ON THE BLOCK

DoubleTree deal

DoubleTree dealDoubleTree deal: ASAP International Holdings bought the DoubleTree by Hilton in Wilmington, Del., for $19.7 million. The 236-room hotel has 11,000-square-feet of meeting space. Virginia-based Crestline Hotels will manage the hotel, 17 miles from the Philadelphia International Airport.

Caribbean condo: Paulson & Co. acquired a majority interest in the Condado Vanderbilt, the 484-room La Concha Renaissance Hotel and Tower and the Condado Vanderbilt condominium towers in San Juan, Puerto Rico, for $260 million, including costs to complete construction of the Vanderbilt.

Luxury transaction: The 463-room Ritz-Carlton, Kapalua on Maui, Hawaii, was acquired by Woodbridge Capital Partners and Colony Capital and its affiliates, including Colony Financial, for an undisclosed price.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

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.


Novotel sold: Millennium & Copthorne Hotels entered into a conditional agreement to acquire the 34-story Novotel New York Times Square for $273.6 million.

Beach property: Inland American Lodging Group purchased the 645-room Aston Waikiki Beach Hotel in Honolulu, Hawaii, for approximately $183 million.

Portfolio transfer: Sage Hospitality purchased 11 hotels in partnership with Whitman Peterson, for an acquisition price of approximately $70,000 per key. The properties are located in several metropolitan areas: Austin, Denver, Indianapolis and Dallas.

Minnesota deal: FelCor Lodging Trust sold the 218-room Embassy Suites hotel in Bloomington, Minn., for $24 million. FelCor will use the asset sales proceeds to repay outstanding debt.

China buy: Wang Jianlin, chairman of China’s Dalian Wanda Group, purchased the Edificio Espana building in Madrid from Grupo Santander for $358.6 million.

Japan property: Ascendas Hospitality Trust purchased the Osaka Namba Washington Hotel Plaza in Osaka, Japan, for $87.4 million. The hotel will continue to be leased to Washington Hotel Corp. until December 31, 2015, under a fixed-term building lease agreement for a fixed rent of $6.4 million per year.

California sell: LaSalle Hotel Properties acquired the Hotel Vitale in San Francisco for $130 million. The hotel was purchased subject to a ground lease with the City & County of San Francisco, Municipal Transportation Agency, which expires on March 8, 2070.

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