The transaction is scheduled to close at the end of October. The purchase was not immediately available and, given the varying ages of the properties, comparables range from $50,000 per key to $200,000 per key. If the blended price came in at $125,000 per key, the deal value would be approximately $600 million.
HBE is a St. Louis-based design-build firm that specializes in facilities for the medical and financial services industries. A company source confirmed the pending transaction for GlobeSt.com, saying the company is in the process of streamlining its operations by focusing on its core design-build business. The sale would complete the company's divestiture of its hotel assets, he says.
Oxford Lodging is an advisory and investment firm with asset management responsibilities for a 14,000-room portfolio of luxury hotels, resorts and conference centers throughout the US and Japan. Oxford's principals and employees are direct investors in 65% of the portfolio. Past investment partners have included Dubai Investment Group and Perry Capital. Oxford did not return phone calls seeking comment.
The largest asset in the portfolio is the 1,840-room, 38-floor Adams Mark in Dallas. Built in 1958 and renovated last year, the property includes 230,000 sf of meeting space. The property sits at 555 S. McDowell St., on the city's light rail line and across the street from John Carpenter Plaza Park.
The next largest property is the 1,225-room, 22-floor Adams Mark in Denver that has 133,000 sf of meeting space. The property is located in Downtown Denver, one block off Civic Center Park. It was built in 1961 and last renovated in 1997.
The other properties are the 910-room, 18-floor Adams Mark in St. Louis, built in 1984 and renovated in 2005; the 481-room Adams Mark hotel in Buffalo, built in 1980; and the 332-room Adams Mark in Indianapolis, which was built in 2000.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 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.
