Host Hotels & Resorts has acquired a boutique hotel in Savannah, GA, while Black Bear Capital has arranged financing for a Hilton Garden Inn in Colorado.
Host Hotels & Resorts acquires The Alida, Savannah
Host Hotels & Resorts Inc. has acquired the fee simple interest in The Alida, Savannah, a 173-room boutique hotel in Savannah, GA, for approximately $103 million in cash.
This newly constructed hotel opened in October 2018 and benefits from soft branding in Marriott’s Tribute Portfolio. Rooms average 371 sq. ft. with high ceilings, hardwood floors, built-in window seats and marble bathrooms. The hotel offers 11,570 sq. ft. of meeting space; four F&B outlets including a rooftop bar with panoramic views; an outdoor pool; and street-front retail space.
Stabilization for The Alida is expected in the 2024-2025 timeframe at approximately 11-12x EBITDA with RevPAR of approximately $240. The stabilized EBITDA for the property is consistent with the company’s estimate of normalized 2019 operations, which adjusts for construction disruption to the surrounding Plant Riverside District and the initial ramp-up of the hotel operations.
The Alida is located in Savannah’s historic district just one block from the Savannah River, directly adjacent to a newly developed entertainment district, including the Plant Riverside District.
Black Bear Capital arranges $22.9M in financing for Colorado Hilton Garden Inn
Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $22.9 million in financing for the acquisition of the Hilton Garden Inn at Denver Airport in Aurora, CO. Suraj Desai, Black Bear Capital Partners’ senior managing director, arranged the financing package.
The three-year, $22.9-million floating-rate loan, with 36-month interest only payments, which represents a 75% LTV, will be used to fund the acquisition of the 157-key hotel. Atlanta-based Stonehill was the lender.
The property is a six-story, 157-key, interior corridor hotel located within Aurora, a suburb of Denver. The hotel is close to the University of Colorado and the Rocky Mountain VA Medical Center.
Amenities include a heated indoor pool and spa, fitness center, guest laundry, business center and more than 3,000 sq. ft. of meeting space.