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

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

Development Hospitality Texas

Songy Highroads, Wampold Complete 335-Room Margaritaville Resort in Conroe, Texas

by Taylor Williams June 29, 2020

CONROE, TEXAS — A joint venture between Atlanta-based Songy Highroads and Louisiana-based Wampold Cos. has completed Margaritaville Lake Resort, a 335-room hotel located on Lake Conroe, about 40 miles north of Houston. The property is situated on 186 acres and is the first Texas resort of the Margaritaville brand, which features activities and amenities with themes from the music of Jimmy Buffett. The resort offers an 18-hole golf course, waterpark with outdoor pools, tennis courts, fitness center, full-service spa and 72,000 square feet of indoor and outdoor meeting space, as well as multiple Buffett-themed bars and restaurants. Guests may also enjoy swimming, boating, fishing and waterskiing lessons.

June 29, 2020

Development Georgia Hospitality Southeast

Extended Stay America Opens 124-Room Hotel Near Savannah

by Alex Tostado June 26, 2020

POOLER, GA. — Extended Stay America Inc. has opened a 124-room hotel in Pooler. Dubbed Extended Stay America-Savannah, the four-story hotel offers a fitness room, laundry room, complimentary WiFi and fully equipped kitchens. The property is located at 500 Outlets Parkway, adjacent to Tanger Outlets Savannah and 12 miles west of downtown Savannah. The general contractor, Integrated Construction, broke ground on the hotel in March 2019. Rule Joy Trammell + Rubio LLC served as the architect and Coleman Co. was the civil engineer. This is the fifth corporate-owned hotel that incorporates Extended Stay America’s newest prototype.

June 26, 2020

California Company News Hospitality Retail Western

Disneyland Resort Pushes Reopening Date Beyond July 17

by Amy Works June 25, 2020

ANAHEIM, CALIF. — Disneyland Resort has delayed the opening of its theme parks and resort hotels in Anaheim based on the State of California’s announcement that it will not issue theme park reopening guidelines until sometime after July 4. The company plans to announce a revised reopening date once government officials approve a phased reopening. Downtown Disney District, an outdoor shopping center at the resort, will reopen on July with health and safety protocols in place for employees and guests. This opening was approved with the restaurants and retail openings throughout California. Additionally, Disney and The Master Services Union, which represents retail employees at Downtown Disney District, reached an agreement for members to return to work at this location. Disney will negotiate agreements with its unions and agree to enhanced safety protocols that will allow the company to responsibly reopen Disneyland, the company says.

June 25, 2020

Development Hospitality North Carolina Southeast Top Stories

White Lodging, Crescent Communities Top-Out 22-Story JW Marriott in Charlotte

by Alex Tostado June 18, 2020

CHARLOTTE, N.C. — White Lodging Services Corp. and Charlotte-based Crescent Communities have topped out the first JW Marriott in the Carolinas. The planned 381-room hotel is 22 stories and is located at 600 S. College St. in Uptown Charlotte. The hotel will be part of the Ally Charlotte Center a 742,000-square-foot mixed-use development featuring more than 30,000 square feet of retail space, a 12,000-square-foot public plaza and a 1,436-space parking garage. Ally Financial will occupy 400,000 square feet of office space and anchor the property, with move-in scheduled for second-quarter 2021. The hotel was first announced in November 2018, and the developers expect to deliver the JW Marriott in the first half of 2021. “The construction has remained on track as we adjusted to appropriately respond to the COVID-19 pandemic,” says Terry Dammeyer, president and CEO of investments and development at Merriville, Ind.-based White Lodging. The hotel will feature 34 suites, 15,000 square feet of event space, a pool, fitness center, spa, ballroom, rooftop terrace, Italian steakhouse and oyster bar. Guests rooms will include floor-to-ceiling windows, marble showers and 24-hour room service. In conjunction with the topping out, David Malmberg has been named general manager of the hotel upon opening. …

June 18, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $5.9M Sale of La Quinta Hotel in Wisconsin

by Kristin Harlow June 11, 2020

OAK CREEK, WIS. — Marcus & Millichap has arranged the $5.9 million sale of the La Quinta Inn Milwaukee Airport, a 99-room hotel in Oak Creek, about 15 miles south of Milwaukee. The property is located at 7141 S. 13th St. near the General Mitchell International Airport. The three-story hotel was built in 1989. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.

June 11, 2020

Acquisitions Hospitality Southeast Tennessee

Joint Venture Acquires 250-Room Hutton Hotel in Midtown Nashville

by Alex Tostado June 10, 2020

NASHVILLE, TENN. — A joint venture between BentallGreenOak, Flank Management LP and Geolo Capital has acquired Hutton Hotel, a 250-room hotel in Midtown Nashville. The sales price was not disclosed, though the joint venture said it bought the asset in an all-cash deal. Hutton Hotel was delivered in 2009 and draws inspiration from its proximity to Music Row, with two writers’ and recording studios within the hotel. The hotel also offers three dining concepts: a coffee shop, all-day restaurant and a 5,000-square-foot entertainment venue that hosts live music events. Additional amenities include a Tesla Model S for guest transportation, fitness center, a spa and in-room record players. The seller was not disclosed, but Carey Watermark Investors (now known as Watermark Lodging Trust) purchased the asset in 2013 and listed it on the company’s year-end 2019 portfolio snapshot. Earlier this week, the Nashville Business Journal reported that 137 employees at Hutton Hotel were permanently laid off due to the COVID-19 pandemic.

June 10, 2020

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