Marketplace
IMMEDIATE NEEDS
Japanese Fund Looking to Acquire Hotels Across US:
We have come across a Japanese fund looking to acquire hotels across the US and will be building a portfolio. They need 3rd party valuation before we can present your hotel to them. They are location and hotel class agnostic with minimum of $2mm purchase price all the way to $300mm.
Hotel and Mixed Use Development Joint Venture Projects Search:
We are working with a widely known beverage industry family office to deploy capital in excess of $1bn in luxury hotel and mixed use development projects across the US. They would be looking at projects from a Co-GP perspective and only require that project sponsor owns land free and clear. They would like to keep projects at a minimum of $50mm. Please submit any opportunities to dino@sarhanhotelgroup.com
Client Requirements:
Send us a request to list your requirement on our bulletin*
- Investment group targeting Select Service hotels and above requirement $200+ million, portfolios okay.
– Preference for Hilton, Hyatt, Marriott or Independent that can be branded
– Focus on drive-to leisure markets, with multiple demand drivers and high barrier to entry
– RevPar around $100, unencumbered by management
– Primary Markets: 6-7 cap, Secondary/Tertiary Markets: 8-10 cap
- International Resort Group looking to enter the US market and seeking land site in hot spring location for Japanese style onsen resort hotel, budget is of no concern and open to JV partners.
- Investment group looking to deploy in excess of $300+ million by the end of 2024, select service and above, preference for luxury and Hilton, Hyatt, Marriott. Average deal size is $50mm.
- Investment group looking for economy, midscale, upper midscale hotels to convert into homeless shelters in urban core.
- Investment group looking for hotels within half mile radius to college campus, ideally Pac 12.
- Investment group looking for raw land, entitled sites and office conversions suited for hotels in Phoenix (Scottsdale) and Atlanta (Midtown area), and also the following areas:
– Tier 1 (very active): Los Angeles, Nashville, Austin, New York
– Tier 2 (monitoring, case-by-case): Vancouver, Toronto, Boston, Chicago, San Diego
– Tier 3 (reactive, fairly low priority): DC, Denver, Miami, Seattle, SF
- Hotel Management Company Acquisition: Post-sale inquiries indicate buyers’ interest in further hotel management company acquisitions, with offers between 8X-10X
- Japanese Buyer Criteria: Purchase price $75mm – $140mm / $80mm to $150mm for hotels / B/B+ assets in B and above neighborhoods. A strong preference to off-market deals. Looking for ONE asset that falls within this criteria. Not portfolio sales.
– Wooden framing 22+ years – At least 50% needs to be wooden frame but can built with other materials
– Brick 39+ years
– Reinforced concrete 47+ years
– Located in the top 2 cities of each state near well-known universities/school districts.
– Target IRR of 15%
– Multifamily and Hotels in FL, TX, NV, LA, GA, SC, NC, NY, WA.
Featured Development & JV Opportunities:
CA San Diego PRIME Entitled Mixed Use Development (Hotel, Condo, & Retail) Site in Downtown: 1.5 AC plot mixed-use development site in downtown San Diego, California. Entitled for upper upscale 300-room hotel, approximately 25,168 square feet of leasable retail space, and 48 for-sale condominium units. Estimated project cost of $180mm.
CO Frisco Upscale Hotel Development: 27 room hotel with an in house restaurant space with around 3,500 sq ft for F&B. Additional lot that can be purchased to increase keys to 80-90 with a skybridge. Estimated total project cost $70mm.
TN Pietown Hotel Development Site: 5 acres off market that may trade at around $450-500 / sqft close to proposed Ritz Carlton. Can take down less than the 5 acres.
TX Austin Hotel Development Site: Pricing guidance is approximately $25.5M or $40,000 per unit per the yield study on the site. The 8.2 acre property is comprised of two parcels and benefits from LI-PDA zoning allowing max heights of 95-feet.
TX Houston Entitled Mixed Use Development Site (Hotel, Multifamily, Retail): The Project Site is an approximately 2.77 acre plot of land. The Project Site is roughly triangular, is a mixed use development to be built in Houston, Texas. The Project will include a 405 room hotel, approximately 61 644 square feet of leasable retail space, and 120 for sale condominium units, open to JV. $35,000,000.
TX Houston JV Opportunity Residential/Hotel: From our client, “I’m in Houston looking a new project. It consist in buying a entire vacant building in downtown Houston to redevelop it in 400 (1-2 room) apartments for rent and 400 room hotel. We are interested in the hotel component. Do you think anyone may be interested on a potential partnership with us? They can keep the residential component.”
UT Virgin at Zion National Park Ultra Luxury Resort: 45+ acre parcel with 80 keys with estimated capital investment of $82mm.
JPN Niseko Ski-Out Hotel and Condo Development, Hokkaido: Redevelopment of an existing hot spring hotel/traditional ryokan into modern extended stay hotel. Estimated total project cost $73mm.
JPN Hakuba Nagano Mixed Use Resort Development: Renewal project of Iwatake Village in Hakuba Japan. Estimated total project cost 3.3bn JPY ($22mm).
