WASHINGTON — This year’s sale of the Lansdowne Resort & Spa cracks a Top 20 list for the most expensive hotel sales of 2017, a year that saw some very large transactions.
Commercial Cafe said new projects, corporate expansions and population growth have boosted investor interest and fueled demand for accommodation options.
It said in the last couple of years, public REITs have become major players on the market, along private equity firms and offshore buyers, betting on high-quality, well-located hotel assets.
California was the top destination for pricey hotel property sales this year, with seven of the top 20 largest deals closed in California. Florida, Hawaii and New York each make the top 20 list three times.
But the biggest deal of all was in Las Vegas.
The March 2017 sale of Lansdowne Resort & Spa in Leesburg, Virginia by LaSalle Hotel Properties to Dejia LLC for $133 million ranks No. 19 on the list of 20 priciest hotel property sales, ahead of the $125 million sale in February of The Duke Hotel in Newport Beach, California, and just behind the August sale of New York’s Dumbo Hotel for $135 million.
The most expensive hotel property sale in 2017 was $600 million paid in August for the Fontainebleau in Las Vegas, followed by the June sale of the Pacific Beach Hotel Waikiki in Honolulu for $515 million.
Commercial Cafe’s blog lists all 20 of the most expensive hotel sales.
