Deal Report: Six of the Latest Hotel Acquisitions

1Cambridge Landmark Acquires The Citizen Hotel

Cambridge Landmark acquired The Citizen Hotel from Platinum Equity. The 196-room boutique hotel in Sacramento, Calif., has been part of the Marriott Autograph Collection since 2015. Built in 1926 as one of Sacramento’s earliest high rises, this one-time insurance building was reborn as The Citizen Hotel. Interstate Hotels & Resorts will continue to manage the hotel under a long-term agreement with Cambridge Landmark.

2Banyan Investment Group Acquires Three-Hotel Portfolio in Wisconsin

Hampton Inn Madison East Towne Mall Area

Banyan Investment Group completed the acquisition of a three-hotel portfolio of Marriott- and Hilton-branded hotels in Madison, Wis., for approximately $50 million. The company will operate the portfolio, comprised of the 127-Room Courtyard by Marriott Madison East, 130-Room Fairfield Inn & Suites Madison East, and 115-Room Hampton Inn Madison East Towne Mall Area.

3Carrol Properties Sells Best Western Fort Myers

HREC Investment Advisors arranged the sale of the 108-key Best Western Fort Myers Waterfront in Fort Myers, Fla., on the banks of the Okeechobee Intracoastal waterway, the Caloosahatchee River, which leads to the Gulf of Mexico. Representing Carrol Properties, HREC also procured the buyer—an Ohio-based investor. The buyer plans to capitalize on the hotel’s recent improvements, along with the growth of the Fort Myers market.

4North Central Group Sells Hampton Inn & Suites in La Vista, Nebraska

HREC Investment Advisors also arranged the sale of the 120-guestroom Hampton Inn & Suites Omaha Southwest-La Vista in La Vista, Neb., from North Central Group to a buyer group led by Mike Works, the managing member of Nightcap Hospitality, LLC. The hotel is located just south of Interstate 80, roughly 10 miles from downtown Omaha. Sarpy County, in which La Vista is located, has several new developments in place or in the pipeline.

5Rockbridge Acquires Hilton Knoxville

Rockbridge acquired the 320-room Hilton Knoxville in downtown Knoxville, Tenn. PM Hotel Group will manage the property. The hotel is adjacent to the Knoxville Convention Center and within walking distance of the University of Tennessee and Neyland Stadium. A renovation is planned for the property’s guestrooms and suites, lobby areas, and exterior. The acquisition is the third property for Rockbridge in the Knoxville market after The Tennessean and the Holiday Inn Knoxville Downtown.

6Waramaug Acquires Embassy Suites by Hilton Dallas

Waramaug Hospitality acquired the Embassy Suites by Hilton Dallas Park Central Area in Northern Dallas near the Galleria, a retail destination and home to several global headquarters. Waramaug is planning to renovate the 279-suite property to bring it up to current Embassy brand standards, including updating guestrooms and refreshing all public spaces. Interstate Hotels & Resorts will manage the property.

 


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