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US Hotel Deals: $6.2 Billion Venetian Resort Sale Finalizes

Other Transactions Include: $1.7 Billion Encore Boston Harbor, $246 Million Hotel Van Zandt and More

The $6.25 billion sale of The Venetian Resort in Las Vegas finalized this month. (Jay Sanchez/CoStar)
The $6.25 billion sale of The Venetian Resort in Las Vegas finalized this month. (Jay Sanchez/CoStar)

This roundup features the latest hotel transactions in the U.S. hotel industry.

The Venetian Resort

Rooms: 4,028
Location: Las Vegas
Price, Including Debt: $6.25 billion
Price Per Room: $1.5 million
Buyer: Affiliates of Apollo Global Management and Vici Properties
Seller: Las Vegas Sands Corp.
Date of Transaction: Feb. 23, 2022
Takeaway: The sale was announced nearly one year ago and finalized on Wednesday.

Courtyard Atlanta Alpharetta/Avalon Area

Rooms: 115
Location: Alpharetta, Georgia
Price, Including Debt: $13.4 million
Price Per Room: $86,725
Buyer: An entity backed by JMREI and Lionshead Capital Partners
Seller: Alex. Brown Realty and Hotel Development Partners
Date of Transactions: Feb. 22, 2022
Takeaway: The Atlanta team of Hodges Ward Elliott brokered the transaction.

Encore Boston Harbor

Rooms: 671
Location: Everett, Massachusetts
Price, Including Debt: $1.7 billion
Price Per Room: $2.53 million
Buyer: Realty Income
Seller: Wynn Resorts
Date of Transaction: Feb. 16, 2022
Takeaway: Wynn Resorts will continue to operate the property.

Hampton Inn & Suites Saratoga Springs Downtown

Rooms: 123
Location: Rochester, New York
Price, Including Debt: $17.3 million
Price Per Room: $140,650
Buyer: DelMonte Hotel Group
Seller: N/A
Date of Transaction: Feb. 15, 2022
Takeaway: The hotel was originally built in 2008 and renovated in 2019.

The Scottsdale Resort at McCormick Ranch

Rooms: 326
Location: Scottsdale, Arizona
Price, Including Debt: $113 million
Price Per Room: $406,475
Buyer: Driftwood Capital
Seller: Entity of Hong Kong-based Junson Capital
Date of Transaction: Feb. 10, 2022
Takeaway: Driftwood Capital plans to complete a multimillion-dollar renovation that will convert the hotel to a Curio Collection by Hilton.

Hyatt House Nashville at Vanderbilt

Rooms: 201
Location: Nashville
Price, Including Debt: $75 million
Price Per Room: $373,134
Buyer: OTO Development
Seller: Songy Highroads
Date of Transaction: Feb. 4, 2022
Takeaway: Songy Highroads stabilized the property during the pandemic and made the decision to sell the asset now as demand is rising in the Nashville metro area.

Hotel Van Zandt

Rooms: 319
Location: Austin, Texas
Price, Including Debt: $246 million
Price Per Room: $771,160
Buyer: Host Hotels & Resorts
Seller:
Date of Transaction: Feb. 2, 2022

Sheraton Boston Hotel

Rooms: 1,220
Location: Boston
Price, Including Debt: $233 million
Price Per Room: $190,983
Buyer: Värde Partners and Hawkins Capital
Seller: Host Hotels & Resorts
Date of Transaction: Feb. 2, 2022
Takeaway: Host is providing a $163 million bridge loan to the purchaser, in connection with this disposition.

Homewood Suites by Hilton Atlanta/Perimeter Center

Rooms: 114
Location: Atlanta
Price, Including Debt: $22 million
Price Per Room: $192,325
Buyer: Banyan Investment Group
Seller: N/A
Date of Transaction: Jan. 24, 2022
Takeaway: This is Banyan's first hotel purchased through its new Banyan Lodging Enhanced Value Fund.

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