Deal Report: Daly Seven Acquires 40th Hotel, Hunter Hotel Advisors Completes Two Transactions, and More

Six of the past week's hotel sale, acquisition, reflagging, and financing announcements

1Daly Seven Acquires 40th Hotel

Daly Seven, a family-owned hotel development and management company, recently acquired its 40th hotel—the Hilton Garden Inn Roanoke. The 80,000-square-foot, 117-room hotel in the upscale community of South Peak in Roanoke Valley, Virginia, marks the fourth Hilton Garden Inn in the Daly Seven portfolio, with two other properties in Greensboro and one in Raleigh, N.C.

2Hunter Hotel Advisors Completes Two Transactions

Holiday Inn Express Opelika

Hunter Hotel Advisors has announced the sale of the 88-room Holiday Inn Express & Suites Greenville Airport, South Carolina, and two Holiday Inn Express properties in Auburn and Opelika, Alabama. Both the buyer of the Greenville hotel and the buyer of the two Alabama hotels—AU Hospitality—plan to complete the brand’s Formula Blue renovation.

3Chatham Lodging Trust Sells Western Pennsylvania Hotels

Chatham Lodging Trust, a hotel real estate investment trust (REIT) focused on upscale, extended-stay hotels and premium-branded, select-service hotels, has sold the 105-room Courtyard by Marriott Altoona, Pa., and the 86-suite SpringHill Suites by Marriott Washington, Pa., for approximately $10 million. Inclusive of brand required improvements of over $4 million, Chatham sold the hotels at an approximate 6 percent net operating income capitalization rate (after an assumed annual capital reserve of four percent of total hotel revenues).

4Tribute Portfolio Adds The Alida Hotel

Tribute Portfolio, Marriott International’s collection of independent, characterful hotels, together with Rockbridge and Makeready, has expanded its portfolio with the recent addition of The Alida Hotel on Savannah’s revitalized riverfront. The brand’s second hotel in Georgia, The Alida is designed by Gunn Meyerhoff Shay Architects and named after local entrepreneur Alida Harper Fowlkes.

5Pursuit Adds Belton Chalet To Glacier Park Collection

Pursuit recently expanded its Glacier Park Collection with the acquisition of the historic Belton Chalet. Set on 14 acres just outside Glacier National Park, Mont., the property includes 26 main lodge rooms, two private cottages, and dining. Designated a National Historic Landmark, the Belton Chalet was the first of Glacier’s Swiss-inspired hotels built by the Great Northern Railroad and the original gateway to Glacier National Park.

6Sonnenblick-Eichner Company Arranges Financing for Palihotel Seattle

Sonnenblick-Eichner Company has arranged $21 million of non-recourse first mortgage leasehold financing on behalf of a partnership between Lighthouse Investments and KCB Management for the 96-room Palihotel Seattle. Operated by Palisociety, the newly renovated hotel, which opened in November 2018, is across the street from Pike Street Market. Originally built in 1895, the building is on the federal National Registry of Historic Places.

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