Publications

- July 1, 2015: Vol. 27, Number 7

To read this full article you need to be subscribed to Institutional Real Estate Americas

U.S. hotel market sparks big deals

by Andrea Waitrovich

U.S. hotels are hot properties this year, with another luxury hotel changing hands recently. Host Hotels & Resorts has acquired the 643-room Phoenician resort in Scottsdale, Ariz., for $400 million.

The sale of The Phoenician follows several high-priced hotel acquisitions this year. In New York City, Seoul-based Lotte Group recently paid $805 million to purchase the New York Palace Hotel from Northwood Investors. Other recent Big Apple hotel transactions include the 355-room New York Edition, selling for $343 million to Abu Dhabi Investment Authority; the 648-room Manhattan at Times Square, selling for $535 million to Al Rayyan Tourism Investment Co., a division of Qatar-based Al Faisal Holding Co.; and the 1,425-room Waldorf Astoria, selling for $1.95 billion to Anbang Insurance Group Co., which is considered the single highest-priced U.S. hotel acquisition in the past 24 months, according to Real Capital Analytics.

Beyond New York City, many hotels with large pri

Forgot your username or password?