On The Block

* Manhattan move: Hersha Hospitality Trust is selling the 70-room Hotel 373 in midtown Manhattan to an offshore investment group for $37 million, or approximately $529,000 per key.

Virtual Event

Hotel Optimization Part 3 | Available On Demand

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event, now available on demand, for expert panels focused on getting you back to profitability.


* HIX sale: The 113-room Holiday Inn Express San Diego Sea World/Beach Area was sold by Excel Hotel Group, a San Diego-based hotel management group, to another California investor.

* Chicago deal: The Royal Bank of Scotland Group sold the 553-room Renaissance Chicago Downtown Hotel to Carey Watermark Investors for $139 million.

* Fund acquisition: Lodging Dynamics Hospitality Group made its first acquisition through the company’s affiliated equity fund, LD Hotel Group I LLC: the 102-room Staybridge Suites in Omaha, Neb.

* JV recap: The 215-room DoubleTree LAX in El Segundo, Calif., has closed on a new-equity recapitalization that has brought in two new owners. A joint venture between Argosy Real Estate, Evolution Hospitality LLC and Stonecreek Properties purchased the property for an undisclosed amount.

* Florida find: Fortress Investment Group acquired the 963-room Hyatt Regency Jacksonville Riverfront in Jacksonville, Fla., for $53 million.

* HGI deal: Hawkeye Hotels acquired the 201-room Hilton Garden Inn in Independence, Mo. The property was purchased out of receivership from First Hospitality Group for an undisclosed sum.

* CapEx plan: Temple Hotels acquired the 224-room Radisson Plaza Hotel Saskatchewan, Regina, in Canada, for $32.8 million. Temple intends to undertake a $6-million capital expenditure program.

* Blackstone buy: The Four Seasons Resort and Club Dallas at Las Colinas was acquired by Blackstone Group LP for an estimated $150 million from CWCapital Asset Management LLC.