Hotel Executive Commentary Highlights Busy Third Quarter for Transactions

Several Hotel REITs Announced Deals

10 November 2021

The hotel industry transactions environment came back with a vengeance during the third quarter after an extended gridlock induced by the COVID-19 pandemic and an associated bid-ask gap.

A wave of deals were announced in conjunction with third quarter earnings, the highlights of which include:

  • Pebblebrook Hotel Trust bought the Jekyll Island Club Resort for $94 million and the Margaritaville Hollywood Beach Resort for $270 million and sold the Villa Florence San Francisco for $87.5 million.
  • MGM Resorts announced plans to sell the operations of The Mirage on the Las Vegas Strip, while a $17.2 billion deal for Vici Properties to Acquire MGM Growth Properties is pending.
  • Park Hotels & Resorts sold the Hotel Adagio and the Le Meridien San Francisco for a combined total of $304 million.
  • Hosts Hotels & Resorts made three off-market purchases, paying $415 million for Baker's Cay Resort Key Largo, Curio Collection by Hilton; the 223-room luxury hotel in downtown Houston formerly known as The Alessandra; and the Alila Ventana Big Sur, which was sold by Hyatt Hotels Corp.
  • DiamondRock Hospitality Company bought the Bourbon Orleans Hotel and the Henderson Park Inn for a combined $108.6 million.
  • Sunstone Hotel Investors announced agreements to buy the Four Seasons Resort Napa Valley for $177.5 million and sell the Embassy Suites La Jolla for $226.7 million while finalizing the sale of the Renaissance Westchester for $18.8 million.
  • RLJ Lodging Trust sold the Fairfield Inn & Suites Chicago Southeast Hammond, the Courtyard Chicago Southeast Hammond and the Residence Inn Chicago Southeast Hammond for a combined $21.8 million and bought the Hampton Inn and Suites Atlanta Midtown for $58 million and the AC Hotel by Marriott Boston Downtown for $89 million with plans to purchase a newly build Fairfield Inn & Suites property in Denver.
  • Apple Hospitality REIT sold a 20-hotel portfolio for $211 million and bought four hotels for a combined $186 million.
  • A joint venture of Summit Hotel Properties and Singaporean wealth fund GIC announced a $822 million deal to acquire a 27-hotel portfolio from NewcrestImage.

Read the full article at HotelNewsNow (part of CoStar)

For more information about HotelNewsNow, visit

Return to overview

HotelNewsNow (part of CoStar)

1331 L St, NW
Washington, DC 20005
United States
Phone: 800-204-5960