Earlier this month, HHM acquired the Best Western Tria in Cambridge, Mass. This acquisition further expands HHM’s private-investment platform and management footprint in the Boston market. The company plans to extensively renovate the 121-room property, with upgrades to the guestrooms, public areas, and exterior façade that represent the style and vibrancy of the Cambridge community.
Here is an inside look at other deals that have happened in the past few weeks:
Carey Watermark Investors 2 has acquired the Seattle Marriott Bellevue. The newly developed hotel includes 384 guestrooms and is located in Bellevue, Wash., which has evolved from a Seattle suburb into an independent city as a result of a tech boom. The 17-story, state-of-the-art hotel opened in July 2015.
Minor Hotel Group has announced its acquisition of Tivoli Hotels & Resorts, a Portugal-based brand with 14 properties across Portugal and Brazil. This represents the largest-ever hospitality transaction in Portugal.
In late January, Loews Hotels & Resorts entered into an agreement to purchase the 120-room Hotel 1000. The hotel features 120 luxury guest rooms, 6,000 square feet of meeting space, BOKA Restaurant & Bar, The Spaahh, and a golf simulator. Hotel 1000 is the ninth addition to Loews Hotels, growing its total guestroom count by nearly 40 percent over since 2012.
Hyatt Hotels and Vietnam’s unlisted Thai Group have agreed to build a $165 million Park Hyatt hotel project in Hanoi. The hotel will comprise nearly 300 rooms including presidential suites and is set to be complete by the end of 2018.
Starwood Hotels & Resorts Worldwide has announced the sale of Hotel Imperial, a Luxury Collection Hotel, Vienna to Al Habtoor Investment, the investment arm of UAE conglomerate Al Habtoor Group, for $78.8 million. All rooms and suites of the hotel will be renovated over the next four years. Hotel Imperial will continue to operate as part of The Luxury Collection brand under a new long-term management agreement.
Classic Hotels & Resorts has acquired the FireSky Resort & Spa. The Scottsdale-based hospitality company acquired the Scottsdale hotel from KHP Fund I, which is currently operated by Kimpton Hotel & Restaurant Group. Classic Hotels & Resorts bought the property for $62.5 million, according to the company’s representatives.
Moody National REIT II has agreed to purchase the Marriott SpringHill Suites Hotel in Seattle, Wash., for $74.1 million excluding closing costs. The Springhill Suites Seattle is a select-service hotel consisting of 234 guestrooms. Located on the southeast corner of Stewart Street and Yale Avenue in downtown Seattle, the SpringHill Suites Seattle sits in one of the city’s major transportation routes with ready access to the corporate homes of Amazon, Microsoft, Nordstrom, and REI.
In late January, Linchris Hotel Corp. announced the acquisition of the Radisson Hotel Plymouth Harbor in Plymouth, Mass. for an undisclosed amount. Renamed Hotel 1620 Plymouth Harbor, after the year the Pilgrims landed at Plymouth Rock aboard the Mayflower, the 175-room, full-service hotel will remain open year round. Linchris took over operation of the hotel and is overseeing a $5.7 million renovation.
Arbor Lodging Partners has acquired the Staybridge Suites Cleveland/Mayfield Heights in Mayfield Heights, Ohio, a 123-room upscale extended-stay hotel. NVN Hotels, an affiliate of Arbor, will manage the hotel.
