Four Florida hotels change hands; more deals

Recent hotel transactions include four Florida hotels changing hands, including Chatham Lodging Trust acquiring a Hilton Garden Inn in Miramar Beach; a joint venture between The LCP Group LP and Safanad purchasing the Postcard Inn on the Beach in St. Pete Beach; and Sandpiper Lodging Trust buying two Woodspring Suites in the Orlando market. Read all about those and more below.

Chatham acquires beachside Hilton Garden Inn in Florida
Chatham Lodging Trust, a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels has acquired the beachside 111-room Hilton Garden Inn Destin Miramar Beach in Florida, in an off-market transaction for $31 million, or approximately $279,000 per room. Opened in 2020, the hotel is close to the Gulf of Mexico. The acquisition should generate an estimated stabilized NOI yield of 8.0% to 8.5%, according to the company.

Guestrooms at the property (pictured above) include a microwave and small refrigerator, and 27 of them have Gulf-view balconies. The hotel also features a public space that includes an approximately 900-sq.-ft. meeting room and/or event space, a fitness center and a bar.

Chatham funded the purchase using available cash and borrowings under its credit facility. The hotel will be managed by Island Hospitality Management.

The LCP Group, Safanad acquire Postcard Inn in St. Pete Beach, FL
A joint venture between The LCP Group LP, a vertically integrated, private real estate investment firm specializing in hospitality investing, and Safanad, a real estate and private equity investment firm, has acquired the Postcard Inn on the Beach in St. Pete Beach, FL.

The 196-room oceanfront resort is located on a 9.64-acre tract with more than 300 ft. of frontage along the Gulf of Mexico. Initially constructed in 1957, Postcard Inn features a lobby cafe, a full-service restaurant and 3,880 sq. ft. of combined indoor and outdoor terrace meeting space.

The joint venture plans a comprehensive renovation of the asset to further modernize the guestrooms and enhance the food and beverage offerings. Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella.

Sandpiper buys two Orlando WoodSpring Suites
Sandpiper Lodging Trust (SLT) has acquired two WoodSpring Suites extended-stay hotels located in the Orlando market. One of the hotels, WoodSpring Suites Clarcona, is located six miles northwest of downtown Orlando. The other, WoodSpring Suites Clermont, is located 18 miles west of Orlando, near Lake Apopka.

The hotels were initially developed by Liberty Investment Properties and had been owned most recently by Hotel Management Services Inc. Sandpiper Hospitality will immediately begin managing the two hotels. Terms of the deal were not disclosed.

SLT now owns 21 properties located in eight states spanning from the Mid-Atlantic region to Texas and Colorado.

MCR purchases Homewood Suites in downtown Little Rock, AR
MCR has acquired the Homewood Suites by Hilton Little Rock Downtown, a six-story, extended-stay hotel with 116 suites in Arkansas’s state capitol. This is the company’s second hotel in the state.

The hotel’s studio, one-bedroom and two-bedroom suites have fully equipped kitchens with a refrigerator, microwave, dishwasher and twin burner stove. Other amenities include a pool, basketball court, fitness center, business center, complimentary breakfast, lobby lounge, 1,058 sq. ft. of event space across two meeting rooms and free WiFi.

The property is located across the Arkansas River from Simmons Bank Arena and near The William J. Clinton Presidential Library and Museum, as well as the headquarters of Dillard’s, Windstream Communications, Simmons Bank and Bank OZK.

Paceline affiliates acquire Marriott hotel near Boston
Affiliates of Paceline Equity Partners LLC, a Dallas-based private equity manager, have acquired the full-service Marriott Boston Quincy located near Boston in Quincy, MA. Paceline acquired the hotel in an off-market transaction from the prior lender. The acquisition will be the firm’s first strategic partnership with BlackPearl Capital.

The 464-room property was developed in 2001 and underwent a complete renovation in 2020. It features more than 17,000 sq. ft. of meeting space, including 12,228 sq. ft. of ballroom space, a bar and restaurant, indoor pool and fitness center.

The Marriott Boston Quincy is the company’s second hospitality acquisition in the greater Boston area, following the Sheraton Boston Needham Hotel.

Baywood Hotels acquires Homewood Suites in Reading, PA
Baywood Hotels has acquired and is now managing the 119-suite Homewood Suites by Hilton Reading in Reading, PA. The property was previously owned by High Hotels.

The property offers a combination of studio, one- and two-bedroom accommodations featuring fully equipped kitchens and separate living and sleeping areas. Amenities include complimentary daily hot breakfast, free WiFi, a meeting room, an outdoor kitchen and grill area, a fitness center and an outdoor pool.

The hotel is near Reading Regional Airport, FirstEnergy Stadium and Broadcasting Square Shopping Center.