Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MCLEAN, VA-In deals totaling $81.3 million, Highland Hospitality Corp. has made room in its portfolio for four more hotel properties. Taking two hotels off the hands of McKibbon Hotel Group, the REIT has already closed on Savannah, GA’s 156-room Courtyard Savannah Historic District and Tampa, FL’s 109-room Residence Inn Tampa Downtown. “Both of these hotels are situated in the heart of their respective cities and will benefit from the high barriers to entry that exist in their downtown locations,” says Highland president and CEO James L. Francis. “The acquisition of these hotels is well-aligned with our strategy to invest in upscale limited- service and extended stay properties located within urban markets.”

The purchase of two more properties–the 299-room Omaha Marriott in Omaha, NE from LaSalle Hotel Properties, and the 283-room Radisson Hotel Mount Laurel in Mount Laurel, NJ from Boykin Lodging Co.–is already in the works, backed by definitive agreements. Altogether, the four acquisitions account for 847 rooms at about $96,000 per-room.

And there’s more. Highland has also committed to purchasing Gaithersburg, MD’s Courtyard Gaithersburg Washingtonian Center, a planned 210-room hotel in Suburban Washington, DC. The price tag on this property has not yet been revealed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.