A look at recent transactions

Three hotels have recently been sold. Here’s a look:

Wheelock Street Capital purchases Perry Lane Hotel
Wheelock Street Capital has acquired the 167-room Perry Lane Hotel, a member of Marriott’s Luxury Collection brand, in Savannah, GA.

Built in 2018, the hotel features two five-story towers featuring 167 guestrooms, including 12 suites; more than 9,000 sq. ft. of event space; and three food & beverage outlets, along with a rooftop terrace and pool and more than 1,200 distinct objects and works of art. The property is located within the Savannah Historic District.

Sage Hospitality Group was instrumental in the property’s concept design, development and launch. The company, which operates a portfolio of nearly 60 hotels and more than 30 food and beverage concepts, will continue to retain management responsibilities under Wheelock’s ownership.

Hodges Ward Elliott arranged the sale of the property.

OTO Development acquires L.A. Courtyard
OTO Development has purchased the Courtyard by Marriott Los Angeles Woodland Hills. In the heart of the San Fernando Valley, the hotel is located close to Warner Center, Pepperdine, CSUN and Kaiser Permanente Hospital.

While OTO has built its reputation by developing new hotels in high-barrier-to-entry markets, the company’s growth strategy also includes purchasing—and repurposing—existing assets in prime locations, according to the company. It recently transformed hotels in Key West and Marathon in the Florida Keys and recently reopened a revitalized hotel in St. Pete Beach, FL, following a full-scale renovation.

The six-story, 122-room Courtyard by Marriott will be renovated over the next 12-18 months. Highlights of the upgrades include updating the lobby’s furniture, carpet and decor, and refreshing the guestrooms with new carpet, wallcoverings and soft seating. A new roof and exterior painting round out the improvements.

Idaho’s Sacajawea Inn sold
Crystal Investment Property LLC, a member of Hotel Brokers International, has brokered the sale of the Sacajawea Inn in Salmon, ID. CIP, a licensed Idaho brokerage, represented the seller in the sale. Joseph P. Kennedy, president, CIP, and the CIP team worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.

The Sacajawea Inn is a 24-key, economy, exterior corridor, historic hotel. Built in 1950, and updated throughout the years, this hotel sits on about 1.8 acres of owned land. Located only half a mile from the Salmon city center, the hotel has nine RV sites with full hookups that also serve as seasonal tent camping sites. Bathrooms and showers, as well as guest laundry, are available for RV and camping guests. The Sacajawea Inn also features a recently updated restaurant.

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