Hospitality

Sonnenblick-Eichner Co. Arranges $36.3M Acquisition Loan for Silicon Valley Hotel

by Amy Works April 8, 2019

CAMPBELL, CALIF. — Sonnenblick-Eichner Co. has secured $36.3 million in first mortgage financing for the acquisition of DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room full-service hotel in downtown Campbell. The undisclosed borrower used the long-term, fixed-rate loan to facilitate the purchase of the hotel and provide funds for a $5.8 million renovation. The 12-year loan, which a life insurance company provided, features a 4.5 percent interest rate with four years of interest-only payments and a 30-year amortization schedule.

April 8, 2019

Development Hospitality Texas

Partnership to Open 360-Room Margaritaville Resort in Conroe, Texas

by Taylor Williams April 5, 2019

CONROE, TEXAS — A partnership between Jimmy Buffett’s Margaritaville Holdings LLC, Atlanta-based Songy Highroads and Baton Rouge, La.-based The Wampold Cos. will open a 360-room Margaritaville Resort at Lake Conroe, about an hour north of Houston. The property, which will be the first Margaritaville-branded project in Texas, will be situated on a 186-acre site that is currently home to La Torretta Lake Resort & Spa. The development team will undertake a renovation project to convert two of the existing restaurants to signature Margaritaville dining concepts, and to refresh the golf course, tennis facilities, spa and outdoor pools. The opening is slated for the third quarter of 2020.

April 5, 2019

Acquisitions District of Columbia Hospitality Southeast Top Stories

Metrovest Equities, BLDG Management Acquire 343-Room Hotel in Capitol Hill for $111M

by Kristin Harlow April 5, 2019

WASHINGTON, D.C. — A partnership between Metrovest Equities Inc. and BLDG Management has acquired the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C., for $111 million. Located at 415 New Jersey Ave., the property is the closest hotel to the U.S. Capitol building. It is within walking distance of Union Station, the National Mall, Georgetown University Law Center and the Walter E. Washington Convention Center. Amenities include an on-site restaurant, swimming pool, patio with fire pit, meeting and event space, and fitness center. The buyer plans to convert the hotel into the Yotelpad Capitol Hill. Yotel is a lifestyle-oriented hospitality concept. This will be the first Yotel extended-stay project in Washington, D.C. Daniel Peek and Cyrus Vazifdar of HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust (NYSE: PEB). Scott Aiese and Chris Hew of HFF arranged a bridge loan with a life insurance company for the acquisition. Pebblebrook is a publicly traded real estate investment trust that acquires and invests in upscale, full-service hotels in urban markets. The Bethesda, Md.-based company owns 61 hotels totaling approximately 14,600 rooms. The company’s stock price closed at $31.60 per share on April …

April 5, 2019

Hospitality Loans New York Northeast

Mission Capital Arranges $80M Bridge Loan for Sister City Hotel in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — Mission Capital Advisors has arranged an $80 million bridge loan for the recently completed Sister City hotel, a 200-room hotel on the Lower East Side of Manhattan. Located at 225 Bowery, the 14-story property features a 234-seat café, ground-floor garden and a 150-seat rooftop bar with views of Manhattan. Jonathan More, Steve Buchwald, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing on behalf of a partnership between Omnia and Northwind Group. The lender was Bank Hapoalim. After purchasing the property, Omnia and Northwind commenced a major construction campaign, adding three floors and transforming the century-old building into a food-and-beverage-centric hotel. The property is the first Sister City-branded hotel and will be managed by hotel operator Ace Hotels.

April 4, 2019

Acquisitions Hospitality Texas

Extended Stay America Opens 115-Room Hotel in Houston

by Taylor Williams April 4, 2019

HOUSTON — Extended Stay America Inc. (NASDAQ: STAY) has opened Extended Stay America Houston IAH Airport, a 115-room hotel in Houston and the first franchise conversion in the brand’s history. The three-story property offers a business center, laundry facilities and in-suite kitchens and work desks. An affiliate of Dallas-based Provident Realty Advisors Inc., which recently purchased 16 Extended Stay America hotels, owns the all-suite property.

April 4, 2019

Development Hospitality Southeast Tennessee

Joint Venture to Develop Two Hotel Towers in Downtown Nashville Adjacent to Music City Center

by Alex Tostado April 2, 2019

NASHVILLE, TENN. — Starwood Capital Group, Crescent Real Estate LLC and High Street Capital Partners will develop a two-tower, dual-branded hotel situated on 1.3 acres directly across from Music City Center, a $625 million convention center in downtown Nashville that opened in 2013. The project will consist of a 506-room, 30-story Embassy Suites by Hilton and a 215-room, 18-story 1Hotel Tower, Starwood’s signature brand. The two hotel towers will be connected via a four-story lobby, conference center, public street-level dining and retail space and a rooftop bar. The joint venture will break ground on the hotels in the second quarter of this year.

April 2, 2019

Acquisitions Hospitality Southeast Virginia

Apple Hospitality REIT Sells Nine Hotels in Five States for $95M

by Alex Tostado April 2, 2019

RICHMOND, VA. — Apple Hospitality REIT has sold nine hotels in Florida, Louisiana, North Carolina, Virginia and Texas for $95 million. The hotels total 1,054 rooms. The sold hotels included two in Florida (Homewood Suites by Hilton Sarasota and TownePlace Suites by Marriott Tampa), one in Louisiana (SpringHill Suites by Marriott Baton Rouge), one in North Carolina (Hampton Inn & Suites by Hilton Holly Springs), two in Virginia (Courtyard by Marriott Bristol and Courtyard by Marriott Harrisonburg) and three in Texas. The buyer(s) was not disclosed. Richmond-based Apple Hospitality REIT is publicly traded and owns 234 hotels in 34 states.

April 2, 2019

Colorado Hospitality Loans Mixed-Use Office Retail Western

HFF Secures $165M in Financing for Mixed-Use Dairy Block Portfolio in Downtown Denver

by Amy Works April 2, 2019

DENVER — HFF has arranged $165 million in permanent financing for Dairy Block, a mixed-use asset in downtown Denver. The borrower is a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality. Eric Tupler and Brock Yaffe of HFF secured the long-term debt with MetLife Investment Management. The borrowers will use the loan proceeds to refinance the construction loan on the property. Diary Block consists of three components: Dairy Block, a newly built, six-story, 218,660-square-foot office space with 380-space subterranean parking garage. Firehouse Block, a historic 92,803-square-foot office and retail space along Blake Street. Maven Hotel, a 172-key boutique hotel. Operated by Sage Hospitality, the eight-story property features a 175-seat Kachina Cantina along with Poka Lola Social Club.

April 2, 2019

Acquisitions Hawaii Hospitality Western

Pacifica Hotels Sells 452-Room Marriott Courtyard on Hawaii’s Big Island

by Amy Works April 2, 2019

KAILUA-KONA, HAWAII — Pacific Hotels has completed the sale of Courtyard by Marriott King Kamehameha’s Kona Beach Hotel, a full-service beachfront hotel located at 75-5660 Palani Road in Kailua-Kona on Hawaii’s Big Island. Situated on 13 beachfront acres, the 452-room hotel comprises two connected six-story towers that feature more than 20,000 square feet of flexible indoor and outdoor meeting space; more than 18,000 square feet of retail space, including a full-service spa; a fitness center; yoga studio; 24-hour business center; outdoor pool and patio; tennis courts; and five food and beverage outlets, including Honu’s on the Beach Restaurant, Billfish Poolside Bar & Grill and The Island Breeze Hawaiian Lu’au. The hotel was renovated and converted into the Marriott Courtyard in 2011. Scott Hall, Tony Malk, Tracey Goo, Aaron Lapping and Blake Malecha of HFF represented the seller in the deal. The name of the buyer and acquisition price were not released.

April 2, 2019

Features Hospitality

Hotel Industry Growth Continues, Labor Shortage a Concern, Says Industry Researcher

by Taylor Williams April 2, 2019

ATLANTA — The hotel industry is still setting records. According to Jan Freitag, senior vice president of Tennessee-based STR, United States hotels in 2018 had the highest availability, most sales and the highest average daily rate (ADR) ever recorded. The total inventory of rooms available was up 2.1 percent in February year-over-year, the first time in history that the annual pace of supply growth has exceeded 2 percent, Freitag said. Freitag presented the research during the 31st annual Hunter Hotel Investment Conference, which was held from March 20 to 22 at the Atlanta Marriott Marquis in the city’s downtown area. The conference drew approximately 1,850 attendees. STR found that in 107 out of the past 108 months, the industry has posted an increase in revenue per available room (RevPAR). The lone exception was September 2018, a month Freitag called an anomaly. Although hotel revenue continues to grow, there is a large chunk of travelers around the world that the U.S. is missing out on due partially to the exchange rates that don’t favor travelers from developing countries, says Freitag. More people are traveling than ever before, backed by greater leisure spending among the emerging middle classes of India and China. …

April 2, 2019

Newer Posts

Older Posts