Hospitality

McMillin Buys 136-Key Courtyard by Marriott Near Portland

by Amy Works September 26, 2019

CLACKAMAS, ORE. — McMillin LLC has purchased Courtyard by Marriott Portland Southeast/Clackamas, a hotel located at 9300 SE Sunnybrook Blvd. in Clackamas, 12 miles southeast of Portland. An institutional seller sold the property for an undisclosed sum. Renovated in 2016, the four-story hotel features 136 guest rooms and suites, three meeting rooms, an on-site bistro, indoor swimming pool and whirlpool, fitness center, business center, 24-hour sundry shop and a boarding pass station. Scott Hall, Tim Wright, Casey Davidson, Nick Kassab, Aaron Lapping and Blake Malecha of JLL represented the seller in the deal.

September 26, 2019

Acquisitions Florida Hospitality Southeast

Impulsive Group Purchases Beachfront Hotel in South Florida for $44M

by Alex Tostado September 25, 2019

POMPANO BEACH, FLA. — The Impulsive Group has purchased the Residence Inn by Marriott Fort Lauderdale Pompano Beach in Pompano Beach for $44 million. The 106-room hotel offers beach access and features a swimming pool, fitness center, business center, two meeting rooms and The Sandbar Restaurant. The seller was not disclosed.

September 25, 2019

Development Hospitality Multifamily Texas

JMJ Development to Build 548,811 SF Hotel, Condo Project in Dallas’ Turtle Creek District

by Taylor Williams September 25, 2019

DALLAS — JMJ Development will build a 25-story project in the Turtle Creek neighborhood of Dallas that will house a 177-room hotel and 97 condominium units. The site, which will include 387 parking spaces, is located just north of downtown Dallas. JMJ is currently negotiating with five-star hotel brands for the hospitality component of the project. New York City-based Madison Realty Capital provided a $32.5 million loan for the acquisition of the land. A construction schedule is still being finalized.

September 25, 2019

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 146-Room Hotel in North Dallas

by Taylor Williams September 25, 2019

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.

September 25, 2019

Hospitality Loans Texas

Berkadia Arranges $425M Loan for Refinancing of Fairmont Austin Hotel

by Taylor Williams September 24, 2019

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.

September 24, 2019

Acquisitions Company News Hospitality Maryland Southeast Top Stories

Condor Hospitality Trust’s Shareholders Approve $318M Merger with NexPoint

by John Nelson September 24, 2019

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 …

September 24, 2019

Acquisitions Florida Hospitality Loans Southeast

Ready Capital Provides $18M Acquisition, Renovation Loan for Hotel in South Florida

by Alex Tostado September 23, 2019

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.

September 23, 2019

Acquisitions Hospitality Nevada Top Stories Western

Caesars Agrees to Sell Rio Casino, Hotel in Las Vegas for $516.3M

by Jeff Shaw September 23, 2019

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 …

September 23, 2019

Acquisitions Alabama Hospitality Loans Southeast

CHC Hotel Capital Arranges $11.9M Acquisition Financing for Hotel in Hoover, Alabama

by Alex Tostado September 20, 2019

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.

September 20, 2019

Hilton-San-Diego-Resort-Spa-San-Diego-CA

California Development Hospitality Western

Noble House Completes $21M Renovation at Hilton San Diego Resort & Spa

by Amy Works September 18, 2019

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.

September 18, 2019

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