CBRE Reveals Top Q1 '06 Hotel Transactions
NEW YORK, NY, May 3, 2006. The CB Richard Ellis Hospitality & Gaming Group has unveiled its complete listing of the nation's major first quarter 2006 hotel sales. Topping the list is the sale of the 243-room Four Seasons Hualalai in Ka'upulehu-Kona, HI, which was acquired by MSD Capital and the Rockpoint Group from the Kajima family for $500 million.
Following close behind the Four Seasons Hualalai sale in terms of overall price was the $440-million disposition of the 495-room Drake Swissotel in New York and the $440-million sale of the 1,195-key Westin St. Francis in San Francisco. The Macklowe Organization sold the Drake Swissotel to Host Hotels & Resorts, and Strategic Hotels & Resorts, Inc. bought the Westin St. Francis from Blackstone Real Estate Partners.
While the top three sale prices were somewhat close in total, the Four Seasons Hualalai sale was unique in that it sold for about $2.1 million a room. In comparison, the per key totals for the Drake Swissotel and the Westin St. Francis were $888,889 and $368,201, respectively.
Standing as evidence that hotel prices are only climbing higher was the fact that Q1 '06's top three sales transactions met or exceeded the sale price of the most expensive 2005 hotel deal, which was the $440-million disposition of the 605-room Essex House-Westin/St. Regis in New York.
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