SOUTHLAKE, TEXAS — Florida-based investment firm Driftwood Capital has acquired Hilton Dallas Southlake Town Square, a 248-room hotel located near DFW International Airport in Southlake. Built in 2007, the five-story hotel offers amenities such as an outdoor pool, fitness center, an onsite restaurant and 18,000 square feet of meeting and event space. The new ownership plans to invest $5 million in capital improvements over the next 12 months.
ORLANDO, FLA. — HG Management affiliate 51 Columbia Hotel Property LLC has opened TownPlace Suites by Marriott, a 110-room hotel in Orlando’s South Orange district. The hotel offers studio and one-bedroom suites with fully equipped kitchens, flat-screen TVs and work areas. Hotel amenities include a pool, 24-hour fitness center, meeting room, laundry facilities, Wi-Fi and a business center. The asset is situated at 51 Columbia St., one mile south of downtown Orlando. Naples, Fla.-based Naples Hotel Group will manage the property.
WRIGHTSVILLE BEACH, N.C. — Marcus & Millichap has negotiated the $30.3 million sale of a Holiday Inn Resort in Wrightsville Beach. The 184-room beachfront hotel was built in 1999 and is situated about six miles east of Wilmington. The hotel features a 400-person ballroom, 8,000 square feet of meeting space, three pools, fitness center, sand volleyball court, a lounge and two restaurants. Robert Hunter, Christopher Martin and David Altman and R. McLean Hicklin III of Marcus & Millichap represented the undisclosed seller in the transaction. An undisclosed limited liability company acquired the seven-story asset. Ben Yelm of Marcus & Millichap also assisted in the closing.
NEW CASTLE, DEL. — Pennsylvania-based Hersha Hospitality Trust (NYSE: HT) has sold the 192-room Sheraton Wilmington South hotel in New Castle, located south of Philadelphia. The six-story building was constructed in 2011 and renovated in 2020. Amenities include a pool, fitness center, business center and 9,167 square feet of meeting and event space. Jeffrey Davis, Blaise Fletcher, Stephen VanLeer, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented Hersha Hospitality Trust in the sale of the property to New Castle County. Hersha Hospitality’s stock price closed at $7.49 per share on Monday, Jan. 4, down from $13.74 per share a year ago.
MIAMI — Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset will feature a business lounge, pool, a one-acre pool deck and a 100,000-square-foot wellness center. A timeline for completion was not disclosed. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. Miami Worldcenter is a $4 billion, 27-acre mixed-use development that has been delivering in phases. Assets that are currently open include RPC’s 60-story Paramount Miami Worldcenter condo tower, which opened across the street from Legacy Hotel & Residences in November 2019; and Caoba, a 444-room apartment tower. Projects currently underway and planned include a 348-room CitizenM hotel, ZOM Living’s 434-unit Bezel apartments, Hines’ 500,000-square-foot office building and MDM Group’s 1,700-room Marriott Marquis and adjacent 600,000-square-foot expo center.
SAN FRANCISCO — Yesterday, Airbnb (NASDAQ: ABNB) soared in valuation during its first day of trading with initial shares priced at $68 for the San Francisco-based home-rental platform. The company’s shares skyrocketed to 113 percent above the initial offering, closing at $144.47. The company’s market capitalization reached $86.5 billion, with its offering raising $3.5 billion — making it the biggest IPO year-to-date. “Airbnb’s strong debut come as little surprise in view of the enormous valuations accorded to anything ‘tech,’” says professor John Colley, associate dean at Warwick Business School and an expert on IPOs. “After all, the company is nearer to profit than many recent and current IPOs.” Prior to its IPO, Airbnb filed multiple updated S-1s with the U.S. Securities and Exchange Commission, in which the company announced plans to offer 51.9 million shares at $44 to $50 per share then increased its offering to $56 to $60 per share. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018.
HOUSTON — Blossom Holding Group is nearing completion of The Blossom Hotel, a 267-room hospitality property that will be located at 7118 Bertner Ave. near the Texas Medical Center in Houston. The 16-story hotel will feature a fitness center, lobby library, outdoor pool, karaoke room and multiple meeting and event spaces. Construction began in August 2018 and is expected to be complete during the first quarter of 2021.
LOS ANGELES — Sunstone Hotel Investors has completed the disposition of Renaissance Los Angeles Airport Hotel, located at 9620 Airport Blvd. in Los Angeles. An undisclosed buyer acquired the asset for $91.5 million, or approximately $182,300 per room. Located less than one mile from Los Angeles International Airport, the hotel features 502 guest rooms, a rooftop pool, fitness center, Studio 12 restaurant and 18,000 square feet of newly renovated event space.
TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million. Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years. The 139-room hotel features a resort-style pool, full-service elevator, laundry facilities, vending and ice machines, a business center, large atrium/continental breakfast room and meeting room. Zack Mishkin of ORION Investment Real Estate represented the buyer and seller in the transaction.
OVERLAND PARK, KAN. — Midas Hospitality has opened its first hotel property in Overland Park. Located at 4081 Indian Creek Parkway, the $20 million SpringHill Suites rises five stories with 128 suites. Amenities at the all-suite hotel include a fitness center, indoor swimming pool and meeting room. The property is situated near the Overland Park Arboretum & Botanical Gardens. Midas served as developer and Thomas Construction was the general contractor. Midas will manage the new hotel, with Rosa Perez serving as general manager. Midas owns and manages 38 hotels across the country, three of which are in Kansas. SpringHill Suites is under the Marriott umbrella of hotels. In response to COVID-19, Marriott has implemented the Marriott Cleanliness Council, which actively monitors cleaning and safety standards. Face masks and social distancing are implemented within amenity areas.
