Today's top hotel transactions

Hotels in the U.S continue to trade at a high rate with prospective buyers continuing to look for positions within an industry that is benefitting from high demand and low supply growth, which is underpinning propitious market fundamentals. Here's a look at the most recent hotel transactions.

Ft. Lauderdale Find
The biggest transaction of the day comes from South Florida, where news broke that a company headed by the owner of the Miami Dolphins has acquired the W Hotel & Residences in Fort Lauderdale.

Stephen Ross, who owns New York-based Related Cos. Related Fund Management, an affiliate of Related, bought the hotel from Capri Resorts LLC, a company linked to South Florida developers John Yanopoulos and Reed Dale, for an undisclosed amount. However, it was revealed that the hotel's condo units were acquired for $90 million.

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The 23-story hotel, which will remain a W, includes 346 hotel rooms and 171 condo-hotel units. The hotel was developed in 2009 at a cost of $430 million, according to the Sun Sentinel.

Hotlanta Haul
Meanwhile, farther north, RLJ Lodging Trust has acquired Hyatt’s Atlanta Midtown hotel for $49.5 million. The REIT says it purchased the 194-room hotel with proceeds from its recent equity offering.

Daytona Deal
Back in Florida, the Holiday Inn LPGA Boulevard hotel has new ownership. Hanover, Mass.-based Linchris Hotel Corp. bought the 96-room hotel for $7.7 million from New York City-based Glenmont Capital Management and Sandy Springs, Ga-based Peachtree Hotel Group, reports The Daytona Beach News-Journal

Glenmont and Peachtree bought the hotel in a joint venture in 2011 for $7.8 million.

Bay City Buy
Over in the Midwest, a former Holiday Inn and Three Palms Hotel in Bay City, Mich., was sold for $1.025 million to a local, a Michigan-based businessman who has holdings in a variety of real estate, including several hotels.

As M Live reports, the 46-year-old, four-story property was acquired in August 2013 by Javelin Investment Fund IV LLC for $1.9 million.

It was sold at auction with bids starting at $300,000.


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