AUSTIN, TEXAS — CBRE has brokered the sale of the 128-room La Quinta Inn & Suites by Wyndham Austin Southwest hotel. The hotel offers an outdoor pool, fitness center, business center, meeting/event space and free shuttle service to Austin-Bergstrom International Airport. Michael Yu and Rahul Bijlani of CBRE represented the seller, Highgate, a hospitality investment and management firm with five offices across the country, in the transaction. Houston-based K&K Hotel Group purchased the asset for an undisclosed price and was self-represented.
TAMPA, FLA. — Newbond Holdings has acquired Aloft Tampa Downtown Hotel, a 130-room hotel located on the Riverwalk in downtown Tampa. Amenities at the property include a waterfront pool and gym, corporate meeting and event space and a bar and lounge. The acquisition brings Newbond’s footprint along the riverfront, which also includes the Hotel Tampa Riverwalk, to more than 700 hotel rooms. JLL arranged acquisition financing on behalf of Newbond, which plans to implement renovations to the guest rooms, public areas and pool deck. Plasencia Group represented the undisclosed seller in the transaction. The sales price was not disclosed.
CEDAR CITY, UTAH — The Mogharebi Group (TMG) has arranged the sale of a 156-room select-service hotel portfolio in Cedar City, located in the southwest portion of the state. A Utah-based private investor sold the portfolio to an undisclosed seller for $8.9 million. The portfolio consists of a 106-room Quality Inn, located at 250 N. 1100 West, and a 50-room America’s Best Value Inn, located at 333 N. 1100 West. Built in 1984 and renovated in 2014, the Quality Inn comprises two-story buildings on three parcels totaling 2 acres. The hotel features a fitness center, indoor heated swimming pool and business center. The America’s Best Value Inn comprises a two-story building on 1.7 acres with an outdoor swimming pool and indoor corridors. Adam Gatto of TMG, along with Kip Paul of Cushman & Wakefield, represented the seller in the deal.
WOODINVILLE, WASH. — Developer Woodinville Hotel Partners has received a $52 million loan for the construction of The Somm Hotel and Spa, Autograph Collection in Woodinville, approximately 20 miles northeast of Seattle. The 164-room resort will feature a 5,661-square-foot spa; full-service restaurant with a private dining room; 3,000-square-foot rooftop bar with view of Mount Rainier; meeting space; and 9,000 square feet of retail space. The hotel will be the centerpiece of Harvest Wine Village, a 20-acre, master-planned development with nearly 100,000 square feet of retail space and a variety of residential spaces. Dallas-based HALL Structured Finance originated the loan for the borrowers. Brian Holstein of US Hotel Advisors brokered the financing.
INGLEWOOD, CALIF. — Lee & Associates has arranged the sale of the Wingate by Wyndham Hotel located at 10300 La Cienega Blvd. in Inglewood, near Los Angeles International Airport. A family trust, which owned the hotel for 23 years, sold the asset to Irvine-based Greens Inc. for $23.7 million, or $159,932 per room. Although the number of rooms was not disclosed, the price per key equates to approximately 148 guest rooms. Matt Orville, Marshal Vogt and Jaimeson Hearne of Lee & Associates Orange, along with a referral from Vanessa Herzog of Lee & Associates Pacific Northwest, represented the seller in the deal.
DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …
NEW YORK CITY — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $22 million loan for the refinancing of the 92-room Fairfield Inn & Suiteshotel located at 21 W. 37th St. in Manhattan. Beau Williams and Michael McGuire of Cronheim Mortgage arranged the debt on behalf of the locally based borrower, LAM Management. The direct lender was not disclosed.
PEACHTREE CORNERS, GA. — Waramaug Hospitality has acquired Atlanta Marriott Peachtree Corners, a 222-room hotel located at 475 Technology Parkway in Peachtree Corners. The seller and sales price were not disclosed. Situated within the 500-acre Technology Park, the hotel features a fitness center, indoor pool and an outdoor fire pit seating area, as well as more than 5,000 square feet of meeting space across nine rooms. Waramaug Hospitality has selected Aimbridge Hospitality to manage the hotel, which underwent a multimillion-dollar renovation in 2018, according to multiple media outlets.
TINTON FALLS, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $7 million renovation of the 178-room DoubleTree by Hilton hotel in Tinton Falls, located in Monmouth County. Renovations included a facelift of the lobby and overhaul of all guestrooms and suites. Other common areas, including ballrooms, meeting rooms, the outdoor pool, fitness center and onsite restaurant, were also upgraded, as were various elements of the building’s exterior.
LAS VEGAS — Realty Income Corp. has signed a definitive agreement to acquire common and preferred equity interests from Blackstone Real Estate Income Trust Inc. (BREIT) for $950 million. The transaction forms a new joint venture that owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas, a luxury hotel and casino on the Las Vegas Strip. Upon closing, Realty Income will invest approximately $300 million of common equity in the joint venture to acquire a 21.9 percent indirect interest in the property. BREIT will retain a 73.1 indirect interest. The operator of the property, MGM Resorts International (MGM), will retain a 5 percent indirect interest. Realty Income will also acquire a yield-bearing preferred equity interest in the joint venture for $650 million. The transaction is expected to close in the fourth quarter of 2023. The Bellagio features approximately 4,000 guest rooms and suites across two towers, as well as 157,000 square feet of gaming space and 200,000 square feet of meeting and event facilities. The 77-acre campus also includes the Fountains of Bellagio and multiple Michelin Star restaurants. MGM operates The Bellagio on a triple-net lease with approximately 26 years of remaining term. The existing lease …