A California-based investment firm has sold 185 hotels across the U.S., including three in Connecticut, for $2.8 billion.
Colony Capital announced late last week that it had finalized its deal with Texas-based hospitality investor-manager Highgate and an affiliate of New York private equity firm Cerberus Capital Management.
The sale includes Courtyard by Marriott Hartford/Windsor Airport at 1 Day Hill Road and the Residence Inn Hartford Windsor at 100 Dunfey Lane, both in Windsor. Also included in the deal is the Residence Inn by Marriott Shelton Fairfield County in Shelton.
The three Connecticut hotels have a total of 341 rooms. The 185 hotels included in the Colony Capital sale were spread across 26 states, concentrated mainly in California, Texas, Pennsylvania, Florida, and totaled nearly 21,000 rooms.
Under the terms of the deal, first announced last September, Highgate and Cerberus paid Colony Capital gross proceeds of $67.5 million and reduced the firm’s investment-level debt by $2.7 billion.
Correction: Due to an editorial oversight, a photo previously accompanying this article pictured a full-service Marriott located at 28 Day Hill Road in Windsor, which is not a part of the sale, and incorrectly identified it as the Marriott Hartford/Windsor Airport at 1 Day Hill Road, which is a part of the sale. The story now has the correct photo of the 1 Day Hill Road hotel that was sold.Â
