Lubert-Adler Sells Two Hotels for $156.6 Million

8/14/13 | Raleigh, NC

Lubert-Adler has sold two hotels comprising 647 keys to New York City-based Carey Watermark Investors for a total of $156.6 million. The most recent sale, which closed August 13, was the 400-room Marriott Raleigh (NC) City Center, which was sold for $83 million. The 248-key Hutton hotel in Nashville, TN sold earlier this summer for $74.3 million, setting a record sale price of roughly $300,000 per key for the Nashville hotel market.

With the closing of the sale of the Marriott Raleigh City Center, Lubert-Adler and its partners have completed two sales, totaling $156.6 million to Carey Watermark in 2013," said Dean Adler, CEO and Co-Founder, Lubert-Adler Partners, L.P. "Along with the Hutton Hotel sale, this transaction is representative of Lubert-Adler's investment strategy of creating cash-flowing assets through significant capital infusion.