As the summer begins, hotels across the country have started changing hands. Here are four deals from the last week alone.
Louisville, Ky.
Hotel owner-operator MCR has acquired the 150-room Hilton Garden Inn Louisville Mall of St. Matthews in Kentucky.
Public spaces at the property include a 24-hour sundry and convenience store, a fitness center, a heated indoor pool, a business center and 2,000 square feet of event space across two meeting rooms. The hotel also has the Garden Grille & Bar, an onsite restaurant that serves breakfast, dinner and cocktails, as well as a fire pit outside.
The hotel is 10 minutes from Louisville International Airport, 15 minutes to downtown Louisville and a short drive to Churchill Downs, home of the Kentucky Derby.
New York City
Pebblebrook Hotel Trust has closed on the sale of its leasehold interest in the 194-room The Roger New York in New York, N.Y. for $19 million to a third party. The Roger New York is subject to a ground lease with approximately 23 years remaining on its term.
Proceeds from the sale of The Roger New York will be utilized for general business purposes, which may include reducing the Company’s outstanding debt and/or acquiring and investing in hotel properties in accordance with the company’s investment strategy.
San Antonio
Scarlett Hotel Group has purchased the former Wyndham San Antonio River Walk in San Antonio as part of a joint venture with Trailbreak Partners. The new owners have closed the property to begin implementing plans for a $50 million overhaul that will tuen the hotel into a luxury, full-service, 90-room InterContinental hotel in early 2023.
The $50 million renovation will include 40,000 square feet of meeting space, enhanced food and beverage options, nearly 3,000 square feet of dining/restaurant space and luxury rooftop amenities. The new hotel will be the only InterContinental-branded property in San Antonio and will cater to the city's convention and business travel market.
Located on the San Antonio River Walk, the hotel originally opened as an office building in 1958. The 21-story structure is adjacent to the Weston Centre, and includes a rooftop pool as well as direct access to the River Walk and river taxi landing area.
Virginia Beach, Va.
Shamin Hotels has acquired the Hampton Inn Virginia Beach-Oceanfront North for an undisclosed amount. The company—which owns the neighboring Hilton Oceanfront and Hilton Garden Inn two blocks to the south—plans to renovate the hotel and retain the Hampton Inn by Hilton brand.
Norfolk, Va.-based advisory firm Grand Bay Advisors acted as the broker, representing seller Ocean Ranch Realty Corp. in the transaction.