DALLAS — Marcus & Millichap has brokered the sale of Courtyard by Marriott Dallas Northwest, a 146-room hotel located at 2930 Forest Lane on the city’s north side. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor. Both parties requested anonymity.
AUSTIN, TEXAS — Berkadia has arranged $425 million loan for Fairmont Austin, a 1,048-room hotel located near the Austin Convention Center in the city’s downtown area. Bank of America Merrill Lynch provided the two-year adjustable rate loan, which will be used to refinance existing construction debt, on behalf of the borrower, Manchester Financial Group. Andy Coleman of Berkadia handled the debt placement. The 37-story hotel, which opened last year, includes nearly 140,000 square feet of meeting and event space.
BETHESDA, MD. — Shareholders of Condor Hospitality Trust Inc., a lodging REIT based in Bethesda, have approved the proposed $318 million merger between Condor and NexPoint Hospitality Trust, a hotel REIT headquartered in Toronto. NexPoint and Condor expect the merger to close in the fourth quarter. As part of the deal, NexPoint will acquire Condor’s outstanding equity interests and operating partnership. “The transaction instantly expands [our] geographical footprint and balances NexPoint’s value-add portfolio with extended-stay hotels,” says Jim Dondero, CEO of NexPoint. “We believe the future for quality extended-stay and select-service hotels remains bright.” The shareholders of Condor (NYSE: CDOR) held a special meeting on Monday, Sept. 23 whereby 81.8 percent of the shares of Condor common stock voted in favor of adopting and approving the merger agreement, which NexPoint announced in late July. The merger allows NexPoint to enter several new markets, including Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina. The move will also expand the REIT’s presence in Florida and Texas. Condor Hospitality Trust currently owns 15 hotels in eight states totaling more than 1,900 rooms. The hotel flags in the company’s portfolio includes Hilton, Marriott and InterContinental Hotels Group (IHG). NexPoint Hospitality Trust began operations in …
WEST PALM BEACH, FLA. — Ready Capital Structured Finance has provided an $18 million acquisition and renovation loan for a 199-room hotel in West Palm Beach. The undisclosed borrower plans to upgrade the property and reflag it from a Holiday Inn hotel to a Crowne Plaza. The non-recourse, floating-rate loan features a 36-month term and two extension options. The seller was not disclosed.
LAS VEGAS — Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the Rio All-Suite Hotel & Casino for $516.3 million. The buyer is a company controlled by a principal of New York City-based investment firm Imperial Cos. The property is located on Flamingo Road, two blocks from the highly concentrated stretch of casinos on Las Vegas Boulevard known as the Las Vegas Strip. The Rio features 117,300 square feet of casino space, over 1,000 slot machines and 2,520 hotel rooms. Caesars will continue to operate the property for a minimum of two years under a triple-net lease, paying annualized rent of $45 million. The buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term, Caesars will either continue to manage Rio or provide transition services to the buyer. The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and “the transaction is not expected to result in any changes to the guest experience,” according to Caesars. The World Series …
HOOVER, ALA. — CHC Hotel Capital has arranged an $11.9 million acquisition loan for Residence Inn in Hoover. Local hotelier Chiman Patel in partnership with Kana Hotels purchased the 118-room property. Kana will manage the hotel. An undisclosed national lender provided the 10-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule. Blackstone sold the asset, which is located about 10 miles south of downtown Birmingham.
SAN DIEGO — Noble House Hotels and Resorts, a hotel ownership and management group, has completed a $21 million renovation of the Hilton San Diego Resort & Spa, located at 1775 E. Mission Bay Drive in San Diego. Overlooking Mission Bay, the resort features 357 rooms and suites, an American cuisine restaurant, poolside lounge, waterfront dining, fitness center and full-service spa. The comprehensive renovation encompassed all guestrooms, the hotel’s conference center, executive board rooms, common areas and lobbies. Additionally, the hotel features new paint, flooring, lighting, finishes, wall treatments, technology and furniture. JLL’s Project and Development Services group managed the renovation on behalf of Pebblebrook Hotel Trust, the property owner.
REDMOND, WASH. — The Hotel Group has added the Hilton Garden Inn Redmond, a hotel currently under construction in Redmond, to its management portfolio. Slated to open in first-quarter 2020, the hotel will be the company’s seventh Hilton-branded hotel in the Pacific Northwest. The six-story property will feature 177 guestrooms with Hilton Garden Inn’s signature bedding, in-room hospitality centers with Keurig Coffee and miniature refrigerators, guest laundry and complementary Wi-Fi. The hotel also features more than 2,400 square feet of flexible meeting space including outdoor areas, as well as Fork + Spoke, an on-site restaurant.
ATLANTA — A joint venture between Songy Highroads and Hyatt Hotels Corp. has opened its 11-story Hyatt Place Centennial Park in downtown Atlanta. The 175-room hotel, which was announced in November 2017, opened on Thursday, Sept. 12. Amenities include ground-level retail space facing Luckie and Marietta streets, a swimming pool, fitness center, lobby bar, onsite food service, parking deck, 2,100 square feet of meeting space and a large aquarium in the lobby paying homage to its neighbor Georgia Aquarium. The hotel is also situated across the street from Centennial Olympic Park and World of Coca-Cola and near other venues such as College Football Hall of Fame, CNN Center, World Congress Center and State Farm Arena. Atlanta-based Reeves Young was the general contractor of Hyatt Place Centennial Park, and Alpharetta, Ga.-based Wakefield Beasley & Associates was the architect.
DALLAS — Prescott Group has begun the demolition and early construction phase for 2727 Turtle Creek, a five-acre mixed-use campus in the Turtle Creek submarket of Dallas. The development will include an office tower, high-rise apartment tower and a hotel tower. Prescott Group imploded an existing, vacant nine-story office building and parking garage on the site early on Sunday, Sept. 15. The building was the former home of Republic Insurance, according to local media reports. Construction crews are clearing the site and beginning utility upgrades for the multi-tower development along Turtle Creek Boulevard. Prescott Group expects to finish the demolition and removal phase of construction by the end of the year and wrap up the utility and infrastructure upgrades in the first quarter of 2020. The office tower at 2727 Turtle Creek will rise 19 stories and span 285,000 square feet. Prescott Group plans for the building to feature a rooftop terrace, fitness center, conference and training center, bike storage and a full-service café. Prescott Group has tapped Jeff Eckert and Ahnie Sheehy of JLL to lease the office space. The hotel will rise 24 stories and offer 200 hotel rooms and an undetermined number of luxury condominiums. Amenities at …