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NEXGEN HOTELS RECENTLY acquired The Maritime Hotel Fort Lauderdale Airport & Cruiseport in Fort Lauderdale, Florida. The 150-room hotel will be renovated and rebranded as the Moor Hotel at Marina Bay, a Tribute Portfolio Hotel, with completion expected by the third quarter of 2025, NexGen said in a statement. Itasca, Illinois-based NexGen is led by Chris and Ron Patel as principals. This is their second acquisition this year, following the 137-room Hotel Versey in Chicago, Illinois, in May. "NexGen Hotels is always striving to bring top-tier properties into our portfolio, and with this acquisition and conversion, it's a testament to our focus on obtaining diversified brands for our investors," said Chris Patel. "The Moor Hotel at Marina Bay, a Tribute Portfolio Hotel, represents a new standard for design and hospitality in the Fort Lauderdale area."

HYATT HOTEL CORP. plans to acquire Dream Hotel Group's lifestyle hotel brands, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, for approximately $300 million. The deal will add more than 1,700 rooms to Hyatt's lifestyle portfolio and increase Hyatt's room count in New York City by more than 30 percent. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future, Hyatt said in a statement on Nov. 29. The transaction, expected to close in the coming months, continues Hyatt's asset-light growth strategy following acquisitions of Two Roads Hospitality in 2018 and Apple Leisure Group in 2021. Post-acquisition, Hyatt will pay a base purchase price of $125 million, with up to an additional $175 million over the next six years. It would generate management fees of about $12 million a year on the first dozen hotels.

NEXGEN HOTELS HAS acquired EVEN Hotel Miami - Airport in Miami, marking its first wellness-focused brand in the portfolio. Managed by Missouri-based Genuine Hospitality Group, this upscale hotel represents NexGen's third acquisition in a brief two-week span under the leadership of Chris Patel. Located one mile from Miami International Airport and minutes from the Port of Miami, the hotel offers guests access to Waterford Business District, Brickell City Centre, and Miracle Mile, according to NexGen. Nearby attractions include DRV PNK Stadium, LoanDepot Park, the University of Miami, Florida International University, South Beach, Miami Seaquarium, and the future Miami Freedom Park Stadium. "We see Florida as a growing market for us and this acquisition offers an assortment of value opportunities for our company," Patel said. "We are also excited to add the EVEN hotel brand to our portfolio as it is well received by health-conscious travelers."

MHG HOTELS, LED by President and CEO Sanjay Patel, recently acquired Homewood Suites Bloomington in Bloomington, Indiana. The property, near Indiana University, is the company's second acquisition in two weeks. Previously, the company purchased the Hampton Inn Boca Raton in Florida, expanding its presence in South Florida. "This acquisition reinforces our commitment to expanding our footprint in key markets," said Patel. "We are excited about the opportunities this property presents in Bloomington, especially given our strong presence in the area with existing hotels, apartment communities, and another project underway." MHG Hotels, based in Indianapolis and Boca Raton, specializes in development, construction, and management, with a portfolio that includes franchises with Marriott, Hilton, and Choice Hotels.

SSN HOTELS, A Delaware-based hotel management and ownership company, recently acquired its 31st property, the Residence Inn Atlantic City Airport/Egg Harbor Township in New Jersey. A full renovation of the property, set to begin at year's end, will focus on upgrading guest amenities, SSN Hotels said in a statement. SSN Hotels is led by co-founders Peter Bhai as CEO and Pinky Bhai and president. "We are excited to expand our presence in the Atlantic City area and look forward to transforming this property into a premier destination for business and leisure travelers alike," said Peter Bhai. "This renovation will allow us to offer an even more exceptional stay for our guests while continuing to grow our portfolio." SSN currently operates 31 hotels across five states-New Jersey, Pennsylvania, Virginia, Delaware, and Florida-with seven more in development, according to its website. It owns and manages properties under brands from Hilton Hotels & Resorts, Marriott International, IHG Hotels & Resorts, Red Roof and Wyndham Hotels & Resorts.

Giri Bar Harbor Kebo Inc. and Giri Peabody 57 LLC, doing business as Giri Hotel Management led by Ash Sangani, recently acquired Hampton Inn and Homewood Suites Boston Peabody hotels in Peabody, Massachusetts, respectively. The two properties offer a total of 205 rooms. The hotels are within a 10-mile radius of Salem and 13 miles south of Boston. The properties are near the headquarters of Analogic Corp., Neurological, Lahey Medical, North Shore Medical, and Boston Children's Hospital Peabody. "With the acquisition of these two hotels, we're thrilled to announce the expansion of our portfolio to include eight Hilton-branded hotels," said Sagar Malavia, GHM's partner. "Situated along Route 1, these locations offer prime positioning for an exceptional guest experience for short- and long-term guests. We're dedicated to fostering a welcoming, family atmosphere for our new hotel team members and look forward to fostering excellent relationships with the community for mutual economic success."

PEACHTREE HOTEL GROUP added seven hotels to its portfolio this week for $135 million. Three of the hotels also are part of Peachtree's third investment partnerships with San Mateo, California-based Verakin Capital led by partners Rupesh and Bimal Patel and Hiten Suraj. The new acquisitions include 829 rooms and are in five different states, according to Peachtree and its management division Peachtree Hospitality Management, which will operate all seven hotels. The new hotels are: The dual-brand Hilton Garden Inn Phoenix Tempe, University Research Park, 120 rooms, and Home2 Suites by Hilton Phoenix Tempe, University Research Park, 108 rooms, in Tempe, Arizona, which were built in 2017. Aloft Hillsboro-Beaverton in Hillsboro, Oregon, 137 rooms, built in 2017. Hilton Garden Inn Casper, 121 rooms in Casper, Wyoming, built in 2008. Home2 Suites by Hilton Eugene Downtown University Area, in Eugene, Oregon, 120 rooms, built in 2016. Home2 Suites by Hilton Pittsburgh/McCandless in Pittsburgh, Pennsylvania, 119 rooms, built in 2013. Hilton Garden Inn West Lafayette Wabash Landing in West Lafayette, Indiana, 104 rooms, built in 2003.

PEACHTREE GROUP RECENTLY acquired the AC Hotel Park City in Utah, its sixth hotel acquisition this year, bringing the total to 789 rooms. The company is predicting more growth over the next two years. Peachtree is led by Greg Friedman, CEO and managing principal; Jatin Desai, CFO and managing principal; and Mitul Patel, principal. "Our team has successfully acquired a number of hotel properties at below-market prices, taking advantage of the current slowdown in transactions," said Friedman. "While the market is slower than usual due to high interest rates, tighter lending conditions, economic and geopolitical uncertainty, we continue to remain active, capitalizing on unique opportunities that arise in this environment while employing multiple strategies that allow us to capitalize on the current market dislocation. By staying patient and strategic, we've been able to secure valuable assets while others take a more cautious approach." Peachtree's portfolio includes three Hilton and three Marriott hotels, all managed by Peachtree's hospitality division, which oversees 93 hotels across 27 brands, totaling 11,837 rooms in 26 states.

NEWCRESTIMAGE RECENTLY FINALIZED its purchase of the LaQuinta Inn & Suites Los Angeles International Airport in Los Angeles, the final part of the company's acquisition of four LaQuinta-branded hotels in a joint venture between Highgate and Cerberus. The company closed on the other three hotels in the deal in August. The 281-room, 10-floor hotel, which will be managed by Highgate Hotels, along with the other hotels in the deal, will add 696 rooms to NewcrestImage's portfolio. The other hotels are the LaQuinta Inn & Suites Irving DFW North in Irving, Texas; LaQuinta Inn & Suites Anaheim in Anaheim, California; and LaQuinta Inn Phoenix North in Phoenix. "These four hotels symbolize our company's strategy of investing in properties and in markets that are well-positioned for long-term growth and prosperity," said Mehul Patel, managing partner and CEO of NewcrestImage.

HOS Management, led by President Kris Patel, recently acquired Residence Inn Savannah Midtown in Georgia. The 66-key hotel is near City Market, Oglethorpe Mall, Candler Hospital, historic downtown Savannah, River Street, SCAD, and Memorial Health University Medical Center. The property also provides easy access to the beaches of Tybee Island, St. Simons, and Jekyll Island. "We had a great experience working with Hunter Hotel Advisors, especially Mayank Patel and his team, on this acquisition," said Patel. "The Residence Inn Savannah Midtown is the perfect Marriott addition to our portfolio." HOS Management, based in Savannah, Georgia, is a family-operated hotel development and management company with properties under brands like Marriott International, Hilton, IHG Hotels and Resorts, and Wyndham. Founded by brothers Anil and Kirit Patel, the company began with the acquisition of the Benton Motel, their first independent motel, in 1985.

PEACHTREE GROUP LAUNCHED its fifth hotel property structured as a Delaware Statutory Trust with the acquisition of the 128-key Residence Inn Tampa Wesley Chapel in Wesley Chapel, Florida. This follows the purchase of its Home2 Suites by Hilton Atlanta Sugarloaf DST in August. Peachtree's DST acquisitions allow 1031 exchange investors to reinvest proceeds from the sale of appreciated real estate, defer taxes and maintain exposure to the growing hotel sector. "The hotel's prime location in the Wiregrass Ranch master-planned community, combined with its proximity to the Wiregrass Ranch Sports Campus, makes it a valuable addition to our growing portfolio of DST properties," said Tim Witt, Peachtree's president of 1031 exchange and DST products. "With activities and tournaments at the 98,000-square-foot sports complex boosting weekend business for the hotel and Pasco County's investment in expanding the facility, we anticipate strong demand from both leisure and business travelers. Further supporting our off-market acquisition is the fact that it was recently appraised for nearly $900,000 above our purchase price."

MHG Hotels LLC recently acquired the Hampton Inn Boca Raton in Boca Raton, Florida. The hotel, near Florida Atlantic University and adjacent to Lifetime Athletic Club, features an outdoor pool among other amenities. MHG Hotels is led by President and CEO Sanjay Patel. "This acquisition is a testament to our commitment to growth and excellence in the hospitality industry," said Patel. "As part of our strategic expansion, we are thrilled to increase our presence in South Florida. This vibrant region offers tremendous opportunities, and we are dedicated to leveraging them to achieve our growth objectives. We are excited about the opportunities this property presents and are confident in our ability to enhance the guest experience." MHG Hotels, headquartered in Indianapolis and Boca Raton, specializes in development, construction and management services. Their diversified portfolio includes franchise affiliations with Marriott International, Hilton Worldwide, and Choice Hotels International.

EVERWOOD HOSPITALITY PARTNERS has completed the acquisition of the 184-room LaQuinta I Drive/Convention Center hotel in Orlando, Florida, from Cavalier Florida, LP, the company said. Real estate capital advisory, Cronheim Hotel Capital, helped secure the loan for the acquisition and subsequent renovation of the property which includes upgrades to public and private spaces. The loan, from a Florida-based bank, which provided five-year fixed rate financing with two years of interest only, represented 65 percent of the all-in cost, according to Everwood. The hotel is next door to ICON Park and offers multiple dining and entertainment options. The property is one mile from the Orange County Convention Center and the city's many amusement parks and entertainment venues. Amenities include an outdoor pool and a fitness center. "With its proximity to many of Orlando's top attractions, the LaQuinta is an ideal addition to Everwood's expanding hotel portfolio," said Amit Patel, Everwood's managing principal and chief operating officer. "We continue to seek hotels in prime markets with barriers to new entry and multiple demand generators that help protect against occasional market fluctuations. Following the implementation of our proprietary management and marketing systems, LaQuinta I Drive will become the segment leader for leisure and business travelers in Orlando."

NEXGEN HOTELS RECENTLY acquired Holiday Inn St. Petersburg West in St. Petersburg, Florida. The 129-room hotel will be managed by St Louis-based Genuine Hospitality Group. The property, which is located minutes away from downtown St. Petersburg, is close to Tropicana Field, the Dali Museum, Morean Arts Center, Duke Energy Center for the Arts - Mahaffey Theater, and Al Lang Stadium, NexGen said in a statement. The hotel is also near the University of South Florida - St. Petersburg Campus, St. Petersburg College and Stetson University. "We are excited to expand our portfolio and enter the St. Petersburg area," says Chris Patel, president of Itasca, Illinois-based NexGen. "This acquisition provides NexGen Hotels with an excellent opportunity to establish a significant presence in the robust St. Petersburg hotel market."

STARWOOD CAPITAL GROUP, a US-based private equity firm, recently purchased10 Radisson Blu Edwardian properties in London, totaling 2,053 rooms, from Edwardian Hotels London, a U.K. hospitality group with Jasminder Singh as chairman. The financial details of the deal remain undisclosed, but a Bloomberg report estimated the transaction at around $1 billion (£800 million). Edwardian Group will continue to manage the portfolio during a transitional period, the company said in a statement. Edwardian Hotels London will retain operational control and continue managing The Londoner Leicester Square, launched in September 2021, along with its two Radisson Collection hotels-The May Fair in Mayfair and The Edwardian Manchester in Manchester. Jasminder Singh is chairman of Edwardian Group. "Following the successful launch of The Londoner and a period of strong trading across the portfolio, this sale represents an opportunity to refocus the group and position it for its next chapter," said Inderneel Singh, CEO of Edwardian Group and son of Jasminder Singh. "Our three landmark properties - The Londoner, The May Fair Hotel, and The Edwardian Manchester - are perfect showcases of our vision for the future, and we remain committed to investing in and delivering distinctive experiences for guests in high-end, purpose-built, city-centre hotels."

STONEBRIDGE COS. HAS acquired the Le Méridien New Orleans hotel for $84 million from Park Hotels & Resorts Inc. It is the second acquisition in the city in 12 months for the Denver-based company, started by CEO Navin Dimond. The 410-room, full-service upscale hotel on Poydras Street is near the city's French Quarter, Bourbon Street and Warehouse Arts District. Also nearby are the New Orleans Ernest N. Morial Convention Center, Mercedes-Benz Superdome, Smoothie King Center and the Port of New Orleans Cruise Ship Terminal. Amenities include a rooftop pool, onsite restaurants and more than 13,000 square feet of event space. With the new purchase, Stonebridge's portfolio stands at 63 hotels and more than 10,000 guest rooms, including select-service, extended-stay, mid-scale and full-service hotels in several states. It is the first Le Méridien hotel for the company, Dimond said. "Last year we purchased the Embassy Suites by Hilton New Orleans," Dimond said. "New Orleans is truly a great American city, and the Le Méridien is ideally located for both leisure and business travelers alike visiting downtown New Orleans."

DALLAS-BASED NEWCRESTIMAGE plans to acquire 45 hotels from a private investment firm. The portfolio includes approximately 3,300 rooms in 11 states, but other terms of the transaction were not disclosed. The hotels include 35 Marriott International-branded, seven Hilton-branded, two Choice Hotels International-branded and one Radisson Hotels-branded properties. They are in Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota and Texas, according to NewcrestImage. "The current financial environment makes it very attractive to buy rather than build, and this group of fine hotels in high-traffic locations provides us with an exceptional opportunity to immediately start generating significant revenue, profit, and return on investment," said Mehul Patel, NewcrestImage managing partner and CEO.

PEACHTREE GROUP RECENTLY acquired its sixth hotel property structured as a Delaware Statutory Trust, the 90-key Home2 Suites by Hilton St. Augustine in the greater Jacksonville, Florida. This is the third DST offering to close this year. The company's DST hospitality acquisitions provide opportunities for 1031 exchange investors to reinvest proceeds from the sale of appreciated real estate, defer taxes and maintain an allocation in the hotel sector, Peachtree said in a statement. "With its premier location along the I-95 corridor, strong population growth in the surrounding area and St. Augustine's rich historical and cultural appeal, this property is a natural fit for our DST portfolio," said Tim Witt, Peachtree's president of 1031 exchange and DST products. "This extended-stay hotel is well-positioned to meet the needs of leisure and business travelers alike, offering a blend of modern convenience and comfortable accommodations."

NEXGEN HOTELS RECENTLY acquired the Fairfield Inn & Suites by Marriott Fort Lauderdale Northwest in Tamarac, Florida. Hollywood, Florida-based AD1 Global will manage the 120-room property. Itasca, Illinois-based NexGen is led by principals Chris and Ron Patel. This marks their third acquisition of 2024, following the November purchase of the 150-room Maritime Hotel Fort Lauderdale Airport & Cruiseport in Fort Lauderdale. "We are thrilled to add the [new hotel] to the NexGen portfolio," said Chris Patel. "The Fort Lauderdale area remains a key market for us, and the Fairfield Inn brand is a good fit for both the area and our portfolio."

COMMERCIAL REAL ESTATE direct lender Stonehill recently originated a $79.8 million, three-year, floating-rate bridge loan for New York-based Churchwick Partners for the acquisition of a 12-property, extended-stay hotel portfolio. The deal was premised on the strong performance by extended-stay hotels even during the pandemic. Stonehill is an affiliate of Peachtree Hotel Group, led by Jatin Desai and Mitul Patel as managing principals. The deal includes 1,432 rooms in nine states, mostly Sonesta Hotels brands. "Our sponsors benefit from experienced real estate lenders able to originate and close complex transactions," said Nick Baer, Stonehill's vice president for business development. "With funding options from traditional lenders limited for hotels and other commercial real estate properties, we are pleased to provide Churchwick Partners with the lending solution, financial capacity and hospitality expertise to close this transaction in a challenging capital market environment."