REBusinessOnline

CHC Arranges $14.7M Refinancing for Embassy Suites Hotel in Columbus

COLUMBUS, OHIO — Cronheim Hotel Capital (CHC) has arranged a $14.7 million loan for the refinancing of an Embassy Suites hotel property in Columbus. A national lender provided the loan, which features a locked rate of 4.44 percent, a 10-year term and a 30-year amortization schedule. Kana Hotel Group, the borrower, acquired the 224-room property in 2015 and extensively renovated

Tutor Perini Awarded 1,000-Room Hotel, Casino Project in Durant, Okla.

DURANT, OKLAHOMA — Tutor Perini Corp. (NYSE: TPC) has been awarded the design/build contract for the Choctaw Casino & Resort Expansion project, which will deliver a 1,000-room hotel and resort complex in Durant, a city near the Texas border. Upon completion, the property will feature an expanded casino, multiple onsite restaurants, movie theaters and new retail space. JCJ Architecture and Friedmutter Group are the design partners. Design work is expected to begin in the fourth quarter of …

VICI Properties, Penn National Buy Downtown Detroit Casino for $1B

DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn …

Braemar Hotels & Resorts to Acquire Ritz-Carlton Lake Tahoe for $120M

TRUCKEE, CALIF. — Braemar Hotels & Resorts has agreed to acquire Ritz-Carlton Lake Tahoe, an upscale hotel and resort property located 13031 Ritz Carlton Highlands Court in Truckee. Additionally, the company is acquiring a 3.4-acre parcel of vacant land adjacent to the hotel. The land is being entitled for luxury residential townhome development. Total consideration for the acquisition is $120 million and consists of $103.4 million for the hotel, or $608,000 per key; $8.4 million for …

MCR, BLT Secure $647.5M Refinancing for 53-Property Hotel Portfolio

NEW YORK CITY — A joint venture between hotel owner-operator MCR and real estate developer and manager Building and Land Technology has secured a $647.5M refinancing for a 53-property hotel portfolio spanning 15 states and 31 markets. The 5,958-room portfolio includes 33 Marriot-branded properties and 20 Hilton-branded properties. The assets are 12 years old on average. Bank of America led the financing, which also included Wells Fargo and two mezzanine lenders. The proceeds will go …

Songy Highroads, Hyatt Hotels Underway on 175-Room Hotel in Downtown Atlanta

ATLANTA — Atlanta-based Songy Highroads LLC, in partnership with Hyatt Hotels Corp., is developing Hyatt Place Centennial Park, located at 300 Luckie St. in downtown Atlanta. Construction has reached the fifth floor of the 11-story hotel, which is slated to open in August 2019. Situated one block north of Centennial Olympic Park and adjacent to the Georgia Aquarium, the hotel will feature 175 guestrooms, a pool, fitness center, on-site food service, parking deck, 2,100 square feet of …

Northland Properties Opens 233-Room Sandman Hotel in Metro Dallas

PLANO, TEXAS — Northland Properties Corp., a Canadian firm that owns hotel chains, restaurants and sports teams, has opened Sandman Signature Plano-Frisco, a 233-room hotel located on the northern outskirts of Dallas. The property is situated near Dr. Pepper Arena, home of the Dallas Stars hockey team, as well as The Star, the Dallas Cowboys’ headquarters in Frisco. The hotel’s amenities include a pool, fitness center and multiple onsite bars and

HREC Capital Markets Arranges $7.4M Refinancing for Look Hotel Red Hook in Brooklyn

NEW YORK CITY — HREC Capital Markets Group has arranged the $7.4 million refinancing of the leasehold interest in the Look Hotel Red Hook in Brooklyn. Located at 17 Seabring St. in the Red Hook neighborhood of Brooklyn, the property is adjacent to the Brooklyn Cruise Terminal. The hotel was recently renovated and upgraded to the Choice Hotels’ boutique Ascend Collection. Greg Porter and Mike Armstrong of HREC represented the borrower, Brooklyn Hotel Group, in securing a floating-rate, …

Knighthead Funding Provides $8.5M Construction Loan for Holiday Inn & Suites Near Savannah

POOLER, GA. — Knighthead Funding has provided an $8.5 million short-term loan for the completion of a Holiday Inn & Suites in Pooler, approximately 20 miles west of Savannah. The sponsor is a Georgia-based hotel development and management company whose assets include Hilton, Marriott and Holiday Inn flagged properties throughout the state. Upon completion in 2019, the hotel will feature 104 guest rooms, a restaurant and lounge, outdoor pool with sundeck, fitness center, business center and …

HREC Negotiates Sale of 107-Room Holiday Inn Hotel in Northern Virginia

DUMFRIES, VA. — HREC Investment Advisors has arranged the sale of Holiday Inn Dumfries-Quantico Center, a 107-room hotel located at 3901 Fettler Park Drive in Dumfries, approximately 30 miles from downtown Washington, D.C. Nabria Capital sold the property for an undisclosed price. The name of the buyer was not released. Kevin Hanley and Ketan Patel of HREC’s Washington, D.C., office represented the seller in the transaction. Situated 6.4 miles from Marine Corps Base Quantico, the hotel …

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