Magna Buys Three Manhattan Hotels for $160 Million
Skift Take
- Crescent Real Estate acquired the Element Orlando Universal Boulevard hotel, and the Delta Hotel in Wichita Falls, Texas, opened.
- Various hotel acquisitions and rebranding activities occurred, including the purchase of Hilton-branded hotels in New York, rebranding of properties as Trademark Collection by Wyndham, and the addition of Arlo Williamsburg to the Arlo Hotels portfolio.
- A $1.5 billion development plan for the Tennessee Titan's domed stadium area was announced, including a 40-story hotel, apartments, and retail spaces, with construction set to begin in 2025.
The DJIA surged 332 points while the Nasdaq jumped 112, the S&P 500 rose 38 points and the 10-year treasury yield was up .04 to 4.29%. Lodging stocks were higher but the two big movers were to the downside. VCSA dropped -7% to another new all-time low, while AINC also traded down to a new low on very low volume, down -10% on the day.
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Through its investment vehicle, GP Invitation Fund III, LP, Crescent Real Estate LLC acquired the Element Orlando Universal Boulevard, a 165-key hotel operated under a franchise agreement with Marriott International. The hotel is located just outside the confines of the mixed-use development known as Icon Park in Orlando, Florida. Crescent has engaged
