On July 10, InterContinental Hotels Group announced it agreed to sell ownership interest in InterContinental Hong Kong to Supreme Key Limited, a consortium of investors advised and managed by Gaw Capital Partners, for $938 million. Supreme Key Limited expects to refurbish the hotel in 2017 over the course of 18 months. IHG will retain a 37-year management contract on the hotel with three 10-year extension rights.
Here is a look at some more real estate transactions that took place so far this summer:
South Korea-based Lotte Group purchased the New York Palace Hotel in Manhattan from Northwood Investors for $805 million. The Group expects the transition to be completed by late August.
Starwood Hotels & Resorts sold The Phoenician, A Luxury Collection Resort in Scottsdale, Ariz., to Host Hotels & Resorts for $400 million. Starwood will continue to operate the resort, which will undergo a complete renovation.
Pebblebrook Hotel Trust has acquired The Tuscan Fisherman’s Wharf, a Best Western Plus Hotel, for $122 million. The 221-room hotel in San Francisco, Calif., underwent a $3.6 million property-wide renovation in 2012.
LLCs linked to Think Hotel Group have purchased The Clinton Hotel in Miami Beach, Fla., for $28.5 million from East Coast Realty Ventures. The 88-room historic hotel, built in 1934, has recently been restored to its original state with the addition of retail space and upgraded dining facilities.
Ashford Hospitality Trust has announced the signing of an agreement to acquire two Minneapolis, Minn., hotels: the 229-room W Minneapolis Hotel-The Foshay and the 60-room Le Meridien Chambers Minneapolis hotel for a total of $101 million. Both properties will continue to be managed by Starwood Hotels.
Narsi Properties has announced the acquisition of Homewood Suites by Hilton Duraham-Chapel Hill/I-40 in North Carolina for an undisclosed amount. The 96-suite property is in the middle of a major renovation that will revitalize work, lounge, and dining areas, as well as introduce an outdoor kitchen and lounge.
American Realty Capital Hospitality Trust has agreed to acquire a portfolio of 13 hotels for $300 million from affiliates of Noble Investment Group. Earlier in June, ARC announced it would acquire 26 Summit Hotel properties for $351.4 million and five hotels from Wheelock Street Capital for $92.5 million.
Ashford Hospitality Prime has acquired the leasehold interest in the 62-room Bardessono Hotel and Spa in Yountville, Calif., for a total of $85 million. The property is the only LEED Platinum-certified hotel in California and one of three with the certification in the United States.
Carey Watermark Investors Incorporated has acquired a majority interest in The Ritz-Carlton in Fort Lauderdale, Fla., in a joint venture with RCFL Holdco, an affiliate of Gencom. The hotel is undergoing a nearly $9 million renovation.