REBusinessOnline

Hospitality

Home2 Suites by Hilton Opens New Hotel in Fort Worth

FORT WORTH, TEXAS — Home2 Suites by Hilton has opened a new, 93-suite hotel located at 5401 SW Loop 820 near the Interstate 20 exchange in Fort Worth. Branded Home2 Suites by Hilton Fort Worth Southwest Cityview, the property offers a heated saline pool, a combined fitness and laundry area and an outdoor patio with a grill area. Lotus Lodging Fort Worth LLC will manage the hotel.

June 12, 2017

New 83-Room Arrive Hotel to Open in Austin in 2019

AUSTIN — Arrive Hotels & Restaurants will open an 83-room hotel at the corner of East Sixth and Chicon streets in Austin, the company’s second location in the state capital. The 58,600-square-foot property will feature 3,500 square feet of event and meeting space, including an outdoor courtyard, as well as restaurant and retail space. Construction is scheduled for an early 2019 completion. Austin-based hospitality firm Alexa Management has been named co-developer of the project. Burton..

June 8, 2017

OTO Development Acquires Silicon Valley Redevelopment Site for $21M

SUNNYVALE, CALIF. — A 3.4-acre redevelopment site located at 767-769 N. Mathilda Ave. in the Silicon Valley submarket of Sunnyvale has sold to OTO Development for $21 million. OTO Development plans to build a Hilton Garden Inn on the property, which is currently occupied by the Palladium nightclub, TL Beer Garden and a restaurant. Vince Schwab and Jeffrey Ida of Marcus & Millichap represented both the buyer and seller, Sinogap LLC, a locally based family office, in the..

June 7, 2017

PCCP Provides $63.5M Construction Loan for 268-Room Hotel in Dallas

DALLAS — PCCP LLC has provided development firm Dunhill Partners a $63.5 million loan for the construction of the Virgin Hotel Dallas, a 16-story, 268-room located at 1909 Hi Line Drive in the Dallas’ Design District. Scheduled to be complete in late 2019, the hotel will feature a lobby restaurant, poolside bar and a workplace lounge known as the Commons Club. Dallas-based Hamilton Realty Finance arranged the financing.

June 7, 2017

NewcrestImage Begins Construction of Three-Hotel Campus in Amarillo

AMARILLO, TEXAS — NewcrestImage has begun construction on a hotel campus at the intersection of Interstate 40 Frontage Road and South Soucy Road in Amarillo. The project will deliver three hotels totaling approximately 300 rooms. The first property, a 94-room Tru by Hilton hotel, is expected to open in mid-2018. Construction of a Hyatt-branded hotel and Marriott-branded hotel is slated to begin by the end of the year.

June 7, 2017

Midas Hospitality Breaks Ground on Dual-Branded Hotel Development in Brooklyn Park, Minnesota

BROOKLYN PARK, MINN. — Midas Hospitality has broken ground on two Hilton hotels in Brooklyn Park, about 12 miles north of Minneapolis. The $28 million development is slated to open in summer 2018. A 100-room Hampton Inn will be located at 9470 W. Broadway Ave. The 63,301-square-foot hotel will feature an indoor pool, meeting room and fitness center. A 107-room Home2 Suites will be located at 9490 W. Broadway Ave. The 57,977-square-foot hotel will feature a fitness center, indoor pool and..

June 7, 2017

Waldorf Astoria Beverly Hills Opens in LA

LOS ANGELES — Waldorf Astoria Hotels & Resorts has opened the Waldorf Astoria Beverly Hills. The hotel is situated at the intersection of Wilshire and Santa Monica boulevards. The 12-story hotel is the Waldorf Astoria Hotels & Resorts' first new build on the West Coast and second California property. Owned by Alagem Capital Group and clients of Guggenheim Partners, Waldorf Astoria Beverly Hills features 119 rooms and 51 suites. Architects Gensler and PYR designed the hotel, which features a..

June 6, 2017

Carey Watermark Investors 2 Acquires Charlotte Marriott City Center for $152.2M

CHARLOTTE, N.C. — Carey Watermark Investors 2 Inc. (CWI 2) has purchased Charlotte Marriott City Center, a 19-story, 446-room hotel located in Uptown Charlotte. The sales price and seller were not disclosed, but Charlotte Business Journal reports that Marriott Hotel Services Inc. sold the hotel to CWI 2 for $152.2 million. The hotel underwent more than $40 million of capital improvements in 2016, including the addition of eight guest rooms, five food and beverage outlets and a fitness center,..

June 6, 2017

Summit Buys Courtyard by Marriott Fort Lauderdale for $85M

FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel's guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the..

June 6, 2017

Summit Hotel Properties to Acquire Five-Hotel Portfolio for $163M

AUSTIN, TEXAS — Summit Hotel Properties Inc. (NYSE: INN) has agreed to acquire a portfolio of five hotels totaling 812 guestrooms across four markets from Xenia Hotels & Resorts Inc. (NYSE: XHR). The purchase price is approximately $163 million, or $201,000 per room. The purchase, which will be made through an undisclosed Summit affiliate, is expected to close within the next 30 days. The portfolio includes the 203-room Courtyard Fort Worth Downtown/Blackstone; 123-room Courtyard..

June 5, 2017