Real EstateAcquisitionsDeal Roundup: The Latest Sales and Acquisitions

Deal Roundup: The Latest Sales and Acquisitions

Earlier this month, Hong Kong-based Mandarin Oriental International announced it will be acquiring Mandarin Oriental Boston. The 148-room hotel and 85-unit luxury condominium building in the Back Bay will be purchased for $140 million, a price equal to $945,945 per room. The deal is set to be the highest per-room sale of a hotel in Boston ever recorded when it closes. The Mandarin Oriental Hotel Group has 47 hotels and 11,000 rooms in 25 countries either in operation or under development.

Here is a look at more interesting deals that have taken place in recent weeks:

Pandox, a leading owner of hotel properties in Northern Europe with a focus on sizeable hotels in key leisure and corporate destinations, has acquired 18 hotel properties in Germany. The acquired hotel property portfolio consists of 18 hotels with 3,415 rooms in 12 German cities. The hotels will be marketed under the brand name Leonardo Hotels and are positioned in international cities such as Frankfurt, Düsseldorf, Hamburg, Cologne, Hannover, and Mönchengladbach.

New Castle Hotels & Resorts has fully acquired Hampton Inn and Suites, Milwaukee Downtown earlier this month. The 138 key hotel marks New Castle’s first acquisition of 2016. The hotel will complete underway systems upgrades while remaining operational. The terms of sale were not released.

A joint venture between Global Management & Investment and Compass Real Estate has acquired the Twelve Atlantic Station Hotel and the Twelve Centennial Park Hotel. Both hotels are located in Atlanta and are from Novare Group. Global and Compass will rebrand the hotels under the Autograph Collection Hotel brand of Marriott International Inc.

Midas Hospitality, LLC Acquires has acquired the he 74-room Holiday Inn Express – Urbana-Champaign, Ill. St. Louis-based hotel owner, operator and developer, Midas Hospitality will manage the asset. It will make the ninth IHG asset within the 22-hotel Midas portfolio.

Pacific Hospitality Group (PHG) has acquired the oceanfront Ko’a Kea Hotel & Resort. Located on the Hawaiian island of Kauai at Poipu Beach, the hotel is the latest addition to the California-based hotel’s increasing portfolio, known as the Meritage Collection. PHG currently owns and/or manages 10 hotels.

The commercial real estate investment services firm, Marcus & Millichap, has arranged the sale of the Ramada Austin Central, a 137-room, interior corridor, and midscale hotel near downtown Austin. The terms of the sale have not yet been released.

MBA Hotel Brokers Inc. has announced the sale of the Ramada Hotel BWI Airport in Maryland at the final sale price of $6.3 million to the NYMD Hotel Group LLC, a Maryland and New York investment and hotel management group.

Laurus Corporation, a private real estate investment and development firm has acquired the Vail Cascade Resort and Spa, one of Vail’s only ski-in/ski-out hotels. The 292-room luxury hotel will undergo a $35 million renovation that will include a complete redesign of the resort, refurbishing every aspect of the hotel for the 2016/2017-ski season. Destination Hotels, the largest owner and operator of independent hotels, resorts and residences in the United States, will continue to manage and operate the property.

The Philadelphia-based company, HHM, formerly known as Hersha Hospitality Management, has acquired and will assume management, of the Residence Inn Philadelphia Conshohocken, expanding its portfolio and private-investment platform. The 137-room all-suite hotel was renovated extensively in 2014 and now features a newly added bar and lounge, an indoor pool, fitness center, and outdoor sports court.