Colony Capital Sells 5-Property Hotel Portfolio In Maryland, Virginia, Texas
A portfolio of five Courtyard by Marriott hotels in the D.C., Baltimore and San Antonio markets has just traded hands.
Colony Capital sold the portfolio of five hotels totaling 731 rooms to a partnership between Flynn Properties and EMA Lodging Group for an undisclosed price, JLL announced Thursday. The deal was secured by an HFF brokerage team prior to JLL acquiring the company July 1.
In the D.C. area, the portfolio includes the Courtyard New Carrollton Landover and the Courtyard Fairfax Fair Oaks. Colony Capital bought the hotels in 2014 for $8.5M and $10.8M, respectively, property records show.
The portfolio also includes the Courtyard Baltimore Hunt Valley, the Courtyard San Antonio Airport and the Courtyard San Antonio Medical Center.
The deal is the first acquisition in the select-service hotel market for Flynn Properties, a subsidiary of San Francisco-based Flynn Holdings. The company owns over 3M SF of commercial real estate, largely office and hotel properties, and it has a restaurant group with over 1,200 restaurants.
For Colony Capital, the deal comes less than a month after CEO Tom Barrack announced he would step down. The company last month sold a Tysons office building for a 40% loss and it is looking to sell a $5B industrial portfolio.