CBRE Publicizes $137 Million Sale of 16-Property Nationwide Resort Portfolio

Norwood, MA – CBRE introduced the sale of a 16-property, 2,155-key lodge portfolio positioned throughout 9 states. A three way partnership between Dallas, Texas-based NewcrestImage and Phoenix, Arizona-based Hospitality Capital Companions (HCP) acquired the portfolio for about $137.3 million.

Al Calhoun and Mark Honest of CBRE Inns’ Capital Markets Institutional Group represented the vendor, Massachusetts-based REIT, Service Properties Belief, within the transaction. 

The portfolio consists of 13 Courtyard by Marriott lodges and three Residence Inn by Marriott lodges. These properties are positioned throughout 9 states, together with Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas and Virginia. Eleven of the properties additionally underwent main renovations between 2018 and 2019.

“Closing this transaction was significantly satisfying given the scale of the deal and the challenges we’re dealing with within the debt markets,” mentioned Mr. Calhoun, Vice Chairman with CBRE Inns in Atlanta. “We have been capable of full this transaction by breaking it up into three offers with three completely different lenders. These lenders had nice confidence within the sponsorship and the standard of the manufacturers and markets.”

U.S. lodges noticed roughly $44.9 billion of funding over the past 4 quarters ending in This autumn 2022, in response to a current CBRE report. Final quarter alone, lodges skilled $11.9 billion of funding, accounting for 9.3% of whole capital markets exercise.

The submit CBRE Announces $137 Million Sale of 16-Property National Hotel Portfolio appeared first on Boston Real Estate Times.