Mergers & Acquisitions

🏨 The Reuben Brothers acquired the W South Beach hotel for $400 million from Tricap and RFR. The U.K.-based group, led by David and Simon Reuben, bought the property which includes 348 units and was developed by Tricap and RFR in 2009. The group plans renovations to enhance its luxury standing in Miami. The Reuben Brothers also own The Chesterfield in Palm Beach and have stakes in JW Marriott Miami Turnberry Resort & Spa, and The Surrey in Manhattan. In Puerto Rico, they're developing the $2.6 billion Esencia community. Their combined net worth is $16.4 billion.

🏚 Dusit Thani Bangkok reopened, featuring a massive ballroom and panoramic views of Lumpini Park. The hotel, part of the THB46 million Dusit Central Park project, will introduce four new dining venues, including a rooftop bar, and a spa. The full project, including luxury residences, an office tower, a retail center, and a Roof Park, will open by 2025. Waldorf Astoria Abu Dhabi, near Mangrove National Park, will offer 167 luxurious rooms and suites. In Ocala, Fla., BridgeInvest funded a $24.5 million loan for the purchase and renovation of two Marriott hotels, expecting to complete renovations by 2025. IHG's Garner hotel will open in Turkey in 2025, following the brand's success since its August 2023 launch, with 79 properties signed and four opened.

🔔 District Hospitality Partners acquired the Hilton Washington DC/Rockville Hotel and Executive Meeting Center, expanding their upscale hotel portfolio. Located in Bethesda, Maryland, next to the Twinbrook Metro station, this 315-room property provides access to downtown Washington D.C. and its airports. Fred Malek, CEO of the firm, plans to renovate guest rooms, bathrooms, and corridors, following a recent upgrade of the meeting space and common areas by the previous owner. The hotel offers 40,000 square feet of event space with 26 rooms, a 10,000-square-foot ballroom, a fitness center, and dining options.

📌 Berkadia sold the Chase Suite Hotel in Tampa, Florida, consisting of 160 keys on a 4.58-acre waterfront site. Marketed as a redevelopment opportunity, the property near the Westchase Business District includes 12 two-story buildings and a clubhouse, featuring 120 studio suites and 40 two-bedroom suites. Proximity to Tampa Bay, Tampa International Airport, and local attractions emphasizes its prime location for potential condo, hotel, or mixed-use development. Transaction details remain confidential.

🏨 District Hospitality Partners acquired Hilton Washington DC/Rockville Hotel; details undisclosed. The 315-room hotel, adjacent to Twinbrook Metro, Washington Metro Area, will undergo renovations of guestrooms, bathrooms, and corridors. It features a fitness center, business center, restaurant, café, bar, and 40,000 square feet of event space, including a 26-room conference center and a 10,000-square-foot ballroom. Marriott International and Sands China Ltd. are set to open The Luxury Collection in Macao in January 2025. The Londoner Grand will have 2,405 rooms and suites, five dining venues, and interiors by Peter Silling & Associates, located 4.9km from the airport on Cotai Strip. HEI Hotels & Resorts added Beacon Hotel & Corporate Quarters, Washington D.C., featuring 100 rooms (58 with kitchenettes), a restaurant, bar, and over 10,000 square feet of event space, to its portfolio. A multimillion-dollar renovation is planned. Hyatt Hotels will debut Andaz Gold Coast in Australia in mid-2025. Part of The Star Gold Coast development, the hotel will occupy floors 6-21 of a 65-story tower, offering 202 rooms and suites, fitness center, three dining areas, outdoor pool deck with cocktail bar, and beach club with cabanas and dining; designed by DBI Architects with interiors by Hachem.

📌 In a $525 million all-cash deal, Oravel Stays, OYO's parent, will acquire G6 Hospitality from Blackstone Real Estate. OYO, in the US since 2019, operates over 320 hotels across 35 states and plans to add about 250 more in 2024. Motel 6, under G6, generates $1.7 billion in gross room revenues. The transaction is set to close in Q4 2024, with Goldman Sachs & Co. LLC being the lead advisor for Blackstone.

📍 JLL’s Hotels & Hospitality Group secured $153 million for five full-service hotel properties with 1,140 keys in California, Arizona, Colorado, and Georgia. Properties, acquired between 2016-2018 and renovated from 2018-2020, cater to corporate and leisure travel, benefitting from diverse local demand drivers. The deal, arranged for a three-year, floating-rate loan, aims to season cash flow and features cross-country diversification. Mike Huth and Shalin Patel from JLL led the transaction.

🏨 Blackstone sold Motel 6 and Studio 6 to India's Oyo for $525 million, exiting its 12-year ownership since buying from Accor for $1.9 billion in 2012. Motel 6, founded in 1962 in California, has nearly 1,500 properties in the US and Canada. The deal, closing in Q4, aligns with Oyo's plan to add over 250 US hotels in 2024. Oyo, with 43,000+ properties globally, entered the US market in 2019 and currently lists 282 locations on Google. Motel 6 generates $1.7 billion in gross room revenues.

🏦 Peachtree Group acquired AC Hotel by Marriott in Park City, Utah, marking its sixth hotel addition in the year, totaling 789 rooms including three Hilton and three Marriott properties. Peachtree now manages 93 hotels with 11,837 rooms across 26 states. Key acquisitions include a 100-room AC Hotel in Utah, 128-room Residence Inn in Florida, and 180-room Hilton Garden Inn in Colorado. The strategy capitalizes on market dislocation, with expectations for rising transaction activity through 2024 into 2025. Peachtree also launched a restaurant management division and opened a Starbucks at AdventHealth Orlando.

🏡 Gencom, a Miami-based investment firm, entered the New York City market by acquiring the Thompson Central Park for $380 million, including a $230 million loan from Ramsfield Hospitality Finance, Affinius Capital, and AB CarVal. The 587-key hotel, located on Manhattan's Billionaires’ Row, operates under Hyatt as a Thompson Hotels-branded property and features dining venues, meeting space, and a spa. It recently underwent renovation and reopened in 2021, with a fitness center slated to open later this year.