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 2 | SEPTEMBER 10 & 24, 2020

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


* 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.

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