Hotels are changing hands across the country including the sale of a historic property in Miami Beach for $43.9 million.
Pebb Capital and LeaseFlorida sell Hampton by Hilton at The Continental for $43.9M
Pebb Capital, a diversified, multi-strategy real estate and private equity investment firm, in a partnership with LeaseFlorida, have sold the Hampton by Hilton at The Continental in Miami Beach for $43.9 million.
This deal is a record for the Hampton flag, marking the second-highest price per key in the brand’s portfolio, according to Pebb Capital. The five-story, 100-key property, which is historically designated, was rehabilitated in 2016 by the joint venture for $25 million.
“We have witnessed the hospitality industry’s evolution in the last 24 months, demonstrating that consumers are drawn to destination experiences and prime markets that are undergoing major transformation, like Miami Beach,” said Todd Rosenberg, managing principal/cofounder, Pebb Capital. “The record price point per key for this product is a testament to our vision to deliver a reimagined historic hotel and capitalize on the momentum and long-term growth of its location. We look forward to continuing our involvement in the market.”
Pebb Capital and LeaseFlorida embarked on the restoration of the former Continental Hotel and its historic facade, which is post-World War II MiMo (Miami Modern) designed by Abraham Herbert Mathes in the 1940s. The original marble-clad reception desk and pool were also restored, with modern repositioning of its interiors to align with the Hampton by Hilton brand. In its storied past, the property originated as a hotel and then served as a condominium in the early 1990s until it was converted back to its historic use.
NewcrestImage acquires Cambria Hotel Southlake DFW
NewcrestImage has added the 175-room Cambria Hotel Southlake DFW in Southlake, TX, to its portfolio. The company takes over operations at the property effective immediately, with management being provided by Aimbridge Hospitality.
The property, built in 2016, is six miles from DFW International Airport, five miles from the Gaylord Texan Convention Center and one mile from Southlake Town Square, which features shopping at 138 stores, dining at 27 restaurants and leisure activities at three park areas.
Features of the hotel include an outdoor pool and game area; a 1,000-sq.-ft. fitness center; a business center and a convenience market, both of which are open 24 hours; a casual lounge; and a fine dining restaurant.
Highline Hospitality Partners acquires two Portland, ME, Hiltons
Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has acquired the DoubleTree by Hilton Hotel Portland and Tru by Hilton Portland Airport Area in Maine in a strategic partnership with ADËLON Capital, a real estate investment, development and asset management firm.
Bringing HHP to eight properties within its portfolio, the two neighboring hotels are adjacent to the largest mall in Maine, the Portland International Jetport and the I-95 interchange in the heart of Portland’s retail corridor.
DoubleTree by Hilton Hotel Portland has 220 rooms and 13,446 sq. ft. of meeting rooms. The pet-friendly property features an on-site restaurant, indoor pool and fitness center. Tru by Hilton Portland Airport Area has 98 rooms and was built in 2017. In addition to being pet-friendly, the hotel offers amenities such as a fitness center, business center and airport shuttle for guests.
Both properties are in proximity to major Portland businesses and organizations such as the Maine Medical Center, The Portland Sports Complex, Texas Instruments, Maine Mall and UnumProvident Life Insurance Company, in addition to two universities, the University of New England and University of Southern Maine.
Noble acquires Hilton Garden Inn Boise | Downtown
Noble Investment Group has acquired the Hilton Garden Inn Boise | Downtown, capping more than $1 billion of investment activity over the past year.
Boise is the Pacific Northwest’s third most populous region behind Seattle and Portland, OR, known for its combination of urban lifestyle and outdoor adventure. The city is rapidly growing due to its affordability and quality of life, ranking No. 1 on Indeed’s list of cities with the fastest job growth and among Forbes list of Fastest-Growing Cities in America. The city is home to three Fortune 500 companies—Albertsons, Inc., Boise Cascade,and Micron Technology Inc.—as well as numerous corporate headquarters, including the Simplot World Headquarters, one block from the hotel.
Dynamic City Capital purchases Anaheim Portofino Inn & Suites
Dynamic City Capital (DCC), a Utah-based real-estate investment firm focused on hotel investments in prime markets, has acquired the Anaheim Portofino Inn & Suites. The Anaheim Portofino is one of the top-producing independent hotels near the Disneyland Resort and the Anaheim Convention Center, the company reports.
The hotel is located across the street from Disneyland and California Adventure Park. It has 190 guestrooms, including Disney-themed kids’ suites. Guests can use the on-site concierge service to purchase Disneyland tickets through the hotel. In addition, the ART shuttle provides guests access to and from the gates of Disneyland and other area attractions.
The Anaheim Portofino is DCC’s second hotel acquisition in Anaheim during the last 12 months and its eighth acquisition or hotel opening during that same time frame. The other markets they expanded during the past year include Bellevue, WA; San Francisco and San Jose, CA; and Clearwater Beach and Fort Lauderdale, FL.