Four hotels have recently changed hands. Here’s a look:
JLL closes on sale of NYC hotel
JLL Hotels & Hospitality has closed the sale of Shoreham, a 179-key boutique hotel located in Midtown Manhattan, close to both Central Park and the Fifth Ave. shopping corridor. The sale represents the fifth asset JLL Hotels & Hospitality has advised on in New York City since September 2020.
JLL represented the seller to complete the sale to a private buyer. The property was offered fully unencumbered of brand management and the buyer plans to continue operations as a hotel.
The Shoreham totals 89,681 sq. ft. and features 2,000 sq. ft. of meeting space, Aqua 55 restaurant, a fitness center and a business center.
New York City has shown resilience throughout the pandemic, historically being one of the fastest cities to recover following an economic downturn, according to JLL. The sale represents continued investor interest in the New York City recovery story and comes as travel and visitation headwinds surrounding Manhattan grow increasingly more positive by the week.
The JLL Hotels & Hospitality team representing the seller was led by Jeffrey Davis, senior managing director; EVPs KC Patel and Michele Mahl; associate Nikhil Chuchra and analyst Desmund Delaney.
Red Rock Resorts agrees to sell Palms Casino Resort
Red Rock Resorts Inc. has signed a definitive agreement between its subsidiary Station Casinos LLC and a subsidiary of the San Manuel Band of Mission Indians to sell the Palms Casino Resort in Las Vegas for $650 million in cash, subject to customary adjustments.
The transaction is subject to regulatory approvals and other customary closing conditions.
The Palms, which has been closed for more than a year, includes approximately 700 hotel rooms and suites; a casino; multiple casual and upscale dining options; meeting and convention space; a 2,500-seat theater; pool and spa; and Palms Place condominiums.
Milbank LLP represented Red Rock and Deutsche Bank Securities Inc. is acting as financial advisor to Red Rock on the transaction. Latham & Watkins LLP represented San Manuel and Jefferies LLC is acting as financial advisor to San Manuel on the transaction.
Siegel Group acquires Houston property
The Siegel Group Nevada Inc. has acquired the former Amerihome Inn & Suites located in Houston, which will be converted into a Siegel Suites property. This acquisition increases the number of Siegel Suites and Siegel Select hotels throughout the U.S. to 60 and marks the brand’s third location in the Texas market.
The hotel, which will be renamed Siegel Suites Houston, is a three-story exterior-corridor property that totals approximately 110,700 sq. ft. and contains a mix of studio, one- two- and three-bedroom units with full kitchens.
The Siegel Group will be making a number of improvements which include adding new flooring, cabinetry, upgraded furniture and appliance packages. Additionally, all windows in the complex will be replaced and the exterior of the property will be painted along with other cosmetic upgrades including branding and signage that are characteristic of the brand.
Raines acquires Waynesville Inn Golf Resort & Spa
Raines has acquired the Waynesville Inn Golf Resort & Spa, which joins the firm’s boutique hotel division, Woven by Raines. The addition to the portfolio expands the company’s existing footprint in Western North Carolina, where it also manages The Foundry Hotel Asheville, Curio Collection by Hilton in nearby Asheville, NC.
The 165-acre property houses the historic 111-room hotel, as well as a 27-hole golf course originally designed by golf architect Donald Ross will undergo a renovation starting in late summer, which will take approximately 16-24 months to complete. The property will remain open and operational for the duration of the project. Raines’ plans not only include a full restoration of the hotel and golf course, but also new-construction additions, including practice facilities, golf cottages and restaurants.