A Trio of Hotel Sales
NATIONAL REPORT—Ahead of the new year, hotels are changing hands across the country. Caesars Entertainment, Pacific Hospitality Group and OTO Development have all completed hotel sales:
Caesars Completes Sale of Eldorado Resort Casino Shreveport to Bally’s
Caesars Entertainment Inc. has closed on the sale of Eldorado Resort Casino Shreveport in Shreveport, LA, to Bally’s Corporation for $140 million in net proceeds, subject to a customary working capital adjustment. Macquarie Capital and Milbank LLP represented Caesars Entertainment on the transaction. “The completion of the sale of Eldorado Resort Casino Shreveport satisfies the Federal Trade Commission request to divest the asset in connection with the Caesars-Eldorado transaction, which closed earlier this year,” said Tom Reeg, CEO of Caesars Entertainment Inc. “Since our acquisition of the property 15 years ago, our team members’ passion and commitment have driven our success in Shreveport. We wish all of them continued success under Bally’s ownership.”
Pacific Hospitality Group Acquires Hotel Granduca Austin
California-based Pacific Hospitality Group (PHG) is expanding with the purchase of Hotel Granduca Austin in Austin, TX. This is PHG’s third hotel in the Lone Star State with two Marriott-branded hotels in Dallas. PHG will be taking over operations of the hotel immediately with plans to rebrand the property as part of the Meritage Collection of independent hotels in the summer of 2021. Hotel Granduca Austin will mark the company’s sixth independent hotel in its Meritage Collection portfolio. The 190,000-sq.-ft. property has 194 rooms, including 38 suites and sits on 38 acres with views of the hillsides. Austin is home to many expanding and new companies, including Apple, Whole Foods, Oracle among others. The JLL Hotels & Hospitality team representing the seller was led by EVP John Nugent and VP Parker Sherrill. Financing was led by Director Jillian Mariutti, VP Tyler Dumon and Senior Managing Director Doug Opalka.
OTO Development Acquires Holiday Inn Resort Wilmington E-Wrightsville Beach
OTO Development has completed its fifth acquisition in just three years with the purchase of the Holiday Inn Resort Wilmington E-Wrightsville Beach in Spartanburg, SC. Originally built in 1999, the seven-story 184-room Holiday Inn Resort will enjoy a major refresh over the course of the next 12-18 months. Highlights of the upgrades include updating the lobby, restaurants, bars and event spaces; refreshing the guestrooms with new furniture and bathrooms; and enhancements to the pools and outdoor areas. Major improvements will also be made behind the scenes with the property’s HVAC and mechanical systems.