Choice Hotels International. Regional investors purchased the three hotels, located in Pittsburgh, Nashville and Greenville, S.C. David Perrin of Hunter Hotel Advisors’ Washington, D.C., office represented Choice Hotels International in the transaction. All three hotels will undergo extensive renovations.
DALLAS — HFF has brokered the sale of the 300-room DoubleTree Dallas – Campbell Centre. Constructed in 1980 and renovated in 2008, the full-service hotel includes 15,000 square feet of meeting space, a full-service restaurant, lobby lounge, fitness center, business center, gift shop and complimentary shuttle. Located at 8250 N. Central Expressway, the property is in proximity to the Dallas central business district, NorthPark Center Mall, the George W. Bush Presidential Library and Southern Methodist University. Bill Stadler and John Bourret led the HFF team representing the seller, a joint venture between GTIS Partners and Aimbridge Hospitality. Black Forest Ventures was the buyer.
MIDLAND, TEXAS — A new 118-suite Homewood Suites by Hilton has opened in Midland. The first Homewood suites property in the Midland/Odessa area, the four-story, extended-stay hotel is located at 1401 Tradewinds Blvd., in proximity to Midland International Airport and several major oil and gas company facilities. NewcrestImage LLC owns and manages the hotel.
WINSTON-SALEM, N.C. — Oak Coast Properties and The Harp Group have acquired the Marriott Residence Inn hotel in Winston-Salem for $5.9 million. The property features a fitness center, business center, outdoor pool and firepit. The 88-room hotel, which is within a mile of Wake Forest University’s campus, underwent a $2 million renovation between 2012 and 2013. Marriott Residence Inn is the first hospitality purchase for Oak Coast Properties. The Los Angeles-based firm plans to invest up to $125 million in new hotel acquisitions during the next two years.