NATIONAL REPORT—Hospitality companies are making deals. To begin, Apple Hospitality REIT acquired an Atlanta-based property, Caesars Entertainment Corporation’s acquisition is approved, and more.
Apple Hospitality Acquires Atlanta Hotel
Apple Hospitality has acquired the 132-room Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody for a purchase price of approximately $29.5 million, or $223,000 per key. Following this acquisition, the Apple Hospitality portfolio includes 243 hotels with more than 30,900 guestrooms geographically diversified throughout 34 states.
Caesars Entertainment Receives OK to Acquire Centaur Holdings
The Indiana Horse Racing Commission and the Indiana Gaming Commission have granted approval of Caesars Entertainment’s proposed acquisition of Centaur Holdings LLC. The transaction is expected to close in July.
Columbia Pacific Advisors Provides $14.8M Loan for Conversion
Columbia Pacific Advisors has provided Hudson Real Estate Holdings with a $14.8 million short-term bridge loan for the refinancing and modernization of The Hudson Hotel in Kissimmee, FL. All the existing 403 rooms will become Extended Stay Micro Suites.
George Smith Partners Arranges $32.4M in Financing for New-Build
George Smith Partners has arranged $32.4 million in financing for the ground-up development of a 250-room, 35-acre, casitas-style resort hotel flagged by an IHG Hotel Indigo in Coachella, CA, on behalf of the developer, Glenroy Coachella. Steve Bram, principal/co-founder of George Smith Partners, worked with SVP David R. Pascale Jr. and assistant VP Huber Bongolan Jr. to arrange a $24.4-million senior construction loan and $8-million PACE funding for the hotel—the first new-construction hotel project ever financed by PACE in California.