TRANSACTIONS

* West coast: RLJ Lodging Trust acquired the 256-room Courtyard Portland City Center in Portland, Ore., and the 293-room Embassy Suites Irvine Orange County in Irvine, Calif., in an off-market transaction. The combined purchase price is $120 million, or approximately $219,000 per key.

* Carey Watermark: The 224-room Courtyard Times Square West was acquired by Carey Watermark Investors for $95 million, which equates to roughly $425,000 per key. The Courtyard Times Square West is a brand-new property, having been built in 2013.

* Prescott Hotel: Pebblebrook Hotel Trust acquired the 160-room Prescott Hotel in San Francisco (Union Square area), for $49 million. The property will continue to be managed by Kimpton Hotels & Restaurants.

Virtual Event

Hotel Optimization Part 3 | Available On Demand

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event, now available on demand, for expert panels focused on getting you back to profitability.


* Parrot Key: Hersha Hospitality Trust entered into a definitive agreement to purchase the 148-room Parrot Key Hotel & Resort in Key West, Fla., for $100 million. The acquisition of Parrot Key will be funded with cash on hand and with a portion of the company’s $250 million senior unsecured term loan.

* Las Vegas: The Blackstone Group recently purchased the 3,000-room Cosmopolitan Las Vegas for $1.7 billion in cash, well under previous owner Deutsche Bank’s original asking price of $4 billion. The sale of this property is part of a plan for the bank to pare its balance sheet and rid itself of unwanted assets not considered central to its business.