Hospitality

HFF Arranges $42.3M CMBS Acquisition Loan for Hotel in Fort Lauderdale

by Alex Tostado May 16, 2019

FORT LAUDERDALE, FLA. — HFF has arranged a $42.3 million acquisition loan for the Renaissance Fort Lauderdale Cruise Port Hotel in Fort Lauderdale. A joint venture led by DoveHill Capital Management acquired the 236-room hotel, which opened in 2001 and has been updated throughout the years, most recently in 2016. An undisclosed CMBS lender provided the 10-year, fixed-rate loan, which is structured as interest-only for the full term. Hotel amenities include 12,838 square feet of meeting and event space; an outdoor pool; 24-hour fitness center; business center; limousine service; a salon; and three food and beverage outlets: Bistro 17, R Lounge and Calusa Coffee Roasters Bar. Josh Simon, Maxx Carney and Tyler Dumon of HFF arranged the loan on behalf of the borrower.

May 16, 2019

Hospitality Loans Washington Western

Sonnenblick-Eichner Co. Secures $21M Refinancing for Palihotel Seattle

by Amy Works May 16, 2019

SEATTLE — Sonnenblick-Eichner Co. has arranged $21 million in non-recourse first mortgage leasehold financing for Palihotel Seattle. A partnership between Los Angeles-based Lighthouse Investments LLC and KCB Management is the borrower. Operated by Palisociety, the hotel features 96 guest rooms. Originally built in 1895, the newly renovated property opened in November 2018 and the initial funding was sized to a debt yield less than 6 percent on the first year’s projected net-operating income. The five-year interim loan also provided for a return of equity above the existing construction loan, as well as significantly reducing the cost of capital for the borrower. An institutional debt fund provided the LIBOR-based loan.

May 16, 2019

Development Hospitality Midwest Minnesota

Stahl Named Construction Manager for Dual-Branded Hotel in Downtown Minneapolis

by Kristin Harlow May 16, 2019

MINNEAPOLIS — Lake City Hospitality LLC, comprised of Eagan-based JR Hospitality and Iowa-based Hawkeye Hotels, is partnering with Stahl to convert a vacant office tower and surrounding site located at 317 Second Ave. in downtown Minneapolis into a dual-branded Hilton hotel. The eight-story building will undergo an $18.8 million renovation and 41,129-square-foot addition. The newly transformed space will feature 201 Tru and Home2 Suites guestrooms. Originally built in 1900, the existing 76,000-square-foot building was previously known as the William E. McGee Building. The facility was occupied by Hennepin County’s Office of the Public Defender for over 20 years, but the property has been vacant since 2012. JR Hospitality originally acquired the structure in 2017 before partnering with Hawkeye Hotels in late 2018. Ramaker & Associates Inc. is the project architect. Completion is slated for May 2020.

May 16, 2019

Acquisitions Hospitality New York Northeast

Hilton Grand Vacations To Acquire 34-Story Hotel in Manhattan

by Taylor Williams May 9, 2019

NEW YORK CITY — Hilton Grand Vacations (NYSE: HGV) will acquire The Central at 5th, a 34-story hotel under construction in Manhattan. The site is located on E. 48th St. in between Fifth Avenue and Madison Avenue and offers proximity to several tourist destinations, including Rockefeller Center, Radio City Music Hall and the Theater District. Developed by local firm Hidrock Properties exclusively for HGV, the property will consist of 161 studio and one-bedroom units that Hilton plans to acquire in phases. Anticipated resort amenities will include a fitness center, outdoor terrace and private owners’ lounge. The opening is expected to occur in spring 2020.

May 9, 2019

Arizona Development Hospitality Loans Western

Trez Capital Closes $15M Construction Financing for 128-Room SpringHill Suites Near Phoenix

by Amy Works May 9, 2019

AVONDALE, ARIZ. — Trez Capital has closed in $15 million construction financing for Phoenix-based Virtua Partners’ first-ever Opportunity Zone project. Virtua Credit arranged the loan, which will finance the development of a SpringHill Suites by Marriott in Avondale, a western suburb of Phoenix. Located off North 99th Avenue, the 128-suite hotel will anchor a 58-acre mixed-use development that will include retail, restaurant, multifamily and single-family developments. Slated to open in summer 2020, the hotel will feature a fitness center and pool, free Wi-Fi, in-suite workspaces and an on-site business center. Hotel Equities will manage the hotel.

May 9, 2019

Acquisitions Hospitality Midwest Wisconsin

Hospitality Properties Trust Acquires Milwaukee-Area Hotel for $30M

by Kristin Harlow May 9, 2019

WAUWATOSA, WIS. — Hospitality Properties Trust has acquired the 198-room Crowne Plaza Milwaukee West in Wauwatosa for $30 million. The full-service hotel, built in 2008, includes 6,100 square feet of meeting space, a health and fitness center, indoor pool, restaurant and lounge. IHG operates the property. Atlanta-based Peachtree Hotel Group was the seller, according to local media.

May 9, 2019

Development District of Columbia Hospitality Southeast

Birchington to Break Ground on $93M Holiday Inn Express in D.C.

by Alex Tostado May 8, 2019

WASHINGTON, D.C. — Birchington LLC is set to break ground on a $93 million, 247-room Holiday Inn Express in Washington, D.C. The hotel is expected to open in late 2020. Birchington, which developer Habte Sequar owns, received a construction loan from Atlanta-based Stonehill Strategic Capital for the project. The 14-story hotel will be situated at the corner of 4th and K streets, three blocks from the historic Carnegie Library and the Walter E. Washington Convention Center. The design and management team include BBGM Architects, general contractor Kinsley Construction Inc. and property manager Urgo Hotels & Resorts.

May 8, 2019

Development Hospitality New York Northeast

Bellefield to Develop 150-Room Marriott-Branded Hotel in Hyde Park, New York

by Taylor Williams May 8, 2019

HYDE PARK, N.Y. — Bellefield Development Partners, an affiliate of New York City-based T-Rex Capital Group LLC, plans to develop a 150-room hotel at Bellefield at Historic Hyde Park, a $500 million hospitality and dining destination in Hyde Park. Bellefield partnered with owner-operator Shaner Hotel Group and Marriott International on an earlier hotel project, a 133-room Residence Inn, and will continue that partnership with this new project. Amenities at the new hotel will include a spa, conference center, sports facility and indoor and outdoor pools. A construction timeline has not yet been released. Bellefield at Historic Hyde Park includes farm-to-table restaurants, culinary shops, an event barn and an educational center.

May 8, 2019

Acquisitions Hospitality Indiana Midwest

MCR Purchases Two Hotels in Indianapolis

by Kristin Harlow May 8, 2019

INDIANAPOLIS — MCR has purchased two hotels in Indianapolis, including a 110-room Hampton Inn and a 78-room Residence Inn. Purchase prices and seller information were not disclosed. Both properties are less than 10 miles from the Indianapolis Motor Speedway. The hotels feature complimentary breakfasts, 24-hour fitness centers and pools.

May 8, 2019

Hilton-Hawaiian-Village-Waikiki-Beach-Resort

Acquisitions Hospitality Southeast Top Stories Virginia

Park Hotels & Resorts to Acquire Chesapeake Lodging Trust in $2.7B Hospitality REIT Merger

by Taylor Williams May 6, 2019

ARLINGTON, VA. — Park Hotels & Resorts Inc. (NYSE: PK) has entered into an agreement to acquire Chesapeake Lodging Trust (NYSE: CHSP) in a stock-and-cash transaction valued at approximately $2.7 billion. Both companies are Virginia-based hotel REITs, with Park headquartered in Tysons and Chesapeake headquartered in Arlington, just seven miles apart in the suburbs of Washington, D.C. The deal, which is expected to close during the late third or early fourth quarter of this year, would create a company with an estimated enterprise value of $12 billion. Upon closing, Park stockholders will own roughly 84 percent of the new company, and Chesapeake shareholders will own roughly 16 percent. Park’s current portfolio includes 52 hospitality properties totaling more than 30,000 rooms, mostly located in the U.S. with a handful in South America and the U.K. The company, which spun off from Hilton in 2017, focuses on high-end hotels. Chesapeake’s current portfolio includes 20 properties totaling 6,288 rooms in eight states and Washington, D.C. The company also focuses on “upper-upscale” hotels. Park has secured $1.1 billion in financing from Bank of America Merrill Lynch. Proceeds will be used to fund the cash component of the deal, as well as to cover some …

May 6, 2019

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