Kolter Group is paying $96 million for a 333-room Hilton in downtown St. Petersburg, and the per-key math only makes sense if you stop thinking about it as a hotel transaction. This is a land play dressed in a room key, and it tells you something uncomfortable about where real estate value is heading in coastal Florida markets.
Claros Mortgage Trust is sitting on a defaulted loan for a demolished hotel site in Rosslyn, and their solution is a 1,775-unit residential development with a 200-room hotel tucked inside. The per-unit economics tell a story the press release doesn't.
A hospitality REIT bought a suburban Philadelphia DoubleTree for $22.3 million in 2022, closed it last November, and just won zoning approval to convert all 253 rooms into 213 apartments. The math that killed this hotel is the same math staring at half the aging select-service properties in suburban America right now.
