Hospitality

four-seasons-philadelphia-pennsylvania

PHILADELPHIA — Liberty Property Trust, a publicly-traded real estate investment trust (NYSE: LPT), has opened Four Seasons Philadelphia, a 219-room hotel located within the Comcast Technology Center in Philadelphia. The hotel rises 1,121 feet, making it the tallest building in the city. Amenities at the hotel include a spa and wellness center with a 30,000-gallon swimming pool, restaurant concept Jean-Georges Philadelphia, oyster and cocktail bar Vernick Fish, a 42-seat café called Vernick Coffee Bar and 15,000 square feet of flexible meeting and event space. Foster + Partners designed the property.

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BENTON HARBOR, MICH. — Marcus & Millichap has negotiated the $2.1 million sale of the Days Inn & Suites in Benton Harbor in southwest Michigan. The 49-room hotel is located at 1598 Mall Drive near the Southwest Michigan Regional Airport. Robert Marro, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.

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MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 Collins Ave., directly next to Richmond Hotel. Included in the $87.9 million Richmond Hotel sale was Richmond Apartments, an 18-unit apartment complex located at 1757 James Ave., one block from the two hotels, and the apartment’s parking lot. The joint venture bought Richmond Hotel, which has been family owned and operated since 1941, from Patti and Allan Herbert. The hotel is located at 1757 Collins Ave., directly next door to The Raleigh, which the joint venture acquired in February for $103 million. Lotus Capital Partners arranged a $100 million acquisition loan on behalf of the buyers from California-based Acore Capital for the purchase of Richmond and South Seas. These purchases mark the fourth and fifth purchases between SHVO, Bilgili Group and DFG. The joint …

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DETROIT — GFI Capital Resources Group has sold the Hilton Garden Inn Detroit Downtown, a 198-room hotel. Inland Realty Group purchased the property for $51.4 million. GFI had purchased the 10-story hotel in October 2016 and subsequently implemented a $4 million improvement plan. The hotel site is located within a designated Opportunity Zone and includes a 30,000-square-foot parking surface. Management of the Hilton Garden Inn will be transferred from Crescent to SuperHost Enterprise, which operates 18 properties.

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FORT WORTH, TEXAS — Raymond Management Co. will develop a 119-room Marriott Residence Inn at Waterside, a 63-acre mixed-use development in Fort Worth by Trademark Property Co. The property will be situated on approximately three acres along Arborlawn Drive at the south end of the development. Construction is scheduled to begin in the fourth quarter and to be complete by 2021.

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GREEN BAY, WIS. — Marcus & Millichap has arranged the sale of the Country Inn & Suites in Green Bay for $4.7 million. Built in 1995, the 75-room hotel is located at 2945 Allied St. Jake Erickson and Jared Plamann of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer.

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SAN ANTONIO — Ashford Hospitality Trust Inc., a Dallas-based REIT, has sold the 251-room Marriott Plaza San Antonio for $34 million. The sales price represents a capitalization rate of 4.9 percent. Located near the city’s RiverWalk area, the hotel features a fitness center, pool and meeting and event space. The buyer was not disclosed.

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OVERLAND PARK, KAN. — A joint venture between Wexford Lodging Advisors and Trinity Private Equity Group has purchased the 398-room Marriott Kansas City Overland Park. The purchase price was not disclosed. The joint venture plans to invest approximately $17 million to upgrade the hotel’s guest rooms and public spaces. Davidson Hotels and Resorts will operate the hotel. In addition to a renovation of the meeting space and lobby, plans call for the addition of Marriott’s M Club concierge lounge and a new fitness center. Located at 10800 Metcalf Ave., the 11-story hotel is situated on I-435.

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Broward County Convention Center rendering

FORT LAUDERDALE, FLA. — General contractor Balfour Beatty has signed a $780 million agreement with developer Matthews Southwest, making Balfour Beatty the design-build lead for the over $1 billion expansion of the Broward County Convention Center in Fort Lauderdale. The project will add 525,000 square feet of meeting space to the complex, plus a 29-story, 800-room Omni Hotel. Located on Florida’s southeastern coast approximately 25 miles north of Miami, the completed convention center will total 1.2 million square feet. The expanded property will include 350,000 square feet of contiguous exhibition space, a 65,000-square-foot waterfront ballroom, modern technology, new dining concepts, enhanced water taxi access and a waterfront plaza with public access. The Omni Hotel will add 73,000 square feet of meeting and ballroom space; multiple restaurant options including a rooftop bar; an 11,000-square-foot, full-service spa and fitness center; and over 30,000 square feet of pool decks. The hotel will be positioned along the city’s famed Intracoastal Waterway with a scenic view of the Atlantic Ocean. Matthews Southwest has called on London-based firm Balfour Beatty for projects in the United States before. The company was hired by Matthews Southwest to build the Omni convention center hotel in Dallas and a residential …

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HOUSTON — NewcrestImage, a Dallas-based hospitality development firm, has completed the 195-room AC Hotel by Marriott Houston Downtown. The 10-story hotel represents an adaptive reuse of the historic, former Gulf Oil headquarters building that was originally constructed in 1914. The hotel houses a restaurant, bar and lounge, as well as a fitness center, business center, a media salon, Starbucks Coffee and a 3,600-square-foot event space. Mitchell Carlson Stone served as the project architect, and Arch-Con served as the general contractor.

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