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LWHA 2014 Select Major US Hotel Sales Survey

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LWHA 2014 Select Major U.S. Hotel Sales Survey LW Hospitality Advisors: 2014 Select Major U.S. Hotel Sales Survey NOTABLE OBSERVATIONS • Two extraordinary trades include the announced $1.95 billion sale of the Waldorf Astoria New York and the $1.73 billion paid for the Cosmopolitan of Las Vegas; • It is interesting to note that Hilton Worldwide which is majority owned by Blackstone Group LP sold the Waldorf Astoria New York, and Blackstone Group LP was the purchaser of the Cosmopolitan of Las Vegas; • The $1.95 billion sale of the Waldorf Astoria New York is the largest ever sale of a U.S. hotel; • The $1.86 million per unit trade of the 210 room Park Hyatt New York represents a new national per room sale high water mark; • New York and San Francisco have been the most active transaction markets; • New York had eighteen major single asset trades for a total of more than $5 billion or an average price per key of just over $750,000; • Of the Top 10 U.S. Hotel Sales by Price Per Room, five occurred in New York; • The San Francisco Bay area had six major sales for roughly $550 million or an average price per key of more than $400,000; • Thirty six 2014 transactions totaling more than $10.5 billion sold for more than $100 million each, compared with 2013 when thirty sales for more than $100 million each, totaling just over $6.0 billion occurred. The increase in volume compared to 2013 at prices above $100 million was a striking 75 percent; • Hotel trades in Seattle, Nashville, New York, San Francisco, and Portland have set new local per room prices. • Million dollar plus per room U.S. hotel pricing is becoming more prevalent than ever before as evidenced by the three 2014 U.S. trades that occurred at approximately one million dollars per room including: Park Hyatt New York ($1.86 million per room), the Waldorf Astoria New York ($1.38 million per room), and the St. Regis Bal Harbour in Florida ($1.014 million per room). During 2013 there were four million dollar plus per room U.S. hotel trades. LWHA 2014 Select Major U.S. Hotel Sales Survey LW Hospitality Advisors: 2014 Select Major U.S. Hotel Sales Survey NO. OF ESTIMATED ESTIMATED Q PROPERTY LOCATION _ ROOMS SALES PRICE PRICE/ROOM BUYER SELLER Q1 Hilton Phoenix Airport Hotel Phoenix AZ 257 $ 15,800,000 $ 61,479 JV Waramaug Hospitality and Interstate Hotels and Resorts Mass Mutual Q2 Zona Hotel & Suites Scottsdale AZ 431 $ 52,000,000 $ 120,650 Orange Lake Resorts Sunstone U.S. Opportunity (No. 3) Realty Trust Q4 Four Seasons at Troon North 1 Scottsdale AZ 210 $ 140,000,000 $ 666,667 Strategic Hotels & Resorts, Inc. Walton Street Capital, L.L.C. Q4 Hampton Inn & Suites Scottsdale-Riverwalk Scottsdale AZ 101 $ 10,400,000 $ 102,970 Indian Bend Hotel Group, LLC N/A Q2 Aloft Tucson University Tucson AZ 154 $ 19,000,000 $ 123,377 Lightstone Value Plus Real Estate Investment Trust II Starwood Hotels & Resorts Worldwide Q4 Hilton Tucson El Conquistador Golf & Tennis Resort Tucson AZ 428 $ 15,000,000 $ 35,047 HSL Properties MetLife, Inc. Q3 Courtyard Anaheim at Disneyland Resort Anaheim CA 153 $ 32,500,000 $ 212,418 N/A Chesapeake Lodging Trust Q1 Claremont Hotel Club & Spa Berkeley CA 279 $ 155,000,000 $ 555,556 JV FRHI Hotels & Resorts & Richard C. Blum Family N/A Q2 DoubleTree by Hilton San Francisco Airport North Brisbane CA 210 $ 39,000,000 $ 185,714 Summit Hotel Properties, Inc. Stonebridge Companies Q2 St. Regis Monarch Beach Dana Point CA 400 $ 320,000,000 $ 800,000 KSL Capital Partners, LLC Washington Holdings Q3 Marriott Silicon Valley Fremont CA 357 $ 50,000,000 $ 140,056 Ashford Hospitality Trust, Inc. AIG Q1 Hampton Inn Santa Barbara/Goleta Goleta CA 98 $ 27,900,000 $ 284,694 Summit Hotel Properties, Inc. N/A Q2 Miramonte Resort & Spa Indian Wells CA 215 $ 26,250,000 $ 122,093 Rockpoint Group Lowe Enterprises Q3 Figueroa Hotel Los Angeles CA 285 $ 65,000,000 $ 228,070 GreenOak Real Estate & Urban Lifestyle Hotels N/A Q3 Luxe City Center Hotel 2 Los Angeles CA 178 $ 105,000,000 $ 589,888 Shenzhen Hazens Real Estate Group Co. Emerik Properties Corp. Q4 Hotel Palomar Los Angeles Westwood Los Angeles CA 264 $ 78,700,000 $ 298,106 Pebblebrook Hotel Trust JV Behringer Harvard Funds & Realty American Group Q4 Los Angeles Airport Marriott Los Angeles CA 1004 $ 160,000,000 $ 159,363 N/A DiamondRock Hospitality Company Q2 Carneros Inn Napa CA 86 $ 60,000,000 $ 697,674 Flynn Properties Inc. PlumpJack Group Q2 TownePlace Suites by Marriott Newark CA 127 $ 27,400,000 $ 215,748 Moody National REIT 1 MN Newark, LLC Q2 Hotel California San Francisco CA 83 $ 27,000,000 $ 325,301 Pineapple Hospitality Geary Street Properties Q2 Hotel Vitale San Francisco CA 200 $ 130,000,000 $ 650,000 LaSalle Hotel Properties N/A Q1 InterContinental Mark Hopkins San Francisco San Francisco CA 383 $ 120,000,000 $ 313,316 JV Woodridge Capital Partners & Oaktree Capital Management LP InterContinental Hotels Group Plc Q3 JW Marriott San Francisco Union Square San Francisco CA 337 $ 147,000,000 $ 436,202 Chesapeake Lodging Trust Thayer Lodging, Brookfield Hotel Properties Q2 Prescott Hotel San Francisco CA 160 $ 49,000,000 $ 306,250 Pebblebrook Hotel Trust N/A Q1 The Powell Hotel San Francisco CA 151 $ 75,000,000 $ 496,689 Host Hotels & Resorts, Inc. N/A Q3 Hotel De Anza San Jose CA 100 $ 22,000,000 $ 220,000 Lowe Enterprises Saratoga Capital Q1 Hotel Oceana Santa Barbara CA 122 $ 41,700,000 $ 341,803 Hersha Hospitality Trust JRK Asset Management Q2 Holiday Inn Express Santa Cruz CA 100 $ 16,500,000 $ 165,000 JV Trigild & Blu Hotel Investors BPR Properties Q1 Four Points by Sheraton SFO South San Francisco CA 101 $ 21,300,000 $ 210,891 Summit Hotel Properties Peninsular, Inc. Q4 Hyatt Place San Diego/Vista-Carlsbad Vista CA 150 $ 22,000,000 $ 146,667 HP Vista LLC ABA-Vista LLC Q3 Marriott Warner Center Woodland Hills CA 474 $ 90,000,000 $ 189,873 Laurus Corp. Teachers Retirement Fund of Illinois Q2 Hampton Inn & Suites-Homewood Suites by Hilton Denver CO 302 $ 81,500,000 $ 269,868 Carey Watermark Investors Inc. N/A Q4 Sheraton Denver Tech Center Greenwood Village CO 263 $ 26,000,000 $ 98,859 ASAP International JV Waramaug Hospitality & Interstate Hotels & Resorts & Varde Partners Q3 Hyatt Place Denver/Cherry Creek Glendale CO 194 $ 32,000,000 $ 164,948 Chatham Lodging Trust JV DiNapoli Capital Partners and Rockwood Capital Q1 Hilton Mystic Mystic CT 182 $ 14,100,000 $ 77,473 Distinctive Hotel Group RLJ Lodging Trust Q2 Hilton Garden Inn Washington DC/U.S. Capitol Hill Washington DC DC 204 $ 42,300,000 $ 207,353 Magna Hospitality OTO Development Q4 Fairmont Washington DC Georgetown Washington DC DC 415 $ 180,000,000 $ 433,735 MetLife Ivanhoe Cambridge Q3 Park Hyatt Washington Washington DC DC 216 $ 100,000,000 $ 462,963 Westmont Hospitality Group Hyatt Hotels Corp. Q1 DoubleTree by Hilton Hotel Downtown Wilmington - Legal District Wilmington DE 217 $ 19,725,000 $ 90,899 ASAP International Holdings Driftwood Hospitality Management Q1 St. Regis Bal Harbour Resort Bal Harbour FL 210 $ 213,000,000 $ 1,014,286 Al Rayyan Tourism Investment Co. Starwood Hotels & Resorts Worldwide, Inc. Q2 Boca Raton Marriott Boca Raton FL 256 $ 57,850,000 $ 225,977 Carey Watermark Investors Inc. HEI Hotels and Resorts Q3 Residence Inn Boca Raton Boca Raton FL 120 $ 12,000,000 $ 100,000 BRE Newton Hotels Property Owner LLC Les Res Boca Raton LLC Q4 Westin Colonnade Coral Gables Coral Gables FL 157 $ 59,400,000 $ 378,344 Pebblebrook Hotel Trust Amstar Q2 Sheraton Fort Lauderdale Airport & Cruise Port Hotel Dania Beach FL 250 $ 36,500,000 $ 146,000 Cohen Brothers Realty HEI Hotels and Resorts Q2 Doubletree Deerfield Beach FL 220 $ 14,000,000 $ 63,636 Garrison Deerfield Propco LLC CS Hospitality Q2 B Ocean Fort Lauderdale Fort Lauderdale FL 240 $ 65,000,000 $ 270,833 Hospitality Properties Trust Insite Group Q3 il Lugano Fort Lauderdale FL 104 $ 21,600,000 $ 207,692 Claremont Ft. Lauderdale Suites LLC il Lugano LLC Q4 Westin Beach Resort & Spa Fort Lauderdale FL 432 $ 149,000,000 $ 344,907 DiamondRock Hospitality Company N/A Q4 Sheraton Fort Lauderdale Beach Hotel Fort Lauderdale FL 486 $ 107,000,000 $ 220,165 JV Carlyle Group & Insite Group Starwood Capital Group Q3 Westin Diplomat Resort & Spa 3 Hollywood FL 998 $ 535,000,000 $ 536,072 Thayer Lodging Group United Association Q4 Days Inn Fort Lauderdale Hollywood/Airport South Hollywood FL 114 $ 10,000,000 $ 87,719 Hollywood Lodging, Inc. Prince-Bush Hotels Q1 Hyatt Regency Riverfront Jacksonville Jacksonville FL 963 $ 53,000,000 $ 55,036 Fortress Investment Group CW Capital Asset Management Q3 DoubleTree Grand Key Resort Key West FL 215 $ 77,000,000 $ 358,140 RLJ Lodging Trust N/A Q3 Inn at Key West Key West FL 106 $ 47,500,000 $ 448,113 DiamondRock Hospitality Five Mile Capital Q2 Parrot Key Resort and Hotel Key West FL 148 $ 100,000,000 $ 675,676 Hersha Hospitality Trust Northwood Investors Q3 b2 miami downtown 4 Miami FL 241 $ 57,000,000 $ 236,515 HHR Eat Downtown Miami LLC CRP/InSite Biscayne Q4 Starlite Motel Miami FL 60 $ 24,800,000 $ 413,333 Optimum USA Brickell 2 LLC, Rafer Enterprises Inc. Q2 SpringHill Suites Miami Airport South Miami FL 150 $ 25,600,000 $ 170,667 Noble Investment Group Blue Lagoon Hospitality LWHA 2014 Select Major U.S.
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