ON THE BLOCK

The Hotel California in San Francisco

Pineapple Hospitality Company purchased The Hotel California in San Francisco for $27 million from Rick Butler of Geary Street Properties. The 83-room, 101-year-old hotel will remain open during the transition, which will include a renovation.Pictured: Pineapple Hospitality Company purchased The Hotel California in San Francisco for $27 million from Rick Butler of Geary Street Properties. The 83-room, 101-year-old hotel will remain open during the transition, which will include a renovation.

* Keys deal: Hersha Hospitality Trust entered into a definitive agreement to purchase the 148-room Parrot Key Hotel & Resort in Key West, Fla., for $100 million.

* Fort Mill transaction: Comfort Inn Carowinds in Fort Mill, S.C., was sold by a court-appointed trustee to Welcome Hotels of Fort Mill, Inc. The final sale price was $3.35 million.

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.


* Aloft sale: Starwood Hotels & Resorts Worldwide completed the sale of Aloft Tucson University for $19 million to Lightstone Value Plus Real Estate Investment Trust II, Inc., a public, non-traded REIT sponsored by The Lightstone Group.

* Boutique transfer: LaSalle Hotel Properties acquired Hotel Vitale in San Francisco for $130 million. The company funded the acquisition with borrowings from its senior unsecured credit facility.

* California property: San Diego-based Trigild and Santa Barbara-based Blu Hotel Investors acquired the 100-room Holiday Inn Express in Santa Cruz, Calif., for $16.5 million from BPR Properties of Palo Alto.

* Oak Brook purchase: DiamondRock Hospitality Company completed the sale of the 386-room Oak Brook Hills Resort, in Oak Brook, Ill. It was sold to an unnamed third party for $30.1 million, including $4 million of seller financing.

* Red Roof deal: WestCap Investments Corp. entered into a purchase and sale agreement to acquire the 132-room Red Roof Inn in Linthicum Heights, Md., for $8.5 million.

* Dual sale: The government of Islamabad, Pakistan, is expecting a minimum of $700 million in net proceeds from the sale of the Roosevelt Hotel New York and the Hotel Scribe Paris, both of which are owned by Pakistan International Airlines (PIA). The money raised by selling the two assets will be used to clear PIA’s debt, which currently stands at approximately $2 billion.

* Best Western sale: Newmark Grubb Knight Frank (NGKF) Hotels sold two Best Western Plus properties to a regional owner/management firm in New England for a combined $22.5 million. The 92-suite Best Western Plus Roundhouse Suites was purchased by Dev Hospitality, and the 60-room Best Western Plus Black Rock in Fairfield, Conn., was purchased by Black Rock Acquisition.

* Minnesota hotel: The 218-room Embassy Suites Hotel Bloomington in Minnesota has sold for $24 million. The buyer is listed as Bloomington Hotel Owner SPE, which reportedly acquired the hotel from FelCor Lodging Trust. Aimbridge Hospitality won the hotel’s management contract from the hotel’s new owner—San Diego hotel investor Chelsea Hospitality Partners.

Suggested Articles

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

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