REBusinessOnline

Hospitality

CBRE Arranges $26.9M Construction Loan for 168-Room Hotel in Minneapolis

MINNEAPOLIS — CBRE has arranged a $26.9 million loan for the construction of The Elliot Park Hotel in downtown Minneapolis. The 168-room Autograph Collection hotel by Marriott will be located on the northeast corner of 5th Avenue South and South 9th Street. The boutique hotel, slated to open in summer 2018, is part of a block redevelopment by Kraus-Anderson. The redevelopment will include a new corporate office for Kraus-Anderson, a 17-story apartment tower and a microbrewery. Jason Brown,..

July 19, 2017

Mission Capital Arranges $15.2M Acquisition Loan for 120-Room Hotel in Houston

HOUSTON — Mission Capital Advisors has arranged a $15.2 million acquisition loan for Staybridge Suites Houston — Medical Center, a newly constructed, 120-room hotel located at 9000 S. Main St. in Houston. Philip Justiss, Alex Draganiuk and Lexington Henn of Mission Capital arranged the recourse loan through IberiaBank Corp. on behalf of the borrower, St. Louis-based Midas Hospitality.

July 18, 2017

Hotel Equities Opens 161-Room Hotel on Alabama’s Gulf Coast

ORANGE BEACH, ALA. — Hotel Equities has opened Island House Hotel Orange Beach — a DoubleTree by Hilton hotel, located at 26650 Perdido Beach Blvd. in Orange Beach. The Atlanta-based company completed a multimillion-dollar renovation prior to opening. The 10-story, 161-room hotel features 6,000 square feet of meeting, ballroom and banquet space and is located on a private beach on Alabama’s Gulf Coast.

July 17, 2017

DC Partners to Develop $116M, 167-Room Hotel in San Antonio

SAN ANTONIO — Houston-based DC Partners will develop The Thompson Riverwalk Hotel & Condos, a 167-room hotel in San Antonio that will feature 66 residential units in floors 12 through 19 known as The Arts Residences. San Antonio-based Universal Service Group will co-develop the 20-story property, which has an estimated cost of $116 million, according to local publication The Rivard Report. Amenities will include a rooftop bar and lounge and more than 6,900 square feet of meeting space...

July 17, 2017

Aries/Conlon Capital Arranges $7.2M Loan for Refinancing of 171-Room Hotel Property in West Lafayette, Indiana

WEST LAFAYETTE, IND. — Aries/Conlon Capital has arranged a $7.2 million loan for the refinancing of Four Points by Sheraton in West Lafayette, about 65 miles northwest of Indianapolis. The 171-room hotel is located at 600 Cumberland Ave. near Purdue University. Rushi Shah of Aries/Conlon Capital arranged the CMBS loan, which features a 10-year term and a 25-year amortization schedule. Pandey Hotel Corp. was the borrower.

July 14, 2017

MDG Sells Hyatt Centric Hotel in Chicago for $110M

CHICAGO — Murphy Development Group (MDG) has sold its Hyatt Centric the Loop Chicago Hotel to Germany-based Deka Immobilien for $110 million in a long-term sale-leaseback agreement. The four-star Hyatt Centric is a full-service lifestyle brand designed for business and leisure travelers. MDG developed the 257-room hotel in 2015, which includes French restaurant Cochon Volant and rooftop bar AIRE. Integrated Clark Monroe, an affiliate of MDG, will maintain a long-term franchise agreement with..

July 13, 2017

Mansour Group Brokers Sale of Net Leased Hotel, Retail Condos in San Antonio

SAN ANTONIO — The Mansour Group at Marcus & Millichap has brokered the sale of Hotel Valencia and Retail Net Leased Condos in the River Walk area of San Antonio. The hotel property and accompanying retail condos are located at 150 E. Houston St. The property was leased to The Valencia Group on a long-term NNN lease. The Mansour Group represented the seller, GrayStreet Partners, in the transaction. An out-of-state private investor purchased the asset.

July 13, 2017

WoodSpring Hotels Breaks Ground on 123-Room Hotel in Tinley Park, Illinois

TINLEY PARK, ILL. — WoodSpring Hotels has partnered with Holladay Properties to develop its third hotel in the Chicago market. The four-story, 123-room hotel will be located in Tinley Park, near the intersection of I-80 and Harlem Avenue. The extended-stay hotel will feature in-room kitchens, high-speed Internet, guest laundry and a fitness room. Completion is slated for February 2018. Holladay Properties currently owns and operates two WoodSpring Suites hotels in Romeoville and Darien,..

July 12, 2017

Choice Hotels to Develop 134-Room Cambria Hotel in Austin

AUSTIN, TEXAS — Choice Hotels International Inc., an operator of roughly 6,500 hotels across 40 countries and territories, will develop a 134-room Cambria-branded hotel at the corner of East Ben White Boulevard and East Riverside Drive in Austin. The four-story property will feature an outdoor pool and spa, a fitness center and a variety of on-site dining options. Cloud Nine Hospitality LLC will manage the hotel, which is expected to open in 2019.

July 12, 2017

Marriott Opens 304-Room Renaissance Hotel at Legacy West in Plano

PLANO, TEXAS — Marriott International has opened the Renaissance Dallas at Plano Legacy West Hotel, a 304-room hospitality asset located within the $3 billion Legacy West development in Plano. Developed by Plano-based Sam Moon Group, the hotel features an on-site Asian fusion restaurant, an indoor/outdoor lobby bar, pool, fitness center and luxury spa and 26,000 square feet of meeting space.  

July 11, 2017