Main Photo: The Atlanta Marriott Suites Midtown
Date: September 2019
Location: Scottsdale, Arizona; Costa Mesa, California; Atlanta, Georgia; Indianpolis, Indiana; and Chicago, Illinois.
Name: The Scottsdale Marriott Suites Old Town, Scottsdale Marriott at McDowell Mountains, Costa Mesa Marriott, Atlanta Marriott Suites Midtown, The Westin Indianapolis and Chicago Marriott Suites O’Hare
No. of Keys: 1,591
Seller: Host Hotels & Resorts, an S&P 500 company and is the world’s largest lodging real estate investment trust (REIT) and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 77 properties in the United States and 5 properties internationally totalling approximately 48,000 rooms.
The company was spun off from Marriott in 1993. Today they holds non-controlling interests in six domestic and one international joint ventures. Host partners with premium brands such as Marriott, Ritz-Carlton, Westin, Sheraton, W, St. Regis, The Luxury Collection – All Marriott brands, as well as Hyatt, Fairmont, Hilton, Swissôtel, ibis and Novotel, as well as independent brands in the operation of properties in over 50 major markets.
Buyer: The two Marriott hotels in Scottsdale were sold to the Connecticut-based private equity firm, Starwood Capital (for US$161m); Costa Mesa Marriott is managed by HEI Hotels & Resorts; Davidson Hotels & Resorts has just been appointed to manage the Westin Indianapolis;
Price per Key: US$260,842
THPT Comment: Host, obviously sensing the time was right, selling at very respectable $260k per key.
First Seen: Nasdaq
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.