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 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.


* 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.

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