U.S. hotel market sparks big deals
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 wi