Hospitality

Joint Venture Purchases Historic Miami Hotel for $103M

by Alex Tostado February 26, 2019

MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Holding and Deutsche Finance America has purchased the Raleigh Hotel in Miami for $103 million. The 83-room hotel is situated in South Beach, about 10 miles east of downtown Miami, and is known for its beachside swimming pool that Life Magazine called “the most beautiful pool in America” in 1947. Designer Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the asset, which it has owned since 2014. The joint venture bought the asset in all cash in partnership with a number of Germany’s largest institutions, including Bayerische Versorgungskammer (BVK), Germany’s largest manager of public pension schemes.

February 26, 2019

Hospitality Loans Washington Western

3650 REIT Arranges $78M Loan to Complete Tacoma Marriott Convention Center Hotel

by Amy Works February 26, 2019

TACOMA, WASH. — 3650 REIT has facilitated a $78 million construction loan for Yareton Investment. The borrower plans to use the loan to complete the development of a full-service Marriott hotel in Tacoma. Now 30 percent complete, the 22-story hotel will feature 304 guest rooms, 9,000 square feet of event space, a 10,000-square-foot ballroom and direct connection to the Greater Tacoma Convention Center. With this loan, Yareton Investment is able to advance the development of the hotel component of its broader mixed-use project that includes a residential tower. Matt Fisher of JS Coats Capital arranged the financing.

February 26, 2019

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges $5.3M Sale of Best Western Hotel in Indiana

by Kristin Harlow February 26, 2019

FORT WAYNE, IND. — Marcus & Millichap has arranged the sale of the Best Western Plus Fort Wayne Inn & Suites for $5.3 million. The 62-room hotel is located at 5926 Cross Creek Blvd. Built in 2000, the three-story property features a pool, spa and fitness center. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer. Josh Caruana assisted in closing the transaction as the broker of record in Indiana.

February 26, 2019

Acquisitions District of Columbia Hospitality Southeast Top Stories

Pebblebrook Hotel Trust Sells Hotel in D.C. for $141.5M

by John Nelson February 26, 2019

WASHINGTON, D.C. — Pebblebrook Hotel Trust (NYSE: PEB) has closed on the sale of Hotel Palomar Washington DC, a 335-room hotel located at 2121 P St. N.W. in Washington, D.C.’s Dupont Circle neighborhood. An undisclosed buyer purchased the hotel for $141.5 million. According to Pebblebrook, the sales price reflects a cap rate of 5.9 percent based on the hotel’s 2018 net operating income. The Bethesda, Md.-based hotel REIT will use proceeds from the sale for general business purposes, which may include reducing the company’s outstanding debt. San Francisco-based Kimpton manages Hotel Palomar, which features an outdoor pool and sundeck, spa services, 24-hour fitness center, business center, bike sharing services and Urbana, an onsite Italian restaurant. Pebblebrook has been on a selling spree for its Washington, D.C., hotels. Last week, the company sold The Liaison Capitol Hill, a 343-room hotel, to REIT Bldg Management Co. Inc. for $111 million. According to Washington Business Journal, Pebblebrook is currently marketing three Kimpton-managed hotels it owns near Dupont Circle. In an investor presentation posted yesterday, Pebblebrook disclosed that its Washington, D.C., hotels comprise 7 percent of the company’s 2018 EBITDA (earnings before interest, tax, depreciation and amortization). Pebblebrook announced last year its intent to …

February 26, 2019

California Development Hospitality Western

Three-Company Partnership to Develop 173-Key Moxy Hotel in Oakland

by Amy Works February 25, 2019

OAKLAND, CALIF. — A partnership between EJF Capital, San Francisco-based Tidewater Capital and Minneapolis-based Graves Hospitality plans to develop Marriott International’s new Moxy hotel in the Uptown neighborhood of Oakland. EJF is providing equity capital for the project primarily from EJF OpZone Fund I LP, a fund formed by the global alternative asset manager to invest in new construction projects within opportunity zones. Slated to open in 2021, the hotel will feature 173 guest rooms, high-speed Wi-Fi and an active lobby with bar and lounge areas. The $50 million investment is expected to generate 50 permanent jobs for the Uptown Oakland area, which qualifies as an Opportunity Zone under the Tax Cuts and Jobs Acts of 2017. Moxy is Marriott’s newest brand and is a three-star boutique hotel targeted toward millennials. There are currently 14 Moxy hotels in operation in the United States, 39 in Europe and three in Asia.

February 25, 2019

Acquisitions Hospitality Oregon Western

Crystal Investment Property Directs Sale 69-Key Howard Johnson in Oregon

by Amy Works February 25, 2019

SALEM, ORE. — Crystal Investment Property has arranged the sale of Howard Johnson by Wyndham Salem, located at 2250 Mission St. SE in Salem. Terms of the sale were not released. The interior-corridor hotel features 69 guest rooms and a one-bedroom/one-bath owner’s quarters unit. On-site amenities include an outdoor pool, breakfast area, exercise room, guest laundry facilities, truck/bus/RV parking and a business center. Joseph Kennedy of Crystal Investment Property handled the transaction for undisclosed seller and buyer.

February 25, 2019

Finance Insight Healthcare Hospitality Industrial Loans Midwest Multifamily Northeast Office Retail Southeast Texas Video Western

TD Bank: Construction Delays have Bolstered the Multifamily Market

by Jaime Lackey February 23, 2019

It may sound counterintuitive, but Gregg Gerken, head of U.S. commercial real estate at TD Bank, believes some of the challenges the multifamily development market has faced have actually benefited the market. He specifically references labor shortages and construction delays. There were concerns in some areas that too much product might come online too fast, hampering absorption and rent growth. But the recent speedbumps have allowed the pipeline to even out a bit, staggering the delivery of new units and preventing overbuilding. Demand still outpaces supply in many markets, which has led to average vacancy rates of around 5 percent and healthy rent growth. Both developers and renters can look forward to new product delivering at a steady pace in 2019. Watch the video to hear takeaways from MBA CREF and 2019 predictions from Gerken.

February 23, 2019

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers $2.3M Sale of Super 8 Hotel in Eau Claire, Wisconsin

by Kristin Harlow February 22, 2019

EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a 56-room Super 8 hotel in Eau Claire for $2.3 million. The two-story property is located at 1151 W. MacArthur Ave. Ebrahim Valliani, John Yurich, Michael Klar, Allan Miller and Chris Gomes marketed the property on behalf of the seller. Todd Lindblom assisted in closing this transaction as the broker of record in Wisconsin.

February 22, 2019

Development Hospitality Texas

Proper Hospitality to Open 244-Room Hotel in Downtown Austin

by Taylor Williams February 21, 2019

AUSTIN, TEXAS — Proper Hospitality will open Austin Proper Hotel & Residences, a 244-room hotel that will be located at 600 W. 2nd St. in downtown Austin. The property will also house 99 for-sale residences, as well as three restaurants, two bars, an outdoor lounge, two pools, a spa and wellness facility and 10,000 square feet of meeting space. The opening is scheduled for June.

February 21, 2019

Acquisitions Hospitality Multifamily New York Northeast Seniors Housing

Capital Senior Housing Buys Hotel on Long Island for Seniors Housing Conversion

by David Cohen February 21, 2019

PLAINVIEW, N.Y. — Capital Senior Housing has acquired the Plainview Residence Inn by Marriott in Plainview, with plans to convert the property into seniors housing. Metropolis Property Group LLC represented the seller, Greenbriar Associates LLC, in the $20.3 million sale. Metropolis collaborated with Avison Young’s hospitality group to negotiate the sale. The 150,000-square-foot property houses 170 rooms. Capital plans to spend another $12 million to convert the hotel into a 111-unit seniors housing community.

February 21, 2019

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