TRANSACTIONS

* Golf grab: Donald Trump acquired Scotland's Turnberry golf resort for a reported $63 million. The resort was sold by Leisurecorp, a subsidiary of the Dubai government, and had been up for sale since the onset of the global financial crisis. Leisurecorp first bought the resort and its accompanying hotel from Starwood Hotels & Resorts Worldwide for $87.5 million in 2008.

* LaQuinta sale: Marcus & Millichap sold a four-property portfolio of La Quinta Inns for $11 million. Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla., and one is in Knoxville, Tenn. All but one were rebranded immediately at sale, and the fourth will be rebranded in two to three months.

* Reit buy: American Realty Capital Hospitality Trust entered into an agreement to acquire the Equity Inns lodging portfolio for an expected $1.925 billion from funds indirectly owned by Goldman Sachs. The portfolio consists of 126 hotels totaling 14,934 rooms across 35 U.S. states, and encompasses brands such as Hampton Inn, Residence Inn, Hyatt Place and Holiday Inn.

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.


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

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