NATIONAL REPORT—Hotels are being sold or marketed for sale across the hospitality industry. Arbor Lodging, Besen Partners, CBRE, Berkadia, Hunter Hotel Advisors and Crystal Investment Property are part of the recent activity:
Arbor Lodging Partners Acquires Hotel Portfolio
Arbor Lodging Partners has acquired a 12-hotel portfolio consisting of the Hampton Inn Irvine/Lake Forest, Hilton Garden Inn Irvine/Lake Forest, Hilton Garden Inn Pasadena/Arcadia, SpringHill Suites Pasadena/Arcadia, Hilton Garden Inn Bakersfield, Hilton Garden Inn Folsom, Hilton Garden Inn Roseville, Courtyard Inn Hartford/Farmington, Residence Inn Hartford/Rocky Hill, Homewood Suites Wallingford, Homewood Suites Somerset and Residence Inn Mount Olive hotels in a joint venture with GFH Financial Group B.S.C.
The acquisition expands its portfolio to 37 full-service and select-service hotels consisting of nearly 5,000 rooms across 21 markets in 15 states. Going forward, the hotels will be managed by Arbor Lodging Partners’ affiliate, Arbor Lodging Management. Arbor Lodging Partners will begin renovations of various scopes at each property.
Besen Partners Marketing Two Hotels for Sale in Queens, NY
Besen Partners Hotel Advisory Group has been awarded the exclusive agency for the sale of two newly constructed limited-service hotels in Rockaway, NY: a Best Western and a Wingate by Wyndham. Completed in 2018 and opened for occupancy in September 2019, the two semi-attached assets encompass 53,858 sq. ft., with a total of 146 rooms.
The properties are close to JFK International Airport and directly accessible to public transportation. Asking price for both assets together is $33.9 million ($232,000 key) and there is a 25-year ICAP real estate tax abatement. The Far Rockaway Downtown District has also been slated for a $139 million mixed-use revitalization project that includes the redevelopment of infrastructure and public spaces.
CBRE Awarded Listing Assignment for Marriott Cleveland Airport Hotel
CBRE has been awarded the listing assignment for the sale of the 372-room Marriott Cleveland Airport hotel. The hotel will be going to auction Feb. 24-26 on the RealInsight auction platform. The hotel was last renovated in 2008 and 2009 at a cost of nearly $20 million. Since 2012, additional improvements and maintenance has been completed.
The hotel has access to I-71 and airport/IX center location. There is an opportunity to terminate the Marriott management contract under satisfaction of certain conditions after acquisition, and the hotel can then be rebranded to an alternative flag.
Berkadia Completes Sale of Sheraton in Anaheim, CA
Berkadia’s Hotels & Hospitality team completed the $51-million sale of the Sheraton Park Hotel at the Anaheim Resort in Anaheim, CA. Managing Director Kyle Stevenson arranged the sale by using RealInsight Marketplace. The Sheraton Park Hotel at the Anaheim Resort is a 490-room, full-service hotel close to Disneyland Resort parks.
The seller opted to use RealInsight Marketplace’s custom auction process where investors make indicate bids and provide specific purchase and sale terms. RealInsight Marketplace worked with Berkadia and the seller to invite qualified institutional buyers to participate in an auction event. More than 170 confidentiality agreements were signed with 14 registered bidders, resulting in a price well over reserve.
Hunter Hotel Advisors Arranges Sale of Hampton Inn in Fort Lauderdale, FL
Hunter Hotel Advisors has arranged the sale of the Hampton Inn Fort Lauderdale Airport North Cruise Port to Prive Group, a North Miami Beach investment and development firm, for an undisclosed sum.
The hotel was previously owned by an institutional investor and was the 137th and final closing by Hunter in 2019. Overall, Hunter represented the sale of 26 properties in Florida totaling more than $530 million last year. Trey Scott, SVP with Hunter, serviced the transaction.
Crystal Investment Property Arranges Sale of Comfort Inn South
Crystal Investment Property LLC (CIP), a member of Hotel Brokers International, has arranged the sale of the Comfort Inn South in Medford, OR. CIP, a licensed Oregon brokerage, represented the seller and buyer in the sale. Joseph P. Kennedy, president of CIP, worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.
Comfort Inn South Medford is a 61-key, select-service, interior-corridor, upper-midscale franchise hotel. With capital improvements in 2018, the hotel is near Jacksonville, Southern Oregon University, Oregon Shakespeare Festival and the Rogue Valley International-Medford Airport.
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