Recent transactions include The Georgetown Company-First Hospitality partnership acquiring the Hutton Hotel in Nashville; AWH Partners purchasing a Kimpton hotel in California that will be rebranded; and JLL arranging the sale of a property in Hawaii.
The Georgetown Company and First Hospitality purchase Hutton Hotel
The Georgetown Company, a developer and owner of commercial, retail and mixed-use properties nationwide, has acquired the Hutton Hotel in Nashville (shown above). The all-cash purchase of the 250-key property is the first through the $1-billion hospitality investment platform launched last year by Georgetown in partnership with hotel management company First Hospitality.
Georgetown is making a significant investment into the West End property, one of the premier boutique hotels in Nashville, and plans to invest additional capital to build upon the Hutton Hotel brand and further distinguish it as a fixture in Music City. The plans include design upgrades to its guestrooms and meeting spaces as well enhancements to more fully activate the recently remodeled restaurant and lobby.
First Hospitality will manage the property, as well as the on-site restaurant and live music venue. It joins the company’s growing nationwide management portfolio of boutique, lifestyle and independent hotels and represents its first property in the Nashville market.
In late 2021, Georgetown and First Hospitality partnered to align hotel ownership and operations into a single investment vehicle that will maximize value in every property and transaction over the long term. The companies are actively seeking additional acquisitions, including in growth markets throughout the country.
AWH Partners acquires Kimpton Goodland Goleta
AWH Partners LLC, a vertically integrated real estate investment, development, and management firm, has acquired the Kimpton Goodland Goleta, a 158-room hotel near Santa Barbara, CA.
Parties in the hotel’s capital structure approached AWH for assistance in resolving challenges stemming from COVID-19. AWH executed a transaction that avoided a public process and effectuated a smooth transition for all parties, according to the company. Its wholly-owned hotel management company, Spire Hospitality is currently transitioning management of the Goodland Goleta and has begun a rebranding process of the hotel. Terms of the transaction were not disclosed.
The acquisition of the Goodland Goleta represented AWH’s fifth deal in 2021, all of which are located on the West Coast in long-term growth markets with significant regional leisure demand. The five acquisitions total more than $240 million in purchase price, with more than $100 million of total equity invested and $30 million in renovations planned.
Kona Bay Hotel in Hawaii sold for $21M
JLL has closed the $21-million fee simple sale of the Kona Bay Hotel, a 122-key, select-service hotel in Kailua-Kona, HI.
JLL marketed the property on behalf of the seller, a local family. Shapery Enterprises acquired the asset.
Situated on 2.06 acres, the property currently features a mix of 122 traditional guestrooms and suites, as well as a swimming pool and ocean and village views.
Located in the historical Kailua-Kona village on the west side of Hawaii, the hotel is near attractions such as Hawaii Volcanoes National Park, Mauna Kea Observatories, Hawaii Tropical Botanical Garden and the Hilo Farmers Market. Kona International Airport is about eight miles from the property.
The JLL team representing the seller was led by Eric Kathrein, Geoff Tranchina and Wendell Brooks.