The sale of the luxury Casa De Palmas Trademark Collection by Wyndham Hotel, which sits in a century-old property with its Mexican stucco and terra cotta roof, has earned a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
The $13.5 million deal, which closed in August 2022, put the newly renovated hotel with 165 keys at 101 N. Main St. into the ownership of Ashish Gaba of Raleigh, North Carolina, according to CoStar. The 1918-built hotel, last renovated in 2020, will continue to operate in a franchise agreement scheduled to run through August 2042. The most recently reported average daily rate of the hotel was $96.06 at 87% occupancy.
About the deal: The buyer took out a $8.78 million loan with the help of Barclays Capital to purchase the Casa De Palmas Trademark Collection by Wyndham Hotel from the seller, Rialto Capital Management, a division of Stone Point Capital. The loan went towards the purchase of the luxury hotel for $13.5 million.
What the judges said: "Given the headwinds hospitality properties faced due to the pandemic ... [this deal was] quite an accomplishment," said Tim Early, a professor at Texas A&M University's school of architecture.
They made it happen: Austin Brooks of Hodges Ward Elliott represented the seller, Rialto Capital Management, a division of Stone Point Capital. Robert Bhat of Marcus & Millichap Capital Corp. secured the financing on behalf of the buyer.