East Coast Acquisitions: Five Transactions to Know

NATIONAL REPORT—Five acquisitions were made on the East Coast, including some recently rebranded or redesigned properties:

Vista Group of Companies Acquires Sheraton BWI

Berkadia Hotels and Hospitality Group sold the Sheraton Hotel Baltimore Washington Airport. Managing Director Kyle Stevenson of the Washington, DC Metro office completed the sale on behalf of Brentwood BWI Two LLC. The buyer was Vista Group of Companies, based in Canada. The transaction closed on May 23.

With 203 guestrooms and suites, the newly redesigned Sheraton BWI is proximate to the BWI airport and the BWI Amtrak station. There is also a 24-hour fitness center, a heated indoor pool, a restaurant, a lobby bar and a business center.

Cronheim Hotel Capital Secures Financing for BWI Airport Westin

Cronheim Hotel Capital (CHC) has secured financing for the acquisition and repositioning of the 260-room Westin at BWI Airport. The non-recourse bridge loan funded 72% of the total acquisition costs—purchase, PIP and closing costs—for a three-year term with two 1-year extension options. The floating rate loan was priced at Libor plus 400 bps. CHC worked on behalf of Frontier Development, a Washington DC-based hotel investor/developer.

Westgate Resorts Acquires Rebranded New York City Property

Westgate Resorts has acquired the former Hilton New York Grand Central, a 23-floor, 300-room two-tower hotel located in the Tudor City neighborhood of Midtown Manhattan’s East Side. The property has been rebranded Westgate New York City.

Westgate will continue to operate the resort as a hotel while it undergoes renovation. The company will also explore opportunities in the future to add timeshare villas. On-site amenities include a business center, 24-hour fitness center, casual eatery and valet parking, as well as 3,500 sq. ft. of flexible meeting space.

Queens Plaza West LLC Acquires Connecticut Hotel and New Partnership

Queens Plaza West LLC has acquired Dolce Norwalk and has entered into a partnership with LaKota Hotels & Resorts to operate the property, renovate and upgrade the offerings and rebrand the facility LaKota Oaks.

Situated on 66 acres in Fairfield County, CT, the 120-room facility has 10,500 sq. ft. of event space, a recreation center with a four-lane lap pool, full-sized basketball court, racquet ball courts and fitness center.

Extended Stay America Acquires SC Hotel

Extended Stay America Inc. has acquired its newest property in Rock Hill, SC. Located at 1835 Canterbury Glen Lane, the recently built hotel integrates elements of design, comfort and convenience to provide an enhanced guest experience at an outstanding value. The property grows Extended Stay America’s offering in the Charlotte area, bringing the brand’s presence to eight hotels in its hometown market. 

Extended Stay America Rock Hill includes contemporary interior designs and a lobby concept with an open social space for guests. The suites feature pillow-top beds,  recliners and a large, flexible workspace.

As with all Extended Stay America hotels, guests have the ability to create home-cooked meals away from home with fully equipped kitchens with full size refrigerators and cooktops. Each room also has extra personal device charging capability conveniently located near sitting and sleeping areas, enhanced free WiFi speeds and 39-in. high-definition televisions with premium cable. Rooms will soon offer HBO and casting capability to enhance the stay even further.