NATIONAL REPORT—Hotel Business is tracking transactions. Crystal Investment Property LLC (CIP), Xenia Hotels & Resorts, F10 Hotels, RLH Properties, AWH Partners and Cronheim Hotel Capital (CHC) have recently made deals. Here are the details:
Crystal Investment Property Brokers the Sale of Olympic View Inn
CIP has brokered the sale of the 51-key Olympic View Inn in Sequim, WA. CIP, a licensed Washington brokerage, represented the seller in the sale. Joseph P. Kennedy, president of CIP, worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.
Xenia Hotels & Resorts Sells Hilton Garden Inn Washington D.C. for $128M
Xenia Hotels & Resorts Inc. has sold the 300-room Hilton Garden Inn Washington D.C. Downtown for $128 million, or approximately $427,000 per key. The sale price represents a 15.2x multiple and a 5.8% capitalization rate on the hotel’s trailing twelve-month hotel EBITDA and net operating income as of Oct. 31, respectively.
F10 Hotels Arranges $48.50M First Mortgage Financing for Atlanta Marriott
F10 Hotels has arranged $48.50 million of interim first mortgage financing to refinance Twelve Midtown and Twelve Downtown, located in Atlanta. In addition to these luxury boutique properties, collateral included ground floor retail and parking.
RLH Properties Acquires the Hotel Villa Magna in Madrid
The investment company RLH Properties, founded by BK Partners, has acquired the Hotel Villa Magna, an luxury hotel located in the center of Madrid, for about $240 million from the Doğuş Group. The deal is scheduled to close in mid-December.
AWH Partners, Opterra Capital Acquire Cincinnati Marriott at Rivercenter
AWH Partners and Opterra Capital has acquired Cincinnati Marriott at RiverCenter. Spire Hospitality began operation and management the hotel on Nov. 9.
CHC Secures $21.1M in Refinancing for Duluth, GA Property
CHC has arranged $21.1 million for the refinance of the Embassy Suites in Duluth, GA. The loan was placed with a national lender and offered a 10-year term and 30-year amortization. The rate was locked at 4.56%. The 166-key property was built in 2017 and has performed strongly due to its exceptional finishes and location within a strong corporate market, according to the company. The loan secured by CHC was used to pay off the construction loan and lock in long-term financing.