Hotel owners have sold or entered an agreement to sell properties in New Jersey, Washington, D.C., and Texas. These three properties consist of a 191-room Holiday Inn, a 99-room Kimpton hotel and a 118-key Staybridge Suites.
In New Jersey, Regal Hospitality of Columbus, Ohio, acquired the Holiday Inn Newark (N.J.) Airport. HREC Investment Advisors represented the sellers, RJB Associates and Fundamentals, both of which are based in New Jersey. The property is located adjacent to Newark Liberty International Airport and 2 miles from the New Jersey Turnpike. The hotel features a cocktail lounge, fitness center and business center.
Pebblebrook Hotel Trust executed a contract to sell the Kimpton Topaz Hotel in Washington, D.C., for $33 million. The sales price represents an 18.2 times earnings before interest, taxes, depreciation and amortization multiple and a 4.8 percent net operating income capitalization rate based on the trailing 12-month period ended in June. Pebblebrook plans on completing the sale in the fourth quarter of 2019. In the past month, the real estate investment trust has completed the sales of two other D.C. hotels: the 82-room Hotel Madera and the 137-room Kimpton Rouge Hotel.
In Texas, GPI Investment bought the Staybridge Suites Houston West-Westchase from Damodar with the intention of converting it to a senior-living facility. HVS Brokerage & Advisory arranged the all-cash transaction. GPI Investment plans to reposition the asset, built in 2017, as the ReLux Luxury Senior Community at Westchase District.