Hospitality

MIDLAND, MICH. — Marcus & Millichap has arranged the sale of the SpringHill Suites by Marriott Midland for an undisclosed price. The 96-room, three-story hotel is located just off US Highway 10 in Midland, a city in central Wisconsin. The asset is set to undergo a full renovation to the newest Marriott brand standards. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investor groups. Chris Gomes and Allan Miller of the brokerage firm were also listed on the deal as supporting brokers.

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GLENDALE, ARIZ. — Bradford Allen’s investment arm has purchased Aloft Glendale at Westgate, a hotel located at 6920 N. 93rd Ave. in the Phoenix suburb of Glendale. Terms of the transaction were not released. The 100-room hotel features an outdoor splash pool, Re:charge fitness center, gift shop, convenience store, meeting spaces, social lounge and the WXYZ bar featuring a full menu, signature cocktails and live music. Bill Murney of Cushman & Wakefield represented the seller, HCW Hospitality & Development, in the transaction. The acquisition marks the Bradford Allen’s second purchase in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022.

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MIAMI BEACH, FLA. — Hyatt Hotels Corp. plans to renovate The Confidante Miami Beach, a 354-room hotel that comprises three towers overlooking the Atlantic Ocean. The hotel giant is rebranding The Confidante as Andaz Miami Beach and plans to debut the overhauled hotel in the fourth quarter. The hotel’s owner, Sunstone Hotel Investors Inc., will suspend operations from late March through the end of the hotel’s renovation. The improvements will include a redesigned lobby, two reconceptualized pools and outdoor recreation experience and redesigns for the hotel’s spa, guestrooms, suites and 25,000 square feet of event and meeting space. Sunstone and Hyatt are also partnering with a new culinary provider, José Andrés Group, at Andaz Miami Beach, including an outdoor venue on the second level called Andaz Lounge. The hotel will be the first Florida property for the Andaz brand, which has 29 properties globally to date.

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WOODBURY, MINN. — Marcus & Millichap has arranged the sale of the La Quinta Inn & Suites St. Paul-Woodbury for an undisclosed price. The 108-room, newly built hotel is located at 700 Bielenberg Drive in the Twin Cities suburb of Woodbury. Jon Ruzicka, Jared Plamann, Jake Erickson and Joseph Ferguson of Marcus & Millichap represented the buyer and seller, both of which requested anonymity.

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HAMMOND, IND. — Marcus & Millichap has brokered the sale of the Fairfield Inn & Suites Southeast | Chicago for an undisclosed price. The 94-room hotel is located at 7720 Corinne Drive in Hammond, a city in Northwest Indiana. The four-story property features an indoor breakfast area, fitness center, meeting space, laundry facility, dry cleaning service and convenience store. The hotel will undergo a full renovation in the coming year. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. Marcus & Millichap’s Chris Gomes and Allan Miller were listed on the deal as supporting brokers, and Josh Caruana, the firm’s broker of record in Indiana, assisted in closing the transaction.

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ROCKLIN, CALIF. — LRE & Cos. has received approval from the City of Rocklin for the development of University Square, a 10-acre mixed-use destination project at the intersection of Sunset Boulevard and University Avenue in Rocklin, approximately 20 miles northeast of Sacramento. Slated for completion by the end of 2025, University Square will feature more than 20,000 square feet of retail space, 5,000 square feet of space for quick-service restaurants with drive-thrus, a 123-room Hilton Garden Inn, a 10,000-square-foot daycare center and a 3,700-square-foot Circle K convenience store and a car wash. A construction timeline was not released.

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LANSING, MICH. — Marcus & Millichap has arranged the sale of the Quality Suites Lansing, a 115-room hotel in Lansing. The sales price was undisclosed. Located at 901 Delta Commerce Drive, the property features a fitness center, business center, conference room, event space and a sauna. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. Chris Gomes and Allan Miller of Marcus & Millichap were also listed on the deal as supporting brokers, and Steven Chaben, broker of record in Michigan, assisted in closing the transaction.

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BOSTON — Dallas-based REIT Ashford Hospitality Trust has entered into a definitive agreement to sell the 390-room Hilton Boston Back Bay Hotel for $171 million. Located at 40 Dalton St., the hotel offers a mix of traditional guestrooms and suites and amenities such as a fitness center, meeting and event rooms and an onsite restaurant. The deal is expected to close before the end of March. The buyer was not disclosed. The sales price represents a cap rate of 7.3 percent based on the property’s 2023 net operating income of $14.9 million.

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NEW YORK CITY — Madison Realty Capital, a locally based real estate private equity firm, has provided $133 million in financing for a 51-story, 379-room hotel in Manhattan’s Hudson Yards district. According to New York YIMBY, Aloft will be the hotel operator. The borrower, an affiliate of Marx Development Group, will use the proceeds to complete construction and stabilize the property, which is located directly across from the Javits Center at 450 Eleventh Ave. The hotel will offer 61 double queens, 267 kings, 41 king corner suites, four luxury suites and six luxury duplex suites. Amenities will include a multi-level, 7,224 square-foot restaurant with outdoor terrace space, as well as a spa, fitness center, business center, lounge, bar, ballroom and banquet and conference spaces. DSM Design Group served as the project architect, and Atria Builders is the general contractor. A full completion date was not disclosed.

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NEW YORK CITY — Walker & Dunlop has arranged a $103 million CMBS loan for the refinancing of Casa Cipriani, a 47-room luxury hotel, private members club and event space located along the Lower Manhattan waterfront. The property was originally constructed in 1909 as the Battery Martime Building to serve ferries traveling to Brooklyn. The sponsor, a partnership between Cipriani, Midtown Equities and Centaur Properties, completed the redevelopment in 2021. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the debt through Citigroup, J.P. Morgan and Argentic.

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