Originally Posted by Mr Downtown
^In truth, don't you imagine it's one owner (something like River North Hotel Venture LLC) that simply is operating under three "flags," as hotel brands are known? The hotels won't really have any ownership or even leasehold interests. So probably more like those designer boutiques inside Macy's than like a mall food court.
^^^ To be honest, I don't know, that's why I'd be interested to see exactly how this deal is structured. However, the ownership model you are describing seems to be a franchise model and I'm not under the impression that most hotels operate that way. My guess would be that there is a company with ownership interest in the land and building and that each hotel is renting space in the building from that entity which provides them with shared facilities as an "amenity". It would seem logical to structure this property like an office building with three tenants. I could be wrong though as I'm not expert on the hotel industry.
In any case I'd just love to see how a deal like this is put together and negotiated. Yes, I'm such a real estate nerd that I find reading complex lease agreements and PSA's fascinating.