Hospitality

Berkadia Arranges $17.5M Construction Loan for New Hotel in Tallahassee

by Camren Skelton September 11, 2018

TALLAHASSEE, FLA. — Berkadia has arranged a $17.5 million construction loan for Hotel Indigo, a 143-room hotel that will be developed in Tallahassee. Brad Williamson and Kyle Ryan of Berkadia arranged the five-year, fixed-rate loan through a regional bank on behalf of the developer, Urban Street Development. The hotel will be one of the final pieces of the company’s Florida State University (FSU) CollegeTown District. The master-planned mixed-use community already includes 982 student housing beds, 60,000 square feet of retail and restaurant space and two parking garages. Urban Street broke ground on the $125 million project in 2013. Situated at 826 Gaines St., Hotel Indigo will be located adjacent to FSU and steps away from Doak Campbell Stadium, home to FSU’s Seminole football team. Designed by hospitality design firm ai3, the hotel will feature a contemporary design and an onsite restaurant and bar. Hotel Indigo is a chain of boutique hotels and part of InterContinental Hotels Group.

September 11, 2018

Acquisitions Hospitality Midwest Missouri

MCR Sells 195-Room Hilton Hotel in Downtown St. Louis

by Kristin Harlow September 11, 2018

ST. LOUIS — MCR has sold the 195-room Hilton St. Louis Downtown at the Arch. The hotel is located at 400 Olive St. Amenities include a business center, bar area, fitness room and meeting rooms. The buyer was not disclosed. MCR, which purchased the property in December 2016, generated a 44 percent internal rate of return on its initial investment. The sales price was not disclosed, but the property has an appraised value of nearly $7 million, according to the St. Louis Post-Dispatch. MCR’s investment strategy is to purchase well-located hotels, improve operations and sell opportunistically, according to Tyler Morse, CEO and managing partner.

September 11, 2018

Features Georgia Hospitality Southeast Southeast Feature Archive

Economist: Hotel Sector Benefitting from Strong Consumer Confidence, Uptick in Income and Corporate Profits

by John Nelson September 11, 2018

ATLANTA — Roger Tutterow, director of Kennesaw State University’s Econometric Center, encourages hoteliers to be optimistic about today’s historic level of consumer confidence because it directly impacts the leisure travel side of the hospitality sector. In late August, the consumer confidence index increased to 133.4, its highest level since October 2000, according to The Conference Board. The index gauges consumers’ confidence levels about business and labor conditions. “This is still a consumer-driven economy, and it’s very important that we maintain those confidence levels,” said Tutterow, who was one of the featured speakers at Atlanta Lodging Outlook 2019. The Atlanta Convention & Visitors Bureau, Cornell Hotel Society and the Georgia Hotel & Lodging Association jointly hosted the annual event, which took place on Tuesday, Sept. 4 at the InterContinental Buckhead hotel in Atlanta. Spending Power Impacts Hotel Performance Personal income gains and corporate profits also affect hotel absorption as these determine the spending power of leisure travelers and businesses. According to the Bureau of Economic Analysis, personal income increased by 3.5 percent over the past six months, while corporate profits rose 20 percent during the same period. “You’ve got support both from the personal income and corporate profits side,” said Tutterow …

September 11, 2018

Acquisitions Hospitality New Jersey Northeast

HREC Orchestrates Sale of Holiday Inn Cherry Hill in New Jersey

by David Cohen September 10, 2018

CHERRY HILL, N.J. — HREC Investment Advisors has orchestrated the sale of the Holiday Inn Philadelphia-Cherry Hill. The sales price was undisclosed. The 186-room property is located seven miles east of downtown Philadelphia. Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the seller, 2715 Marlton Pike Associates LP., in the transaction. KPG Hotels acquired the property.

September 10, 2018

Hospitality Top Stories

LaSalle Hotel Properties Changes Course, Accepts Pebblebrook’s $5.2B Merger Offer as Blackstone Bows Out

by Jeff Shaw September 6, 2018

BETHESDA, MD. —It appears the sixth time’s a charm as LaSalle Hotel Properties (NYSE: LHO) has accepted Pebblebrook Hotel Trust’s (NYSE: PEB) merger proposal made in late August. The two Maryland-based hotel REITs jointly announced today that Pebblebrook will acquire all of LaSalle’s outstanding common shares in a deal valued at $5.2 billion. In accepting the unsolicited Pebblebrook bid, LaSalle has terminated its previously announced merger agreement with affiliates of The Blackstone Group LP (NYSE: BX). Blackstone declined to revise its $4.8 billion bid, including $1.1 billion in debt, which LaSalle previously accepted in May. According to The Wall Street Journal,Blackstone is entitled to a $112 million termination fee. Under terms of the merger agreement, each LaSalle shareholder will have the option to receive for each LaSalle common share owned either a fixed amount of $37.80 in cash or a common share of Pebblebrook stock at a fixed exchange ratio of 0.92. A maximum of 30 percent of outstanding LaSalle common shares may be exchanged for cash. “We are very pleased to have reached an agreement to bring Pebblebrook and LaSalle together in a strategic combination that represents a terrific value-maximizing opportunity for both LaSalle and Pebblebrook shareholders,” says Jon …

September 6, 2018

Acquisitions Florida Hospitality Southeast

RLJ Lodging Trust Sells Marriott-Branded Hotel in Tampa Bay for $188.5M

by Camren Skelton September 5, 2018

ST. PETERSBURG, FLA. — RLJ Lodging Trust has sold the 362-room Vinoy Renaissance St. Petersburg Resort & Golf Club for $188.5 million, or approximately $521,000 per room. The Marriott-branded hotel is located at 501 5th Ave. N.E. on the Tampa Bay waterfront In St. Petersburg. The sales price represents the contractural sales price of $185 million, and the release of $3.5 million in member deposits. The Vinoy features an on-site spa, swimming pool, fitness center, meeting rooms, 18-hole golf course and on-site dining. The hotel is located in downtown St. Petersburg near Tropicana Field, the Dali Museum, Florida Aquarium, North Straub Park, Vinoy Park and Spa Beach.

September 5, 2018

Development Hospitality Midwest Missouri

Midas Hospitality Opens $11M Hampton Inn Hotel in Sikeston, Missouri

by Kristin Harlow September 5, 2018

SIKESTON, MO. — Midas Hospitality has opened a new Hampton Inn hotel in Sikeston in southeastern Missouri. The $11 million project spans 57,000 square feet and four stories. The 92-room hotel features an indoor swimming pool, fitness center, business center and meeting rooms. The hotel is located within the 100-acre Cotton Ridge development, which will include restaurants, a movie theater and other retail tenants. Midas Hospitality will own and manage the hotel. Sister company MC Hotel Construction was the general contractor for the project. Gray Design served as the architect. Bank of Missouri financed the project. Hampton Inn is part of the Hilton chain of hotels.

September 5, 2018

Acquisitions Hospitality Nevada Top Stories Western

Investor Buys Mandarin Oriental Las Vegas for $214M, Rebrands as Waldorf Astoria

by Kristin Harlow August 31, 2018

LAS VEGAS — CityCenter Holdings LLC, which is a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp., has sold the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million. The 392-room hotel will be rebranded as a Waldorf Astoria. CCLV Luxury Hotel LLC purchased the property, according to the Las Vegas Review-Journal. The investor’s owners include a commercial real estate developer and the co-founders of Panda Express restaurants. The hotel is located at the entryway of CityCenter, a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino; Vdara Hotel and Spa; and the Veer Towers. The hotel features 12,000 square feet of meeting space, five food and beverage outlets and a 27,000-square-foot spa. JLL served as advisor to the sellers, who expect to use the proceeds from the sale to pay a dividend to shareholders. Waldorf Astoria is part of the Hilton chain of hotels. — Kristin Hiller

August 31, 2018

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of Two Hotels Totaling 144 Rooms in Texas

by Taylor Williams August 30, 2018

GREENVILLE AND SULPHUR SPRINGS, TEXAS — Marcus & Millichap has brokered the sale of two Texas hotels totaling 144 rooms. The acquisition includes Best Western Plus Monica Royale Inn & Suites in Greenville, a 79-room hotel located about 60 miles northeast of Dallas, and La Quinta Inn & Suites-Sulphur Springs, a 65-room hotel located about 80 miles northeast of Dallas. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap marketed the properties on behalf of the sellers, both private investors.

August 30, 2018

Acquisitions Hospitality Iowa Midwest

Marcus & Millichap Brokers Sale of 69-Room Hotel in Dubuque, Iowa

by Kristin Harlow August 30, 2018

DUBUQUE, IOWA — Marcus & Millichap has brokered the sale of Country Inn & Suites Dubuque for an undisclosed price. The 69-room hotel, built in 2000, is located at 1315 Associates Drive in eastern Iowa. Jon Ruzicka and Jake Erickson of Marcus & Millichap marketed the property for sale and procured the buyer. Neither the buyer nor the seller was disclosed.

August 30, 2018

Newer Posts

Older Posts