Four transactions to know

Transactions are happening across the country. Here’s a look:

MCR acquires Hilton Garden Inn Louisville Mall of St. Matthews
MCR has acquired the 150-room Hilton Garden Inn Louisville Mall of St. Matthews in Kentucky.

The hotel is close to the Louisville International Airport, downtown Louisville and Churchill Downs, home of the Kentucky Derby.

The property also has The Garden Grille & Bar, an on-site restaurant that serves breakfast, dinner and cocktails; a 24-hour sundry and convenience store; a 24-hour fitness center; a heated indoor pool; business center; and 2,000 sq. ft. of event space across two meeting rooms

PMZ Realty Capital arranges $7.1M loan for Home2 Suites by Hilton
PMZ Realty Capital LLC has arranged a $7.1 million non-recourse loan for Home2 Suites by Hilton Hilton Head in South Carolina.

The 99-room property opened in November 2018 and hadn’t fully stabilized prior to March 2020. PMZ’s client used the loan proceeds to refinance the original construction loan, which a private equity group had purchased from the bank that originally made the loan.

OTO Development acquires oceanfront hotel in Myrtle Beach
OTO Development has acquired its fifth waterfront location with the purchase of the South Bay Inn & Suites in Myrtle Beach, S.C.

Built in July 2018, the 18-story, 242-room property will also have a renovation, preparing for affiliation with Hilton this fall and a rebrand as Homewood Suites Myrtle Beach Oceanfront this winter.

The South Bay Inn & Suites has an indoor waterpark with two slides, a lazy river and a pool bar, in addition to direct beach access with bike, beach chair and umbrella rentals. The hotel offers rooms and suites with balconies, and more than 90% of the guestrooms face the water. A playroom with billiards and ping pong as well as a fitness room round out the recreational offerings.

Pebblebrook Hotel Trust completes sale of The Roger New York
Pebblebrook Hotel Trust has closed on the sale of its leasehold interest in the 194-room The Roger New York in New York, NY, for $19 million to a third party. The Roger New York is subject to a ground lease with approximately 23 years remaining on its term.

Proceeds from the sale of The Roger New York will be utilized for general business purposes, which may include reducing the company’s outstanding debt and/or acquiring and investing in hotel properties in accordance with the company’s investment strategy.

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