1/5
Inside the Decline of Hotel Transactions In Q2
globest.com/2023/07/18/inside-the-decline-of-hotel-transactions-in-q2
Defying the expectations of many, the U.S economy has demonstrated resilience driven in
part by a solid employment report with stronger than expected wage growth during June,
along with continued healthy levels of consumer spending. With this said, the U.S. economy
has been slowed by the Federal Reserve’s aggressive drive to tame inflation through a
series of interest rate hikes that began early last year. Although trending downward, with
inflation remaining above its two percent target, the Federal Reserve is on track to raise
interest rates again this month and mull another hike as soon as September. Despite
elevated inflation, which is now easing, and ongoing fears of impending economic recession,
unemployment rates remain low, and Americans continue to spend money on goods,
services, and experiences.
Stress in the U.S. banking system and financial market volatility continue to slow commercial
real estate lending activity and rising numbers of failing commercial real estate loans are
beginning to weigh down the nation’s banks. The recent collapse of several regional banks
has resulted in tightening credit and relatively high borrowings costs which has driven down
prices of all types of commercial real estate assets particularly in downtown urban cores.
Upon loan maturities, numerous sponsors, many of whom are highly respected large well
capitalized investors, are refusing to “throw good money after bad,” and considering
surrendering properties to lenders. Within the decimated office and retail sectors
BentallGreenOak, Brookfield Asset Management, Blackstone, Columbia Property Trust,
July 18,2023
2/5
Related Fund Management, RXR Realty, Vornado Realty Trust (NYSE: VNO), and Westfield
Group are examples of institutional investment platforms that have defaulted on high profile
assets across the nation. Although U.S. hotel sector operating fundamentals remain strong,
lodging centric institutional investors including Ashford Hospitality Trust (NYSE: AHT) and
Park Hotels & Resorts Inc. (NYSE: PK) have announced plans to “hand back the keys” on
assets whose loans have matured. Time will tell if these maneuvers are a positioning tactic to
negotiate workouts with lenders who may very well not be interested in foreclosure of any of
the assets.
During the current inflationary environment, the U.S. hotel industry has proven to be a
defensive sector, exhibiting strength and the ability to weather economic challenges. Robust
leisure demand and the resurgence of group and corporate travel have fueled Average Daily
Rate (ADR) growth that is outpacing the rise of overall U.S. inflation. This recent
phenomenon, which like long term averages, further reinforces the notion that investment in
lodging is a hedge against inflation.
The LWHA Q2 2023 Major U.S. Hotel Sales Survey includes 84 single sale transactions over
$10 million which totaled roughly $3.1 billion and included approximately 12,100 hotel rooms
with an average sale price per room of $257,000.
In comparison, the LWHA Q1 2023 Major U.S. Hotel Sales Survey included 83 single
sale transactions over $10 million which totaled nearly $3.5 billion and included
approximately 12,500 hotel rooms with an average sale price per room of $279,000.
Comparing Q2 2023 with Q1 2023, the number of trades decreased slightly by one
percent while total dollar volume decreased roughly 11 percent and sale price per room
diminished roughly 8.5 percent.
By further comparison, the LWHA Q2 2022 Major U.S. Hotel Sales Survey included 133
single sale transactions over $10 million which totaled roughly $5.3 billion and included
approximately 21,200 hotel rooms with an average sale price per room of $248,000.
Comparing Q2 2023 with Q2 2022, the number of trades decreased by approximately
37 percent while total dollar volume declined roughly 41 percent, however sale price
per room increased slightly by 3.4 percent.
Contrasting the first half of 2023 with the same time frame 2022, the LWHA Major U.S. Hotel
Sales Survey indicated a 36 percent decrease in the number of sale transactions, a 50
percent decline of total dollar volume, and a diminishment in sale price per room of 4
percent.
The current relatively high cost of debt has widened bid/ask spreads and clearly slowed
investment volume. Additional noteworthy Q2 2023 observations include:
3/5
Fourteen trades or roughly 17 percent of the national quarter total occurred in the State
of Florida, followed by nine sales or 11 percent of the national quarter in California, and
Arizona with eight sales or 10 percent of the national quarter. Combined, thirty-one
trades or 37 percent of the national quarter occurred in Florida, California, and Arizona.
Ryman Hospitality Properties, Inc. (NYSE: RHP) acquired from Blackstone the 1000
room JW Marriott San Antonio Hill Country Resort & Spa in San Antonio, TX for $800
million or $800,000 per unit.
Five Q1 2023 sales were consummated for between $100 million and $199 million
each.
The 250 key Nautilus Hotel in Miami Beach, FL was acquired by Service Properties
Trust (Nasdaq: SVC) for $164.5 million or $661,000 per unit from Quadrum Global. The
property, which is now managed by Sonesta International Hotels Corporation and
subsequent to a major renovation to be completed in early 2025 is slated to be
rechristened under Sonesta’s The James brand.
Ohana Real Estate Investors acquired from Blum Capital Partners the 276 room
Claremont Club & Spa – A Fairmont Hotel in Berkeley, CA for $163.3 million or
approximately $592,000 per unit.
A joint venture between Gencom and GD Holdings, LLC acquired from Magellan
Development Group, Ltd. the 192 room St. Regis Chicago for $133.5 million of
$695,000 per unit. The trade represented the closing of a forward sale of a new hotel
agreed upon during late 2020.
Norwich Partners sold the 144 key AC Hotel by Marriott Clearwater Beach and the 139
key Courtyard by Marriott Clearwater Beach for $113.7 million or $402,000 per unit to
Mission Hill Hospitality.
Southwest Value Partners acquired from Fortress Investment Group the 575 room JW
Marriott Tucson Starr Pass Resort & Spa in Tucson, AZ for $112 million or $195,000
per unit.
Institutional investment platforms, many of whom are lodging centric, dominated the Q1 2023
hotel transaction arena.
Examples of buyers include ARA US Hospitality Trust, Dauntless Capital Partners,
Gencom, Hersha Hospitality Management, Ohana Real Estate Investors, Pyramid
Global Hospitality, Magna Hospitality, McWhinney, Mission Hill Hospitality, Peachtree
Hotel Group, Procaccianti Companies, Ryman Hospitality Properties, Service
Properties Trust, Shaner Hotel Group, Southwest Value Partners, and Summit Hotel
Properties, Inc.
4/5
Examples of sellers include American Hotel Income Properties REIT LP, Blackstone,
Blum Capital Partners, Buccini/Pollin Group Inc., Chartwell Hospitality, Donohoe
Hospitality Services, Pebblebrook Hotel Trust, Fortress Investment Group, Highgate,
KKR & Co. Inc., Lam Generation, McSam Hotel Group, Norwich Partners, Peachtree
Hotel Group, Quadrum Global, and Waterton Associates
Although U.S. hotel sale transactions continue to be consummated, activity is tepid due to
the current disconnect between operating fundamentals and capital markets. Many trades
are being made at opposite ends of the spectrum including trophy properties located in high
barrier markets with strong cash flow, or assets that are underperforming and require
immediate and meaningful capital investment. Generally, pricing of U.S. hotels remains
steady and continues to offer favorable discounts to replacement costs which during the
recent past have dramatically risen.
Commercial real estate investors now perceive U.S. lodging as a darling sector and
preferred asset class. Unlike prior downturns including the 1990/91 Gulf War recession, 9/11,
and the Great Recession of 2008, during the COVID-19 recession the hotel industry for the
most part avoided competing by lowering room rates. The past has proven the lengthy
challenges associated with recovery from slashing prices.
While credit markets remain open for high quality borrowers and/or lodging properties, all-in
financing costs of +/- 9 percent make little sense relative to overall capitalization rates of 8 to
8.5% for many hotel assets. Bid-ask spreads remain wide, and few sellers have yet to be
forced to transact. Relative high debt costs have created new opportunities for alternative
debt platforms and funds. Additionally, substantial sums of liquid equity remain on the
sidelines which, when coupled with strong in-place cash flows, will likely prevent widespread
distress. Currently, given the limited number of acquisition opportunities, buyers with the
ability to consummate transactions quickly with all cash/equity have an advantage.
Despite a slowing economy and possible recession, continued strong demand for transient
lodging accommodations, coupled with relatively low increases of net new hotel supply are
anticipated to bolster sector performance. Bleisure travel has taken root and is increasing the
length of stay in many markets, most notably well-defined leisure markets. Although in the
post COVID-19 pandemic era as Americans have returned to traveling overseas, inbound
foreign visitation to the U.S. continues to rebound, although somewhat hindered by federal
government slow processing of visa applications.
Labor shortages and supply chain issues continue to challenge the sector as do rapidly rising
insurance costs and property taxes. Furthermore, scores of lodging assets are capital
starved and dramatic increases in renovation costs will affect investment underwriting and
decision making.
5/5
Effects of the COVID-19 pandemic hallowed out many U.S. downtown central business
districts, and numerous urban cores are no longer considered bustling centers of activity.
Much has been written relative to the negative consequences of the continued work from
home phenomenon, resulting in empty offices which have led to a perception of “doom
loops” and the death of downtowns affecting numerous major U.S. cities. Walking around
New York and in particular San Francisco looks and feels starkly different compared to pre-
COVID times as reduced levels of business travel, retail store closings, homelessness, and
elevated levels of crime are taking their toll. While there is little doubt that many U.S. urban
markets, including San Francisco’s, path to recovery remains clouded and elongated by
major challenges, commercial real estate including hotel investment opportunities in these
cities will offer tremendous upside for patient money willing, if need be, to hold assets for
upwards of ten years. Now is the time for long-term investors to acquire assets in these
locales as history proves that one cannot precisely predict the bottom and invariably only
know when it occurred six to nine months after the low point was hit, and the opportunity is
mostly lost.
In addition to courage and patience, savvy investors will utilize a prudent balance of debt and
equity to avoid overleverage. Furthermore, they will make use of interim debt and not lock in
long term fixed commitments only to end up with large prepayment obligations when interest
rates decline in 2026-27. Property values in 2026-2027 will no doubt exceed the peak of
2021-22 as recoveries always exceed previous all-time highs. Those who buy now at market
pricing in major U.S urban markets and are smart about capital stack structure and coverage
with stress tests will win big.
Daniel H. Lesser is Co-Founder, President & CEO of LW Hospitality Advisors LLC.
1
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 WoodSpring Suites Huntsville Madison Madison AL 121 $11,210,000 $92,645 SPI Holdings Mitch Cox Companies 43
Q2 Hilton Garden Inn Bentonville Rogers Bentonville AR 133 $18,200,000 $136,842
Bentonville Walton Avenue Hotel,
LLC
Benton County Lodging, LLC 63
Q2 TownePlace Suites by Marriott Hot Springs Hot Springs AR 88 $12,760,000 $145,000 JSM Hospitality, LLC Honest Hospitality #2, LLC 21
Q2 Comfort Inn Chandler - Phoenix South I-10 Chandler AZ 129 $13,200,000 $102,326 KLRK Group, LLC CI Chandler 202, LP 74
Q2
TownePlace Suites by Marriott Phoenix
Chandler/Fashion Center
Chandler AZ 109 $18,000,000 $165,138 Trimark Property Group Peachtree Hotel Group 81
Q2 Embassy Suites by Hilton Phoenix Airport Phoenix AZ 182 $11,560,000 $63,516 Unified T24 LLC Thomas 24 Jl LLC 85
Q2 Residence Inn by Marriott Scottsdale North Scottsdale AZ 120 $29,000,000 $241,667
JV Summit Hotel Properties, Inc.
& GIC
Blackstone 79
Q2 JW Marriott Tucson Starr Pass Resort & Spa Tucson AZ 575 $112,000,000 $194,783 Southwest Value Partners Fortress Investment Group 47
Q2 La Quinta Inns & Suites Tucson Airport Tucson AZ 143 $13,600,000 $95,105 S.L.A. GOVIND LLC Highgate 49
Q2 Sonesta Select Tucson Airport Tucson AZ 120 $10,200,000 $85,000 MSDS MGT, Inc. Hanumant Hospitality LLC 53
Q2
Best Western Plus Yuma Foothills Inn &
Suites
Yuma AZ 97 $16,500,000 $170,103 JSC Yuma Investments LLC Greens Fund One, LLC 45
Q2 Claremont Club & Spa - A Fairmont Hotel Berkeley CA 276 $163,300,000 $591,667 Ohana Real Estate Investors Blum Capital Partners 82
Q2 Carlsbad by the Sea Hotel¹ Carlsbad CA 146 $39,155,000 $268,185 Excel Carlsbad LLC Cpt Sc Title Holding Corporation 69
Q2
Courtyard by Marriott Fairfield Napa Valley
Area
Fairfield CA 137 $11,500,005 $83,942 Kalthia Group Hotels N/A 47
1 1) Acquisition includes a 28,400 square feet retail center and a Chevron gas station.
2
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2
Hampton Inn & Suites Lancaster &
Homewood Suites by Hilton Lancaster
Lancaster CA 177 $25,250,000 $142,655 Greens Fund One LLC Highgate 49
Q2 Hampton Inn & Suites Palmdale Palmdale CA 85 $25,350,000 $298,235 OCBW LLC Highgate 53
Q2 Good Nite Inn Rohnert Park Rohnert Park CA 125 $18,196,000 $145,568 Rohnert Park Hospitality LLC Good Nite Inn Rohnert Park, Inc. 53
Q2 Hotel Beresford San Francisco CA 114 $23,700,000 $207,895 685 Ellis LLC Lange Family Trust 93
Q2
Four Points by Sheraton San Rafael Marin
County
San Rafael CA 235 $38,000,000 $161,702 Equinox Hospitality San Rafael Hillcrest, LLC 74
Q2 Vintners Resort Santa Rosa CA 78 $42,000,000 $538,462 VR Acquisition, LLC Vintner's Inn, LLC 61
Q2
Home2 Suites by Hilton Colorado Springs
South
Colorado
Springs
CO 119 $29,000,000 $243,697 ARA US Hospitality Trust Chartwell Hospitality 68
Q2
Holiday Inn Express & Suites Colorado
Springs AFA Northgate
Colorado
Springs
CO 87 $11,380,000 $130,805 Peak Hospitality, LLC Springs Inn, LLC 57
Q2 Holiday Inn Express Mesa Verde-Cortez Cortez CO 100 $10,000,000 $100,000 Ganeshay Mesa, LLC Cortez Pueblo Partners LLC 25
Q2
Comfort Suites Golden West on Evergreen
Parkway
Evergreen CO 85 $17,750,000 $208,824 Golden Inn Investment LLC T & T Hospitality Services, Inc. 40
Q2
Homewood Suites by Hilton Wilmington
Downtown
Wilmington DE 120 $16,300,875 $135,841 SAK Developers Buccini/Pollin Group Inc. 67
Q2
AC Hotel by Marriott Clearwater Beach &
Courtyard by Marriott Clearwater Beach
Clearwater
Beach
FL 283 $113,700,000 $401,767 Mission Hill Hospitality Norwich Partners 48
Q2
TownePlace Suites by Marriott Fort Myers
Estero
Estero FL 114 $13,550,000 $118,860 Countryside Hotels, LLC Estero Hotel Associates, LLC 50
Q2
Holiday Inn Express & Suites Florida City-
Gateway To Keys
Florida City FL 105 $10,000,000 $95,238 N/A N/A 32
Q2
Fairfield Inn & Suites by Marriott Jacksonville
Airport
Jacksonville FL 107 $10,800,000 $100,935 Man Junior LLC Embarc, LLC 38
3
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 Super 8 by Wyndham Kissimmee² Kissimmee FL 43 $12,000,000 $279,070 City of Kissimmee Diamond Elite Kissimmee LLC 55
Q2
La Quinta Inn & Suites by Wyndham Orlando
Lake Mary
Lake Mary FL 128 $14,500,000 $113,281 ASSD Hospitality Inc. Highgate 66
Q2 Holiday Inn Express & Suites Miami-Kendall Miami FL 107 $14,500,000 $135,514 Hotel Five LLC Pinelands-Kendall Hotel, LLC 61
Q2 Greenview Hotel Miami Beach FL 45 $15,000,000 $333,333 Steven Oved Blue Road Development 78
Q2 Nautilus Hotel Miami Beach FL 250 $165,400,000 $661,600 Service Properties Trust Quadrum Global 75
Q2 Westgate South Beach Oceanfront Resort³ Miami Beach FL 46 $73,000,000 $1,586,957
JV 13th Floor Investments joined
& Opera Acquisitions
Westgate Resorts 65
Q2
Residence Inn by Marriott Orlando Lake
Buena Vista
Orlando FL 210 $31,000,000 $147,619 Hersha Hospitality Management Ashford Buena Vista, LP 52
Q2
Holiday Inn Express & Suites Palatka
Northwest
Palatka FL 72 $11,100,000 $154,167
JV Chosen Putnam LLC &
Chosen Palatka LLC
Polaris Hospitality, LLC 42
Q2 Staybridge Suites Tallahassee I-10 East Tallahassee FL 104 $13,200,000 $126,923 Artemis Hotel Group, LLC Summit East Investors I Ltd 33
Q2 Westin Tampa Bay Tampa FL 252 $45,360,000 $180,000 Pyramid Global Hospitality Castlerock Asset Management 70
Q2 avid hotel Atlanta – Conyers I-20 Conyers GA 95 $10,400,000 $109,474 Comfort World USA, LLC HSU Conyers, LLC 35
Q2
Hampton Inn & Suites Atlanta/Duluth/Gwinnett
County
Duluth GA 136 $12,500,000 $91,912 Welcome Hotels Duluth, Inc. KKR & Co. Inc. 70
Q2
Holiday Inn Express & Suites Savannah -
Midtown
Savannah GA 88 $11,400,000 $129,545 Ewan Hospitality LLC
JV Savannah Midtown Hotel LLC
& Jay Shree SPE LLC
32
Q2 Hilton Garden Inn Ames Ames IA 112 $10,300,000 $91,964 Kinseth Hospitality Companies KeyBank 29
2 2) Property slated to be converted to housing for homeless.
3 3) Oceanfront timeshare resort acquired by adjacent property owner reportedly as part of an assemblage for redevelopment.
4
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 St. Regis Chicago⁴ Chicago IL 192 $133,500,000 $695,313 JV Gencom & GD Holdings, LLC
Magellan Development Group,
Ltd.
91
Q2
La Quinta Inn by Wyndham Chicago O'Hare
Airport⁵
Elk Grove Village IL 139 $10,000,000 $71,942 Village Of Elk Grove Village Sabeen Hospitality LLC 70
Q2
DoubleTree by Hilton Hotel Boston -
Westborough
Westborough MA 225 $15,000,000 $66,667 Magna Hospitality Waterton Associates 40
Q2 Hilton Garden Inn Bethesda Downtown Bethesda MD 216 $36,614,000 $169,509 Dauntless Capital Partners Donohoe Hospitality Services 80
Q2 Harraseeket Inn Freeport ME 94 $16,820,000 $178,936 Giri Hotel Management Harraseeket Inn, Inc. 45
Q2
Hampton Inn & Suites St. Paul
Oakdale/Woodbury
Oakdale MN 100 $11,300,000 $113,000 Ma Laxmi Hospitality, LLC SW Oakdale, LLC 45
Q2
Country Inn & Suites by Radisson, Asheville
West
Asheville NC 80 $11,175,000 $139,688 Bapa Sitaram Asheville, LLC CI Interstate Hotels LLC 50
Q2 Wingate by Wyndham Kill Devil Hills NC Kill Devil Hills NC 71 $10,000,000 $140,845 Lap Royal 22 LLC Ocean Reef Hotel, LLC 47
Q2 Cambria Hotel Raleigh-Durham Airport Morrisville NC 103 $10,300,000 $100,000 Anantaa, Inc. Carolina Hotels & Resorts, LLC 59
Q2
SpringHill Suites by Marriott Pinehurst
Southern Pines
Pinehurst NC 107 $11,700,000 $109,346 Hotel Pinehurst LLC
American Hotel Income
Properties REIT LP
32
Q2 The Grand Summit Hotel Summit NJ 149 $16,300,000 $109,396
570 Springfield Ave Property
LLC
Summit Suburban Hotel 70
Q2 Best Western Hoover Dam Hotel Boulder City NV 99 $11,300,000 $114,141 ADK Nevada Hospitality LLC Y C Boulder Hotel, LLC 50
Q2 Cal Neva Resort Hotel⁶ Crystal Bay NV 200 $51,840,000 $259,200 McWhinney CN Hotel Holdings LLC 37
Q2 Hotel Indigo Brooklyn⁷ Brooklyn NY 128 $40,875,000 $319,336 Webster Apartments Corp. Lam Generation 87
4 4) Closing of forward sale of a new hotel agreed upon during late 2020.
5 5) Property acquired as part of an assemblage for redevelopment.
6 6) Property closed since 2013.
7 7) Property converting to low-cost provider of affordable student and intern housing.
5
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 Buffalo Marriott Niagara Buffalo NY 356 $14,430,000 $40,534 Visions Hotels Rialto Capital Advisors 53
Q2 The Maidstone Hotel East Hampton NY 19 $17,000,000 $894,737 Hain Celestial Group, Inc Jennifer and Jonathan Baker 25
Q2 Blue Bird Inn⁸ Jamaica NY 72 $17,239,000 $239,431 138-68 94 Ave LLC Hariohm Realty LLC 69
Q2 Former Hampton Inn Jericho - Westbury⁹ Jericho NY 80 $14,702,000 $183,775 MFP Development, LLC 120 Westend LLC 80
Q2 Holiday Inn LIC – LaGuardia West Long Island City NY 381 $76,500,000 $200,787 Bayrock Capital McSam Hotel Group 74
Q2 Comfort Inn The Pointe Niagara Falls NY 110 $11,250,000 $102,273 Prospect Pointe Hotel LLC Maid Of The Mist Hospitality LLC 48
Q2
Hampton Inn & Suites Mansfield-South @ I-
71
Mansfield OH 75 $10,500,000 $140,000 Nextgen Hospitality, Inc. Sunrise Hospitality, Inc. 15
Q2 Inn at Fox Chase Bensalem PA 167 $13,750,000 $82,335 IHM Bensalem LLC
Bensalem Lodging Associates,
LLC
49
Q2 Home2 Suites by Hilton Ephrata Ephrata PA 107 $12,500,000 $116,822 SSN Ephrata LLC Central PA Equities 28 Llc 25
Q2 Hampton Inn & Suites Hershey Near The
Park
Hummelstown PA 86 $12,650,000 $147,093 Shaner Hotel Group CH Wilmington, LLC 47
Q2 Newport Beach Hotel & Suites Middletown RI 71 $25,050,000 $352,817 Procaccianti Companies Newport Hotel Group 73
Q2 Bode Chattanooga Chattanooga TN 53 $17,500,000 $330,189 Clemons on Chestnut, LLC Lowe 3x5 Chattanooga, LLC 74
Q2
DoubleTree by Hilton Hotel Chattanooga
Downtown
Chattanooga TN 186 $33,600,000 $180,645
JV Cpz Chattanooga LLC, Alc
Chattanooga LLC, Nce
Chattanooga LLC, & Bhelm
Chattanooga LLC
KKR & Co Inc. 74
8 8) Upon sale property reportedly converted to a shelter.
9 9) Closed hotel slated to be converted to dormitory for New York Institute of Technology.
6
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2
Homewood Suites by Hilton Nashville
Vanderbilt
Nashville TN 192 $88,000,000 $458,333 Peachtree Hotel Group RMR Group 85
Q2 Red Lion Inn & Suites Nashville Airport¹⁰ Nashville TN 53 $12,050,000 $227,358 245 Atrium Owner, LLC Focus Hospitality III, LLC 31
Q2 Homewood Suites by Hilton Beaumont Beaumont TX 79 $11,100,000 $140,506 Pinnacle Hospitality Group LLC Shree Gayatri, Inc. 36
Q2
Extended Stay America - Dallas - Market
Center
Dallas TX 97 $10,353,000 $106,732 Stemmons Lodging LLC ESH Hospitality, Inc 88
Q2 Fairfield Inn & Suites by Marriott El Paso El Paso TX 95 $10,900,000 $114,737 Shivam Investments, LLC Highgate 44
Q2 SpringHill Suites by Marriott El Paso El Paso TX 103 $12,342,000 $119,825 West EP Hospitality, LLC Castleblack El Paso Owner, LLC 40
Q2
Hampton Inn & Suites by Hilton Lubbock
Southwest
Lubbock TX 80 $10,350,000 $129,375 Onyx Hospitality Insignia Hospitality Group 52
Q2
JW Marriott San Antonio Hill Country Resort
& Spa
San Antonio TX 1000 $800,000,000 $800,000 Ryman Hospitality Properties Blackstone 37
Q2 Hampton Inn & Suites Fredericksburg South Fredericksburg VA 121 $13,500,000 $111,570 Sunrise Fredericksburg LLC
Sachs Companies Realty
Investments
22
Q2 Silver Cloud Hotel - Bellevue Bellevue WA 145 $28,000,000 $193,103 Bellevue Hotel Group LLC Eastgate Silver Cloud Inn, LLC 80
Q2 La Quinta Inn by Wyndham Everett Everett WA 73 $10,200,000 $139,726 Harman Investment Group, Inc. Yi Ya Hoo Enterprise LLC 56
Q2 Kimpton Hotel Monaco Seattle Seattle WA 189 $63,250,000 $334,656 Fourth Avenue Seattle Hotel LLC Pebblebrook Hotel Trust 94
Q2 Kimpton Hotel Vintage Seattle Seattle WA 125 $33,700,000 $269,600 N/A Pebblebrook Hotel Trust 94
Q2
Holiday Inn Express & Suites Seattle South -
Tukwila
Tukwila WA 92 $14,392,000 $156,435 KKP Kent LLC
Tri States Development Kent,
LLC
64
10 10) Property slated to be converted to affordable housing.
7
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- Q2 2023
LARC Score
The LARC Score is a data-driven, objective scoring mechanism that analytically
measures the quality of a hotel location based on proximity to hotel demand
drivers relative to competitive supply. The score is indexed from 0 to 100 with
50 being the average score across the U.S. and 100 being perfect. The LARC
score identifies the quality of a site location, not the asset on that location. For
example, a Motel 6 and Four Seasons at the same location would have similar
LARC scores.
Learn more at https://www.larcanalytics.com/
1
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 WoodSpring Suites Huntsville Madison Madison AL 121 $11,210,000 $92,645 SPI Holdings Mitch Cox Companies 43
Q2 Hilton Garden Inn Bentonville Rogers Bentonville AR 133 $18,200,000 $136,842
Bentonville Walton Avenue Hotel,
LLC
Benton County Lodging, LLC 63
Q2 TownePlace Suites by Marriott Hot Springs Hot Springs AR 88 $12,760,000 $145,000 JSM Hospitality, LLC Honest Hospitality #2, LLC 21
Q2 Comfort Inn Chandler - Phoenix South I-10 Chandler AZ 129 $13,200,000 $102,326 KLRK Group, LLC CI Chandler 202, LP 74
Q2
TownePlace Suites by Marriott Phoenix
Chandler/Fashion Center
Chandler AZ 109 $18,000,000 $165,138 Trimark Property Group Peachtree Hotel Group 81
Q1 La Quinta Inn & Suites by Wyndham
Flagstaff
Flagstaff AZ 128 $22,750,000 $177,734 Shivam Flagstaff LLC Highgate 85
Q1
Best Western Premier Grand Canyon Squire
Inn
Grand Canyon AZ 322 $85,000,000 $263,975 Delaware North Squire Motor Inns. Inc. 79
Q1
Holiday Inn Express & Suites Lake Havasu -
London Bridge
Lake Havasu
City
AZ 96 $28,000,000 $291,667 Hall Equities Group
JV VRE Havasu Hotel, LLC &
VRE English Village, LLC
47
Q1
La Quinta Inn & Suites by Wyndham
Phoenix West Peoria
Peoria AZ 108 $13,500,000 $125,000 Sun Valley Hotels LLC Highgate 49
Q1 AC Hotel Phoenix Biltmore Phoenix AZ 160 $67,800,000 $423,750 N Biltmore LLC HL Camelback Hotel, LLC 53
Q2 Embassy Suites by Hilton Phoenix Airport Phoenix AZ 182 $11,560,000 $63,516 Unified T24 LLC Thomas 24 Jl LLC 45
Q1 The Camby Phoenix AZ 277 $110,000,000 $397,112 KHP Capital Partners Host Hotels & Resorts, Inc. 82
Q2 Residence Inn by Marriott Scottsdale North Scottsdale AZ 120 $29,000,000 $241,667
JV Summit Hotel Properties, Inc.
& GIC
Blackstone 69
Q2 JW Marriott Tucson Starr Pass Resort & Spa Tucson AZ 575 $112,000,000 $194,783 Southwest Value Partners Fortress Investment Group 47
2
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 La Quinta Inns & Suites Tucson Airport Tucson AZ 143 $13,600,000 $95,105 S.L.A. GOVIND LLC Highgate 49
Q2 Sonesta Select Tucson Airport Tucson AZ 120 $10,200,000 $85,000 MSDS MGT, Inc. Hanumant Hospitality LLC 53
Q2
Best Western Plus Yuma Foothills Inn &
Suites
Yuma AZ 97 $16,500,000 $170,103 JSC Yuma Investments LLC Greens Fund One, LLC 53
Q1
DoubleTree Suites by Hilton Hotel Anaheim
Resort - Convention Center
Anaheim CA 251 $62,000,000 $247,012 MHG Capital O’Connell Hotel Group 93
Q1 The Carlton Hotel Atascadero CA 52 $10,500,000 $201,923 N/A N/A 74
Q2 Claremont Club & Spa - A Fairmont Hotel Berkeley CA 276 $163,300,000 $591,667 Ohana Real Estate Investors Blum Capital Partners 61
Q2 Carlsbad by the Sea Hotel¹ Carlsbad CA 146 $39,155,000 $268,185 Excel Carlsbad LLC Cpt Sc Title Holding Corporation 68
Q1 1906 Lodge Coronado CA 18 $13,925,000 $773,611 1906 Lodge, LLC Oceanic Coronado LP 57
Q2
Courtyard by Marriott Fairfield Napa Valley
Area
Fairfield CA 137 $11,500,005 $83,942 Kalthia Group Hotels N/A 25
Q2
Hampton Inn & Suites Lancaster &
Homewood Suites by Hilton Lancaster
Lancaster CA 177 $25,250,000 $142,655 Greens Fund One LLC Highgate 40
Q1 JJ Grand Hotel Los Angeles CA 72 $15,150,000 $210,417 3355 Wilshire Gaylord LLC
B.W. Midwilshire Plaza Hotel,
Inc.
67
Q1 SENZA Hotel Napa CA 48 $38,000,000 $791,667 Pendant Sponsor PM LLC Hall Napa Hotel Manager, LLC 48
Q1 Best Western Oceanside Inn Oceanside CA 80 $13,000,000 $162,500
JV Henry Yanhui Wang & Janet
Lin Fang Wang & LA Palms
Property, Inc.
OCBW LLC 50
Q2 Hampton Inn & Suites Palmdale Palmdale CA 85 $25,350,000 $298,235 OCBW LLC Highgate 32
1 1) Acquisition includes a 28,400 square feet retail center and a Chevron gas station.
3
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 Good Nite Inn Rohnert Park Rohnert Park CA 125 $18,196,000 $145,568 Rohnert Park Hospitality LLC Good Nite Inn Rohnert Park, Inc. 38
Q1 Fitzgerald Hotel San Francisco CA 39 $12,000,000 $307,692 Rose Hospitality, LLC The Fitzgerald Hotel, LLC 55
Q2 Hotel Beresford San Francisco CA 114 $23,700,000 $207,895 685 Ellis LLC Lange Family Trust 66
Q1 Hotel Cerro San Luis Obispo CA 65 $34,500,000 $530,769
1125 Garden Street Hotel
Investors, L.P.
Garden Street Slo Partners, L.P. 61
Q2
Four Points by Sheraton San Rafael Marin
County
San Rafael CA 235 $38,000,000 $161,702 Equinox Hospitality San Rafael Hillcrest, LLC 78
Q1
Holiday Inn Express & Suites Santa Ana -
Orange County
Santa Ana CA 161 $29,490,000 $183,168 Shankara Investments, LLC Glacier House Hotels 75
Q2 Vintners Resort Santa Rosa CA 78 $42,000,000 $538,462 VR Acquisition, LLC Vintner's Inn, LLC 65
Q1
Holiday Inn Express & Suites Solana Beach-
del Mar
Solana Beach CA 80 $15,500,000 $193,750 Pacifica Mission Bay LLC Alps Hospitality, Inc. 52
Q1
La Quinta Inn & Suites by Wyndham San
Francisco Airport N
South San
Francisco
CA 170 $31,000,000 $182,353 Rajesh Patel N/A 42
Q1 Red Roof Inn & Suites Vallejo Vallejo CA 95 $10,100,000 $106,316 Padmavati, LLC 458 Fairgrounds Drive, LLC 33
Q1 Former The Standard, Hollywood² West Hollywood CA 139 $112,500,000 $809,353 8300 Sunset Owner LLC Rittershacher Sunset LLC 70
Q1 Good Nite Inn³ Whittier CA 100 $25,000,000 $250,000 Weingart Center Y & C Long Beach LLC 35
Q1 Element Basalt - Aspen Basalt CO 113 $42,350,000 $374,779 Crescent Real Estate LLC Silverwest Hotels LLC 70
Q2
Home2 Suites by Hilton Colorado Springs
South
Colorado
Springs
CO 119 $29,000,000 $243,697 ARA US Hospitality Trust Chartwell Hospitality 32
2 2) Hotel closed at time of sale. Transaction includes signage rights attached to the billboard above the hotel.
3 3) Hotel slated to be converted into housing for the homeless.
4
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2
Holiday Inn Express & Suites Colorado
Springs AFA Northgate
Colorado
Springs
CO 87 $11,380,000 $130,805 Peak Hospitality, LLC Springs Inn, LLC 29
Q2 Holiday Inn Express Mesa Verde-Cortez Cortez CO 100 $10,000,000 $100,000 Ganeshay Mesa, LLC Cortez Pueblo Partners LLC 91
Q1 Atwell Suites Denver Airport – Tower Road Denver CO 96 $18,800,000 $195,833 JC Hospitality, LLC KJ Hotel Properties, LLC, 70
Q1 Residence Inn by Marriott Durango Durango CO 66 $11,550,000 $175,000
WDW Durango Hotel II
Delaware LLC
Prime Hospitality LLC 40
Q1 Della Terra Mountain Chateau Estes Park CO 17 $15,100,000 $888,235 Della Terra Properties, LLC Della Terra LLC 80
Q2
Comfort Suites Golden West on Evergreen
Parkway
Evergreen CO 85 $17,750,000 $208,824 Golden Inn Investment LLC T & T Hospitality Services, Inc. 45
Q1 Holiday Inn Express Southington Southington CT 110 $10,000,000 $90,909 N/A N/A 45
Q2
Homewood Suites by Hilton Wilmington
Downtown
Wilmington DE 120 $16,300,875 $135,841 SAK Developers Buccini/Pollin Group Inc. 50
Q1
Quality Inn Atlantic Beach-Mayo Clinic Jax
Area
Atlantic Beach FL 108 $12,300,000 $113,889 Atlantic Beach Hospitality I LLC Atlantic Beach Lodging, LLC 47
Q2
AC Hotel by Marriott Clearwater Beach &
Courtyard by Marriott Clearwater Beach
Clearwater
Beach
FL 283 $113,700,000 $401,767 Mission Hill Hospitality Norwich Partners 59
Q1 Hotel Colonnade Coral Gables Coral Gables FL 157 $63,000,000 $401,274
JV Crescent Real Estate
Equities LLC & Sage Equity
Partners, LP
Pebblebrook Hotel Trust 32
Q1
Courtyard by Marriott Fort Lauderdale Coral
Springs
Coral Springs FL 110 $17,000,000 $154,545 MHS Group N/A 70
Q2
TownePlace Suites by Marriott Fort Myers
Estero
Estero FL 114 $13,550,000 $118,860 Countryside Hotels, LLC Estero Hotel Associates, LLC 50
Q2
Holiday Inn Express & Suites Florida City-
Gateway To Keys
Florida City FL 105 $10,000,000 $95,238 N/A N/A 37
5
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q1 Diplomat Beach Resort Hollywood Hollywood FL 1000 $835,000,000 $835,000
JV Credit Suisse Asset
Management & Trinity Fund
Advisors LLC
Brookfield Asset Management
Inc.
87
Q2
Fairfield Inn & Suites by Marriott Jacksonville
Airport
Jacksonville FL 107 $10,800,000 $100,935 Man Junior LLC Embarc, LLC 53
Q1 The Perry Hotel & Marina (Hotel Only)⁴ Key West FL 100 $23,430,000 $234,300 Key International SIMV Hotel 1, LLC 25
Q1 Comfort Suites Maingate East Kissimmee FL 198 $22,000,000 $111,111 Auburn Hospitality Kiss, LLC Brooks Hospitality Corporation 69
Q2 Super 8 by Wyndham Kissimmee⁵ Kissimmee FL 43 $12,000,000 $279,070 City of Kissimmee Diamond Elite Kissimmee LLC 80
Q1 Hyatt Place Lake Mary/Orlando-North Lake Mary FL 128 $12,717,000 $99,352 Jamsan Management
Blackstone Real Estate Income
Trust, Inc.
74
Q2
La Quinta Inn & Suites by Wyndham Orlando
Lake Mary
Lake Mary FL 128 $14,500,000 $113,281 ASSD Hospitality Inc. Highgate 48
Q1
Residence Inn by Marriott Tampa Suncoast
Parkway at NorthPointe Village
Lutz FL 100 $18,250,000 $182,500
JV Royal Polo Hotel LLC &
Westshore Hospitality LLC
MIG Real Estate, LLC 15
Q1 Hilton Miami Airport Blue Lagoon Miami FL 508 $118,250,000 $232,776 MCR Park Hotels & Resorts Inc. 49
Q2 Holiday Inn Express & Suites Miami-Kendall Miami FL 107 $14,500,000 $135,514 Hotel Five LLC Pinelands-Kendall Hotel, LLC 25
Q2 Greenview Hotel Miami Beach FL 45 $15,000,000 $333,333 Steven Oved Blue Road Development 47
Q2 Nautilus Hotel Miami Beach FL 250 $165,400,000 $661,600 Service Properties Trust Quadrum Global 73
Q2 Westgate South Beach Oceanfront Resort⁶ Miami Beach FL 46 $73,000,000 $1,586,957
JV 13th Floor Investments joined
& Opera Acquisitions
Westgate Resorts 74
Q1 Collins Hotel Naples Naples FL 137 $24,500,000 $178,832
Northwestern Memorial
HealthCare Corp.
PPN Naples Hotel, LLC 74
4 4) Marina sold in a separate transaction to an entity identified as Integra Investments.
5 5) Property slated to be converted to housing for homeless.
6 6) Oceanfront timeshare resort acquired by adjacent property owner reportedly as part of an assemblage for redevelopment.
6
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q1
La Quinta Inn & Suites by Wyndham Naples
Downtown
Naples FL 103 $13,630,000 $132,330 LAXMI of Fifth Ave, LLC Highgate 85
Q2
Residence Inn by Marriott Orlando Lake
Buena Vista
Orlando FL 210 $31,000,000 $147,619 Hersha Hospitality Management Ashford Buena Vista, LP 31
Q2
Holiday Inn Express & Suites Palatka
Northwest
Palatka FL 72 $11,100,000 $154,167
JV Chosen Putnam LLC &
Chosen Palatka LLC
Polaris Hospitality, LLC 36
Q1 Best Western Plus Siesta Key Gateway Sarasota FL 114 $18,000,000 $157,895 Magna Hospitality Group M&M Lodgings, LLC 88
Q1 Sebastian Hotel⁷ St. Augustine FL 94 $19,250,000 $204,787 Flagler College, Inc. Sebastian Hotel, LLC 44
Q1 AC Hotel by Marriott St Petersburg St. Petersburg FL 172 $59,600,000 $346,512 OTO Development Greystar Real Estate Partners 40
Q2 Staybridge Suites Tallahassee I-10 East Tallahassee FL 104 $13,200,000 $126,923 Artemis Hotel Group, LLC Summit East Investors I Ltd 52
Q1
DoubleTree by Hilton Tampa Rocky Point
Waterfront
Tampa FL 291 $75,900,000 $260,825
JV Blackpearl & Oliver
Companies Inc.
Rocky Point Hospitality LLC 37
Q1 Hilton Garden Inn Tampa East/Brandon Tampa FL 152 $21,000,000 $138,158 Highland Manor Lodging, LLC MIG Real Estate, LLC 22
Q2 Westin Tampa Bay Tampa FL 252 $45,360,000 $180,000 Pyramid Global Hospitality Castlerock Asset Management 80
Q1 Treasure Bay Resort and Marina Treasure Island FL 83 $18,200,000 $219,277 Treasure Island Hotel LLC Sunset Bay Properties, LLC 56
Q1
La Quinta Inn & Suites by Wyndham West
Palm Beach Airport
West Palm
Beach
FL 103 $13,258,400 $128,722 Northstar Hotels LLC Highgate 94
Q2 avid hotel Atlanta – Conyers I-20 Conyers GA 95 $10,400,000 $109,474 Comfort World USA, LLC HSU Conyers, LLC 94
Q2
Hampton Inn & Suites Atlanta/Duluth/Gwinnett
County
Duluth GA 136 $12,500,000 $91,912 Welcome Hotels Duluth, Inc. KKR & Co. Inc. 64
7 7) Hotel slated to be converted to student housing.
7
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q1 Hilton Garden Inn Atlanta North/Johns Creek Johns Creek GA 122 $12,700,000 $104,098 Peachtree Hotel Group ML Johns Creek Holdings, LLC 49
Q1 Courtyard by Marriott Atlanta Kennesaw Kennesaw GA 100 $18,950,000 $189,500 Peachtree Hotel Group Kennesaw Hotel Group, LLC 28
Q2
Holiday Inn Express & Suites Savannah -
Midtown
Savannah GA 88 $11,400,000 $129,545 Ewan Hospitality LLC
JV Savannah Midtown Hotel LLC
& Jay Shree SPE LLC
39
Q2 Hilton Garden Inn Ames Ames IA 112 $10,300,000 $91,964 Kinseth Hospitality Companies KeyBank 57
Q2 St. Regis Chicago⁸ Chicago IL 192 $133,500,000 $695,313 JV Gencom & GD Holdings, LLC
Magellan Development Group,
Ltd.
84
Q1 Travelodge by Wyndham Downtown Chicago Chicago IL 233 $11,500,000 $49,356 65 E. Harrison, LLC Nyberg Holdings, LLC 81
Q2
La Quinta Inn by Wyndham Chicago O'Hare
Airport⁹
Elk Grove Village IL 139 $10,000,000 $71,942 Village Of Elk Grove Village Sabeen Hospitality LLC 53
Q1
Hampton Inn & Suites
Indianapolis/Brownsburg
Brownsburg IN 83 $10,000,000 $120,482 Evergreen Of Bburg Hotel LLC
Brownsburg Lodging Associates
LLP
80
Q1 Kimpton Nine Zero Boston MA 190 $82,630,000 $434,895
JV Korman Communities AKA &
Electra America Hospitality
Group
Brookfield Hotel Properties, LLC 80
Q1 Sea Crest Beach Hotel Falmouth MA 253 $53,877,100 $212,953 Certares Management LLC
JV PIMCO & Hersha Hospitality
Management
89
Q2
DoubleTree by Hilton Hotel Boston -
Westborough
Westborough MA 225 $15,000,000 $66,667 Magna Hospitality Waterton Associates 55
Q2 Hilton Garden Inn Bethesda Downtown Bethesda MD 216 $36,614,000 $169,509 Dauntless Capital Partners Donohoe Hospitality Services 70
Q1
La Quinta Inn & Suites by Wyndham DC
Metro Capital Beltway
Capitol Heights MD 174 $10,100,000 $58,046 Empire Hospitality LLC VJP Investment LLC 81
Q2 Harraseeket Inn Freeport ME 94 $16,820,000 $178,936 Giri Hotel Management Harraseeket Inn, Inc. 69
8 8) Closing of forward sale of a new hotel agreed upon during late 2020.
9
9) Property acquired as part of an assemblage for redevelopment.
8
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q1 Courtyard by Marriott Grand Rapids Airport Grand Rapids MI 84 $12,000,000 $142,857 Essco 28th St Hospitality, LLC
Cy Grand Rapids Hospitality
Partners LLC
80
Q2
Hampton Inn & Suites St. Paul
Oakdale/Woodbury
Oakdale MN 100 $11,300,000 $113,000 Ma Laxmi Hospitality, LLC SW Oakdale, LLC 74
Q2
Country Inn & Suites by Radisson, Asheville
West
Asheville NC 80 $11,175,000 $139,688 Bapa Sitaram Asheville, LLC CI Interstate Hotels LLC 71
Q1
Hampton Inn & Suites Charlotte/South Park at
Phillips Place
Charlotte NC 124 $42,000,000 $338,710 Simon Property Group
Phillips Place Hotel Investors,
LLC
39
Q1 Hampton Inn & Suites Charlotte-Arrowood
Rd.
Charlotte NC 100 $10,207,000 $102,070 Maya Arrowood, LLC
Charlotte SP Property Company,
LLC
84
Q2 Wingate by Wyndham Kill Devil Hills NC Kill Devil Hills NC 71 $10,000,000 $140,845 Lap Royal 22 LLC Ocean Reef Hotel, LLC 60
Q2 Cambria Hotel Raleigh-Durham Airport Morrisville NC 103 $10,300,000 $100,000 Anantaa, Inc. Carolina Hotels & Resorts, LLC 34
Q2
SpringHill Suites by Marriott Pinehurst
Southern Pines
Pinehurst NC 107 $11,700,000 $109,346 Hotel Pinehurst LLC
American Hotel Income
Properties REIT LP
58
Q1
E Hotel Banquet & Conference Center -
Edison
Edison NJ 184 $15,100,000 $82,065 Federal Business Centers, Inc. Way to Worth LLC 53
Q1
Sonesta Hamilton Park Morristown Hotel &
Conference Center¹⁰
Florham Park NJ 219 $14,580,000 $66,575 One Seventy Five Park Ave LLC Service Properties Trust 30
Q1 Marriott Saddle Brook Saddle Brook NJ 241 $16,788,750 $69,663 Victory Worldwide LLC CP Saddle Brook LLC 41
Q2 The Grand Summit Hotel Summit NJ 149 $16,300,000 $109,396
570 Springfield Ave Property
LLC
Summit Suburban Hotel 53
Q1
Envue, Autograph Collection & Residence Inn
by Marriott Weehawken Port Imperial
Weehawken NJ 372 $97,000,000 $260,753 Navika Capital Group Veris Residential 85
Q2 Best Western Hoover Dam Hotel Boulder City NV 99 $11,300,000 $114,141 ADK Nevada Hospitality LLC Y C Boulder Hotel, LLC 66
10 10) Buyer reportedly intends to convert property to a house of worship and school.
9
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 Cal Neva Resort Hotel¹¹ Crystal Bay NV 200 $51,840,000 $259,200 McWhinney CN Hotel Holdings LLC 67
Q2 Hotel Indigo Brooklyn¹² Brooklyn NY 128 $40,875,000 $319,336 Webster Apartments Corp. Lam Generation 45
Q1 Williamsburg Hotel Brooklyn NY 147 $96,000,000 $653,061 Quadrum Global Heritage Equity Partners 40
Q2 Buffalo Marriott Niagara Buffalo NY 356 $14,430,000 $40,534 Visions Hotels Rialto Capital Advisors 60
Q2 The Maidstone Hotel East Hampton NY 19 $17,000,000 $894,737 Hain Celestial Group, Inc Jennifer and Jonathan Baker 48
Q2 Blue Bird Inn¹³ Jamaica NY 72 $17,239,000 $239,431 138-68 94 Ave LLC Hariohm Realty LLC 85
Q2 Former Hampton Inn Jericho - Westbury¹⁴ Jericho NY 80 $14,702,000 $183,775 MFP Development, LLC 120 Westend LLC 78
Q2 Holiday Inn LIC – LaGuardia West Long Island City NY 381 $76,500,000 $200,787 Bayrock Capital McSam Hotel Group 71
Q1
525 Lexington Ave (Former New York Marriott
East Side)¹⁵
New York NY 655 $153,930,000 $235,008
JV Hawkins Way Capital &
Värde Partners
Deka Immobilien Investment
GmbH
69
Q1 Cambria Hotel New York - Chelsea New York NY 135 $48,400,000 $358,519 Concord Hospitality We Care Trading Co. Ltd 64
Q1 Citadines Connect Fifth Avenue New York New York NY 125 $38,000,000 $304,000 Ascott Limited
Eaton Vance’s Real Estate
Investment Group
84
Q1 Mr. C New York - Seaport New York NY 66 $60,000,000 $909,091 Sono Hospitality Group Ghassemieh Family 69
Q1 SIXTY SoHo New York NY 97 $106,900,000 $1,102,062 Standard International SIXTY Hotels 77
11 11) Property closed since 2013.
12 12) Property converting to low-cost provider of affordable student and intern housing.
13 13) Upon sale property reportedly converted to a shelter.
14 14) Closed hotel slated to be converted to dormitory for New York Institute of Technology.
15 15) Hotel closed since 2020.
10
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2 Comfort Inn The Pointe Niagara Falls NY 110 $11,250,000 $102,273 Prospect Pointe Hotel LLC Maid Of The Mist Hospitality LLC 63
Q2
Hampton Inn & Suites Mansfield-South @ I-
71
Mansfield OH 75 $10,500,000 $140,000 Nextgen Hospitality, Inc. Sunrise Hospitality, Inc. 87
Q1 Radisson Hotel Portland Airport Portland OR 190 $19,000,000 $100,000 BHGAH-RAD PDX, LLC Airport Inn, L.L.C. 60
Q1 The Heathman Hotel Portland OR 151 $45,000,000 $298,013
JV Rockbridge & Aparium Hotel
Group
Pebblebrook Hotel Trust 50
Q2 Inn at Fox Chase Bensalem PA 167 $13,750,000 $82,335 IHM Bensalem LLC
Bensalem Lodging Associates,
LLC
90
Q2 Home2 Suites by Hilton Ephrata Ephrata PA 107 $12,500,000 $116,822 SSN Ephrata LLC Central PA Equities 28 Llc 39
Q2 Hampton Inn & Suites Hershey Near The
Park
Hummelstown PA 86 $12,650,000 $147,093 Shaner Hotel Group CH Wilmington, LLC 93
Q1
Fairfield Inn & Suites by Marriott Lancaster
East at The Outlets
Lancaster PA 118 $17,675,000 $149,788 Lancaster Properties LLC KVH, LLC 51
Q1
Hampton Inn & Suites Pittsburgh/Harmarville
& TownePlace Suites by Marriott Pittsburgh
Harmarville
Pittsburgh PA 108 $30,500,000 $282,407 ZMC Hotels, LLC
Freeport Road Hotel Associates,
LP
30
Q1 Hampton Inn York York PA 144 $10,610,000 $73,681 Shree Sai Siddhi Zion LLC High Hotels, Ltd. 55
Q2 Newport Beach Hotel & Suites Middletown RI 71 $25,050,000 $352,817 Procaccianti Companies Newport Hotel Group 41
Q1 Holiday Inn Express & Suites Aiken Aiken SC 95 $12,700,000 $133,684 Pappas Hotels Aiken Re LLC Naman Aiken I, LLC 52
Q1
Holiday Inn Express & Suites Hardeeville-
Hilton Head
Hardeeville SC 76 $10,425,000 $137,171 K & N, LLC Hardeeville Hospitality, LLC 63
Q1 Moxy Chattanooga Downtown Chattanooga TN 108 $14,500,000 $134,259 DelMonte Hotel Group 3H Hotel Group 71
Q2 Bode Chattanooga Chattanooga TN 53 $17,500,000 $330,189 Clemons on Chestnut, LLC Lowe 3x5 Chattanooga, LLC 71
11
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q2
DoubleTree by Hilton Hotel Chattanooga
Downtown
Chattanooga TN 186 $33,600,000 $180,645
JV Cpz Chattanooga LLC, Alc
Chattanooga LLC, Nce
Chattanooga LLC, & Bhelm
Chattanooga LLC
KKR & Co Inc. 46
Q1 Candlewood Suites Cookeville Cookeville TN 91 $13,000,000 $142,857 Shreeji-Swami CKVL LLC Shreeji Swami Cookeville, LLC 84
Q1 Courtyard by Marriott Knoxville
West/Bearden
Knoxville TN 124 $23,230,000 $187,339
Sachchidanand Hotel Brookview,
LLC
Concord Hospitality Enterprises 91
Q2
Homewood Suites by Hilton Nashville
Vanderbilt
Nashville TN 192 $88,000,000 $458,333 Peachtree Hotel Group RMR Group 94
Q1 Quality Inn Opryland Area Nashville TN 120 $12,501,000 $104,175 2516 Music Valley GP Lodgings, Incorporated 88
Q2 Red Lion Inn & Suites Nashville Airport¹⁶ Nashville TN 53 $12,050,000 $227,358 245 Atrium Owner, LLC Focus Hospitality III, LLC 93
Q2 Homewood Suites by Hilton Beaumont Beaumont TX 79 $11,100,000 $140,506 Pinnacle Hospitality Group LLC Shree Gayatri, Inc. 92
Q1 Fairfield Inn & Suites by Marriott Austin Buda Buda TX 92 $13,998,250 $152,155 BKSD Hotels LLC Buda House, LP 59
Q2
Extended Stay America - Dallas - Market
Center
Dallas TX 97 $10,353,000 $106,732 Stemmons Lodging LLC ESH Hospitality, Inc 84
Q2 Fairfield Inn & Suites by Marriott El Paso El Paso TX 95 $10,900,000 $114,737 Shivam Investments, LLC Highgate 45
Q2 SpringHill Suites by Marriott El Paso El Paso TX 103 $12,342,000 $119,825 West EP Hospitality, LLC Castleblack El Paso Owner, LLC 27
Q2
Hampton Inn & Suites by Hilton Lubbock
Southwest
Lubbock TX 80 $10,350,000 $129,375 Onyx Hospitality Insignia Hospitality Group 31
Q2
JW Marriott San Antonio Hill Country Resort
& Spa
San Antonio TX 1000 $800,000,000 $800,000 Ryman Hospitality Properties Blackstone 25
Q1 Courtyard by Marriott Dulles Airport Chantilly Chantilly VA 149 $12,750,000 $85,570 Fairbrook Hotels NewcrestImage 18
16 16) Property slated to be converted to affordable housing.
12
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
Q PROPERTY LOCATION
NO. OF
ROOMS
ESTIMATED
SALES PRICE
ESTIMATED
PRICE/ROOM
BUYER SELLER
LARC
SCORE
Q1
Fairfield Inn & Suites by Marriott
Chincoteague Island Waterfront
Chincoteague VA 92 $18,100,000 $196,739
Chincoteague Waterfront
Operations Inc.
Blue Water Development
Corporation
76
Q2 Hampton Inn & Suites Fredericksburg South Fredericksburg VA 121 $13,500,000 $111,570 Sunrise Fredericksburg LLC
Sachs Companies Realty
Investments
24
Q1 SpringHill Suites by Marriott Roanoke Roanoke VA 127 $21,600,000 $170,079 Windsor Aughtry Company Justin Roanoke Hotel LLC 56
Q2 Silver Cloud Hotel - Bellevue Bellevue WA 145 $28,000,000 $193,103 Bellevue Hotel Group LLC Eastgate Silver Cloud Inn, LLC 70
Q2 La Quinta Inn by Wyndham Everett Everett WA 73 $10,200,000 $139,726 Harman Investment Group, Inc. Yi Ya Hoo Enterprise LLC 33
Q1 Days Inn by Wyndham Lacey Olympia
Area¹⁷
Lacey WA 124 $14,800,000 $119,355 Lihi Quinault Drive Housing LLC Olympia Hotel Group Llc 62
Q1 Candlewood Suites Lakewood¹⁸ Lakewood WA 83 $20,200,000 $243,373 LIHI Howard Housing LLC
Abraham Kyungwoo Lee &
Sarah Gilja Lee Revocable Living
Trust
34
Q1 Evergreen Inn & Suites Monroe WA 66 $12,800,000 $193,939 Monroe Hotel LLC Cmj66 Corp. 42
Q2 Kimpton Hotel Monaco Seattle Seattle WA 189 $63,250,000 $334,656 Fourth Avenue Seattle Hotel LLC Pebblebrook Hotel Trust 56
Q2 Kimpton Hotel Vintage Seattle Seattle WA 125 $33,700,000 $269,600 N/A Pebblebrook Hotel Trust 59
Q1 American Lodge¹⁹ Tacoma WA 86 $11,500,000 $133,721 Sage Investment Group
JV Tacoma 142 IPM LLC &
Tacoma IPM LLC
46
Q1
La Quinta Inn & Suites by Wyndham Tacoma
- Seattle
Tacoma WA 155 $19,000,000 $122,581 HSR Hotel Group LLC Highgate 62
Q2
Holiday Inn Express & Suites Seattle South -
Tukwila
Tukwila WA 92 $14,392,000 $156,435 KKP Kent LLC
Tri States Development Kent,
LLC
69
17 17) Hotel slated to be converted into housing for homeless.
18 18) Hotel will be converted to an enhanced shelter to serve people experiencing homelessness.
19 19) Property is planned to be converted into a multifamily development.
13
DANIEL H. LESSER
CO-FOUNDER,
PRESIDENT & CEO
200 WEST 41st STREET SUITE 602
NEW YORK, NY 10036
T. 212.300.6684
E. DANIEL.LESSER@LWHADVISORS.COM
WWW.LWHOSPITALITYADVISORS.COM
- YTD Q2 2023
The LARC Score is a data-driven, objective scoring mechanism that analytically
measures the quality of a hotel location based on proximity to hotel demand
drivers relative to competitive supply. The score is indexed from 0 to 100 with
50 being the average score across the U.S. and 100 being perfect. The LARC
score identifies the quality of a site location, not the asset on that location. For
example, a Motel 6 and Four Seasons at the same location would have similar
LARC scores.
Learn more at https://www.larcanalytics.com/
LARC Score