Times Square property sold; more hotels change hands

Hotels around the country are changing hands, including an independent property in New York City and two in the Lone Star State. Here’s a look:

Gallivant Times Square sold
JLL Hotels & Hospitality has closed the sale of the Gallivant Times Square hotel, a 336-key hotel located in New York City.

The property totals 209,851 sq. ft., stands 16 stories tall and has various amenities for guests, including a fitness center, concierge service, business center and about 300 sq. ft. of meeting space. The hotel also offers two ground-floor retail spaces with street frontage, currently occupied by the An’nam and Ding Szechuan restaurants.

The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director Jeff Davis, EVP KC Patel, EVP Michele Mahl and Associate Nikhil Chuchra. The sale represents the fourth asset JLL Hotels & Hospitality has advised on in New York City since September 2020.

Highline Hospitality Partners acquires Pearl South Padre Resort
Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has added its third property with the acquisition of Pearl South Padre Resort in Texas and tapped Aimbridge Hospitality to manage the property. They are preparing to convert the destination to a Margaritaville resort with an expected opening of Summer 2022.

Pearl South Padre Resort comprises 200 rooms and suites and 53 beachfront residence condos in one-, two- or three-bedroom configurations. All rooms include a refrigerator, and all condos are equipped with complete kitchens and full-size appliances.

Additional amenities include an on-site spa with Aveda botanicals and products, an outdoor pool boasting a hot tub, a swim-up bar and kids-only pool, and fitness and business centers. Dining options include the Beachside Bar & Grill for indoor and outdoor service and Palapa Bar & Grill for poolside eats. The property also has 8,500 sq. ft. of meeting and event space for corporate gatherings, weddings, and more.

Host Hotels & Resorts acquires Hyatt Regency Austin
Host Hotels & Resorts, Inc. has acquired the fee simple interest in the 448-room Hyatt Regency Austin in Austin, TX for approximately $161 million in cash.

The purchase price represents a 10% capitalization rate and an 8.8x EBITDA multiple based on 2019 actual results and reflects a 20-25% discount to pre-COVID-19 pricing based on comparable publicly-disclosed hotel sales. Hyatt will continue to manage Hyatt Regency Austin under a long-term management agreement.

The 670,000-sq.ft. property had a rooms renovation in 2015 and a meeting space expansion in 2015 and renovation in 2018. The hotel offers 45,000 sq. ft. of total meeting space (including ballrooms of 14,000 and 10,000 sq. ft.), two food and beverage outlets, an outdoor pool, and a fitness center.

MCR purchases dual-branded property near Nashville Superspeedway
MCR has acquired the 167-room dual-branded Tru by Hilton Smyrna Nashville and Home2 Suites by Hilton Smyrna Nashville in Tennessee.

The hotels are located less than 10 miles from the Nashville Superspeedway and minutes from Nashville International Airport, as well as downtown’s restaurants, country music venues and honky tonks.

The Tru by Hilton Smyrna Nashville has 78 pet-friendly guestrooms with refrigerators; free daily breakfast; 24-hour fitness center with cardio machines, free weights, kettle and medicine balls, a virtual personal trainer, resistance bands and a ballet barre; outdoor pool; free fast WiFi; 24-hour business center with personal pods and remote printing access; 24-hour lobby market with gourmet snacks and drinks, including single-serve wine and beer; onsite laundry; and complimentary parking.

The Home2Suites by Hilton Smyrna Nashville has 89 pet-friendly suites with kitchenettes; free daily breakfast; 24-hour fitness center with cardio machines, free weights, kettle and medicine balls, a virtual personal trainer, resistance bands and a ballet barre; outdoor pool; free fast WiFi; 24-hour business center; onsite laundry and complimentary parking

Baxter Hospitality to add Chapter House
Baxter Hospitality has acquired The Compass Rose, a historic boutique inn on Cape Cod. Over the next five months, the family-owned management company will lead a comprehensive renovation and rebranding of the inn, which will debut as Chapter House this summer.

Chapter House is Baxter Hospitality’s second renovation project in New England. The group also owns and operates Sesuit Harbor House, a boutique inn. The new property is located directly on historic Old King’s Highway and a short drive away from top destination attractions and beaches. The 21-room inn is set on a sprawling lawn, which will double as a recreational space for outdoor games and as a scenic weddings/event venue. Chapter House will debut with a specialty craft cocktail bar and plans to open a locally inspired restaurant pop-up concept after its inaugural season. An indoor spa pool is also slated to be part of the renovation. Chapter House will introduce a selection of experiences designed to connect with locals and the rise of regional, work-remote travelers, including “work from hotel” programs. The inn will also be available for full-property buyouts.

Former Quality Inn in Tallahassee sold
Mumford Company represented First Troy SPE, LLC in the sale of the former Quality Inn of Tallahassee, FL. The purchaser, Sunrise Tallahassee Inc. is a regional multi-property owner andoperator who has plans to fully renovate and reopen the currently closed property with a mid-market national franchise. Ed James and Steve Kirby, Mumford Company managing principals,represented the seller in the transaction.

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