Hospitality

Matthews Southwest Hospitality Unveils Plans for US Air Force Academy Hotel in Colorado Springs

by Amy Works February 25, 2022

COLORADO SPRINGS, COLO. — Matthews Southwest Hospitality (MSWH) has unveiled plans for a United States Air Force Academy Hotel in Colorado Springs. The development site is located at the U.S. Air Force Academy (USAFA) campus beneath Pikes Peak and the Rocky Mountains. The 317,000-square-foot resort-style hotel will feature 375 guest rooms with 19 suites; 26,000 square feet of meeting space and flexible banquet space with exterior terraces; a 12,000-square-foot grand ballroom and 6,000-square-foot junior ballroom; a signature rooftop bar and restaurant; six food and beverage outlets; fitness and spa facilities; an elevated pool; event lawn; and numerous outdoor spaces. The hotel will be part of TrueNorth Commons, a mixed-use development at the North Entrance of the U.S. Air Force Academy, which will include a USAFA visitor campus and commercial retail and office space. MSWH is developing the property with owner Provident Group – Falcon Properties. Atlanta-based BLUR Workshop is serving as architect and interior designer and GE Johnson will serve as general contractor. CoralTree Hospitality will manage the hotel. Construction is slated to begin this spring, with completion scheduled for 2024.

February 25, 2022

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Arizona Hospitality Loans Western

Cottonwood Group Arranges $104M Loan for Acquisition, Renovation of Scottsdale Resort at McCormick Ranch in Arizona

by Amy Works February 25, 2022

SCOTTSDALE, ARIZ. — Cottonwood Group has closed a $104 million acquisition and renovation loan for The Scottsdale Resort at McCormick Ranch, a destination hotel located at 7700 E. McCormick Parkway in Scottsdale. Florida-based Driftwood Capital acquired the asset. The Scottsdale Resort at McCormick Ranch features 278 guest rooms, six meeting rooms and a total of 23,245 square feet of meeting space.

February 25, 2022

Florida Hospitality Loans Southeast

TrueRate Services Arranges $42M Refinancing of Reunion Resort in Metro Orlando

by Julia Sanders February 21, 2022

KISSIMMEE, FLA. — TrueRate Services has arranged a $42 million loan on behalf of Kingswood International for the refinancing of The Reunion Resort in Kissimmee, about 22.6 miles from Orlando. Dan Gorczycki and Peter Stobierski of TrueRate Services secured the capital from an undisclosed New York-based finance company. The $42 million financing included a $34 million loan from Hillcrest Finance and an $8 million mezzanine loan from Trawler Capital. Both loans had three-year terms with two one-year options. Located at 7593 Gathering Drive, The Reunion Resort spans over 2,000 acres off Interstate 4. Resort amenities include three golf courses, tennis courts and academy, a spa and fitness center, 25,000 square feet of conference facilities, seven restaurants, 11 swimming pools and a five-acre water park. The Reunion Resort owns 25 villas, but an additional 271 villas and 87 homes participate in the resort’s rental management program. Since purchasing the property in early 2019 from LRA Orlando LLC, the previous owner invested $9 million in renovations. The loan proceeds will be used to pay off the existing acquisition loan, relocate golf holes and expand the water park.

February 21, 2022

Colorado Development Hospitality Loans Multifamily Western

Parkview Financial Provides $42.5M Loan for Acquisition, Redevelopment of Hotel Elegante in Colorado Springs

by Amy Works February 21, 2022

COLORADO SPRINGS, COLO. — Parkview Financial has provided a $42.5 million loan to Austin, Texas-based Shir Capital for the purchase, redevelopment and repositioning of Hotel Elegante, a hotel at 2886 S. Circle Drive in Colorado Springs. Built in 1974 on 17 acres, Hotel Elegante features 496 guest rooms, a conference center, restaurant, pool and lounge. With the sale complete, Shir Capital has a planned phased renovation for the common areas, as well as the conversion of the rooms to studio apartments over the next 24 months. Working within the current room layouts, Shir Capital will add kitchenettes and closets, and perform upgrades to modernize the rooms. The units are approximately 350 square feet and all utilities will be included in the rent. Additionally, the 29,600-square-foot conference center will be converted into self-storage, which a third-party operator will manage. Malcomb Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners arranged the financing on behalf of the borrower.

February 21, 2022

Acquisitions Hospitality Indiana Midwest

Mumford Co. Negotiates Sale of 180-Room Sheraton Hotel in Jeffersonville, Indiana

by Kristin Harlow February 21, 2022

JEFFERSONVILLE, IND. — Mumford Co. has negotiated the sale of the Sheraton Louisville Riverside Hotel in Jeffersonville, just north of Louisville along the Ohio River. The 180-room hotel rises 10 stories. Affiliates of Sotherly Hotels Inc. sold the property to Riverside Hotel LLC, a partnership of two multi-unit hotel ownership groups with holdings across the eastern half of the U.S. The buyer plans to continue operating the hotel under the Sheraton brand and undertake a renovation program. Our Town Hospitality will be retained as property manager. David Mumford, Burton Brooks and George Arvanitis of Mumford Co. brokered the transaction.

February 21, 2022

Hampton-Inn-Phoenix-Airport-North-Phoenix-AZ

Acquisitions Arizona Hospitality Western

CBRE Negotiates Purchase of 106-Room Hampton Inn Phoenix Airport North

by Amy Works February 18, 2022

PHOENIX — CBRE has arranged the acquisition of Hampton Inn Phoenix Airport North, a hotel located near Phoenix Sky Harbor International Airport in Phoenix. A private, California-based investor acquired the asset from a Washington, D.C.-based real estate investment firm for an undisclosed price. Located at 601 N. 44th St., the hotel features 106 guest rooms, three meeting rooms, 2,024 square feet of event space, a fitness center and outdoor pool. Jennifer Bergamo, Rick Rush and Cater Gradwell of CBRE Hotels Capital Markets represented the buyer and seller in the transaction.

February 18, 2022

Acquisitions Hospitality Midwest Missouri

Mumford Co. Negotiates Sale of 25-Room Hotel in Portageville, Missouri

by Kristin Harlow February 16, 2022

PORTAGEVILLE, MO. — Mumford Co. has negotiated the sale of the New Orleans Inn in the southern Missouri city of Portageville for an undisclosed price. The two-story hotel is home to 25 rooms. George Arvanitis of Mumford represented the seller, Tennessee-based AARTI Inc., and procured the buyer, Nevada-based Stealth Invest LLC. The acquisition marks the third hotel in the buyer’s portfolio.

February 16, 2022

Acquisitions Hospitality Massachusetts Northeast

Wynn Resorts Enters into $1.7B Sale-Leaseback Agreement for Encore Boston Harbor

by Taylor Williams February 16, 2022

EVERETT, MASS. — Las Vegas-based Wynn Resorts (NASDAQ: WYNN) has entered into an agreement with San Diego-based REIT Realty Income Corp. to sell and lease back Encore Boston Harbor, a luxury resort and casino located outside the state capital in Everett. Under the terms of the deal, which is expected to close in the fourth quarter, Wynn will sell all of the real estate assets to Realty Income for $1.7 billion in cash while continuing to operate the property. However, Wynn will retain ownership of a nearby 13-acre site that will eventually house parking and other non-gaming amenities. Wynn will also enter into a triple-net lease with Realty Income that calls for an initial annual rent of $100 million with 1.75 percent increases for the first 10 years. The initial lease term is 30 years, and the contract includes one 30-year renewal option.

February 16, 2022

Development Hospitality Texas

Brasfield & Gorrie Tops Out 510-Room Omni PGA Frisco Resort

by Taylor Williams February 14, 2022

FRISCO, TEXAS — General contractor Brasfield & Gorrie has topped out the Omni PGA Frisco Resort, a 510-room hospitality project in metro Dallas. Omni Resorts is developing the property in partnership with the City of Frisco and the PGA of America, which is in the midst of relocating its headquarters from South Florida to the northern Dallas suburb. The relocation represents a total investment of $520 million for Frisco. Guests of the hotel will have access to two 18-hole courses, a 10-hole short course and a two-acre putting green, as well as 12 food and beverage options, three pools, a spa and 127,000 square feet of meeting and event space. SB Architects designed the project. Completion is slated for spring 2023.

February 14, 2022

Acquisitions Florida Hospitality Southeast

Integra Investments, Activate Hospitality Sell Miami Beach Hotel for $23.5M

by Julia Sanders February 11, 2022

MIAMI BEACH, FLA. — Locally based partners Integra Investments and Activate Hospitality have sold Sixty Sixty Resort, an 82-room hotel located in Miami Beach, for $23.5 million. Gregory Rumpel of JLL Capital Markets brokered the deal. Bloom Hotels is the buyer. Sixty Sixty is a 16-floor building that was built as a condo-hotel in 1992. In 2020, the previous owners planned renovations for the property, including the addition of a ground-floor restaurant and café. Situated at 6060 Indian Creek Drive, Sixty Sixty offers direct ocean access and panoramic views of downtown Miami and Miami Beach. The property’s features include a 2,000-square-foot dock, pool and two rooftop terraces. The building affords patrons access to a plethora of dining, retail and entertainment options, including the renowned Bal Harbour shops and Lincoln Road.

February 11, 2022

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