AMARILLO, TEXAS — Dallas-based hospitality developer and management firm NewcrestImage has sold the 91-room Hyatt Place and 90-room Tru by Hilton hotels in Amarillo. Two different affiliates of locally based investment firm KAMP Hotels LLC purchased the properties, both of which rise four stories, for undisclosed prices. NewcrestImage continues to operate two hotels in downtown Amarillo: a 107-room Courtyard by Marriott and a 226-room Embassy Suites.
IVINS CITY, UTAH — D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for the 278-acre Black Desert Public Infrastructure District (PID). The proceeds will fund Black Desert Resort at Entrada, a commercial and residential resort in Ivins City. Black Desert Resort at Entrada will offer 148 hotel rooms; 299 hotel condominium units; a 200-acre, 19-hole golf course; miles of nearby trails; a wellness spa; and 46,160 square feet of retail and restaurant space. The property will also feature 32 single-family estates, 783 condominium units and approximately 214,000 square feet of commercial space, with the amenities of the resort center available for full-time residents. The first phase of development is expected to create 500 new jobs and future long-term employment opportunities. Construction on the first phase commenced in 2020 and full buildout of the commercial and residential resort is slated for 2027. The development is being undertaken by Enlaw LLC, a Delaware limited liability company that is primarily owned by Reef Capital Partners.
SAN DIEGO — Kawa Capital Management has partnered with CL Hotels LLC to purchase Hotel La Jolla, a Curio Collection Hilton hotel located in the La Jolla neighborhood of San Diego. Terms of the acquisition were not released. The partnership plans to implement a $5 million to $6 million improvement plan for the 11-story hotel, which features 110 guestrooms. The program will update the guest rooms, lobby, pool area, restaurant and meeting space. The renovation will not interrupt operations and will take approximately two years to complete.
SPRING, TEXAS — Esperanto Developments, an El Paso-based hospitality firm, will open the 103-room Hotel Indigo in Spring, a northern suburb of Houston, on Nov. 17. The four-story property includes four suites and amenities such as a pool, fitness center and a business center. In terms of food and beverage, Hotel Indigo offers a sit-down restaurant, room service, a grab-and-go bar and a poolside bar.
MIAMI BEACH, FLA. — Walker & Dunlop has secured $164 million in financing for The Goodtime Hotel in Miami Beach. Groot Hospitality opened the hotel in April 2021. The Goodtime Hotel has 266 rooms, two restaurants, a 30,000-square-foot pool club, 45,000 square feet of ground-floor retail, a gym, library and 242 parking spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and Sean Bastian of Walker & Dunlop arranged the financing. JP Morgan is the lender for the three-year, interest-only bridge loan with two one-year extension options. The borrower is Dreamscape.
CAMBRIA, CALIF. — San Diego-based Pacifica Cos. has completed the sale of El Colibri Hotel & Spa, a coastal boutique hotel in Cambria. Aliso Viejo-based Pacifica Hotels acquired the property for an undisclosed price. El Colibri Hotel & Spa features 34 guest rooms, the Nest Day Spa, a self-pour wine and beer tap wall, Tesla charging stations and beach cruiser rentals. Scott Hall and Aaron Lapping of Berkadia San Diego represented the seller in the transaction.
BETHESDA, MD. — Condor Hospitality Trust Inc. (NYSE: CDOR) has agreed to sell its entire hotel portfolio to affiliates of Blackstone Real Estate Partners for $305 million. The all-cash transaction does not include the assumption of any existing debt. Completion of the deal, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the company’s shareholders. The Bethesda-based real estate investment trust’s hotel portfolio includes 15 properties in eight states. Blackstone entered into voting agreements with Condor’s certain shareholders that hold approximately 60 percent of the common shares. Those shareholders voted in favor of the transaction.
HOLLYWOOD, FLA. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 369-room Margaritaville Hollywood Beach Resort in Hollywood. An affiliate of KSL Capital Partners LLC sold the asset for $270 million. Davidson Hospitality Group will continue to manage the lifestyle resort. Margaritaville Hollywood Beach Resort is located on 6.2 acres off the Hollywood Boardwalk with 450 linear feet of direct beach frontage. Built in 2015, the resort includes over 30,000 square feet of indoor and outdoor event space overlooking the Atlantic Ocean. The resort also features eight dining venues, including Jimmy Buffet’s Margaritaville, Landshark Bar & Grill, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and Floridays Airstream Cafe. Resort amenities also include the 11,000-square-foot St. Somewhere Spa, Fitness and Salon, multiple outdoor swimming pools, 22 full-service cabanas, the Flowrider Surf Simulator, the Parakeets Kid’s Club, retail outlets and live entertainment nightly at one of the resort’s several outdoor entertainment venues. Located at 1111 N Ocean Dr., Margaritaville Hollywood Beach Resort is located about 16.2 miles from Miami Beach and 9.6 miles from Fort Lauderdale. The resort is also about 6.4 miles from the Fort Lauderdale International Airport. Pebblebrook plans to make physical enhancements to the property …
LAS VEGAS — Blackstone (NYSE: BX) has entered into an agreement to sell The Cosmopolitan hotel and casino in Las Vegas to locally based hospitality and entertainment owner-operator MGM Resorts International (NYSE: MGM) for $5.6 billion. Blackstone originally acquired The Cosmopolitan in 2014 for approximately $1.6 billion, according to The Wall Street Journal. The firm subsequently invested more than $500 million in capital improvements to renovate the property’s 3,000 existing hotel rooms; add 67 new rooms and suites; enhance and expand the food and beverage offerings; and upgrade common areas and amenity spaces. Under the terms of the agreement, MGM will acquire the operations of The Cosmopolitan and sign a long-term net lease with a partnership between Cherng Family Trust, alternative investment firm Stonepeak Partners and Blackstone Real Estate Income Trust Inc. The deal is expected to close in early 2022. The Journal also reported that as of Friday, Sept. 24, The Cosmopolitan’s hotel rooms had been 87 percent occupied during the current month, with an average daily room rate of $448. The Cosmopolitan originally opened in 2010. In addition to its 3,000-plus hotel rooms, the development features a 110,000-square-foot casino; 300,000 square feet of retail and restaurant space; 150,000 …
KIRKLAND, WASH. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.
