NATIONAL REPORT—Hotel Business is tracking transactions, including Henley acquiring its third property in the last six months in Miami Beach. Here’s a look:
Henley Acquires the Vintro
Henley has acquired the Vintro, a 50-room boutique hotel in Miami Beach, FL.
The acquisition marks the third similar project in the market by Henley this year. The other two assets, the Jazz Hostel and Jefferson Hotel, were purchased in April and are currently undergoing renovation. All three assets will provide an element of shared accommodation, particularly beloved by millennials, according to the company.
Along with revamped rooms, the Vintro will include a renovated ground floor lobby, restaurant, chic bar, lounge and event space, and rooftop pool. Showcasing locally influenced food and drinks and situated between ultra-luxury hotels just blocks from the beach, the repositioned hotel is poised to become a hit with both tourists and locals.
The grand reopening of the Vintro is scheduled for fall 2019, while Henley’s earlier acquisitions are scheduled to relaunch later this year.
“As Miami Beach continues to position itself as a top-performing hospitality market and a desirable destination for travelers, we’re excited to provide a high-quality and affordable lifestyle product to meet the demands of the discerning millennial travel market,” said Ian Rickwood, CEO of Henley.
HREC Arranges Sale of the Hilton Garden Inn & Homewood Suites Albuquerque
HREC Investment Advisors has arranged the sale of the 107-guestroom Hilton Garden Inn Albuquerque Airport and the 93-guestroom Homewood Suites Albuquerque Airport (Hilton Albuquerque Airport Portfolio), located in Albuquerque, NM.
The buyer is Waramaug Hospitality, in a joint venture with an institutional investor. Terrapin Investments and Management Corp., of Aspen, CO, has been retained to manage the hotels. HREC Investment Advisors exclusively represented Legacy Hospitality Inc. in this transaction. The sale was negotiated by Bill Murney, managing director in the Phoenix office, Mike Armstrong, principal in the San Diego office, and Ernie Romero, an affiliate broker in New Mexico.
“The Hilton portfolio received significant investor interest due to the premium brands, prominent locations, strong operational performance, and the quality of the physical facilities,” said Armstrong. “After Waramaug completes a multimillion-dollar value-enhancement project, the hotels will be well-positioned to drive revenues and increase cash flow.”
Colliers International Hotel Group Brokers Sale of Cocoa Beach Hotel
Colliers International Hotels recently closed on the sale of the Quality Inn & Suites in Cocoa Beach, FL.
The 170-key midscale hotel was sold by longtime owner Crossway Inn Inc. to CB Hospitality LLC. The hotel includes 95,400 sq. ft. of gross building area on 4.33 acres.
“Beyond the beautiful beach location, the Space Coast is supported by a variety of industries and interests that are propelling the diverse and robust lodging market,” said Colliers South Florida EVP Rich Lillis, who also serves as national director of the firm’s hotels specialty practice group. “With regional lodging supply growth very low and demand on the rise, the opportunity to acquire a well-maintained, closely held hotel in this market is unique in itself.”
Seller Crossway Inn has been the sole proprietor owner/operator of the hotel for 46 years. The hotel operated as a Comfort Inn & Suites, and recently converted to a Quality Inn & Suites, leveraging the same licensee brand relationship with Choice Hotels that has been successful for the property for several years.
Gulf Breeze Florida-based Innisfree Hotels partnered with Dallas-based RREAF Holdings in the acquisition. For Innisfree Hotels, a privately held regional hotel investor with 23 owned and managed hotel properties, the acquisition signifies a strategic step to continue expanding its statewide footprint outside of the Florida Panhandle; the hotel is its first property on the Space Coast. CB Hospitality LLC has planned upgrades to the facility that will capitalize on the prime beach location.
“Brevard County, and particularly Cocoa Beach, have firmly established themselves as an attractive destination for both leisure guests and an expanding aerospace industry,” added John Wijtenburg, specialty practice group member, Colliers VP & Hotels. “Unlike markets such as Miami, for example, this region still has very low new supply due to its barrier island location and restrictive zoning that creates tremendous barriers to entry for most investors. This sale illustrates institutional capital is continuing to chase lodging, especially in Florida.”