NATIONAL REPORT—Hotel Business is tracking transactions. Included in today’s roundup are Cambridge Landmark, MCR, Art-Invest, and more.
Cambridge Landmark Acquires Hyatt Regency Milwaukee
Cambridge Landmark has closed on the acquisition of the Hyatt Regency Milwaukee, a 481-room full-service hotel located in downtown Milwaukee. With the closing of this transaction, a new franchise agreement has been signed with Hyatt Corporation for the property to continue to operate using the Hyatt Regency brand. The hotel will undergo a multimillion-dollar renovation focused on upgrading the room product, enhancing the lobby and meeting space, and adding other new and exciting amenities. The terms of the transaction were not disclosed.
MCR Acquires Hilton Garden Inn at Rhode Island’s Outstanding International Airport
MCR has acquired the 160-room Hilton Garden Inn Providence Airport/Warwick at Rhode Island’s T.F. Green International Airport (PVD), which serves four million passengers annually.
Art-Invest Acquires Ibis Styles in Hamburg-Barmbek from Tamm & Voss
Art-Invest Real Estate has acquired the 188-room Ibis Styles Hotel in Hamburg-Barmbek, Germany from Tamm & Voss Immobilien GmbH. The property, located near Barmbeker train station and with easy access to Hamburg airport, is subject to a long-term lease agreement with the Success Hotels Group.
Atom Hoteles / Bankinter Acquires Three Spanish Hotels from Meliá
The Spanish Atom Hoteles Socimi, on behalf of its parent company, Bankinter, has acquired a portfolio of three hotels from Meliá Hotels International for about $86 million. With a total of 967 rooms, the portfolio is comprised of the 365-room Melia Sevilla in Seville and two Canary Islands hotels, the 308-room Sol la Palma and the 294-room Sol Fuerteventura Jandia. Meliá will continue to operate the properties though five-year rental agreements with options to renew for up to 25 years.
LRC Acquires Seven U.K. Doubletree Hotels from Oaktree
LRC Group is set to acquire seven Doubletree by Hilton hotels in the U.K. from Oaktree Capital Management. These properties, totaling more than 1,000 rooms, will supplement LRC’s acquisition of the 23-hotel Amaris Hospitality platform purchased from Lone Star earlier this year. The properties are located in Bristol North, Strathclyde, Southampton, Dartford Bridge, Newbury North, Coventry, and Edinburgh Airport.