NATIONAL REPORT—While the industry is barely into winter, transaction activity continues to heat up across the country. Here are some recent deals to know about.
Best Western Plus Sold in Indiana
In Indiana, Huff, Niehaus & Associates Inc., closed the sale of the Best Western Plus La Porte Hotel and Conference Center, a 142-room, full-service, interior-corridor hotel designed with a four-story atrium. The hotel sold for $4.5 million to BRK Colorado Inc. of California.
The Best Western Plus membership will be retained by the buyer and “significant capital” for renovations will be deployed, according to the brokerage, which is led by President Brandt Niehaus.
GDR Hospitality LLC has operated this hotel for more than 10 years.
Duo Acquires Virginia Marriott
Blue Vista Capital Management and The LCP Group LP have acquired the Fairfax Marriott at Fair Oaks in Fairfax, VA. The six-story, 316-key property has 15,000 sq. ft. of meeting space and the 703 Bar + Kitchen.
“In partnership with LCP, we were able to identify a unique value-add opportunity,” said Jason Schwartz, principal at Blue Vista. “Installing LCP’s affiliate manager, Crescent Hotels & Resorts LLC, as the hotel’s manager further enhances our partnership’s ability to execute a turnaround of the hotel’s operations given Crescent’s extensive presence in the DC market.”
“The Fairfax Marriott is well located and benefits from a diversity of demand generators serving the greater DC market,” added Francis Lively, COO of LCP. “We capitalized on an opportunity to enhance the asset’s value through a strategic repositioning of the hotel’s sales and marketing program, which had been underperforming its potential.”