Hotel News Now’s Independent Insights newsletter each month features a news roundup from the independent hotel sector. Subscribe to the free monthly newsletter here.
Hyatt buys Royal Palms for Unbound Collection
Hyatt Hotels Corporation purchased the Royal Palms Resort and Spa in Scottsdale, Arizona, for $88.25 million ($742,000 per guestroom) from Lowe Enterprises Investors. Hyatt will continue to operate the historic, 119-room property as the Royal Palms Resort and Spa, and will affiliate it with its Unbound Collection soft brand. Hodges Ward Elliott represented Lowe Enterprises in the transaction.
New company for Sea Island and Broadmoor ownership
The Anschutz family, owners of The Broadmoor resort in Colorado Springs, Colorado, purchased Sea Island Company, which includes four resort spaces in Sea Island, Georgia. The family was a part owner of Sea Island, and with the full acquisition of the company, it formed a new company, The Broadmoor-Sea Island Company. Gary Pierson is chairman and CEO of the new company, and Steve Bartolin, chairman of The Broadmoor, will serve as president of the new company. Both are Five-Star and Five-Diamond resorts, and Bartolin said the goal of the new company will be to strengthen both through shared best practices, training, and sales and marketing efforts. Both will retain their singular identities.
New Florida hotel in the works for Nobu developers
Miami, Florida, real estate development company Key International purchased a three-quarters-of-an-acre land parcel across from the beach in Fort Lauderdale, Florida, for $9,562,500. The owners of Nobu Hotel at Eden Roc Miami Beach plan a 10-story, 175-unit hotel for the parcel. The city of Fort Lauderdale approved the hotel in November for the land, which sits behind the prominent Casablanca Café. In addition to the Nobu Hotel at Eden Roc, Key International developed 1010 Brickell, Mint, The Ivy, Hyde Beach House and other residential and hotel units in Miami.
Legacy Hotel Group buys Graham Georgetown from Mast Capital
Legacy Hotel Group, headed by brother and sister Dwight and Lynn Curry, purchased the 57-room The Graham Georgetown boutique hotel in Washington, D.C., from Mast Capital for $37 million. The hotel will be managed by Gateway Hospitality Group. The Currys have developed other independent hotels including The Islander Resort in Islamorada, Florida, as well as branded properties.
BD Hotels takes stake in NYC’s Hotel Chelsea
BD Hotels purchased an undisclosed stake in New York City’s famed Chelsea Hotel, according to The Real Deal. BD Hotels principal Richard Born told the paper that the company will redevelop the apartment hotel and operate it. Renovations are set to begin in August and he said the hotel will re-open with 120-plus guestrooms by the second quarter of 2018.
The owners are working with the hotels current tenants to renovate their apartments. The property, which over the years was home to notable literary legends like Dylan Thomas, Arthur Miller and Patti Smith, has been through recent ownership changes in the past few years.
Deals and developments
- Delaware North purchased the 266-room Sea Crest Beach Hotel in North Falmouth, Massachusetts, for an undisclosed amount. The resort sits on 21.6 acres and includes 30,000 square feet of event space.
- The Kinney boutique hotel opened in Venice Beach, California. The hotel has 68 guestrooms and is managed by Pacifica Hotels.
- R.D. Olson Development broke ground on the 130-room Lido House boutique hotel in Newport Beach, California. The hotel is scheduled to open in summer 2017.
- Renovations are complete at the 131-room Park South Hotel in New York City. Owner Atlantic Stars Hotels & Cruises invested $20 million in the full renovation.
- Andrew Davidson was named GM of Hotel Crescent Court in Dallas. The 220-room hotel is operated by HEI Hotels & Resorts. The property was recently converted to an independent from the former Rosewood Crescent hotel and is owned by Crescent Real Estate.
- Renovations are complete at the South Shore Harbour Resort and Conference Center in League City, Texas. Owner American National Insurance Company invested in the first comprehensive renovation of the property since its opening in 1988. The property is managed by 1859 Historic Hotels.
- The Washington Park Hotel in Miami, Florida, named Vikash Maharaj as GM and Ken Tutt as director of sales and marketing. The 182-room hotel is open in preview, and developed by the Witkoff Organization and the Carlyle Group.
- Charlestowne Hotels will manage The Bristol Hotel in Bristol, Virginia, slated to open next summer. The 65-room hotel is under construction by developer McCall Capital.
- Alfa Development opened the HGU New York boutique hotel in the city’s NoMad neighborhood following an $18-million renovation.
- Shaner Hotels will manage the French Leave Resort on the island of Eleuthera in the Bahamas under Marriott International’s Autograph Collection.
Compiled by Stephanie Ricca.