Arbor Lodging Partners has acquired a AC Hotel in Phoenix, while the hotel division of The RADCO Companies has purchased its first hotel. Read all about those deals and more below.
Arbor Lodging acquires AC Hotel in Downtown Phoenix
Chicago-based hotel investment and management company Arbor Lodging Partners has expanded into the Phoenix market with the acquisition of the AC Hotel Phoenix Downtown. The property has 199 rooms and suites, along with the brand’s signature AC Lounge and AC Kitchen, along with a number of meeting spaces.
The team at Arbor Lodging has been strategic and proactive in their approach, particularly with this latest acquisition, according to the company. Downtown Phoenix has been completely reborn in recent years, and has emerged as a higher education hub. The hotel’s location is near Arizona State University’s Downtown Campus, along with the Phoenix Biomedical Campus, as well as the Phoenix Convention Center; Footprint Center, home of the Phoenix Suns; and Chase Field, home of the Arizona Diamondbacks. Further, Phoenix will play host to the 2023 Super Bowl, 2024 Men’s Final Four and 2026 Women’s Final Four.
RADCO Hotel Division acquires Atlanta-area DoubleTree
The RADCO Companies (RADCO) has acquired the 174-room, full-service DoubleTree by Hilton Atlanta Roswell hotel in Roswell, GA, for $13.75 million from a real estate fund divesting of hospitality assets.
The seven-story property was constructed in 1985 and consists of 76 double-double and 98 king rooms, around 7,800 sq. ft. of meeting space, a full-service restaurant and bar, a fitness center, a mini market and an outdoor pool. RADCO plans to modernize and upgrade the hotel, similar to the capital improvement strategies the company has applied to previous multifamily acquisitions.
The deal marks the first acquisition by RADCO’s new hotel division launched earlier this year in response to the COVID-19 pandemic’s operational and capital markets disruptions in the hospitality sector. The new hotel division expands RADCO’s investment capabilities and complements the firm’s existing multi-family, capital and third-party management platforms. RADCO is actively seeking out hospitality assets that are in line with the company’s overall opportunistic investment strategy, according to CEO Norman Radow.
DSH Hotel Advisors arranges sale of Florida Country Inn & Suites
DSH Hotel Advisors, a national hotel brokerage and advisory firm headquartered in Tampa, FL, specializing solely in hotels, has revealed that Randy Taylor, investment associate, and Dennis Hopper, managing principal of the firm, closed on the Country Inn & Suites by Radisson—Midway, FL, for an undisclosed price. Taylor and Hopper represented the seller, Platinum Hotel Group LLC, and the buyer, Sana Hospitality LLC.
The sale represents another successful Florida hotel transaction for DSH Hotel Advisors, a hotel brokerage firm that has gained significant market share in recent years. The firm has about 20 hotels exclusively listed or under contract in Florida at present time, with additional exclusive engagements throughout the U.S.