Mergers & Acquisitions

🏌️ Henderson Park acquired PGA National Resort in Palm Beach Gardens, Fla. from a Brookfield Asset Management fund, with the price undisclosed. The resort, featuring 360 rooms and 99 golf holes, underwent a $100 million renovation and plans for further enhancements. PGA National, opened in 1981, has hosted events like the Ryder Cup (1983), PGA Championship (1987), and The Cognizant Classic since 2007. The 807-acre property boasts a 40,000-square-foot spa and six dining venues. Henderson Park, founded in 2016 with over $14 billion in real estate investments, was advised by Jones Day on the deal.

🏦 In 2025, 94% of investors plan to maintain or expand U.S. hotel portfolios, compared to 85% in 2024. Only 6% consider reducing allocations, down from 16% the previous year. New York City, San Francisco, and Dallas are the top three markets for hotel investment. More than 75% of investors favor value-add strategies, with a preference for full-service hotels (58%) and upper-upscale (52%) and luxury segments (30%). Challenges include high capital and labor costs, but competition from alternative lodging is a minor concern (3%).

🏡 Initially listed without a year of operating history and a non-specialist broker, the property was pulled from the market. In early 2023, broker David du Menil from The Intrepid Group relisted it at $7.3M. Under contract at $6.5M, the nonrefundable earnest money was set at $15,000. A buyer's funding fell through days before closing, costing nearly the amount of earnest money in attorney fees. A new $7M offer with $200,000 earnest money was nearly lost when an investor withdrew, but the sale completed after an additional six-week wait.

🏨 Atream acquired a hotel near Munich from HIH Invest Real Estate on behalf of a closed-end fund. The hotel, built in 2007, spans 3,912 sqm, offers 150 rooms, 84 parking spaces, and includes a 270 sqm commercial space. Leased to AccorInvest Germany, the property has undergone partial renovations since 2019. The transaction, advised by BNP Paribas Real Estate with legal counsel from Norton Rose Fulbright, was successful despite hospitality challenges due to the pandemic.

📢 Mews welcomed Clarity Hospitality Software Solutions, marking growth in New Zealand and the UK. Mews Ventures has completed 12 acquisitions, with Clarity being the seventh PMS addition. Founded in 1992, Clarity adapted with a cloud-based platform, aligning with Mews' innovative hospitality vision. Clarity serves hundreds of hoteliers, and these customers will now experience enhanced services with Mews, including recent additions like Atomize revenue management and Quotelo events management. Mews was named Best PMS for the second consecutive year at the HotelTechAwards.

💰 In Plano, Texas, Aimbridge Hospitality announced a Restructuring Support Agreement to convert over $1.1 billion in debt to equity and add $100 million in new capital. Supported by over 80% of first lien lenders, 100% of second lien lenders, and its existing sponsor, the deal reduces total debt from $1.3 billion to a maximum of $210 million. Aimbridge, led by CEO Craig S. Smith, anticipates a stronger financial position to boost long-term strategy. The restructuring, maintaining current operations, is expected to complete in Q1 2025.

🏡 Crestline Hotels & Resorts LLC assumed management of Five Senses Hospitality's 13 hotels across Colorado, Kansas, and Arkansas, adding 1,240 keys to their portfolio. The company now manages 135 properties in 29 states plus DC. The portfolio features big-brand hotels like six Marriott, two Hilton Tapestry, one IHG, one Hyatt House, two Choice Hotels, and an independent hotel. Additionally, Crestline will manage a new Tapestry by Hilton Hotel in Fort Worth, Texas, set to open later this year.

🏨 Mumford Company completed key hotel transactions in 2024 and expects strong deal flow into 2025, despite labor shortages and inflation. Transactions included the 125-room Hampton Inn Manassas, VA; 103-room Hyatt Place Rogers/Bentonville, AR; 71-room Holiday Inn Express & Suites Fairmont, WV; 81-room Comfort Suites at Isle of Palms Connector in Mount Pleasant, SC; and the 24-room Motel 6 Colorado City, TX. The firm is optimistic for 2025, citing a strong buyer market and hotel industry recovery.

🏖 The Travel Team, with 38 years in business and five employees, joined Advantage Travel Partnership, citing commercial and marketing support benefits. Director Liz Beaty has 30 years at the agency, while manager Helen Griffiths brings 20 years of experience. Advantage's Kelly Cookes announced over 50 new branches and £500 million in new member turnover this year, reflecting significant growth from various sectors in the travel industry.

🏠 First Hospitality now manages The Abbey Resort & Avani Spa on Lake Geneva, Wisconsin, expanding its portfolio. The Abbey, opened in 1963, spans 90 acres with 334 guestrooms, including 13 suites, and boasts amenities like indoor/outdoor pools and boat rentals. Avani Spa offers a 35,000 sq ft fitness and wellness space. The resort features two full-service restaurants and additional dining options. The Lake Geneva Conference & Event Center on-site provides over 40,000 sq ft of meeting space.