Ashford Hospitality Trust
Ashford Hospitality Trust completed a $57.5-million sale of seven TownePlace Suites. The sale, which means Ashford has sold $147.3 million of an estimated $170 million in non-core assets, is expected to generate a net gain of $17.2 million in the second quarter. The pricing equates to $82,500 per key.
Crescent Hotels & Resorts
Crescent Hotels & Resorts' purchase of the 224-suite Embassy Suites Richmond in Virginia and the 253-suite Doubletree Guest Suites Plymouth Meeting in suburban Philadelphia from Thayer Lodging Group means lodging management and ownership firm Crescent has surpassed the $200-million acquisitions mark. Crescent will operate both hotels and oversee a combined $6 million in renovation.
Hilton Hotels Corp. will manage the Hilton Washington, a DC icon, for new owners Canyon-Johnson Urban Fund and Lowe Enterprises Investors. That team bought the landmark hotel near Dupont Circle for $290 million from Hilton and plan to invest another $100 million in renovation. The hotel's major equity investor, Canyon-Johnson Urban Fund, is a joint venture between Canyon Capital Realty Advisors and basketball legend Earvin “Magic” Johnson.
Investcorp Real Estate Group
Investcorp Real Estate Group paid The Procaccianti Group about $450 million for a 96-percent stake in a series of assets within the domestic, full-service-hotel Procaccianti Hotel Portfolio. This group of nine properties spans Marriott, Intercontinental, Starwood and Hilton hotels in Illinois, Texas, Oklahoma and Florida. The Procaccianti Group will retain an equity interest in the portfolio and still manage the properties.
Marshall Management has expanded its management portfolio with a 130-room Hotel Indigo and a 10-suite Staybridge Suites, both conversions under way in Baltimore; a 126-suite Summerfield by Hyatt being built in Norfolk, VA; and a 126-room, oceanfront Hampton Inn under construction in Virginia Beach, VA.
McClure City Center
The Mumford Company represented an affiliate of Bayview Financial Corp. in the recent sale of the McClure City Center Hotel in Wheeling, WV. The new owner is a Texas investor who plans to invest in the McLure's renovation and repositioning. This the third hotel The Mumford Company has sold on behalf of Bayview Financial. David Mumford structured the deal.
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