This roundup features the latest hotel transactions in the U.S. hotel industry.
Dual-Branded Aloft/Element Arundel Mills
Rooms: The Aloft has 142 rooms; the Element has 147
Location: Hanover, Maryland
Price, Including Debt: N/A
Price Per Room: N/A
Buyer: Spark GHC
Seller: Noble Investment Group
Date of Transaction: Feb. 8, 2024
Takeaway: JLL's Hotels & Hospitality Group arranged the sale. The JLL Capital Markets Investment Sales team comprised of Managing Directors Ketan Patel and KC Patel as well as Vice President Phil White.
Two-Property Marriott Portfolio
Rooms: 190
Location: Orem, Utah
Price, Including Debt: N/A
Price Per Room: N/A
Buyer: Status Hospitality
Seller: Pennbridge Capital
Date of Transaction: Jan. 23, 2024
Takeaway: The two Marriott-branded hotels include the 100-room TownePlace Suites Provo Orem and 90-room Fairfield Inn & Suites Provo Orem, both adjacent to each other. Marcus & Millichap had the exclusive listing, and Adam Lewis, the firm's Utah broker of record, assisted in closing the deal.
Residence Inn by Marriott Philadelphia Langhorne
Rooms: 100
Location: Langhorne, Pennsylvania
Price, Including Debt: $22.1 million
Price Per Room: $221,000
Buyer: Baywood Hotels
Seller: MCR
Date of Transaction: Jan. 17, 2024
Takeaway: According to CoStar, MCR was motivated to sell the hotel because it had completed the investment life cycle of it.
DoubleTree by Hilton Hotel Leominster
Rooms: 187
Location: Leominster, Massachusetts
Price, Including Debt: $13.3 million
Price Per Room: $71,240
Buyer: Alpental Capital
Seller: Emerald Hospitality
Date of Transaction: Dec. 14, 2023
Takeaway: The transaction was off-market. Alpental plans to invest in significant property improvements to further elevate the guest experience.