Hospitality

Banyan Investment Group Acquires Three-Property Hotel Portfolio in Madison, Wisconsin for $50M

by Kristin Harlow July 24, 2019

MADISON, WIS. — Banyan Investment Group has acquired a three-property hotel portfolio in Madison for approximately $50 million. Banyan will operate the portfolio, which is comprised of a 127-room Courtyard by Marriott, a 130-room Fairfield Inn & Suites and a 115-room Hampton Inn. Each of the four-story properties features a pool, fitness center and business center. The Fairfield Inn & Suites and the Hampton Inn have newly furnished breakfast lounges. The Courtyard by Marriott features 1,080 square feet of meeting space. Banyan is a hotel investment and management company with offices in Florida and Georgia. The seller was not disclosed.

July 24, 2019

Development Hospitality New York Northeast

Sam Chang Breaks Ground on 200-Room Hotel in Manhattan

by Taylor Williams July 19, 2019

NEW YORK CITY — Local hotel developer Sam Chang has broken ground on a 200-room hotel that will be located at 223 W. 46th St. near Times Square in Manhattan. Designed by Gene Kaufman Architects, the hotel will span 70,000 square feet and rise 21 stories. Amenities will include a fitness center and a ground-floor restaurant with outdoor seating. Completion of the property, which has yet to be named and branded, is scheduled for September 2021.

July 19, 2019

Development Hospitality Texas

RREAF Holdings Breaks Ground on 240-Room Hotel Near Fort Worth

by Taylor Williams July 17, 2019

SOUTHLAKE, TEXAS — Developer RREAF Holdings has broken ground on Marriott Delta Hotel, a 240-room property that will be located in the Fort Worth suburb of Southlake. Designed by Merriman Anderson Architects, the six-story hotel will include 10,000 square feet of meeting space and a full-service restaurant and bar. Hill & Wilkinson is the general contractor for the project, which is expected to be complete by 2020.

July 17, 2019

Hospitality Loans Massachusetts Northeast

Capital Stack, GenX Arrange $37.7M Construction Loan for Hotel Project Near Boston

by Taylor Williams July 17, 2019

CAMBRIDGE, MASS. — Capital Stack Commercial Real Estate Finance and Miami-based GenX Capital Partners have arranged $37.7 million in construction financing for 907 Main Hotel, a 67-room property in Cambridge. Local developer Patrick Barrett III is leading the development of the upscale, boutique hotel, which will span 42,000 square feet and offer a street-level restaurant and a rooftop bar. The building will also house Toscanini’s Ice Cream, which has operated in the neighborhood since 1981. A New York-based hedge fund provided the financing. The hotel is slated to open in early 2020.

July 17, 2019

Hospitality Loans Massachusetts Multifamily Northeast

Madison Realty Capital Provides $314M Construction Loan for Boston Hotel Project

by Taylor Williams July 16, 2019

BOSTON — Madison Realty Capital has provided a $314 million construction loan for the development of Raffles Boston Back Bay Hotel & Residences. Trinity Stuart LLC, a partnership between two Boston-based entities, Saunders Hotel Group and The Noannet Group, is leading development of the project, which will consist of 147 hotel rooms and 146 residential units. Cain International is also providing joint venture equity to develop the project, which has a total price tag of more than $400 million, with Trinity Stuart. Riaz Cassum and Anthony Cutone of JLL placed the debt and equity on behalf of the developer. A construction timeline was not released.

July 16, 2019

Florida Hospitality Loans Southeast

JLL Arranges $58.5M Refinancing of Two Beachfront Hotels in Florida Panhandle

by Alex Tostado July 15, 2019

FORT WALTON BEACH, FLA. — JLL has arranged a $58.5 million refinancing loan for two neighboring hotels totaling 330 rooms in Fort Walton Beach. Ladder Capital Finance LLC provided the 10-year, fixed-rate loan to partners Innisfree Hotels and Band of Poarch Creek Indians. Loan proceeds will be used to pay off the original construction loan and provided the borrowers with $8.4 million. The hotels are on a ground lease with the U.S. Air Force that expires in 45 years. The portfolio comprises the 178-room Hilton Garden Inn Fort Walton Beach and the 152-room Holiday Inn Resort Fort Walton Beach, which are beachfront hotels on the Gulf Coast. The Hilton Garden Inn, located at 1297 Miracle Strip Parkway SE, was completed in 2017 and features 5,000 square feet of event space, an outdoor swimming pool, lazy river with rock waterfalls, Whirlpool spa, tiki bar, fire pits, indoor pool, fitness center, 24-hour business center and The Garden Grille & Bar restaurant. Situated at 1299 Miracle Strip Parkway SE, Holiday Inn Resort opened in 2014 and features 2,498 square feet of event space, an outdoor pool, lazy river, Whirlpool spa, pool bar, indoor pool, fitness center, game room, sundry shop, business center and …

July 15, 2019

Hilton-Garden-Inn-San-Diego-Mission-Valley-Stadium-CA

Acquisitions California Hospitality Loans Western

Meridian Capital Group Secures $23.1M in Acquisition Financing for Hilton Garden Inn San Diego

by Amy Works July 15, 2019

SAN DIEGO — Meridian Capital Group has arranged $23.1 million in financing for the acquisition of Hilton Garden Inn San Diego Mission Valley Stadium in San Diego. The name of the borrower was not released. Seth Grossman, Steven Adler and Jackie Tran of Meridian Capital Group secured the 10-year CMBS loan, which features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule. Located at 3805 Murphy Canyon Road, the four-story hotel features 178 guestrooms, including 17 upgraded suites. The property was converted from a Holiday Inn into a Hilton Garden Inn with a $10 million renovation, completed in July 2016. Renovations included upgrades to the guest rooms, guest bathrooms, lobby, front desk, 5,000 square feet of meeting space and on-site restaurant and bar. Additionally, the hotel offers a heated outdoor pool and spa, fitness center, business center and guest laundry.

July 15, 2019

California Development Hospitality Top Stories Western

Pebblebrook, Margaritaville to Open 462-Room Resort in San Diego

by Taylor Williams July 15, 2019

SAN DIEGO — A partnership between Pebblebrook Hotel Trust (NYSE: PEB) and Margaritaville Holdings will open a 462-room beachfront hotel and resort in San Diego. The Margartitaville Island Resort San Diego will be located on the 44-acre Vacation Island in the city’s Mission Bay area. The site is the current home of Paradise Point Resort & Spa, which will be renovated and converted to the Margaritaville hotel. Project costs are estimated at $35 million. The hotel will feature a mile of beachfront with views overlooking the marina and bay, as well Margaritaville food and beverage concepts. Other amenities will include five pools, tennis courts, a spa, fitness center and 80,000 square feet of meeting space. “Our island resort offers a unique San Diego beach experience in a secluded, yet centrally situated location to nearby downtown San Diego, SeaWorld, Balboa Park, Seaport Village and other top attractions,” says Jon Bortz, president and CEO of Pebblebrook. “The Margaritaville lifestyle brand is synonymous with fun and escapism and we expect a dramatic improvement in financial performance of Paradise Point upon reflagging.” Maryland-based Pebblebrook acquired Paradise Point Resort & Spa in 2018. The new Margaritaville hotel, which will be the brand’s first on the West …

July 15, 2019

Development Hospitality Texas

Greysteel Arranges Construction Financing for 71-Room Hotel Project in Austin

by Taylor Williams July 12, 2019

AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for a 71-room hotel project in Austin. The hotel will be located at the intersection of Tech Ridge Boulevard and East Yager Lane and will be operated under InterContinental Hotels Group’s Avid brand. Mitt Patel and Daniel Hartnett of Greysteel arranged the loan, which carries a seven-year term, on behalf of the undisclosed borrower. Construction is underway and expected to be complete by the end of 2020.

July 12, 2019

Hospitality Massachusetts Northeast

Knighthead Provides $37.7M Loan for Hotel Conversion Project Near Boston

by Alex Patton July 11, 2019

CAMBRIDGE, MASS. — Knighthead Funding LLC, a Connecticut-based private lender, has provided a $37.7 million construction loan for the completion of a hotel conversion project in Cambridge, located across the Charles River from Boston. The project involves the conversion of a four-story multifamily building into a 67-room hotel that will house ground-floor retail space and features a rooftop lounge. Hay Creek will manage the new hotel, which is slated to open in the first quarter of 2020. Knighthead provided the 24-month loan to a local partnership operating as Sean Casey LLC.

July 11, 2019

Newer Posts

Older Posts