Recent transactions include Host Hotels & Resorts selling five hotels to an affiliate of Lone Star Funds, an affiliate of Brick by Brick Capital acquiring the Four Seasons Island Resort in Wisconsin and Noble Investment Group purchasing a Homewood Suites in Salt Lake City.
Host Hotels & Resorts sells five hotels for $551M
A Lone Star Funds affiliate has acquired five luxury and upper-upscale hotels from Host Hotels & Resorts Inc. for an aggregate purchase price of $551 million, including approximately $11 million for furniture, fixtures and equipment (FF&E) replacement funds.
The hotels are The Whitley, A Luxury Collection Hotel, Atlanta Buckhead; The Westin Buckhead Atlanta in Georgia; The Westin Los Angeles Airport; Marriott San Ramon in Santa Clara, CA; and the Westfields Marriott Washington Dulles in Chantilly, VA.
Brick by Brick Capital acquires Four Seasons Island Resort
An affiliate of Chicago-based Brick by Brick Capital has acquired the Four Seasons Island Resort in Pembine, WI, in partnership with hotel operator Life House as the newest addition to its portfolio of authentically local boutique hotels.
The 70-acre property represents both Brick by Brick Capital’s and Life House’s first hotel in Wisconsin and the first of several planned properties across the Upper Midwest.
Originally built in 1905 by the Wisconsin-Michigan Railroad Company, the resort was a popular destination for visitors arriving by railroad from Chicago looking to escape the city for the summer months. It is located on Miscauno Island along a stretch of the Menominee River, the natural border separating Wisconsin from the Upper Peninsula of Michigan.
Life House will operate a wide array of amenities at the property, including four dining options; a nine-hole golf course; wedding and conference facilities; an indoor pool; a fitness room; and an arcade.
Noble Investment Group acquires Salt Lake City Homewood Suites
Noble Investment Group has acquired the Homewood Suites by Hilton Salt Lake City | Downtown, located in the Utah city’s central business and entertainment district.
The property has 137 suites, as well as 2,477 sq. ft. of meeting and event space, a fitness center and business center, and offers free breakfast.
Salt Lake City is one of the fastest-growing cities in the country and ranks as the number one job market in the U.S., according to Noble. Downtown Salt Lake City is anchored by more than 15 million sq. ft. of office space. It is home to numerous corporate headquarters, including Zions Bancorporation, Questar Corporation and the most prominent Goldman Sachs presence outside of New York City. The downtown also features the Salt Palace Convention Center, Vivint Arena, Gallivan Center, Temple Square and the Utah State Capitol. Salt Lake City International Airport is four miles west of downtown.