Hospitality

Songy Highroads to Open 218-Room Hyatt Centric Buckhead Atlanta Hotel

by Julia Sanders November 24, 2021

ATLANTA — Songy Highroads (SHR) will open the Hyatt Centric Buckhead Atlanta, a 218-room hotel located in Atlanta’s Buckhead district. The hotel will open in mid-December adjacent to Bloomingdale’s at Lenox Square. In early 2020, Atlanta-based SHR started to develop the hotel in a joint venture with Hyatt Hotels Corp. New York-based Sawyer & Co. designed the hotel. The Hyatt Centric Buckhead Atlanta hotel has two dining options both run by James Beard Award-winning chef Hugh Acheson. One of the dining options is Mount Royal, a Montreal-style steakhouse. The menu combines French cooking techniques with Southern cuisine, and will change often based on seasonal vegetables, fruit and other ingredients sourced from local farmers and artisans. The other dining option, Spaceman, will anchor the hotel’s 15th floor rooftop. Spaceman is a bar and sports lounge with a menu of shareable bites plus wine, beer and cocktails. The dining option will offer indoor seating plus dual outdoor patios, as well as yard games and TVs to stream live sports and events. The lounge will be able to be rented for private parties and corporate events. The Johnson Studio at Cooper Carry, an Atlanta-based design firm for hospitality, designed both restaurants. The hotel …

November 24, 2021

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers $55.5M Sale of Martinique New York Hotel in Manhattan

by Taylor Williams November 24, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $55.5 million sale of the 531-room Martinique New York hotel, located at the corner of Broadway and 32nd Street in Manhattan. Eric Anton and Nelson Lee led a Marcus & Millichap team that represented the seller, New York-based Herald Hotel Associates LP, in the transaction. The buyer was Oklahoma City-based Burnett Equities. Marcus & Millichap also represented the new ownership in negotiations for several retail leases that were recently signed at the property.

November 24, 2021

Development Hospitality Midwest North Dakota

New Extended Stay America Suites Hotel Opens in Minot, North Dakota

by Kristin Harlow November 19, 2021

MINOT, N.D. — ESH Strategies Franchise LLC has opened the first Extended Stay America Suites hotel in North Dakota. The three-story, 66-room hotel is located in Minot. Elevation LLC is the property owner and National Hospitality Services is the operator. The hotel features a market, onsite bar, business center, meeting space, complimentary breakfast, Wi-Fi and an outdoor pavilion. The 440-square-foot suites are equipped with refrigerators, stovetops, cookware, dishes and walk-in closets.

November 19, 2021

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Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

by John Nelson November 18, 2021

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

November 18, 2021

Florida Hospitality Loans Southeast

JLL Secures $180M Refinancing for Miami Beach Edition Hotel

by Julia Sanders November 17, 2021

MIAMI BEACH, FLA. — JLL’s Hotels & Hospitality Group has secured $180 million in financing for the Miami Beach Edition hotel, a 294-room hotel located at 2901 Collins Ave. on the beach. Kevin Davis and Barnett Wu of JLL Hotels & Hospitality arranged the financing on behalf of the undisclosed borrower. Redesigned in 2014, Miami Beach Edition offers traditional guest rooms and suites, including 28 private bungalows and a rooftop penthouse, and has direct access to 380 linear feet of beachfront. Hotel amenities include two outdoor pools, a fitness facility, spa and a basement, which includes an underground nightclub with a bowling alley and ice skating rink. The property also offers three food and beverage outlets, including Matador Room/Bar, Market at Edition and Tropicale and Lobby Bar. The resort offers a private oceanfront beach club with approximately 300 active members. Located on a 3.5-acre site, the hotel is situated 8.7 miles from downtown Miami, one mile from Miami Beach Convention Center and 11.8 miles from Miami International Airport.

November 17, 2021

Acquisitions District of Columbia Hospitality Southeast Top Stories

Reports: Trump Organization Agrees to Sell Washington, D.C. Hotel for $375M

by Taylor Williams November 15, 2021

WASHINGTON, D.C. — The Trump Organization has entered into an agreement with Miami-based investment firm CGI Merchant Group to sell its namesake hotel in the nation’s capital for $375 million, according to multiple news outlets including The Wall Street Journal, which broke the news. The Journal reports that the new ownership will remove the Trump name and signage from the 263-room luxury hotel, which opened in 2016 at 1100 Pennsylvania Ave., just a few blocks from The White House. The project was a redevelopment of a former U.S. Post Office building, which has served many functions since its construction in the late 1800s. Lastly, the business publication states that CGI Merchant Group has reached an agreement with Hilton Worldwide Holdings Inc. (NYSE: HLT) to operate the property under the Hilton Waldorf Astoria brand. The sale is expected to close in the fourth quarter, per the Journal. The hotel was valued at $212 million when it opened. At that time, the property housed the Benjamin Bar & Lounge, restaurant BLT Prime, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes a 4,000-square-foot presidential suite, which is located in the former Postmaster General’s office. …

November 15, 2021

Development Hospitality Texas

3D Development, Midas Open 123-Room Element by Westin Hotel in Metro Dallas

by Taylor Williams November 15, 2021

RICHARDSON, TEXAS — A joint venture between 3D Development, which has offices in Georgia, Texas and Tennessee, and St. Louis-based hotel investment and management firm Midas has opened a 123-rom Element by Westin hotel in the northeastern Dallas suburb of Richardson. The four-story hotel, which is located within a 5.2-acre mixed-use development, features suites with fully equipped kitchens. Gray Design Group served as the project architect, and MW Builders was the general contractor. Commerce Bank provided construction financing.

November 15, 2021

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges $2.5M Sale of Motel 6 Property in Indianapolis

by Kristin Harlow November 12, 2021

INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Motel 6 hotel property in Indianapolis for $2.5 million. The 72-room hotel is located at 4585 S. Harding St., about 10 miles from the Indianapolis International Airport. Ebrahim Valliani, Michael Klar, Chris Gomes, Allan Miller and Robert Marro of Marcus & Millichap represented the seller, a Texas-based private investor. Alexandre Duong and Alex Fifner of Marcus & Millichap represented the buyer, a limited liability company.

November 12, 2021

Acquisitions Hospitality Michigan Midwest

Waramaug Purchases 256-Room Radisson Hotel in Lansing, Michigan

by Kristin Harlow November 10, 2021

LANSING, MICH. — Waramaug Hospitality, a privately held investment firm focused on select-service and full-service hotels, has purchased the Radisson Hotel Lansing at the Capitol for an undisclosed price. The 256-room hotel is the only full-service hotel in downtown Lansing, according to Waramaug. The property features an onsite restaurant and bar, fitness center, indoor pool and more than 10,000 square feet of meeting space. The second floor of the hotel connects to the Lansing Center, the 125,000-square-foot convention center owned by the city. Waramaug is planning a complete renovation of the property and will rebrand it as a Doubletree by Hilton upon completion. Terrapin Hospitality will manage the asset. Nate Sahn of CBRE brokered the sale. The seller was undisclosed.

November 10, 2021

Acquisitions Hospitality Midwest Wisconsin

Brick by Brick Capital Acquires Historic Four Seasons Island Resort in Pembine, Wisconsin

by Kristin Harlow November 9, 2021

PEMBINE, WIS. — An affiliate of Chicago-based Brick by Brick Capital, in partnership with tech-enabled hotel operator Life House, has acquired the historic Four Seasons Island Resort in the Northeast Wisconsin town of Pembine. The purchase price was undisclosed. The deal represents the first hotel in Wisconsin for both Brick by Brick and Life House, and the first of several planned acquisitions across the upper Midwest. Originally built in 1905 by the Wisconsin-Michigan Railroad Co., the 70-acre resort was a popular destination for visitors arriving by railroad from Chicago during the summer months. The hotel is located on Miscauno Island along a scenic stretch of the Menominee River, which is the natural border separating Wisconsin from the Upper Peninsula of Michigan. Life House will operate a wide array of amenities, including four dining options, a nine-hole golf course, wedding and conference facilities, an indoor pool, fitness room, arcade, pontoon boat tours and cross-country ski rentals.

November 9, 2021

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