Highland paid RLJ Development LLC, a private held Allentown, PA-based company about $124,000 per room and assumed a $17-million mortgage loan as part of the deal. Crestline Hotels & Resorts Inc. will manage the hotel which has 12,000 sf of meeting space.
The acquisition increases Highland's portfolio to 1,567 rooms in four states. The properties are operated by Crestline and Hyatt Hotels under the flags of Marriott, Hyatt, Renaissance and Hilton Gardens. Highland's common is trading on the New York Stock Exchange in the $11.50 per-share range.
"The hotel's close proximity to a variety of stable demand generators should help this property produce consistent returns for Highland," says company president James L. Francis. "The hotel recently completed a rooms and lobby renovation and should be well-positioned in the Tampa airport market."
The Westshore business district encompasses the Raymond James Stadium, home of the Tampa Bay Buccaneers; a retail market that includes Neiman Marcus, Nordstrom, Tiffany's and 200 specialty stores; Bank of America, Outback Steakhouse Inc. and Atex Media.
Highland purchased the Hyatt Regency Savannah hotel in Savannah, GA on Jan. 2 for $50 million, or about $142,5000 per room. On Dec. 30, the company acquired the 252-room Plaza San Antonio Marriott for $32.5 million, or $129,300 per room. On Jan. 13, Highland bought the 158-room Hilton Garden Inn BWI Airport hotel in McLean, VA from LTD Management Co. of Chesapeake, VA for $21.9 million, or $138,608 per room.
Highland started its acquisition run on Dec. 22 with the three-property purchase of the 250-room Portsmouth Renaissance Hotel & Conference Center in Portsmouth, VA; the 300-room Sugar Land Marriott Hotel & Conference Center in Sugar Land, TX; and the 176-room Virginia Beach Town Center Hilton Garden Inn in Virginia Beach, VA. Highland paid a total $70.7 million, or about $97,300 per room, for the 726-room acquisition package.
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