As in many other parts of the country, the aggressive acquisition programs of the major public lodging companies resulted in increased transaction activity in the Southwest lodging market. One of the largest recent transactions involving Southwest resorts was the January 1997 purchase of the world-renowned Carefree Resorts portfolio by Dallas-based Patriot American Hospitality. Patriot, which has the unique advantage amongst U.S. lodging REITs of not only being a paired-share REIT, but also having a multi-tenant structure, paid approximately $262.5 million in cash, operating partnership units and assumption of debt for this portfolio. The Carefree portfolio includes The Boulders in Scottsdale, The Lodge at Ventana Canyon in Tucson, The Peaks Resort & Spa in Telluride and Carmel Valley Ranch Resort in Carmel, California. As part of the transaction, Patriot also acquired the management organization of Carefree Resorts. 

Other hotel transactions exceeding $8 million are summarized below.