News

HODGES WARD ELLIOTT ADVISES ON THE SALE OF THE RITZ-CARLTON, FORT LAUDERDALE

Hodges Ward Elliott (“HWE”) is pleased to have represented RCFL Investor, LLC, an affiliate of Gencom, in the sale of a majority interest in the Ritz-Carlton, Fort Lauderdale (the “Ritz-Carlton”) to a joint venture of Carey Watermark Investors Incorporated (“CWI 1”) and Gencom Group. The Ritz-Carlton includes 166 hotel guest rooms, 34 third-party owned condominium hotel units (32 included in the hotel managed rental program) and 28 third-party owned residential units. The hotel features 25,000 square feet of meeting and function space, an 8,500 square foot spa, an outdoor infinity pool with a 29,000 square-foot pool deck, a fitness center, a business center and four managed food and beverage outlets. The hotel will continue to be operated by The Ritz-Carlton Hotel Company.

This transaction marks Cary Watermark Investors’ third joint venture purchase with the Gencom family of companies, following The Ritz-Carlton, Philadelphia (CWI 1) and The Ritz-Carlton, Key Biscayne, Miami (CWI 1 and CWI 2) acquisitions.  The three transactions represent a total investment of more than $500 million. HWE represented Gencom affiliates in all three transactions

Hodges Ward Elliott is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement.  Over the past 5 years, Hodges Ward Elliott has sold or financed more than $18 billion of hotels and resorts across the U.S. and Europe including nearly $3 billion since January 1, 2015.  

HODGES WARD ELLIOTT ADVISES ON THE RECAPITALIZATION OF THE RITZ-CARLTON, KEY BISCAYNE, MIAMI

Hodges Ward Elliott (“HWE”) is pleased to have represented GB Key Biscayne Holdings, LLC, in the sale of a majority interest in the Ritz-Carlton Key Biscayne, Miami (the “Ritz-Carlton”) to Carey Watermark Investors Incorporated. The Ritz-Carlton includes 302 resort guest rooms and 188 condo hotel keys (174 of which currently participate in the resort rental program). The resort features 50,000 square feet of indoor and outdoor meeting space, a newly renovated 20,000 square foot spa, two pools, a fitness center, a tennis center with 11 courts and five primary food and beverage outlets. The hotel will continue to be managed by The Ritz-Carlton Hotel Company.

 HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe including more than $2.2 billion since January 1, 2015.

HODGES WARD ELLIOTT ADVISES ON THE SALE OF THE RITZ-CARLTON, PHILADELPHIA

Hodges Ward Elliott (“HWE”) is pleased to have represented Philadelphia Hospitality Partners, L.P., in the sale of a majority interest in the Ritz-Carlton Philadelphia (the “Ritz-Carlton”) to Carey Watermark Investors Incorporated. The 299-room Ritz-Carlton features 26,000 square feet of meeting space, two food and beverage outlets and the Richel D’Ambra Spa and Salon. The new owner plans implement a comprehensive, $21.3 million ($71,000/key) renovation of the Ritz-Carlton beginning in Q3 2015.  The hotel will continue to be managed by The Ritz-Carlton Hotel Company.

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe including nearly $2 billion since January 1, 2015. 

Worthington Hyde Partners was represented in the transaction by Hodges Ward Elliott

Worthington Hyde Partners, an Atlanta based real estate investment firm, is pleased to announce its sale of the historic, 12-story, 192-room Marriott Courtyard in Downtown Nashville to Carey Watermark Investors 2 Incorporated (CWI 2), a New York based non-traded REIT, for an undisclosed sum. Worthington Hyde Partners was represented in the transaction by Hodges Ward Elliott, an Atlanta based real estate brokerage firm specializing in the hospitality industry.

 Worthington Hyde Partners has owned the historic hotel located at Church Street and 4th Avenue N, within the Printers Alley Historic District, since its conversion to a Courtyard Hotel by Marriott in 1998. Formerly the First National Bank, built in 1905, the hotel’s reception and the Bistro lobby lounge and restaurant are housed in what was the bank’s “Grand Hall” with 30-foot ceilings, extensive millwork and floor-to-ceiling windows. An integral component of downtown Nashville’s hospitality offerings, the historic hotel is only steps away from Nashville’s famed “honky tonk row” on Broadway and is only a few blocks from the 1.2 million square-foot Music City Convention Center. Prior to the sale, Worthington Hyde Partners completed a $2.9 million renovation that included a full soft and case good replacement in the guestrooms, upgrades to the guest bathrooms and a refresh of the guestroom corridors. This was in addition to a complete lobby renovation that Worthington Hyde Partners completed in 2012.

 The Sale of the Courtyard represents a successful conclusion to a long term investment held by Worthington Hyde Partners during a time where Nashville’s hotel market has achieved outstanding results.

HODGES WARD ELLIOTT ADVISES ON THE SALE OF THE BOULDERS RESORT AND SPA

Hodges Ward Elliott (“HWE”) is pleased to have represented an affiliate of Blackstone Group in the sale of The Boulders Resort and Spa (the “Boulders”) in North Scottsdale, Arizona.  The 1,300-acre resort features 160 casitas as well as one-, two-, and three-bedroom Villa and Hacienda accommodations.  Additionally, the Boulders includes two 18-hole Jay Morrish-designed championship golf courses, a terraced tennis garden, four swimming pools, six restaurants, a 33,000 sq. ft. spa, fitness center and features an array of outdoor adventure activities.  Following the sale, the Boulders will join Hilton’s Curio Collection.

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe. 

HODGES WARD ELLIOTT ADVISES ON THE SALE OF A 20-PROPERTY PORTFOLIO

Hodges Ward Elliott (“HWE”) is pleased to announce that it represented RLJ Lodging Trust (“RLJ”) in the sale of 20 of the 24 select-service and full-service hotels RLJ reported the sale of this week.  Located throughout the U.S., the properties sold by HWE included seventeen (17) Marriott branded hotels; two (2) Hilton branded hotels and one (1) IHG hotel. 

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe. 

Hodges Ward Elliott, Inc. (“HWE”), is pleased to announce that it represented the former owner in the sale of the 202-room Holiday Inn Express

Hodges Ward Elliott, Inc. (“HWE”), is pleased to announce that it represented the former owner in the sale of the 202-room Holiday Inn Express, located at the Nashville Airport. Funds advised by Garrison Investment Group purchased the hotel.

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients. Year to date, HWE has sold or financed more than $2.9 billion worth of hotels and resorts.