DEER VALLEY, UTAH — PACE Equity has funded a $63.3 million mid-construction recapitalization using long-term, fixed-rate C-PACE financing for SkyRidge Resort in Deer Valley. Extell Development Co., in collaboration with Deer Valley Resort, is developing SkyRidge Resort. Designed for four seasons, SkyRidge Resort will offer the Stelle Lodge, a six-story resort with a rooftop bar, spa and guest services; a 310-yard golfing range with 15 hitting bays, a three-hole mountain golf course that converts into a nine-hole short course and the Golf Clubhouse with a bar and restaurant, grocer café and curated retail; and an Equestrian Center with a 34-stall barn, indoor and outdoor arena, a European walking path and scenic riding trails. SkyRidge Golf and Clubhouse are slated to open in late 2025, with theStelle Lodge scheduled to open in 2026.
TAMPA, FLA. — South Florida-based Two Roads Development has received $520 million in construction financing for Pendry Tampa and Pendry Residences Tampa, a hospitality and residential project that will be located in the city’s downtown area. Pendry is a luxury hospitality operating platform and a division of California-based Montage International. New York City-based Sculptor Capital Management and Connecticut-based Nuveen Green Capital provided the financing. The latter’s $290 million contribution came in the form of Commercial Property Assessed Clean Energy (C-PACE) financing. “We are thrilled to have closed the largest C-PACE transaction in history, partnering with Two Roads Development and Sculptor Capital on this transformative luxury property that will redefine Tampa’s skyline,” says Ryan Doyle, senior director of originations at Nuveen Green Capital. “This historic milestone showcases the growing sophistication and scale of C-PACE financing and its capacity to support major developments.” “Awareness of what’s happening in the Tampa Bay region is growing each year, and we received tremendous interest from across the nation to finance this development,” adds Taylor Collins, managing partner of South Florida-based Two Roads Development. Designed by Arquitectonica with interiors by Studio Munge, Pendry Tampa and Pendry Residences Tampa will be housed within a 38-story high-rise building …
ATLANTIC CITY, N.J. — Texas-based hospitality owner-operator NewcrestImage has opened the 105-room Seahaus Hotel in Atlantic City. The boutique hotel, which occupies a full city block along the city’s boardwalk and includes 6,600 square feet of retail space, will be operated as part of Marriott’s Tribute Portfolio family of brands. In addition to multiple onsite food-and-beverage options, the hotel offers a fitness center, live weekend entertainment and customized golf, boating and wellness options through local vendor partners.
MIAMI — Funds managed by Trinity Investments and Certares Real Estate Management have sold EAST Miami, a 352-room hotel located within the $1.1 billion Brickell City Centre mixed-use development. Funds affiliated with Blackstone Real Estate purchased the hotel for an undisclosed price. Built in 2016, EAST Miami features guest rooms, 89 serviced apartments and Sugar, a rooftop bar and dining venue. Trinity Investments and Certares acquired the property in 2021 from Swire Properties, the master developer of Brickell City Centre. Swire Hotels continues to operate the hotel under the company’s EAST hospitality brand.
INGLEWOOD, CALIF. — KPC Development Co. has topped out the construction of Kali Hotel and Rooftop, Autograph Collection, a $300 million hotel in Inglewood’s 300-acre Hollywood Park mixed-use development. Crescent Hotels & Resorts will manage the hotel, which will be part of Marriott Bonvoy’s global portfolio. Slated to open in September 2026, Kali Hotel and Rooftop will offer 300 guest rooms, including 34 suites, an all-day dining concept, lobby bar, pool and yoga deck, spa, fitness center and nearly 20,000 square feet of meeting and event space. The project team includes Clayco as general contractor, Lamar Johnson Collaborative as architect and Sixteenfifty Creative Intelligence and Gensler as interior designers.
GREENWICH, CONN. — Hawaii-based Trinity Investments has sold a majority interest in the 374-room Hyatt Regency Greenwich hotel in southern coastal Connecticut. The percentage was not disclosed. The building served as a printing press for Condé Nast from 1921 to 1967 before being redeveloped into a hotel. Trinity bought the hotel from Hyatt in late 2022 and subsequently implemented a $35 million capital improvement program. Today, the Hyatt Regency Greenwich features an indoor pool, fitness center, salon and 35,000 square feet of meeting and event space. The buyer was an affiliate of Certares Real Estate Management LLC.
LOS ANGELES — Sonnenblick-Eichner Co. has arranged $126.1 million in first mortgage debt for Pacifica Hotels to refinance a portfolio of seven hotels in Southern California. The three- and five-year fixed-rate loans were funded by a Wall Street investment bank and an insurance company. Totaling 601 rooms, the portfolio includes The Wayfarer San Diego; Sandcastle Hotel on the Beach, Spyglass Inn and Cottage Inn by the Sea in Pismo Beach; Inn at Venice Beach, The Kinney Venice Beach in Venice; and The Belamar Hotel, a Tapestry Collection by Hilton, in Manhattan Beach.
WILMINGTON, N.C. — CBL Properties, in a 49/51 joint venture with Vision Hospitality, has opened a new Element by Westin hotel at Mayfaire Town Center, a 610,000-square-foot, open-air shopping mall in Wilmington. Both CBL and Vision are headquartered in Chattanooga, Tenn. The 139-room hotel is situated on International Drive and includes a lobby bar, 24/7 fitness center and complimentary bicycle rentals. Since 2024, CBL has executed retail leases exceeding 100,000 square feet at Mayfaire, including deals with Dave & Busters, Altar’d State Kids, Rowan, Free People, FP Movement, Warby Parker, Claire’s, Vochos Urban Mexican Kitchen, Potbelly Sandwich Shop and Dry Bar. Additionally, existing tenants like lululemon athletica, Rack Room Shoes and Reed’s Jewelers have remodeled and expanded their stores at Mayfaire. CBL purchased the mall in 2015.
BIWABIK, MINN. — Kraus-Anderson’s Duluth office has completed construction of the new Pool & Sauna Haus at Giants Ridge in Biwabik, a city in northeast Minnesota. The $11.8 million, 9,700-square-foot facility expands the resort’s amenities. Construction began in July 2024. Designed by RSP Architects, the Pool & Sauna Haus features a pool, hot tub, locker rooms and a fireplace lounge that provides a space to gather after a day on the slopes, trails or golf courses. Outside the building are two standalone saunas. A new community room, available for public rental, offers flexible space for birthday parties, gatherings and events.
MIAMI — Northwind Group has provided a $98 million senior loan for the acquisition and redevelopment of 1250 West Ave., an existing 238-room condominium building located in Miami Beach. Terra is leading the project in partnership with JDS Development Group, Rafi Gibly and Gianluca Vacchi, which acquired more than 95 percent of the units at the property. The group plans to transform the property into a luxury condominium tower on Biscayne Bay, with new entitlements permitting development up to 330 feet in height, with an anticipated 100-unit residential program. Northwind Group originated the loan through its Northwind debt investment fund III. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the financing on behalf of the borrower.
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