MANASSAS, VA-Pebblebrook Hotel Trust buys the Hotel Palomar for $58 million. Hersha Hospitality Trust has entered into a $74 million agreement to acquire a site at 52nd Street and Third Avenue where a 205-room Hilton Garden Inn is being developed. Summit Hotel Properties closed on a 1,043-room portfolio of Hyatt hotels for $87.4 million.
Then there is the sale of the Comfort Suites here for $7.3 million. While it may not be as headline-making as the other trades, it is still part of a larger trend in the hospitality industry: deals are getting done in a rush before the end of the year.
2013, of course, signals the start of a period of tax and policy uncertainty. Indeed, many buyers and sellers of commercial real estate are scrambling to close transactions by yearend for that reason. The activity is more noticeable in the hotel space because of the relatively slow pace of transactions in recent months.
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