Commercial real estate listing platform COMMERCIAL Café recently released a list of the 20 largest hotel sales of the year using data from PropertyShark, LW Hospitality, and its own proprietary research for sales recorded up until November 27, 2017. The findings reveal that investors are looking to acquire high-end hotels in major urban markets like Miami, Los Angeles, and Chicago while also expanding into secondary markets where hotel development is on the rise.
The costliest hotel deals of 2017 are as follows.
1. Fontainebleau, Las Vegas, Nev.
Icahn NV Gaming Acquisition LLC sold the property for $600 million in August to Witkoff + New Valley, making the deal the costliest hotel sale for the year.
2. Pacific Beach Hotel Waikiki, Honolulu, Hawaii
Highgate Holdings sold the property to Commerz Real for $515 million in June. The property has since been renamed as Alohilani Resort Waikiki Beach.
3. Bacara Resort & Spa, Goleta, Calif.
Carey Watermark Investors bought the property from Pacific Hospitality Group for $375 million in September.
4. The Standard High Line, New York
Standard International sold the property to Gaw Capital for $340 million in October.
5. The Westin Maui Resort & Spa, Lahaina, Hawaii
For $317 million, March Trinity Investments LLC + Oaktree Capital Mgmt. bought the property from Marriott International in March.
6. The James, West Hollywood, Calif.
Starwood Capital bought the property from CIM Group for a total of $280 million in July.
7. Mauna Lani Hotel Waimea, Kohala Coast, Hawaii
The third priciest hotel sale in Hawaii, ProspectHill Group + Pat Fitzgerald bought the hotel from Tokyu Corporation for $225 million in August.
8. W Hollywood, Los Angeles, Calif.
HEI Hotels + Resorts & Gatehouse Capital sold the property to Host Hotels & Resorts for $219 million in March.
9. Don CeSar & Beach House Suites, St Pete Beach, Fla.
The priciest Florida hotel sale for the year, Loews Hotels + Prudential Insurance sold the property to FL Host Hotels & Resorts for $214 million in February.
10. Hyatt Regency Grand Cypress, Orlando, Fla.
Orlando’s biggest hotel deal sold for more than $205 million to Xenia Hotels & Resorts from Hyatt Hotels Corporation in May.
11 Towers Hotel, New York
For more than $202 million, Kayne Anderson Real Estate Advisors bought Towers Hotel from The Jehovah’s Witnesses in October.
12. Oceans Edge Hotel & Marina, Key West, Fla.
Singh sold the property for $175 million back in July to Sunstone Hotel Investors.
13. InterContinental Mark Hopkins, San Francisco, Calif.
Leadwell Global Properties sold the property to Woodridge Capital Partners for more than $171 million in February.
14. Charlotte Marriott City Center, Charlotte, N.C.
Marriott International sold the property to Carey Watermark Investors 2 for $170 million in June.
15. JW Marriott Desert Springs Resort & Spa, Palm Desert, Calif.
Kam Sang Company bought the property from Host Hotels & Resorts for $160 million nearly a year ago in January 2017.
16. Park Hyatt Beaver Creek Resort & Spa, Beaver Creek, Colo.
Walton Street Capital sold the resort to Ashford Hospitality Prime for more than $145 million in March.
17. Oakland Marriott City Center, Oakland, Calif.
Apollo Global Mgmt. + DiNapoli Capital Partners sold the hotel to Gaw Capital for $143 million in May.
18. Dumbo Hotel, New York
Another sale by Jehovah’s Witnesses, NY RFR Realty bought the hotel for $135 million in August.
19. Lansdowne Resort & Spa, Leesburg, Va.
Dejia LLC bought the resort from LaSalle Hotel Properties for $133 million in March.
20. The Duke Hotel, Newport Beach, Calif.
An entity affiliated with Infinity Realty Advisors bought the hotel from Sunstone Hotel Investors Inc. for $125 million in February.