Properties are changing hands across the country, from the Florida Keys to the Twin Cities.
Pebblebrook Hotel Trust acquires Avalon Bed & Breakfast and Duval Gardens in Key West
Pebblebrook Hotel Trust has acquired the 19-room Avalon Bed & Breakfast and 12-room Duval Gardens, both in Key West, FL, for $20 million.
The two properties will be consolidated and operated as part of the company’s Southernmost Beach Resort and managed by Highgate, which currently manages the company’s two Key West resorts, Southernmost and The Marker Key West Harbor Resort.
Avalon and Duval have highly desirable locations along the vibrant Duval St., which showcases Key West’s most visited attractions, restaurants and bars. Avalon is physically surrounded by Southernmost on three sides, allowing for a seamless incorporation into Southernmost’s operations. Avalon contains 19 guestrooms, and the property features an outdoor plunge pool. Duval, located just a few blocks north of Southernmost, features 12 guestrooms and an outdoor swimming pool.
Based on the Company’s initial investment in Avalon and Duval, it expects to generate a forward 12-month incremental annualized hotel net operating income, after a 4% capital reserve, of $1.6 to $2.4 million.
Monarch Alternative Capital purchases Westin Minneapolis
Monarch Alternative Capital LP has purchased the Westin Minneapolis in Minnesota, in partnership with HEI Hotels & Resorts.
Through its existing real estate presence and deep relationships in the Minneapolis market, Monarch was able to acquire a leading hotel at a significant discount to historical transactions in an off-market purchase due to disruption caused by the pandemic. The Westin Minneapolis acquisition, Monarch’s 12th hotel purchase in 2021, highlights the firm’s continued ability to identify attractive properties that it believes are well-positioned to benefit from the return of both business and leisure travel, it reports.
The Westin Minneapolis is a 214 key, full-service business-oriented hotel in downtown Minneapolis. The hotel’s location, at the center of the Minneapolis Skyway System and its close proximity to the city’s largest group facilities including the Minneapolis Convention Center, U.S. Bank Stadium, Target Field and Target Center, make the property an attractive destination for business and leisure travelers in the city’s business district. Monarch is committed to further improving the hotel through an upcoming property renovation.
Monarch will operate the property in partnership with HEI Hotels & Resorts, a leading hotel investment and management company.