US Hotel Deals: Apple Hospitality REIT Enters Las Vegas Market
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This roundup features the latest hotel transactions in the U.S. hotel industry.
Rooms: 122
Location: Houston
Price, Including Debt: N/A
Price Per Room: N/A
Buyer: Transwestern Hospitality Group
Seller: James A Cummins Jr.
Date of Transaction: Dec. 22, 2023
Takeaway: THG is working with hospitality renovation specialist Ring on Hook to reposition the hotel and design firm Kara Childress Design for the interior design. Westmont Hospitality Group will operate the hotel.
Rooms: 180
Location: Denver
Price, Including Debt: $18 million
Price Per Room: $100,000
Buyer: Peachtree Hotel Group
Seller: Chatham Lodging Trust
Date of Transaction: Jan. 10, 2024
Takeaway: A renovation valued at $6 million was planned for the hotel in 2023 but was never completed due to the pending sale.
Rooms: 107
Location: Alpharetta, Georgia
Price, Including Debt: $21.3 million
Price Per Room: $198,598
Buyer: Crescent Real Estate
Seller: RAM Hotels Management
Date of Transaction: Jan. 10, 2024
Takeaway: JLL worked on behalf of the seller.
Rooms: 308
Location: San Antonio, Texas
Price, Including Debt: N/A
Price Per Room: N/A
Buyer: Trestle Studios, Sopris Capital and The Town Lake Company
Seller: El Tropicano Hotel LLC
Date of Transaction: Dec. 22, 2023
Takeaway: JLL worked on behalf of the seller and procured the buyers.
Rooms: 299
Location: Las Vegas
Price, Including Debt: $75 million
Price Per Room: $251,000
Buyer: Apple Hospitality REIT
Seller: GEM Realty Capital
Date of Transaction: Dec. 28, 2023
Takeaway: The hotel is located adjacent to the newly opened Las Vegas Convention Center and steps away from the the Las Vegas Strip. It has easy access to Allegiant Stadium, T-Mobile Arena, MGM Grand Garden Arena and Las Vegas Ballpark.
