REBusinessOnline

Sam Chang Breaks Ground on 200-Room Hotel in Manhattan

NEW YORK CITY — Local hotel developer Sam Chang has broken ground on a 200-room hotel that will be located at 223 W. 46th St. near Times Square in Manhattan. Designed by Gene Kaufman Architects, the hotel will span 70,000 square feet and rise 21 stories. Amenities will include a fitness center and a ground-floor restaurant with outdoor seating. Completion of the property, which has yet to be named and branded, is scheduled for September

RREAF Holdings Breaks Ground on 240-Room Hotel Near Fort Worth

SOUTHLAKE, TEXAS — Developer RREAF Holdings has broken ground on Marriott Delta Hotel, a 240-room property that will be located in the Fort Worth suburb of Southlake. Designed by Merriman Anderson Architects, the six-story hotel will include 10,000 square feet of meeting space and a full-service restaurant and bar. Hill & Wilkinson is the general contractor for the project, which is expected to be complete by

Capital Stack, GenX Arrange $37.7M Construction Loan for Hotel Project Near Boston

CAMBRIDGE, MASS. — Capital Stack Commercial Real Estate Finance and Miami-based GenX Capital Partners have arranged $37.7 million in construction financing for 907 Main Hotel, a 67-room property in Cambridge. Local developer Patrick Barrett III is leading the development of the upscale, boutique hotel, which will span 42,000 square feet and offer a street-level restaurant and a rooftop bar. The building will also house Toscanini’s Ice Cream, which has operated in the neighborhood since …

Madison Realty Capital Provides $314M Construction Loan for Boston Hotel Project

BOSTON — Madison Realty Capital has provided a $314 million construction loan for the development of Raffles Boston Back Bay Hotel & Residences. Trinity Stuart LLC, a partnership between two Boston-based entities, Saunders Hotel Group and The Noannet Group, is leading development of the project, which will consist of 147 hotel rooms and 146 residential units. Cain International is also providing joint venture equity to develop the project, which has a total price tag of more than $400 …

JLL Arranges $58.5M Refinancing of Two Beachfront Hotels in Florida Panhandle

FORT WALTON BEACH, FLA. — JLL has arranged a $58.5 million refinancing loan for two neighboring hotels totaling 330 rooms in Fort Walton Beach. Ladder Capital Finance LLC provided the 10-year, fixed-rate loan to partners Innisfree Hotels and Band of Poarch Creek Indians. Loan proceeds will be used to pay off the original construction loan and provided the borrowers with $8.4 million. The hotels are on a ground lease with the U.S. Air Force that expires in 45 years. The portfolio comprises …

Meridian Capital Group Secures $23.1M in Acquisition Financing for Hilton Garden Inn San Diego

SAN DIEGO — Meridian Capital Group has arranged $23.1 million in financing for the acquisition of Hilton Garden Inn San Diego Mission Valley Stadium in San Diego. The name of the borrower was not released. Seth Grossman, Steven Adler and Jackie Tran of Meridian Capital Group secured the 10-year CMBS loan, which features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule. Located at 3805 Murphy Canyon Road, the four-story hotel features 178 …

Pebblebrook, Margaritaville to Open 462-Room Resort in San Diego

SAN DIEGO — A partnership between Pebblebrook Hotel Trust (NYSE: PEB) and Margaritaville Holdings will open a 462-room beachfront hotel and resort in San Diego. The Margartitaville Island Resort San Diego will be located on the 44-acre Vacation Island in the city’s Mission Bay area. The site is the current home of Paradise Point Resort & Spa, which will be renovated and converted to the Margaritaville hotel. Project costs are estimated at $35 million. The hotel will feature a mile …

Greysteel Arranges Construction Financing for 71-Room Hotel Project in Austin

AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for a 71-room hotel project in Austin. The hotel will be located at the intersection of Tech Ridge Boulevard and East Yager Lane and will be operated under InterContinental Hotels Group’s Avid brand. Mitt Patel and Daniel Hartnett of Greysteel arranged the loan, which carries a seven-year term, on behalf of the undisclosed borrower. Construction is underway and expected to be complete by the end of

Knighthead Provides $37.7M Loan for Hotel Conversion Project Near Boston

CAMBRIDGE, MASS. — Knighthead Funding LLC, a Connecticut-based private lender, has provided a $37.7 million construction loan for the completion of a hotel conversion project in Cambridge, located across the Charles River from Boston. The project involves the conversion of a four-story multifamily building into a 67-room hotel that will house ground-floor retail space and features a rooftop lounge. Hay Creek will manage the new hotel, which is slated to open in the first quarter of 2020. …

Related Beal Opens 65-Room Whitney Hotel in Boston’s Beacon Hill Area

BOSTON — Locally based developer Related Beal has opened a 65-room Whitney hotel located at the corner of Charles and Cambridge streets in Boston’s Beacon Hill neighborhood. The luxury boutique hotel also houses four premium suites and is attached to a new Mediterranean-style restaurant called Peregrine. Other amenities include a fitness studio, outdoor courtyard and rentable sailboats and bikes. Boston-based Hacin + Associates was the project architect, and Harrisburg, Pa.-based Hersha …

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