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Deal Roundup: The Latest Sales and Acquisitions

Deal Roundup: The Latest Sales and Acquisitions

On Sept. 8, Strategic Hotels & Resorts announced it had entered into a definitive agreement with affiliates of Blackstone Real Estate Partners under which Blackstone will acquire all outstanding shares of common stock of Strategic Hotels for a value of approximately $6 billion, including any outstanding debt of the company. Blackstone’s luxury properties will now include Essex House in Manhattan and the Ritz-Carlton in Half Moon Bay, Calif.

Here is a review of other notable deals that have taken place since September:

Extended Stay America has announced that subsidiaries of the company have signed an agreement to sell 53 U.S. economy extended-stay hotels, as well as Crossland Economy Studios intellectual property, to Westmont Hospitality for $285 million. The 53 hotels, spread across 15 states, were not renovated during the company’s renovation program.

Chatham Lodging Trust has acquired the 134-room Hilton Garden Inn Marina del Rey in Calif. for $44.5 million, or approximately $332,000 per room. The property will only require minimal brand-mandated updates in the near-term and will require no major capital investment until 2020.

Geller Investment Co. and Wanxiang America Real Estate Group purchased the 470-key Washington Marriott Georgetown for $113 million. Geller Investment has stared plans for a full repositioning renovation.

Liberty Group has acquired four Marriott-, Hilton-, and Carlson-branded hotels along Florida’s east coast. The properties, previously owned by the Carlyle Group and Blackstone, make up 317 rooms in total. The locations are: Fairfield Inn & Suites in Fort Pierce, Fla.; Hampton Inn in Daytona/Ormond Beach, Fla.; Hampton Inn in Vero Bach, Fla.; and Country Inn & Suites in Vero Beach, Fla.

After opening one year ago, the AC Hotel New Orleans Bourbon/French Quarter Area was bought by California-based Pacific Hospitality Group from NewcrestImage, LLC. The eight-story hotel has 220 rooms. The development and management company purchased the property for an undisclosed price.

Ashford has entered into a combination agreement with Remington Holdings LP, a hotel property and project management company. Ashford will create a new subsidiary structure that will acquire an 80 percent stake in Remington and all of Ashford’s existing business while the Remington sellers will retain a 20 percent interest. The transaction will be completed in the first quarter of 2016.

La Quinta Holdings Inc. has signed a definitive purchase and sale agreement to sell 24 owned hotels. The portfolio is geographically dispersed and the vast majority of these hotels will be removed from the La Quinta system. The company expects to close the sale by the end of 2015.

NewcrestImage has purchased the 13-story building at 1600 Canal Street in New Orleans to create the area’s first dual-branded hotel. Vacant since 2005, the property will undergo a major renovation to house a 105-room TownePlace Suites by Marriott and 78-room SpringHill Suites by Marriott. The entire building will include 130,000 square feet of finished space.

AJ Capital Partners has acquired the Dahlman Campus Inn in Ann Arbor, Mich. The 14-story, 204-room full-service hotel is 45 years old. In 2016, the hotel will undergo a comprehensive conversion to a Graduate Hotel.

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