Topic: Hotel Transactions
U.S. hotels saw all types of acquisitions decrease 39.3 percent year over year, according to a CBRE report.
The sold hotels are a Courtyard by Marriott in Detroit, a Del Sol by La Quinta prototype in Madera, Calif., and a Best Western in Richmond, Ky.
Pebblebrook Hotel Trust plans on selling the 137-room Kimpton Rouge Hotel in Washington, D.C. in the third quarter of 2019.
A 130-percent spike in portfolio acquisitions helped to drive hotel deal volume to $34 billion last year, according to JLL.
The 119-room hotel, now operated by Marshall Hotels & Resorts, opened in 2008 and underwent a renovation in 2017.
Germany's hotel market saw a 6-percent boost in 2017 to €52.6 billion, despite the competition from Airbnb.
Fattal Holdings sold Munich's Leonardo Royal Hotel in Germany for $175 million, €25 million more than the hotel's value.
According to Colliers International, Canada's hotel transaction volume is expected to fall short of last year's $3.5 billion.
Trinity Investments, Walton Street Capital and Oaktree Capital Management have formed a JV to acquire the Hilton Los Cabos Beach & Golf Resort.
Schroders has acquired Algonquin to boost the firm’s portfolio of assets and alternative businesses.