This month’s roundup of news from the independent hotel sector includes: Pebblebrook’s boutique buy in D.C.; Snow King Resort sale; and people on the move.
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Pebblebrook closes on Liaison sale
On 14 February, Pebblebrook Hotel Trust announced it has closed on the sale of the 343-room Liaison Capitol Hill in Washington, D.C., for $111 million. The sale price of $111 million “reflects a 16.9x EBITDA multiple and a 4.9% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the trailing twelve-month operating performance for the period ended 31 December 2018,” according to the release.
KDG buys Snow King
Florida-based private equity real estate firm KDG Capital purchased the Snow King Resort Hotel in Jackson, Wyoming. According to local news outlet Buckrail, the property has been owned by JMI Realty Partners IV since 2012. KDG has said it plans to invest $5 million in capital improvements to the 230-room property, which is located at the foot of Snow King Mountain in the Grand Tetons. The property will continue to be managed by Benchmark.
Chicago boutique sold
Private hospitality firm Avantgarde Hospitality purchased the Ivy Boutique Hotel in Chicago for $23.7 million, according to The Real Deal. The 63-room property is managed by Broughton Hotels. Both companies said they plan to upgrade and rebrand the property’s rooftop bar space. The $1.5-million renovation will add a retractable roof and is slated for completion in 2020.
Rockbridge buys in Knoxville
Columbus, Ohio-based Rockbridge acquired The Tennessean Hotel in downtown Knoxville, Tennessee. The 82-room full-service property is located near the Tennessee River and close to downtown. It also purchased the adjacent 286-room Holiday Inn Knoxville Downtown, which will be converted into the Marriott International brand family.
Aimbridge Hospitality will manage both of the hotels.
Openings, management, people on the move
- The Hotel Group opened The Sound Hotel Seattle Belltown on 14 February in Seattle. The property is part of Hilton’s Tapestry Collection.
- Bungalows Key Largo opened in January in Key Largo, Florida, billed as the first all-inclusive resort in the Florida Keys. The property is managed by Noble House Hotels & Resorts.
- Baker’s Cay Resort Key Largo opened 4 February in Key Largo, Florida. The 200-room resort is part of Curio Collection by Hilton.
- The Breakers Palm Beach in Palm Beach, Florida, promoted Tricia Taylor to EVP and GM, and Denise Bober to SVP-Human Resources.
- James Moore III was named GM of the Havana Cabana at Key West Hotel in Key West, Florida.
- Kennebunkport Resort Collection, based in Kennebunkport, Maine, named two new hires: Margaret Ybarra is director of marketing, and Melissa Mitchell is content creator.
- Aaron Garsombke was named director of recreation at Resort at Squaw Creek in Lake Tahoe, California.
- Scott Sloan was named GM of Saint Kate, a boutique hotel conversion opening in Milwaukee this spring.
- Benchmark named David Kohlasch GM of The Kartrite Resort & Indoor Waterpark, slated for an early March opening in Monticello, New York.
- The Independent Hotel in Philadelphia recently completed an interior renovation and exterior facelift. The property is managed by Hersha Hospitality Management
Compiled by Stephanie Ricca.