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KJ Properties Sells Five-Hotel Portfolio for $36 Million

Candlewood Suites McAlester
AUSTIN, Texas — Marcus & Millichap has announced the sale of a five-hotel portfolio in Texas and Oklahoma. The commercial real estate investment services firm represented the seller, KJ Properties LLC, which sold the properties for a total of $36,185,000 to a private, Texas-based real estate and investment firm. “The purchase highlights the buyer’s extended-stay hotel acquisition strategy and places...

Deal Report: Seven Hotel Sale and Financing Announcements

Baker's Cay Resort Key Largo
KHP Capital Partners Closes $361 Million Hotel Investment Fund KHP Capital Partners (KHP), a private real estate investment firm focused on acquiring and creating boutique and independent hotels, has closed on $361 million of commitments for its fifth discretionary real estate fund. The new fund is expected to be deployed over the next three years and, with leverage, should translate...

This Week’s Hotel Sale and Financing Announcements

Hilton Santa Cruz/Scotts Valley in California
Sun Hill Properties Buys Two TownePlace Suites in Colorado HREC Investment Advisors has arranged the sale of the 99-room TownePlace Suites Denver Southwest, located in Littleton, Colo., and the 94-room TownePlace Suites Garden of the Gods, located in Colorado Springs, Colo. HREC represented the seller, Scio Hospitality, during the transaction. The sale was negotiated by Jeffrey Duni, senior vice president...

Hersha Hospitality Trust Closes Sale of Hotel 373

PHILADELPHIA—Hersha Hospitality Trust announced that the company has closed on the previously-announced sale of Hotel 373 in midtown Manhattan for $37 million, or approximately $529,000 per key. “The successful closing of the sale of Hotel 373 at attractive pricing highlights the inherent value of Hersha’s New York City hotel portfolio, and demonstrates the strong domestic and international interest from public...

Starwood Hotels Sells Aloft Tucson University

STAMFORD, Conn.—Starwood Hotels and Resorts Worldwide Inc. has completed the sale of Aloft Tucson University to Lightstone Value Plus Real Estate Investment Trust II Inc., a public, non-traded REIT sponsored by The Lightstone Group, a privately held real estate company, for $19 million. As part of the agreement, the hotel will be managed under a long-term license agreement by...