MANASSAS, VA-PebblebrookHotel Trust buys the Hotel Palomar for $58 million.Hersha Hospitality Trust has entered into a $74million agreement to acquire a site at 52nd Street andThird Avenue where a 205-room Hilton Garden Inn is being developed.Summit Hotel Properties closed on a 1,043-roomportfolio of Hyatt hotels for $87.4 million.
Then there is the sale of the Comfort Suiteshere for $7.3 million. While it may not be asheadline-making as the other trades, it is still part of a largertrend in the hospitality industry: deals are getting done in a rushbefore the end of the year.
2013, of course, signals the start of a period of tax and policyuncertainty. Indeed, many buyers and sellers of commercial realestate are scrambling to close transactions by yearend for thatreason. The activity is more noticeable in the hotel space becauseof the relatively slow pace of transactions in recent months.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
