Buying & Selling: Hotels Change Hands

NATIONAL REPORT—From urban, boutique hotels to lakeside retreats, here’s a look at some of the latest hotel acquisitions.

Union Investment Acquires The Porter in Downtown Portland, OR

Union Investment has acquired the boutique and lifestyle hotel The Porter in Portland, OR, for a purchase price of $147.7 million. The acquisition was made on behalf of open-ended real estate fund Unilmmo: Global.

The 294-key hotel, which opened at the beginning of the year, is part of the Curio Collection by Hilton brand. The developer and operator of the hotel is Widewaters Hotels LLC, which has already developed and acquired 38 hotels and currently operates 18 hotels in the US.

Portland is Union Investment’s sixth hotel location in the U.S. and its second on the West Coast. The Hamburg-based real estate investment manager acquired the Hilton Garden Inn Seattle in 2017.

“With its high construction quality, exceptional high-end accommodation concept and excellent location in Portland’s business district, The Porter is the ideal addition to our US portfolio, which is set to grow at a similar pace going forward as in recent years,” said Andreas Löcher, head of Investment Management Hospitality at Union Investment Real Estate GmbH.

AAM 15 Management LLC Acquires the Hilton Garden Inn Downtown Freeport

Continuing the expansion of its hotel portfolio, Burlington, MA-based AAM 15 Management LLC recently celebrated the acquisition of its fifth hotel, the Hilton Garden Inn Downtown Freeport, located in Freeport, ME.

David R. Masse, founder and CEO of AAM 15 Management, said, “The hotel is a great fit for our strategic East Coast growth plan. The Hilton Garden Inn Freeport is our first Hilton-branded hotel as well as our first property in the state of Maine. The hotel acquisition checked all of our boxes to provide our investors, the opportunity to own a top branded hotel with excellent operating cash flow. While the hotel is in very good condition, we have an extensive property improvement renovation planned to give the hotel guestrooms and public areas a contemporary look and feel, enhancing the property value and hotel guest’s experience.”

The Hilton Garden Inn has 99 guestrooms and nine suites, restaurant, lobby bar and more than 5,000 sq. ft. of unique meeting and event space. The hotel guest amenities also include an indoor pool, a well-equipped fitness center and a patio and outdoor space. The inn is located within walking distance of LL Bean and all of the other shopping, dining and entertainment venues offered in downtown Freeport.

Crystal Investment Property LLC Brokers Sale of Rocky Point Resort

Crystal Investment Property LLC, a member of Hotel Brokers International, brokered the sale of the Rocky Point Resort, Klamath, OR. The company represented the seller and buyer in the sale.

President Joseph P. Kennedy worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.

Overlooking Upper Klamath Lake, the Rocky Point Resort is a rustic camping and lodge resort on both the Upper Klamath Canoe Trail and the Klamath Basin Birding Trail. It offers a combination of rustic cabins, RV and camping spots, as well as restaurant, marina and a general store.

Kennedy said, “This rustic resort was challenged by absentee ownership and really needed an active hands-on operator. We were pleased to identify the ideal candidate to take over this jewel in the rough. We are excited to see the planned improvements to the property and are appreciative of the willingness of the seller to work collaboratively to make this happen.”

Waterville Valley Resort Acquires Silver Fox Inn, Diversifying Lodging Portfolio

Waterville Valley Resort has acquired ownership of the Silver Fox Inn, in Water Valley, NH, formerly Best Western Silver Fox. The addition aims to strengthen and diversify the resort’s portfolio of hospitality businesses.

Waterville Valley Resort began the transition in February and is now operating the 32-room hotel alongside it’s two and three-bedroom, fully equipped Town Square Condominiums and the budget-conscious Snow Star Inn. The new addition is located next to the resort’s Conference and Event Center.

Waterville Valley Resort acquired the property, formerly a Best Western franchise, upon the retirement of local couple, Tor and Susan Brunvand. “Their long-time dedication to their product has generated an incredible reputation,” said Matt Hesser, director of marketing and sales. “They have been a great help in the transition and we are looking forward to continuing their high standards of service.”

Guests of the Silver Fox Inn can expect operations to continue as usual under the new ownership, including the hot breakfasts and afternoon wine and cheese welcome receptions.