NATIONAL REPORT—Apple Hospitality, Columbia Sussex, HREC and JLL are all making deals across the country. Here’s a look at the recent transactions:
Apple Hospitality Acquires The Berkeley Hotel
Apple Hospitality Reit Inc. has acquired a 55-room independent boutique hotel in Richmond, VA, for a purchase price of approximately $7 million, or $125,000 per key. The Berkeley Hotel is located in the historic Shockoe Slip area of downtown Richmond, close to the Virginia Commonwealth University School of Medicine, the Virginia State Capitol, the Federal Reserve Bank of Richmond, Richmond’s Main St. Station and corporate offices, financial institutions and residential properties. Nearby attractions include museums, historic sites, restaurants, retail shops and outdoor activities along the James River.
Columbia Sussex Acquires Three Properties in Alaska
Columbia Sussex has acquired three new properties in Anchorage, AK. The new midtown properties include the 125-room Hilton Garden Inn, built in 2001; the 101-room Hampton Inn, built in 1997; and the 122-room Homewood Suites, built in 2003. They join the 20-story Marriott Anchorage Downtown and 21-story Hilton Anchorage, which Columbia Sussex has operated for more than a decade. The Hilton just underwent a multimillion-dollar renovation and the Marriott is on schedule for a similar one this winter. Columbia Sussex purchased the hotels from the Blackstone Group. The three new properties all have indoor pools, fitness centers, business centers and meeting space. They will continue to operate under their current name with their current employees.
HREC Arranges Sale of La Playa Resort
HREC Investment Advisors has arranged the sale of the 239-guestroom La Playa Resort located in Daytona Beach, FL. HREC Investment Advisors represented the seller during the transaction. The sale was negotiated by Paul Sexton, SVP, in the Orlando, FL office and Ted Anka, VP, in the Miami office. The hotel is located on the beach along A1A in Daytona Beach’s tourism corridor, which includes the Daytona Beach Main St. Pier, the Ocean Center and the Daytona Beach Boardwalk, along with food and beverage options.
JLL Advises on Sale of Property in Portland, OR
JLL Hotels & Hospitality has advised on the sale of the Residence Inn Portland Downtown/Pearl District, on behalf of Pearl Hotel Investors LLC in Portland, OR. Washington Holdings LLC purchased the 223-key hotel. EVP Mark Fraioli and SVP Melvin Chu led the JLL team on the transaction. The hotel is located in Portland’s Pearl District, near leisure and corporate demand generators, including 11.6 million sq. ft. of Class A office space. Amenities include more than 4,000 sq. ft. of meeting space, a restaurant and bar, an outdoor courtyard, a fitness center and an indoor swimming pool.