Hotels across the country are changing hands, including an independent hotel in New York City and two in Lone Star State. Here’s a look:
Gallivant Times Square sold
JLL Hotels & Hospitality has completed the sale of the Gallivant Times Square Hotel, a 336 key hotel in New York City.
The property is a total of 209,851 square feet, 16 stories high, and features a variety of guest amenities including a fitness center, concierge service, business center, and approximately 300 square feet of meeting space. The hotel also has two street-fronted retail spaces on the ground floor currently occupied by the An’nam and Ding Szechuan restaurants.
The JLL Hotels & Hospitality team representing the seller was led by Jeff Davis, Senior Managing Director, EVP KC Patel, EVP Michele Mahl and Associate Nikhil Chuchra. The sale marks the fourth asset JLL Hotels & Hospitality has advised in New York City since September 2020.
Highline Hospitality Partners acquires the Pearl South Padre Resort
Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has added its third property with the acquisition of Pearl South Padre Resort in Texas and has gained Aimbridge Hospitality to manage the property. They are preparing to convert the destination into a Margaritaville resort with the expected opening in the summer of 2022.
The Pearl South Padre Resort includes 200 rooms and suites and 53 beachfront condos in one, two, and three bedroom configurations. All rooms have a refrigerator and all apartments are equipped with full kitchens and full size appliances.
Additional amenities include an on-site spa with Aveda plants and products, an outdoor pool with a whirlpool, a swim-up bar and a pool for children only, as well as a fitness and business center. Dining options include the Beachside Bar & Grill for indoor and outdoor service and the Palapa Bar & Grill for poolside meals. The property also has 8,500 square feet of meeting and event space for corporate events, weddings, and more.
Host Hotels & Resorts acquires Hyatt Regency Austin
Host Hotels & Resorts Inc. acquired the one-way fee for the 448 room Hyatt Regency Austin in Austin, TX for approximately $ 161 million in cash.
The purchase price corresponds to a capitalization rate of 10% and an 8.8 times EBITDA multiple based on actual 2019 results and reflects a discount of 20 to 25% on pre-COVID-19 prices on comparable publicly announced hotel sales based. Hyatt will continue to administer Hyatt Regency Austin under a long-term management agreement.
The 670,000 square feet. The hotel was renovated in 2015 and expanded in 2015 and expanded in 2018. The hotel offers a total of 45,000 m² of meeting space (including ballrooms with 14,000 and 10,000 m²), two dining facilities. an outdoor pool and fitness center.
MCR acquires two brand properties near Nashville Superspeedway
MCR has acquired the 167-room Tru by Hilton Smyrna Nashville and the Home2 Suites by Hilton Smyrna Nashville, Tennessee.
The hotels are near the Nashville Superspeedway and Nashville International Airport, as well as downtown restaurants, country music venues, and honky tonks.
The Tru by Hilton Smyrna Nashville has 78 pet-friendly rooms featuring refrigerators. free daily breakfast; 24-hour fitness center with cardio machines, free weights, kettle, and medicine balls, a virtual personal trainer, resistance bands, and a ballet bar; Outdoor pool; free wifi; 24-hour business center with personal pods and remote print access; 24-hour lobby market with gourmet snacks and drinks, including wine and beer for one serving; Laundry on site; and free parking.
Home2Suites by Hilton Smyrna Nashville has 89 pet-friendly suites with kitchenettes. free daily breakfast; 24-hour fitness center with cardio machines, free weights, kettle, and medicine balls, a virtual personal trainer, resistance bands, and a ballet bar; Outdoor pool; free wifi; 24-hour business center; On-site laundry and free parking.
Baxter Hospitality Adds Chapter House
Baxter Hospitality has acquired The Compass Rose, a historic Cape Cod boutique inn. Over the next five months, the family-owned management company will be undertaking a major renovation and renaming of the inn, which will debut as Chapter House this summer.
Chapter House is Baxter Hospitality’s second renovation project in New England. The group also owns and operates Sesuit Harbor House, a boutique inn. The new property is right on the historic Old King’s Highway and just a short drive from major attractions and beaches. The guest house with 21 rooms is located on a spacious meadow, which also serves as a relaxation area for outdoor games and as a picturesque location for weddings / events. Chapter House will debut with a special craft cocktail bar and plans to launch a locally inspired restaurant pop-up concept after its inaugural season. An indoor spa pool will also be part of the renovation. Chapter House will feature a selection of experiences aimed at connecting with locals and promoting the rise of local, remote travelers, including the Work From Hotel programs. The inn will also be available for full property buyouts.
Former Quality Inn in Tallahassee sold
Mumford Company represented First Troy SPE LLC on the sale of the former Quality Inn in Tallahassee, FL. The buyer, Sunrise Tallahassee Inc., is a regional multiple property owner and operator who plans to fully renovate and reopen the currently gated property with a mid-sized national franchise. Ed James and Steve Kirby, managing directors of the Mumford Company, represented the seller on the transaction.
