Hospitality

Athens Group, MSD Partners Acquire Naples Beach Hotel & Golf Club in Florida, Plan Mixed-Use Redevelopment

by John Nelson November 9, 2021

NAPLES, FLA. — A partnership between The Athens Group and MSD Partners has purchased Naples Beach Hotel & Golf Club, a 125-acre resort that fronts the Gulf of Mexico in Naples. The Watkins Family sold the beachfront resort to the partnership for an undisclosed price, but the Naples Daily News reports the price tag exceeded $362 million. The new ownership plans to redevelop the resort into a mixed-use destination called Naples Beach Club. The development will include a 216-room hotel operated by Four Seasons Hotels and Resorts, the first Four Seasons property on the Gulf Coast. The lodging component will include indoor and outdoor lounges connected to the lobby; a beachside garden with outdoor pools, cabanas and an event lawn; high-end stores; an event ballroom; and multiple dining experiences. In addition, guests will have access to Market Square, which will comprise a general store; bar and grill with a game room and bowling alley; a kids club; and an activities lawn for events featuring eateries including an ice cream parlor. Naples Beach Club will also feature 185 for-sale residential units managed by Discovery Land Co., with amenities for residents and members that include golf, tennis, fitness center, spa and clubhouse. Hart …

November 9, 2021

Acquisitions Hospitality Texas

Summit Hotel Properties Enters into Agreement to Buy NewcrestImage Portfolio for $822M

by Taylor Williams November 8, 2021

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN), an Austin-based hospitality REIT, has entered into an agreement to purchase a portfolio of 27 hotels totaling 3,709 rooms from Dallas-based developer NewcrestImage. The price tag of $822 million comprises $776.5 million for the hotels, or $209,000 per room, as well as $24.8 million for two parking structures and $20.7 million for various financial incentives. Three of the hotels are located in Louisiana, and three are located in Oklahoma with the remainder in various Texas markets. The portfolio includes properties that are operated under brands such as AC Hotels by Marriott, Hilton Garden Inn, Residence Inn by Marriott and Canopy by Hilton, among others. More than 70 percent of the rooms were developed in 2015 or later. Bank of America and Wells Fargo have provided $410 million in acquisition financing to Summit Hotel Properties. The deal is expected to close in late in the fourth quarter of this year or in early 2022.

November 8, 2021

Acquisitions Hospitality Mississippi Southeast

MCR Acquires Courtyard by Marriott Oxford Hotel Near University of Mississippi

by Julia Sanders November 8, 2021

OXFORD, MISS. — MCR, which has offices in New York City, Dallas, Chicago and Richmond, has acquired the Courtyard by Marriott Oxford in Oxford, near the University of Mississippi’s campus. The property is MCR’s first hotel in the state. The sales price and seller were not disclosed. The Courtyard by Marriott Oxford offers 121 guestrooms and suites. The property has 18 suites, including the Loft, which is a duplex with a private patio and wet bar, and the Presidential, a two-bedroom pad with sitting and dining areas. The property’s guestrooms include a microwave, mini refrigerator and Wi-Fi. The hotel amenities include a fitness center, indoor pool, 24-hour sundry shop, 24-hour business center and complimentary parking. Food and beverage options include The Bistro, which serves breakfast, dinner and specialty beverages, and the Green Roof Lounge, a rooftop bar serving cocktails and food with views of the Vaught-Hemingway Stadium. Located at 305 Jackson Ave. E., the Courtyard by Marriott Oxford is situated within walking distance from the University of Mississippi and the Burns-Belfry Museum and Multicultural Center. The property is also situated near The Square, Oxford’s downtown district that has over 70 restaurants, museums, art galleries and shops. Nearby retailers include Frutta …

November 8, 2021

Acquisitions Hospitality Texas Top Stories

Highgate, Cerberus Agree to Acquire Hospitality REIT CorePoint Lodging for $1.5B

by Taylor Williams November 8, 2021

IRVING, TEXAS — A joint venture between affiliates of national hospitality management firm Highgate and New York City-based private equity firm Cerberus Capital Management have agreed to acquire CorePoint Lodging (NYSE: CPLG) in a deal valued at $1.5 billion. The transaction is expected to close in the first quarter of 2022. CorePoint Lodging is a hospitality REIT based in Irving that is focused on select-service hotels that was spun off from La Quinta Holdings Inc. in 2018. The company’s portfolio comprises about 170 properties throughout the country, the majority of which are operated under the La Quinta brand. Under the terms of the merger agreement, Highgate and Cerberus will acquire all outstanding shares of CorePoint common stock at $15.65 per share in an all-cash transaction. The price represents a premium of approximately 42 percent to CorePoint’s closing share price on July 13, 2021, the last trading day prior to the company’s public announcement of its strategic alternatives process. In addition, the purchase price reflects the joint venture’s assumption of CorePoint’s corporate debt and a $160 million buyer liability reserve for a matter involving the Internal Revenue Service (IRS). On Friday, Nov. 5, CorePoint received a settlement offer from the IRS related …

November 8, 2021

Development Hospitality Texas

American Liberty Hospitality Opens 300-Room Dual-Branded Hotel in Houston

by Taylor Williams November 3, 2021

HOUSTON — Locally based owner-operator American Liberty Hospitality has opened a dual-branded hotel at 6840 Almeda Road on the Michael E. DeBakey Veterans Affairs Medical Center campus in Houston. The combined Hilton Garden Inn and Home2 Suites by Hilton total 300 rooms and include a pool, fitness center, business center, dog run and 3,600 square feet of shared meeting and event space. Project partners included Houston-based design firm MCS Architects, general contractor Arch-Con Corp. and construction lenders Amegy Bank and United Missouri Bank.

November 3, 2021

Acquisitions Hospitality Washington Western

SPI Hospitality Buys Five-Property Woodspring Suites Hotel Portfolio in Washington for $88M

by Amy Works November 2, 2021

REDMOND, TUKWILA, RICHLAND, LAKEWOOD AND VANCOUVER, WASH. — Dallas-based SPI Hospitality has acquired five Woodspring Suites properties in Washington for a total of $88 million. West77 Partners sold the portfolio for $88 million. The 596-room, extended-stay hotel portfolio includes Woodspring Suites Redmond at 7045 180th Ave. NE in Redmond, Woodspring Suites Tukwila at 15637 W. Valley Highway in Tukwila, Woodspring Suites Richland at 1370 Tapteal Drive in Richland, Woodspring Suites Lakewood at 11329 Pacific Highway in Lakewood and Woodspring Suites Vancouver at 200 NE 104th Ave. in Vancouver. The Redmond and Tukwila properties were completed in 2018, the Richland and Lakewood assets opened in late 2020 and the Vancouver hotel is slated to open in November. Matthew Behrens, Chris Burdett and Jordan Caudill of CBRE Hotels represented the seller in the transaction.

November 2, 2021

California Hospitality Loans Western

Berkadia Secures $148M in Refinancing for Town & Country Resort in San Diego

by Amy Works November 1, 2021

SAN DIEGO — Berkadia has secured a $148 million loan for the refinancing of Town & Country Resort in San Diego. The borrower is a partnership between Lowe and Atlas Hotels. Scott Hall and Aaron Lapping of Berkadia arranged the floating-rate loan through Värde Partners for the borrower. Situated on 31 acres in San Diego’s Mission Valley submarket, Town & Country Resort features 671 guest rooms, five food and beverage outlets, two resort pools, a water slide and more than 292,000 square feet of indoor and outdoor meeting space. CoralTree Hospitality Group manages the resort.

November 1, 2021

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

by Sarah Daniels November 1, 2021

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …

November 1, 2021

Development Hospitality Mixed-Use Office Restaurant Texas Top Stories

HALL Group Unveils Plans for $7B Mixed-Use Expansion at HALL Park Office Complex in Frisco, Texas

by Katie Sloan October 29, 2021

FRISCO, TEXAS — Dallas-based developer HALL Group has unveiled plans for the $7 billion mixed-use expansion of HALL Park, an existing 2.2 million-square-foot, 15-building office park located in Frisco. The full master plan will bring the development to 9.5 million square feet with a mix of office, hospitality, residential and retail uses. The $500 million first phase of development includes a Class A office tower, 154-key boutique hotel, 19-story luxury residential tower, a collection of 60 executive suites and a 10,000-square-foot food hall surrounding a community park. HKS Architects designed the 16-story office building, which will span 410,000 square feet. Amenities include 10,000 square feet of ground-level retail and restaurant space, a corporate lounge, fitness center, meeting space to accommodate upwards of 230 people, a seven-level parking garage and rooftop decks. Merriman Anderson Architects designed the 110,000-square-foot, full-service hotel component of the project, which will offer 13,000 square feet of indoor and outdoor event space, including a 3,000-square-foot ballroom; an outdoor swimming pool; gardens; a state-of-the-art fitness center; chef-driven restaurant and bar; and an expansive patio overlooking the community park. WDG Architecture designed the 331,529-square-foot residential tower with interiors by Dallas-based Waldrop + Nichols Studio. The community will offer one- …

October 29, 2021

Acquisitions Hospitality Multifamily North Carolina Southeast

Blaze Capital, Argosy Purchase Extended-Stay Hotel in Southwest Charlotte for Multifamily Conversion

by Julia Sanders October 28, 2021

CHARLOTTE, N.C. — Blaze Capital Partners and Argosy Real Estate Partners have purchased The Spoke at Tyvola Station, an extended-stay hotel in the Southwest submarket of Charlotte, with plans to convert the former hotel into a 116-unit multifamily community. The seller and sales price were not disclosed. Built in 1985 as a hotel, The Spoke at Tyvola Station was renovated in 1998 and recently underwent additional interior upgrades over the past 18 months. As part of the repositioning plans, Blaze Capital and Argosy will renovate the interior units and common areas, including the clubhouse, leasing office, exterior curb appeal and landscaping. The Spoke at Tyvola Station will include 10 two-story residential buildings and one three-story building with a mix of one- and two-bedroom floorplans. Community amenities will include a clubhouse, swimming pool and outdoor lounges. Located at 5816 Westpark Drive, The Spoke at Tyvola Station offers access to Interstate 77 and Tyvola Road. The community is situated about 6.5 miles from downtown Charlotte and about 8.3 miles from Charlotte-Douglas International Airport.

October 28, 2021

Newer Posts

Older Posts