Breaking news about deals, development, data and more.
Chatham’s first buy in >2 years. Chatham Lodging Trust has
acquired from Anish
Hotels Group the recently opened, 148-room Home2 Suites by Hilton Phoenix Downtown
for $43.3 million or approximately $293,000 per room. Upon stabilization, the
acquisition is expected to produce RevPAR in excess of $150 and generate an estimated
NOI yield over 9%. It is the closest hotel to the Footprint Center (home to the
NBA Phoenix Suns and WNBA Phoenix Mercury) and Chase Field (home to the Arizona
Diamondbacks), mere blocks from the Phoenix Convention Center and adjacent to
the revitalized Warehouse District that houses numerous upscale event venues. “This
is Chatham’s first acquisition in more than two years and fits our long-term
growth strategy to acquire younger, premium-branded, high-quality hotels in
infill locations with diverse demand generators,” said Chatham CEO Jeffrey
Fisher. Chatham funded the purchase using proceeds from the sale of the Denver
Tech hotel in the first quarter and available cash. The hotel will be managed
by Island Hospitality Management, which is owned by Fisher.
Crescent adds dual brand in Vegas. Crescent Hotels &
Resorts will manage the development of the dual-branded AC Hotel by Marriott
Symphony Park and Element by Westin Symphony Park in Las Vegas. With an
opening set for late 2025, developer Jackson-Shaw broke ground on the project earlier
this year. Constructed between the World Market Center and the Smith Center for
the Performing Arts, the five-story development features two hotels connected
under one roof, offering a combined 441 guestrooms. The dual-branded
development will provide over 18,000 square feet of adaptable ballroom and
meeting space, along with seven entertainment suites.
HEI adds in Atlanta. HEI Hotels & Resorts has added The
American Hotel Atlanta Downtown, Tapestry Collection by Hilton to its
portfolio, bringing the total number of hotels managed in the metropolitan
Atlanta market to 15. The RADCO Companies’ 315-room hotel recently completed a renovation
and conversion to the Tapestry Collection brand.
Leonardo acquires in Manchester. Fattal Group’s Leonardo
Hotels has acquired from Bespoke Hotels the 60-room Hotel Gotham in Manchester,
England, for an undisclosed price. The hotel will join the Leonardo Limited
Edition collection, which features properties such as The Dilly Hotel in
London’s Piccadilly, acquired by the group in 2022; The Grand in Brighton,
acquired in 2023; and the Midland Hotel in Manchester, acquired in 2018.
Furama enters Sydney. Singapore’s Furama Hotels
International has launched the 370-room Furama Darling Harbour, formerly the
Holiday Inn Darling Harbour, in Sydney. Tthe group’s inaugural hotel in Sydney
and is located in the Haymarket area which is expected to benefit from a $44
million revitalization plans as well as the creation of the $3 billion Tech
Central Innovation hub announced by the New South Wales government. FHI manages
more than 40 hotels, villas and resorts with 7,500 rooms in the Asia Pacific
region. As part of the rebranding exercise, the hotel will also undergo a
series of upgrades such as the rejuvenation of the lobby and restaurant spaces,
the introduction of technology improvements with mobile check-in/out, mobile tv
casting and digital key access.