Hospitality

Lightstone Secures $73M in Construction Financing for South Beach Hotel

by Alex Tostado December 11, 2018

MIAMI BEACH, FLA. — National real estate investor and developer Lightstone has secured $73 million in financing to build Moxy South Beach, a seven-story, 202-room hotel in Miami Beach. CapitalSource provided a $55 million senior loan and Canyon Partners Real Estate LLC made an $18 million preferred equity investment. Moxy’s lobby will have an outdoor courtyard threading together a restaurant, all-day bar, co-working lounge and a Cuban-themed bodega. The second floor will feature a 72-foot swimming pool, fitness center and an outdoor bar. The rooftop will include a shallow pool and screening area. A timetable for development of the hotel was not provided.

December 11, 2018

Acquisitions Hospitality Northeast Pennsylvania

MCR Acquires Residence Inn by Marriot Harrisburg Carlisle in Pennsylvania

by David Cohen December 11, 2018

CARLISLE, PA. — Hotel owner-operator MCR has acquired the 78-room Residence Inn by Marriott Harrisburg Carlisle in Carlisle. The sales price was undisclosed. Located at 1 Hampton Court, the hotel is approximately two miles from the U.S. Army War College. Amenities at the property include free Wi-Fi, a convenience store, heated indoor pool and whirlpool spa, a 24-hour fitness center and on-site laundry service. The seller was not disclosed.

December 11, 2018

Acquisitions Hospitality New York Northeast

HREC Brokers Sale of 106-Room Fairfield Inn & Suites in Ithaca, New York

by David Cohen December 11, 2018

ITHACA, N.Y. — HREC Investment Advisors has brokered the sale of the 106-room Fairfield Inn & Suites in Ithaca. The sales price was undisclosed. The property is located at 359 Elmira Road, approximately two miles from both Cornell University and Ithaca College. Ketan Patel of HREC Investment Advisors represented the seller, Titan Hotel Group, in the transaction. The buyer was undisclosed.

December 11, 2018

Hospitality Illinois Loans Midwest Ohio

KeyBank Provides $26.4M Acquisition Financing for Hotel Portfolio in Cleveland, Chicago

by Kristin Harlow December 11, 2018

CLEVELAND AND CHICAGO — KeyBank Real Estate Capital has provided a $26.4 million CMBS loan for the acquisition of a portfolio of Extended Stay America hotels in suburban areas of Cleveland and Chicago. The portfolio is comprised of 14 hotels, built in the late 1990s and early 2000s, totaling 1,386 rooms. Jake Proctor of KeyBank originated the nonrecourse, fixed-rate financing with a five-year term, three-year interest only period and 30-year amortization schedule. Singerman Real Estate was the borrower. The portfolio also includes hotels in Columbus, Ga.

December 11, 2018

Alabama Development Hospitality Southeast

Hampton Inn & Suites Opens $15.5M Prototype Hotel in Metro Mobile

by Alex Tostado December 10, 2018

SARALAND, ALA. — Hampton Inn & Suites has opened a new 100-room, $15.5 million hotel in Saraland. Located about 12 miles north of Mobile, the hotel is Hampton’s first new prototype in a decade. Guestrooms have been redesigned to feature larger windows and bathrooms with improved lighting, décor and bath fixtures. Other amenities include 900 square feet of meeting space, a board room, complimentary breakfast, pool, fitness center and a business center. The business employs more than 18 full-time workers and will eventually employ 30 full- and part-time workers.

December 10, 2018

Connecticut Development Hospitality Northeast

UC Funds Celebrates Grand Opening of Residence Inn Stamford Downtown in Connecticut

by David Cohen December 10, 2018

STAMFORD, CONN. — UC Funds has cut the ribbon on the newly completed Residence Inn Stamford Downtown. Located at 25 Atlantic St., it is the first hotel in Stamford to offer extended-stay lodging. UC funds acquired the property in 2017 and completed construction of the project. The eight-story, 156-room hotel opened Nov. 21. The Marriott-franchised hotel is managed by Urgo Hotels & Resorts. The Residence Inn features apartment-style accommodations and more than 2,000 square feet of meeting and event space. Amenities include complimentary Wi-Fi, a whirlpool spa, a 2,000-square-foot fitness center and a 24-hour market as well as a mezzanine-level outdoor bar. UC Funds also acquired the adjacent Courtyard Stamford Downtown in 2016.v

December 10, 2018

Acquisitions Hospitality Texas

Chatham Lodging Acquires Marriott-Branded Hotel in Downtown Dallas for $49M

by Taylor Williams December 10, 2018

DALLAS — Florida-based hospitality REIT Chatham Lodging Trust (NYSE: CLDT) has acquired the 167-room Courtyard by Marriott Downtown Dallas for $49 million. The 12-story hotel, which opened in September, features 3,500 square feet of meeting space and a rooftop restaurant and bar. Island Hospitality Management will manage the property, the seller of which was not disclosed.

December 10, 2018

Acquisitions Hospitality Washington Western

Crystal Investment Property Arranges Sale of Olympic View Inn in Sequim, Washington

by Amy Works December 10, 2018

SEQUIM, WASH. — Crystal Investment Property (CIP) has brokered the sale of Olympic View Inn, a hotel located at 830 W. Washington St. in Sequim. The independent mid-scale hotel features 51 guest rooms spread across two exterior corridor buildings on four tax lots with excess land for future development. The hotel offers newly remodeled rooms, a conference room and fitness center. Joseph Kennedy of CIP worked closely with the undisclosed buyer and seller in the deal. The sales price was not released.

December 10, 2018

Hospitality Loans Southeast West Virginia

NorthMarq Arranges $8.2M Refinancing for Hotel in Huntington, West Virginia

by Alex Tostado December 7, 2018

HUNTINGTON, W.VA. — NorthMarq Capital has arranged $8.2 million in refinancing for Fairfield Inn & Suites in Huntington. The fixed-rate, non-recourse loan was structured with a 10-year term and a 20-year amortization schedule. The 106-room hotel features a picnic area, valet dry-cleaning and car rental services. Randy Waddell of NorthMarq arranged the loan on behalf of the borrower, H&W Management.

December 7, 2018

Acquisitions Hospitality Midwest Minnesota

Pebblebrook Hotel Trust Sells Grand Hotel Minneapolis for $30M

by Kristin Harlow December 7, 2018

MINNEAPOLIS — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 140-room Grand Hotel Minneapolis for $30 million. The sale includes the hotel and its 57,000-square-foot fitness center, which is leased to a third-party tenant until June 2019. Proceeds from the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, according to Pebblebrook. Kimpton Hotels & Restaurants, part of the Intercontinental Hotels Group umbrella, operates the property. The buyer was not disclosed.

December 7, 2018

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