Hotels change hands in Colorado, Florida and Tennessee

Several hotel transactions have taken place in the South and Western United States.

Tennessee

Dreamscape Cos. has acquired the Sheraton Grand Nashville Downtown. The deal is part of the company’s goal of reaching $1 billion in acquisitions over the next 24 months, as well as its first foray into the Nashville market.
 

“Nashville has been a key city on our list of targeted markets in which we’d like to expand and develop a presence,” said Eric Birnbaum, founder and CEO of Dreamscape. “It’s an eclectic city that continues to draw people from all over the world thanks to its deep music and entertainment roots as well as impressive food scene. The Sheraton Grand Nashville Downtown is an upscale, ideally situated establishment representative of what we typically look for when expanding our portfolio.”

As the exclusive hotel operating partner for Dreamscape Companies’ growing collection of hospitality properties, Aimbridge Hospitality will assume management of the 482-room property, including food and beverage and fitness and the property’s meeting and event space. 
 
Public spaces at the hotel include the Library Bar, an indoor pool, a fitness center nearly 50,000 square feet of meeting and event space.
 
The Sheraton marks the third acquisition for Dreamscape this year after recently acquiring a stake in the Warwick Hotel Rittenhouse Square in Philadelphia and the Saint Hotel New Orleans. The company plans to continue buying assets for the remainder of this year.

Colorado

Denver-based hotel company Five Senses Hospitality has acquired the former Baymont Inn & Suites in Frisco, Colo. The deal is part of a joint venture with Dallas-based hotel development company Bedford Lodging, with which Five Senses has an exclusive partnership to manage the operations of its assets. 

The 127-room hotel will operate independently as the Summit Suites while undergoing a renovation before joining a hotel brand.
 
“Summit County is a great example of an economy that is projected to rebound quickly in a post-COVID world,” said Chris Manley, founder and president of Five Senses Hospitality. “The location is appealing to travelers due to the infinite outdoor activities and incredible landscape.”
   
Manley, former COO of Denver-based Stonebridge Companies, and Bedford founder Jeff Blackman founded Five Senses Hospitality in fall 2020. The hotel group manages eight properties, totaling more than 750 rooms and more than 120 team members. Five Senses Hospitality focuses on select-service and extended-stay hotels.

Florida

AMS Hospitality and Black Salmon have completed the acquisition of the 97-room Circa 39 hotel in Miami Beach, Fla. The property previously was owned by Thirtynine Collins. The three-story property comprises a 35,647-square-foot building on a 22,000-square-foot lot. The property last sold in 2008 for $8.2 million. 

Miguel Pinto, president and broker of Apex Capital Realty, represented the buyer in this transaction while Samuel Heskiel and Marilina Apfelbaum from Beachfront Realty's commercial division represented the seller. “During the initial phase of the pandemic there was a lot of pain in the hospitality industry as hotels were closed to customers,” Pinto said. “Miami, however, not only recovered faster than other markets but now enjoys some of the highest booking and occupancy rates in the country ... In the Miami submarket there is still opportunity for investors to acquire hotels and revamp the F&B operations as there is a great demand from restaurants to activate and differentiate the hotels.”