* 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.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

* 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.

Suggested Articles

Hotel investment in Spain and Portugal has not yet reached its peak, with the appetite for urban hotels expected to grow this year.

The recent spate of deals involving resorts has drawn investors to the sector, with groups such as Blackstone looking to build platforms.

CVC Capital Partners is to buy the Greek, Croatian and the UAE businesses of D-Marin, an operator of marinas in the Mediterranean and UAE.