The following is a list of recent hotel transactions and purchase contracts. This is not meant to be a comprehensive list. It is the policy of the Hotel Investment Barometer to publish only those transactions for which buyer, seller and price information are available.
Hotel | Location | Rooms | Price | Price/room | Buyer | Seller | Date | Shawn A. Turner's take |
New York Palace (1) | New York | 889 | US$400 million (2) | US$445,000 | Northwood Investors LLC | Entity affiliated with the royal family of Brunei | Pending | This is the second time the Palace has traded during the past 30 years, according to Bloomberg. |
Radisson Lexington Hotel New York | New York | 712 | US$335 million | US$475,506 | DiamondRock Hospitality Company | Lexington Hotel LLC | 16 May 2011 | Forecasted 2011 revenue per available room for the property is US$198, according to DiamondRock. |
W Chicago-City Center | Chicago | 368 | US$128.8 million | US$350,000 | Chesapeake Lodging Trust | Starwood Hotels & Resorts Worldwide | 10 May 2011 | RevPAR for the hotel year-to-date through April is up 19.4%, according to Chesapeake. |
W Boston | Boston | 235 | US$89.5 million (2) | US$380,000 | Pebblebrook Hotel Trust | Sawyer Enterprises | Pending | If all of Pebblebrook's deals close, Pebblebrook's portfolio will include 14 hotels comprising approximately 3,800 rooms. |
Hotel Chelsea | New York | 125 | US$80 million-plus (2) | US$640,000-plus | Joseph Chetrit (3) | Chelsea 23rd Street Corporation | 16 May 2011 | The hotel has been home to Bob Dylan, Jimi Hendrix and more. |
JW Marriott Denver Cherry Creek | Denver | 196 | US$72.6 million | US$370,408 | DiamondRock Hospitality Company | Cherry Creek Owner LLC | 19 May 2011 | The purchase represents a 7.5% capitalization rate on forecasted 2012 net operating income. |
Red Lion Hotel on Fifth Avenue | Seattle | 297 | US$71 million | US$239,057 | Affiliate of Lowe Enterprises | Red Lion Hotels Corporation | 4 May 2011 | Lowe also is entering into a franchise agreement with Red Lion. |
Hampton Inn Manhattan Seaport District | New York | 81 | US$32.4 million | US$400,000 | Hersha Hospitality Trust | HPS Seaport LLC | 20 April 2011 | The hotel was acquired for cash, and Hersha is converting its US$58-million mezzanine loan into equity. |
List compiled by Shawn A. Turner.