Nine Select-Service Hotels Sold; Closing of Last 6 Assets In 15-Hotel Portfolio Slated For November
Pinnacle Hotel Management (PHM) has actually sold or is in the process of offering 15 select-service Marriott- and Hilton-branded hotels to the Blackstone Group for $203 million.
Nine of the hotel commercial properties have actually offered, consisting of the 94-room Homewood Suites by Hilton Daytona Beach Speedway-Airport at 65 Expense France Blvd. in Daytona Beach, FL. (CoStar COMPs # 3342740) The remaining six hotels under contract are set up to close in November, according to Hunter Hotel Advisors, which represented Royal Palm Beach, FL-based Pinnacle, a private owner and developer of Marriott and Hilton hotels.
The celebrations did not immediately disclose which of the 15 homes have actually closed aside from the Daytona Beach asset. However, 10 of the equipments are House Inn branded hotels found in the following markets: Weston, FL, east of Fort Lauderdale; Avon, CT; Newark, DE; Ann Arbor, MI; Anaheim Hills, CA; Warwick, RI; Tewksbury, MA; Lake Mary, FL; Waldorf, MA; and Sacramento, CA.
The profile likewise includes TownPlace Suites properties in Tewksbury, MA and Weston, FL; Courtyard St. Petersburg, St. Petersburg, FL; and Homewood Suites assets in Daytona Beach and Lake Mary, FL.
“At this point in the cycle, premium, select-service profiles are limited, allowing Pinnacle to take advantage of costs hovering around all-time highs,” stated Teague Hunter, president of Hunter Hotel Advisors. “Nine months in the making, this intricate transaction served the future growth strategies of both parties.”
Hunter’s Washington, D.C., and Atlanta offices collaborated on the deal, led by Teague Hunter, Mark Morris and Kyle Stevenson, both senior vice presidents.
The sale of the profile, with apartments located in growth markets along the Eastern Seaboard, Florida and California, gives Pinnacle Hotel Management to recycle capital while retaining long-lasting management agreements, stated Ron Franklin, PHM president/principal.