INTERNATIONAL REPORT—NewcrestImage, High Street Real Estate Partners, HREC, PMZ Realty Capital and Gencom have all completed transactions. Here’s more on the recent hotel acquisitions:
NewcrestImage Acquires SpringHill Suites in Downtown Dallas
NewcrestImage has expanded its portfolio by acquiring the 148-room SpringHill Suites by Marriott in the West End Historic District of downtown Dallas. The company will now operate four hotels and almost 600 rooms in downtown Dallas. The SpringHill Suites will undergo a complete renovation but will remain open during the refurbishment process that is expected to begin in three months and to take about four months.
King Charles Inn Joins Davidson Portfolio
High Street Real Estate Partners and WHI Real Estate Partners have acquired the King Charles Inn and tapped Davidson Hotels & Resorts to manage. Operated by Pivot Hotels & Resorts, Davidson’s lifestyle and luxury vertical, the 91-room boutique hotel is centrally located in the historic district of downtown Charleston, SC, with access to shopping on King St. and the city’s dining and entertainment scene. Beginning in 2020, the property will undergo a transformation that will include renovations to all guestrooms and public spaces as well as a rebranding to support the elevated repositioning. This marks the second property in Charleston, SC, for Davidson.
HREC Arranges Sale of Courtyard by Marriott in Alabama
HREC Investment Advisors has arranged the sale of the 90-guestroom Courtyard by Marriott Gulf Shores Craft Farms, located in Gulf Shores, AL. A&R Group, based in Gulf Shores, acquired the property. HREC Investment Advisors exclusively represented the seller, an affiliate of Driftwood Hospitality Management, on this transaction. The marketing and negotiations were led by Monty Levy, managing director; Barry Swanson, SVP (both located in the Atlanta office) and Paul Sexton, SVP, located in the Orlando office.
PMZ Realty Capital LLC Arranges Acquisition for Fairfield Inn and Suites
PMZ Realty Capital LLC has arranged a $8-million loan for the acquisition and renovation of the Fairfield Inn & Suites Downtown Spokane, WA. The 84-key Fairfield Inn & Suites is located in downtown Spokane, WA, and was recently renovated. The property is located directly across from the 120,000-sq.-ft. Spokane Convention Center and demand drivers like Washington State University Spokane and Fairchild Air Force Base, among others.
Gencom-Led Partnership Acquires Fairmont Southampton, Bermuda
An affiliate of Miami-based Gencom has acquired the 593-room Fairmont Southampton, Bermuda. The hotel will remain under the brand and management of Fairmont Hotels & Resorts. News of the acquisition comes with the announcement that the U.S.-based investment firm has committed to a long-term investment in the property. Financial terms of the transaction were not disclosed. The acquisition marks Gencom’s second investment in Bermuda.