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Hotel Development sells assets for $70M; Transcontinental Realty buys La. asset

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Hotel Development sells assets for $70M; Transcontinental Realty buys La. asset

This feature rounds up recent commercial property news and highlights larger deal coverage already published.

* Hotel Development Partners LLC sold a six-hotel portfolio totaling 568 rooms in Atlanta to a joint venture between Driftwood Acquisitions and Development LP and GB Cos. LLC in an approximately $70.1 million deal, the Atlanta Business Chronicle reported.

Driftwood bought the 115-room Fairfield Inn & Suites Atlanta Buckhead, the 114-room Fairfield Inn & Suites Atlanta Perimeter Center and the 88-room Fairfield Inn & Suites Alpharetta, while GB purchased the Springhill Suites Alpharetta, TownePlace Suites Alpharetta and TownePlace Suites Kennesaw.

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The Landing Apartments on Bayou Cane in Houma, La.
Source: Transcontinental Realty Investors Inc.

* Transcontinental Realty Investors Inc. unit Southern Properties Capital paid an undisclosed amount to acquire the 240-unit, 13-building Landing Apartments on Bayou Cane in Houma, La.

* AWH Partners LLC, Maddd Equities and Joy Construction Corp. acquired three Holiday Inn hotels totaling 555 guest rooms and 8,000 square feet of event and meeting space in the Boston suburbs for an undisclosed sum. The properties include Holiday Inn & Suites Boston-Peabody, Holiday Inn & Suites Marlborough and Holiday Inn Boston-Dedham Hotel and Conference Center.

* Tejon Ranch Co. received a green light from the Los Angeles County Board of Supervisors for the development of the 19,333-unit Centennial at Tejon Ranch mixed-use residential community in the northwest Los Angeles County section of Tejon Ranch. The community will have more than 10.1 million square feet of commercial space.

Additional coverage

Allied Properties to allocate C$830M to urban development program through 2022

Summit Industrial Income REIT to acquire 15 properties for C$329M

Agree Realty unit to buy retail portfolio in $150M-plus sale-leaseback deal

Minneapolis office complex fetches $116M

Pinnacle Group affiliate purchases NYC development site for $84M