Who’s buying and selling?
August 30, 2022 | Hotel Business
Hotels are changing hands across the country, including a La Quinta in L.A. and two New England Fairfield Inns.
NewcrestImage closes on La Quinta Inn & Suites LAX
NewcrestImage has finalized its purchase of the 281-room, 10-floor La Quinta Inn & Suites LAX, located less than one mile from Los Angeles International Airport.
This hotel, which will be managed by Highgate Hotels, is part of NewcrestImage’s acquisition of four La Quinta properties that together have 696 rooms. Closing on the other three hotels took place earlier in August—the La Quinta Inn & Suites Irving DFW North; La Quinta Inn & Suites Anaheim; and La Quinta Inn Phoenix North.
“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/CEO, NewcrestImage.
The La Quinta LAX is located near the LA Convention Center, Venice Beach and Santa Monica Beach. Amenities at the hotel include an outdoor pool with sun deck; 24-hour fitness center; casual dining restaurant and bar; and meeting/banquet facilities for up to 300 people.
Two Marriot-branded select-service hotels in New England trade
JLL’s Hotels & Hospitality Group has closed the sale of two Marriott-branded, select-service hotels in New England. The hotels include Fairfield Inn Boston Woburn/Burlington in Woburn, MA, and Fairfield Inn Portsmouth Seacoast in Portsmouth, NH.
JLL marketed the property on behalf of the seller, a joint venture of funds managed by Contrarian Capital Management and Waramaug Hospitality. The hotels were offered unencumbered by management.
Fairfield Inn Boston Woburn/Burlington (126 keys) and Fairfield Inn Portsmouth Seacoast (102 keys) both underwent significant renovations in 2015 and 2016. Both hotels offer a standard mix of traditional guestrooms, complimentary breakfast, a business center, fitness center, seasonal outdoor pool and sundry store, as well as free on-site parking.
Fairfield Inn Boston Woburn/Burlington is located 10 miles northwest of Boston. In addition, Logan International Airport is located about 15 miles from the property, which is also near the Anderson/Woburn station serviced by the MBTA Lowell Line Commuter Rail and the MBTA Route 134 bus. Aside from being a short distance from the attractions offered in downtown Boston, the hotel is in the business district of Woburn near local attractions such as the Lexington Battle Green, Horn Pond Reservation, Forest Park and Shaker Glenn.
Fairfield Inn Portsmouth Seacoast is 50 miles north of Boston. The hotel is centrally located near Pease International Tradeport, Liberty Mutual and the Portsmouth Naval Shipyard. Additionally, the property is proximate to the city’s waterfront, Portsmouth Music Hall, 3S Artspace, Prescott Park, the Kittery Mall Outlets and more.
The JLL Hotels & Hospitality team working on behalf of the seller was led by Managing Director Alan Suzuki, Director Matthew Enright and Analysts Emily Zhang and Miranda Guajardo.
Legendary Capital acquires interest in Hilton Garden Inn El Paso University
Legendary Capital has sponsored the acquisition of an interest in a partnership that owns the 153-room Hilton Garden Inn El Paso University. Through the transaction, the sponsored entity became a minority partner in the hotel’s ownership.
“This transaction structure is new to us, but we knew this property was perfect for a unique method of transacting,” said Corey Maple, CEO, Legendary Capital. “We are proud to join our new partners in El Paso, and we are excited to see what’s to come for this Hilton Garden Inn.”
The hotel is located in the El Paso Metropolitan Statistical Area (MSA) and is located near the University of Texas-El Paso (UTEP) and Fort Bliss.
The property opened in 2006 and has been a consistent top performer since then. The property has seen rising RevPAR year after year and is the only hotel located on the UTEP campus.
Wolfgramm Capital acquires Shreveport Residence Inn by Marriott
Wolfgramm Capital has acquired the 78-room extended-stay Residence Inn by Marriott.
Located near Shreveport Regional Airport, the hotel offers suites for long and short-term trips. “We are excited to acquire a Residence Inn-branded hotel and look forward to elevating this hotel through our firm’s hotel management arm: Wolfgramm Properties,” said Koloa Wolfgramm, cofounder/COO, Wolfgramm Capital. “The Residence Inn brand’s stellar reputation sets the standard in hospitality, and we will work to exceed expectations for our guests.”
The hotel’s amenities include an outdoor swimming pool and whirlpool, a fitness center, outdoor sports court, on-site guest laundry facilities and sundries mart.
