1Blue Sky Hospitality Acquires Two Marriott Hotels
U.S. hotel owner/operator Blue Sky Hospitality (BSHS) has acquired the 220-room New Orleans Marriott Metairie at Lakeway, La., and the 615-room Long Island Marriott in Uniondale, N.Y.
The New Orleans Marriott Metairie at Lakeway is situated in the hub of Metairie’s central business district and a few miles from Audubon Aquarium of America, New Orleans Botanical Gardens–City Park, and the French Quarter. A complete renovation program is scheduled to take place over the next three years.
The Long Island Marriott is a recently renovated Nassau County hotel in Uniondale near the LIRR and within a short distance of Hofstra University, Cradle of Aviation Museum, and Jones Beach State Park.
“The hotel cycle is maturing, which creates growth opportunities for experienced operators and investors with a contrarian approach to the industry,” said David Fincannon, COO, BSHS. “We have accumulated a substantial portfolio of managed and owned properties in just six months, and we have a substantial appetite to do more. We currently own and operate all 52 properties in our portfolio and now have the infrastructure, operating systems, and structure to take on third-party management contracts. As we grow, we will pivot to focus predominantly on operations on behalf of other ownership groups.”
2HREC Arranges Sale of Four Points by Sheraton in Newark
HREC Investment Advisors has arranged the sale of the 120-room Four Points by Sheraton Newark Christiana Wilmington located in Newark, Delaware. The firm exclusively represented the seller during the transaction. The marketing, negotiations, and final sale were led by Ketan Patel, managing director in HREC’s Washington D.C. office, and Andre Collins, an affiliate broker in Delaware.
Located in Delaware’s most highly populated county, Newcastle County, the hotel is near companies headquartered in Newark, including W.L. Gore and Associates and JPMorgan. Other major demand generators in the immediate area include the University of Delaware, Denver Technology Park, White Clay Creek Park, Christiana Mall, Glasgow Regional Park, and the Newark Reservoir.
3Banyan Investment Group Acquires Courtyard by Marriott Houston Pearland
Banyan Investment Group, a hotel investment and management company that acquires and manages select-service hotels in the United States, has acquired and will operate the 110-room Courtyard by Marriott Houston Pearland in Texas.
Located in the Pearland Town Center, the five-story hotel is 15 minutes from NRG Stadium (home of the NFL’s Houston Texans) and within 20 minutes of the Texas Medical Center, downtown Houston, and William P. Hobby International Airport.
“We continue to seek institutional quality assets, such as the Courtyard by Marriott Houston Pearland, in major markets with numerous demand generators,” said Andy Chopra, founding principal and chief investment officer, Banyan Investment Group. “The hotel benefits from its location within Pearland Town Center, a popular mixed-used development with 937,000 square feet of open space location within the South Houston marketplace that includes 140 specialty stores, 234-unit apartment complex building, and more than 50,000 square feet of office space. The hotel requires minimal capital expenditures, and we are confident the property will achieve its economic objectives with immediate cash flow.”