Earlier this month, AccorHotels reached a deal with the Qatar Investment Authority, Kingdom Holding Company of Saudi Arabia, and Oxford Properties, an Ontario Municipal Employees Retirement System company, to buy FRHI Holdings, parent company of the Fairmont, Raffles, and Swissôtel brands. The entire FRHI portfolio includes 115 hotels (including 40 in various stages of development) with 43,000 rooms. AccorHotels plans to pay for the acquisition by issuing 46.7 million new shares along with a cash payment of $840 million.
Here is a look at more interesting deals that have taken place in recent weeks:
Lowe Enterprises Investors (LEI) has acquired the Hampton Inn & Suites Charlotte-Arrowood Road in Charlotte, N.C., and the 110-room Hampton Inn Columbia Northeast-Fort Jackson in Columbia, S.C., in a joint venture with a foreign investment client. LEI will invest $3.6 million in capital improvements to the properties. Terrapin Investments and Management will continue to operate both hotels.
Omni Hotels & Resorts has fully acquired The Omni King Edward Hotel in Toronto. Omni has been managing and operating the hotel since Aug. 1, 2013. With this transaction, the company will take on the ownership, operations, and management of the property.
Pharos CB Hospitality announced the acquisition of Aloft Tampa Downtown, an upscale select-service hotel located in the center city area of Tampa. Pharos acquired the hotel from Liberty Tampa Investments for a sales price of $30 million.
Marcus & Millichap has arranged the sale of the Courtyard Dallas-LBJ at Josey, a 146-room, select-service hotel with a long-term franchise agreement. The terms of the sale were not released.
HRI Properties has acquired the River’s Edge Hotel and Spa in Portland, Ore. HRI Lodging now officially manages the property. River’s Edge recently received over $4.3 million in capital improvements, and HRI plans to institute a comprehensive $3 million renovation to the property in 2016.
Linchris Hotel Corporation has acquired the Hotel Providence in Providence, R.I., for an undisclosed amount. The 80-room historic, luxury boutique hotel was originally built in 1882 and is listed on the National Register of Historic Places. Detailed plans for a new restaurant will be revealed in January.
Rockbridge announced the acquisition of the DoubleTree Hotel and Suites Charleston – Historic District, as well as Hank’s Seafood Restaurant, which is located adjacent to the hotel, from The Holliday Companies/Incorporated for an undisclosed sum. Charlestowne Hotels will manage the day-to-day operations of the hotel.
Through its new partnership with Gemstone Hotels and Resorts, Gencom has acquired the 114-room Ames Boston Hotel in downtown Boston. Gencom and Gemstone will immediately undertake and jointly oversee a multimillion-dollar renovation to reposition and reinvigorate the hotel. Gemstone will operate the property.
Olshan Properties has acquired the Hilton Orrington in Evanston, Ill., for approximately $60 million. The seller was a joint venture of the Carlyle Group and Dow Hotel Company. The hotel underwent an extensive $5.1 million renovation this year.
Ashford Hospitality Prime has completed its acquisition of the 180-room Ritz-Carlton St. Thomas for $64 million from Marriott International. The property will continue to be operated as a Ritz-Carlton under a long-term management agreement with Ritz-Carlton.
