Lodging & Hotel

Cascade Investment LLC will buy a 23.75 percent stake in the business from Kingdom Holding Co. at a $10 billion enterprise value.

Arkups, as they are called, are hurricane-proof homes that can be docked at a marina or driven 2,500 nautical miles into the ocean.

Sourcing equity primarily from family offices, HNWIs and some institutions, Peachtree Hotel Group has acquired more than $1 billion in lodging assets since June 2020.

The Drake, located on the Magnificent Mile, has 535 rooms and more than 200 feet of retail frontage.

Revenue per available room was up 5.7 percent last week compared to the same period in 2019.

A survey of 13,000 job seekers found former hospitality employees wanted high pay, a less physically demanding workplace and better benefits.

The deal brings the value of Host Hotels’ recent acquisitions to $1 billion and signals that lodging investors think the industry has turned the corner.