Several hotels have changed hands in recent weeks.
California
Pebblebrook Hotel Trust has closed on the sale of the 189-room Villa Florence San Francisco for $87.5 million to an affiliate of AWH Partners and The Roxborough Group.
The new owners are planning a full repositioning of the hotel, including a renovation of all 189 guestrooms as well as the lobby and ground-floor restaurant. The renovation is slated for completion by the end of 2022. The hotel has more than 10,000 square feet of retail space, 1,400 square feet of meeting space, a business center, a fitness center, valet parking and a lobby bar. Spire Hospitality has taken over management of the property.
According to the San Francisco Business Times, Pebblebrook acquired the hotel in 2018 as part of its acquisition with LaSalle Hotel Properties, which had acquired the hotel for $67.2 million in 2011.
Proceeds from the sale of Villa Florence San Francisco on Union Square will be used for general corporate purposes and acquiring hotel properties in accordance with Pebblebrook's investment strategy.
Florida
Victory Investments Group has acquired the Hotel Astor in Miami Beach for $12.75 million in an off-market deal from 1651 Astor. The 42-room art deco hotel in the South Beach neighborhood has a swimming pool and 4,000-square-foot restaurant space. Victory plans to renovate the hotel, bringing the price per key to $500,000.
The Susan Gale Group with One Sotheby’s International Realty represented both sides of the transaction.
Montana
Hotel owner-operator MCR has acquired the 146-room Hilton Garden Inn Missoula in Montana’s northern Rockies. The 146-guestroom property has has two restaurants, a casino and 22,000 square feet of event space across 15 meeting rooms. Other public spaces include a 24-hour convenience store, a fitness center and an indoor pool.
Missoula has more than 400 acres of parkland, 22 miles of trails and 5,000 acres of conserved open space. The Clark Fork, Bitterroot and Blackfoot Rivers all converge in Missoula, attracting rafting and fishing enthusiasts. The hotel is close to Missoula International Airport.
Washington, D.C.
A joint venture between Newport Beach, Calif.-based investment manager PIMCO and Louisville, Ky.-based Schulte Hospitality Group has acquired the W Hotel in Washington, D.C. from the Investment Corporation of Dubai.
It is the first time that Investment Corporation of Dubai, which is the sovereign wealth fund of the Emirate of Dubai, has sold a U.S. real property asset. The financial terms were not disclosed.