NEWS BRIEFS

* RLJ Lodging Trust entered into a purchase and sale agreement with Hyatt Hotels Corp. to acquire 10 hotels totaling 1,560 rooms for approximately $313 million. RLJ is expected to spend an additional $25 million in capital expenditures.

* The Qatari Armed Forces Investment Portfolio bought the Marriott Renaissance Barcelona hotel for $107 million. The hotel is located in central Barcelona and will still be run by Marriott.

* Ashford Hospitality Prime acquired the Sofitel Chicago Water Tower for $153 million. The 415-room hotel was recently taken over by Blackstone Group after defaulting on a loan. The sale is expected to close in the first quarter.

Virtual Event

HOTEL OPTIMIZATION PART 2 | SEPTEMBER 10 & 24, 2020

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


* Marriott International purchased Protea Hospitality, Africa’s largest hotel chain, for $186 million. The deal includes the creation of a property ownership company by Protea, which will allow it to keep ownership of the hotels it owns.

* Millennium & Copthorne Hotels purchased the Wyndham Grand London Chelsea Harbour for $108 million. The hotel was purchased from Irish development firm Harcourt Developments. The deal is expected to be completed in the first quarter.

* The Torrance Marriott South Bay in California was sold to China-based Sichuan Xinglida Group Enterprises for $74 million. The new owner will keep Marriott as the operator of the 487-room hotel. There are plans to renovate the property.

Suggested Articles

During the first day of Hotel Optimization Part 2, panelists discussed employee wellness and finding new sources of business.

Hospitality sector recovering as economy reopens. Hotels, along with other commercial properties, began to see rising foot traffic in late Spring.

Soon-to-open hotels in California and Michigan have announced their debut general managers and directors of sales.