Hotel
Penn National Takes Ownership of $1B Resort
This was no hostile takeover. The acquisition of the M Resort Spa Casino in Las Vegas was simply the exercising of an option.
Pebblebrook Breaks into Miami Hotel Market
The $36.5 million all-cash transaction involved the Viceroy, which opened its doors in 2009 with the distinction of providing the longest infinity-edge swimming pool in the state of Florida.
Construction Begins on $137.5M Radisson Blu
Carlson Hotels, the global hospitality and travel company, and equity partner Mortenson Construction have commenced construction of the upper-upscale hotel, which will become the first lodging facility to be linked to the 4.2 million-square-foot Mall of America via skywalk.
Investors Ink Major Hotel Deals in L.A., Chicago
Deep-pocketed investors are returning to hotels as an investment vehicle, with two more big properties changing hands recently in major U.S. markets.
HEI Acquires Sheraton Dallas North Out of Foreclosure
HEI Hotels & Resorts has acquired the 309-room Sheraton Dallas North out of REO, directly from a lender that foreclosed on the property. It is not the only upscale hotel to have faced foreclosure recently in the Dallas-Fort Worth area, nor in fact the only Sheraton to be bought out of foreclosure in Texas recently.
DiamondRock to Shell Out $335M for Radisson Lexington Hotel
The lodging REIT signed on the dotted line of an agreement to acquire the 712-room room property from Lexington Hotel L.L.C., a partnership involving The Blackstone Group L.P., Whitehall Street Real Estate L.P. XII and Goldman Sachs.
Laurus Completes Doubletree Purchase
The firm plans to reposition the San Diego property, including a major renovation to upgrade the resort. The revamp will include a reconfiguration of the lobby, pool deck upgrade and guest room makeover.
W Chicago Hotel Trades for $128.8M
Starwood Hotels & Resorts Worldwide Inc. sold the 368-room property to Chesapeake Lodging Trust.
Mondrian Los Angeles to Star in Pebblebrook Portfolio for $137M
Carrying an address in trendy West Hollywood, the 227-guestroom Mondrian occupies a 189,000-square-foot structure that first opened its doors as an apartment property in 1959.
Pebblebrook Picks Up Two Pacific Coast Hotels for $161.2M
In a matter of just two days, Pebblebrook Hotel Trust has plumped up its portfolio with two upper-upscale hotels encompassing a combined 639 guestrooms. In separate all-cash deals, the REIT shelled out $110 million for the Westin Gaslamp Quarter in San Diego and $51.2 million for the Hotel Monaco Seattle.