Article Summary: This month’s roundup of news from the independent hotel sector includes: DiamondRock and Pebblebrook acquisitions; boutique openings in North Carolina and Texas; and people on the move.
This month’s roundup of news from the independent hotel sector includes: DiamondRock and Pebblebrook acquisitions; boutique openings in North Carolina and Texas; and people on the move.
Primary Category: Independent Insights
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DiamondRock buys Sausalito luxury hotel
DiamondRock Hospitality Company acquired Cavallo Point, the Lodge at the Golden Gate in the Golden Gate National Recreation Area in Sausalito, California, from an unnamed seller. Purchase prices was not disclosed, but according to a DiamondRock news release, the acquisition represents a 12.8x multiple on the property’s trailing twelve-month earnings before interest, taxes, amortization and depreciation. The LEED Gold-certified hotel spans 45 acres and has 142 guestrooms, with more than 14,600 square-feet of meeting space. The property will continue under management of Passport Resorts.
Minneapolis’ Grand Hotel sale complete
Pebblebrook Hotel Trust closed on the sale of the 140-room Grand Hotel Minneapolis in Minnesota for $30 million to an entity related to Magna Hospitality Group. As reported in the Minneapolis/St. Paul Business Journal, the deal includes a 57,000-square-foot fitness center, whose lease is up in 2019.
According to a news release from Pebblebrook, proceeds from the sale will be used for general business purposes, possibly reducing the company’s outstanding debt.
Asheville boutique The Foundry Hotel opens
Charlestowne Hotels opened The Foundry Hotel in Asheville, North Carolina, as a historic preservation of the city’s former 20th century steel foundry. The hotel was developed as two new-build structures alongside three structures from the original foundry. Managed by Charlestowne and part of the Curio Collection by Hilton, The Foundry has 87 guestrooms, indoor and outdoor event space, a cocktail lounge and a restaurant.
Stanton House opens in El Paso
The Stanton House boutique hotel opened earlier this month in downtown El Paso, Texas, in a renovated 100-year-old former commercial building. According to the El Paso Times, the hotel has 42 rooms and two rooftop suites, a full-service restaurant and a spa. The hotel’s rooftop terrace, along with a members-only, speakeasy-style bar, are slated to open in spring 2019. Owned by El Paso businessman Miguel Fernandez and five partners, the property features curated artwork and sculptures.
The Lodge at Sea Island debuts post-renovation
Several components of the $25-million renovation at The Lodge at Sea Island on Georgia’s coast were recently unveiled. The Lodge at Sea Island now has six new guest cottages, an 18-hole putting course, an oceanfront pool and pool house, an expanded driving range tee and a new putting green and short-game area.
Up next in the resort’s renovation plans: An all-new golf performance center and a full redesign of the resort’s Plantation Course golf course.
Openings, management, people on the move
- Heidi Bergos was named director, sales and marketing at The Charles Hotel in Cambridge, Massachusetts.
- Donte Johnson was named GM of the Riggs Washington D.C. hotel, a new property opening in late 2019.
- Aparium Hotel Group named the leadership team for the forthcoming Cyrus Hotel in Topeka, Kansas, set to open in 2019. Jeff Pavone is GM, Stephanie Gassen is director of sales and Raymond Alexander is director of food and beverage.
- Nic Barger was named GM of Hotel Modera in Portland, Oregon.
- After an extensive renovation, The Shoal at La Jolla Beach will open in La Jolla, California, in late December. Owners renovated the property from a former Travelodge-branded hotel.
Compiled by Stephanie Ricca.
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Headline: A roundup of independent hotel news
Article Date: 12/19/2018
Article Time: 1:05:00 PM