Hospitality

R.D. Olson Construction Completes AC Hotel by Marriott in Beverly Hills

by Amy Works July 13, 2020

BEVERLY HILLS, CALIF. — R.D. Olson Construction has completed AC Hotel by Marriott in Beverly Hills, an 11-story, European-inspired luxury hotel. The two-phase project included the adaptive reuse of a 1950s office building into a 97,000-square-foot hotel featuring 176 rooms, rooftop lounge, fitness center, meeting spaces, administrative space and community areas. The hotel features one- and two-bedroom double, king and queen guest rooms with wide-screen televisions, large windows with city views, adjustable reading lamps and USB charging ports. Hotel amenities include the AC Lounge, a rooftop deck with hydrotherapy spa, bar and lounge. Additionally, the hotel provides guests with access to ACE, a robot butler that can deliver market items and room essentials to their door. AXIS/GFA served as architecture and design firm for the project.

July 13, 2020

Development Hospitality South Carolina Southeast

Frampton Construction Completes 126-Room Cambria Hotel in Greenville

by Alex Tostado July 13, 2020

GREENVILLE, S.C. — Frampton Construction has completed a 126-room, Cambria-branded hotel in Greenville. The four-story property is located at 135 Carolina Point Parkway, seven miles east of downtown Greenville. Amenities include an outdoor pool with sundeck, Tesla electric vehicle charging stations, a cobblestone porte-cochère entrance, spa-style bathrooms with Bluetooth mirrors, a restaurant/bar, and 1,486 square feet of meeting space. ODA Architecture was the hotel’s designer, and Choice Hotels will operate the hotel.

July 13, 2020

Acquisitions Hospitality Maryland NAI Southeast

Sunstone Hotel Investors Sells Renaissance Baltimore Harborplace Hotel for $80M

by Alex Tostado July 8, 2020

BALTIMORE — Sunstone Hotel Investors has sold Renaissance Baltimore Harborplace, a Marriott-affiliated, 622-room hotel in downtown Baltimore. The Buccini/Pollin Group acquired the asset for $80 million, or $129,000 per room. The hotel is situated along the Inner Harbor at 2020 E. Pratt St. The hotel features 30,000 square feet of flexible meeting and event space, three food and beverage outlets including a waterfront restaurant called Watertable, a 24-hour fitness center and a business center. This is the 17th Marriott-affiliated hotel in The Buccini/Pollen Group’s portfolio. Mark Elliott, Jay Morrow and Jeff Berkman of Hodges Ward Elliott (HWE) represented the seller in the transaction. Lawrence Britvan of HWE originated an acquisition loan on behalf of the buyer. Details of the financing were not disclosed.

July 8, 2020

Development Hospitality Texas

Todd Interests Nears Completion of 219-Room Hotel Redevelopment Project in Downtown Dallas

by Taylor Williams July 8, 2020

DALLAS — Developer Todd Interests is nearing completion of the redevelopment of the former First National Bank Tower in downtown Dallas, a project that will add 219 hotel rooms under Hyatt’s Thompson brand to the local supply. The new hotel will feature two rooftop restaurant and bar concepts, a pool, fitness center, spa and pet parks, as well as 22,000 square feet of meeting and event space. The hotel is slated to open in November.

July 8, 2020

Acquisitions Hospitality Northeast Pennsylvania

Cinram Sells 1 MSF Manufacturing, Distribution Facility in Olyphant, Pennsylvania

by Taylor Williams July 8, 2020

OLYPHANT, PA. — Cinram, a Canadian producer of Blu-Ray and DVD discs, has sold its 1 million-square-foot manufacturing and distribution facility in Olyphant, a city in northeastern Pennsylvania. Cinram will lease the space back from the new, undisclosed owner. The single-tenant property is situated on 103 acres at 1400 E. Lackawanna Ave. The property was developed in 1980 and features 12- to 30-foot clear heights and 39 dock-high doors, according to LoopNet Inc. Cinram sold the facility as part of a portfolio deal that also included the disposition of the company’s 500,000-square-foot facility in Tuscaloosa, Ala.

July 8, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers $2.5M Sale of Super 8 Hotel in Wisconsin

by Kristin Harlow July 7, 2020

PLEASANT PRAIRIE, WIS. — Marcus & Millichap has brokered the $2.5 million sale of a Super 8 hotel in Pleasant Prairie, about 35 miles south of Milwaukee. Built in 1984, the 60-room hotel is located at 7601 118th Ave. at the intersection of Highway 50 and I-94. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap marketed the hotel on behalf of the seller, a private investor. the team also secured and represented the buyer, a private investor.

July 7, 2020

Features Hospitality

Hospitality Executives See Pockets of Resilience Amid Harsh Impact of COVID-19

by Katie Sloan July 7, 2020

A “black swan” event, the COVID-19 pandemic has had a devastating impact on the hospitality sector, affecting everything from revenue to operating models and the ability for hotel owners to pay debt service, says Brian Waldman, executive vice president of investments for Peachtree Hotel Group. The insights from Waldman came last Wednesday, July 1, during a webinar he moderated on the current state of the hospitality sector. The session was titled “Distressed Hotels: Sourcing Debt and Equity, Acquisitions and Value-Add Strategies.” A group of panelists not only discussed the epic challenges currently facing the industry, but also the road ahead. IMN hosted the event, and panel participants included David Parsky, managing principal of Arris Investments; Krystal England, senior director of Canyon Partners Real Estate; Rani Gharbie, head of acquisitions and development for The Pod Hotels; and Andrew Gindy, principal of Walton Street Capital. “Fundamentals are very depressed, and as a result the industry is in a cash-preservation mode,” began Gindy. “Recovery in terms of demand will remain unclear until there is some sort of vaccine or therapeutic measure to be taken against COVID-19. Without a visible end in sight, those of us in the industry need to preserve cash. Folks …

July 7, 2020

Development Hospitality Texas

Extended Stay America Opens 124-Unit Hotel Near Austin Airport

by Taylor Williams July 1, 2020

AUSTIN, TEXAS — Extended Stay America has opened a 124-room hotel at 1311 Airport Commerce Drive near Austin-Bergstrom International Airport. The four-story property features suites with full-size refrigerators, recliners and workspaces. Amenities will include a fitness center, laundry facilities and complimentary Wi-Fi.

July 1, 2020

Development Hospitality Oregon Western

Norris & Stevens Brokers $2.4M Sale of Land Site for Cedartree Hotel Development in Hillsboro, Oregon

by Amy Works July 1, 2020

HILLSBORO, ORE. — Norris & Stevens has arranged the sale of a 5.9-acre land site located at NE Wagon and NE Five Oaks drives in Hillsboro. Cedartree Hotels, a subsidiary of Kyoto, Japan-based Urban Hotel System, acquired the property for $2.4 million. The buyer plans to develop a 120-room hotel with a full-service restaurant, sake bar and traditional tatami flooring. Additionally, the hotel will feature a Japanese garden, heated indoor pool, outdoor stone bath and conference rooms. The project, which will be Cedartree Hotels’ first property in the United States, is slated for delivery in early 2021. Greg Nesting and Gabe Schnitzer of Norris & Stevens represented the buyer and undisclosed seller in the deal.

July 1, 2020

Development Florida Hospitality Southeast

Peachtree Hotel Group Opens 165-Room Element Hotel in Orlando

by Alex Tostado June 30, 2020

ORLANDO, FLA. — Peachtree Hotel Group has opened The Element Orlando Universal Blvd., a 165-room extended-stay Marriott branded hotel in Orlando. The property is located at 8278 Universal Blvd., five miles south of Universal Studios theme park and 10 miles southwest of downtown Orlando. The hotel features studio and one-bedroom suites, which offer microwaves, toaster ovens, mini-fridges, complimentary Wi-Fi, 55-inch TVs and pet amenities such as dog beds and treats. Other amenities offered include a pool, fitness center and a Bikes to Borrow program. Peachtree Hotel Group developed, owns and operates the property.

June 30, 2020

Newer Posts

Older Posts