Xenia Hotels & Resorts, the Orlando-based lodging arm for Inland American Real Estate Investment Trust, announced on Aug. 11 that it has agreed to acquire the Hotel Commonwealth in Boston’s Kenmore Square neighborhood for $136 million. The transaction is expected to close in early 2016. Sage Hospitality will continue to manage the luxury boutique hotel.
Xenia made another big investment in the lifestyle/boutique segment at the end of July, when it acquired the fee simple interests in three hotels for a combined purchase price of $245 million: the 84-room RiverPlace Hotel in downtown Portland, Ore.; the 97-room Canary Hotel in downtown Santa Barbara, Calif.; and the 230-room Hotel Palomar in downtown Philadelphia’s Center City District. All three lifestyle hotels will continue to be managed by Kimpton Hotels & Restaurants.
Here is a look at some more real estate transactions that took place recently:
American Hotel Income Properties REIT has agreed to acquire through its subsidiaries a portfolio of five strategic railway lodging facilities for an aggregate purchase price of $44,775,000. The portfolio consists of a 160-room hotel in Belen, N.M.; a 156-room hotel in Gillette, Wyo.; a 118-room hotel in Ravenna, Neb.; a 96-room hotel in Guernsey, Wyo.; and a 56-room hotel in Edgemont, S.D.
Chatham Lodging Trust acquired the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano. The 14-story hotel opened in 2008 as the Il Lugano Hotel and Residences and was converted to a Residence Inn in 2014. Island Hospitality Management will manage the hotel.
Apple Hospitality REIT acquired a 190-room Courtyard by Marriott in Burbank, Calif., for $54 million, or approximately $284,000 per key. Following this acquisition, the Apple Hospitality portfolio includes 176 hotels.
Hotel Development Partners and funds managed by the real estate group of Ares Management recently purchased three select-service hotels with a total of 248 rooms in North Charleston, S.C.: the Residence Inn by Marriott Charleston North/Ashley Phosphate; the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate; and a Choice-branded hotel. Atlanta-based Hotel Equities, which has a joint venture partnership with HDP, assumed management of the three hotels.
SoTHERLY Hotels has acquired the remaining 75 percent interest in the entities that own the 311-room Crowne Plaza Hollywood Beach Resort in Hollywood, Fla., for $26.25 million. The company previously owned a 25 percent non-controlling interest in the hotel through a joint venture with an affiliate of The Carlyle Group. The hotel will continue to be managed by Chesapeake Hospitality.
American Hotel Income Properties REIT acquired a portfolio of three Marriott-branded, select-service hotel properties for an aggregate purchase price of $30.8 million. The properties include a 169-room Courtyard, a 96-room Fairfield Inn & Suites, and an 87-room Residence Inn. Tower Rock Hotels & Resorts manages the three hotels.
MIG Real Estate has acquired two Hilton select-service hotels, Hilton Garden Inn Savannah Midtown and Hampton Inn & Suites Savannah Midtown, in Savannah, Ga. Concord Hospitality Enterprises, based in Raleigh, N.C., will operate the property for MIG.
Atlanta-based Songy Highroads sold the 164-room Hyatt Place D.C./Downtown/K Street located in Washington, D.C., to RLJ Lodging Trust for $68 million. At approximately $415,000 per key, the sale sets a high-water mark for select-service hotels in the Washington, D.C., market. Songy Highroads purchased the 11-story, 91,000-square-foot former office building in 2013 and converted it into a hotel.
Ultima Hospitality, in partnership with Argosy Real Estate, sold the Holiday Inn Express in southern Marin County, Calif., for $28 million. Formerly the Larkspur Mill Valley Hotel, Ultima rebranded the 100-room hotel to a Holiday Inn Express in the fall of 2012.
