Hospitality

Aztec Group Secures $42M Construction Loan for Marriott Autograph Hotel in Downtown West Palm Beach

by Camren Skelton June 7, 2018

WEST PALM BEACH, FLA. — Aztec Group has arranged a $42 million construction loan for a 208-room Marriott Autograph Collection Hotel located in downtown West Palm Beach. Boaz Ashbel of Aztec Group originated the financing through Florida Community Bank N.A. on behalf of the hotel owner and operator, Concord Hospitality Enterprises Co. The hotel will be located at 201 N. Flagler Drive, within a 435,000-square-foot mixed-use project under development by Navarro Lowery Properties. In addition to the new hotel, the site will feature 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multi-level parking structure. The hotel is scheduled to open in fall 2019 and will feature a full-service restaurant, fitness center, 4,000 square feet of meeting space and a rooftop swimming pool and lounge.

June 7, 2018

Development Hospitality New York Northeast

Pendry Hotels to Open First New York City Location at Manhattan West Development

by David Cohen June 6, 2018

NEW YORK CITY — Pendry Hotels, in collaboration with Brookfield Properties, will open its first New York City location at Brookfield’s Manhattan West development in the Hudson Yards district. Pendry Manhattan West will be a 164-room hotel with a restaurant, lounge and open-air terrace bar, as well as meeting and event space. Construction of the hotel is scheduled to begin during the third quarter of 2018, with an estimated completion date of 2021. Manhattan West is a 7 million-square-foot development with more than 6 million square feet of office space and 250,000 square feet of retail anchored by a 35,000-square-foot Peloton Studios location and a 60,000-square-foot Whole Foods. Pendry Manhattan West was designed by architectural firm, Skidmore, Owings & Merrill with interiors by Gachot Studios.

June 6, 2018

Acquisitions Florida Hospitality Southeast

Tishman Acquires Three Orlando Hotels for $81M

by Camren Skelton June 6, 2018

ORLANDO, FLA. — Tishman Select Partners, an affiliate of New York-based Tishman, has acquired three hotels in Orlando from developer Kalson’s Hospitality. The portfolio sold for $81 million, according to local media reports. The sold portfolio adds 400 rooms to Tishman’s portfolio and includes Homewood Suites Orlando Theme Parks, located at 6940 Westwood Blvd.; Homewood Suites Lake Buena Vista, located at 11428 Palm Parkway; and Hilton Garden Inn Lake Buena Vista, located adjacent to Homewood Suites Lake Buena Vista. All three properties are situated less than five miles from Walt Disney World. Tishman currently owns the nearby Walt Disney World Swan and Walt Disney World Dolphin Resorts.

June 6, 2018

Acquisitions Florida Hospitality Southeast

Braemar Hotels Sells 293-Room Renaissance Tampa Hotel for $68M

by Camren Skelton June 6, 2018

TAMPA, FLA. — Braemar Hotels & Resorts Inc. has sold the 293-room Renaissance Tampa International Plaza Hotel in Tampa for $68 million, or $232,000 per room. Newport Beach, Calif.-based Clearview Hotel Capital and funds managed by Oaktree Capital Management LP acquired the asset. According to Braemar, the Renaissance Tampa hotel achieved RevPAR of $158 with occupancy of 83 percent and an average daily rate (ADR) of $191 in the 12-month period ended March 31, 2018. The Marriott-branded property features a fitness center, rooftop hydroponic garden, outdoor pool, onsite dining and an onsite wine bar. Lou Plasencia, Joe Corcoran, Chris Plasencia and Nick Plasencia of The Plasencia Group arranged the transaction on behalf of Braemar.

June 6, 2018

Acquisitions Hospitality New York Northeast

MGM Resorts, MGM Growth Properties to Acquire Empire City Casino in Yonkers for $850M

by David Cohen June 4, 2018

YONKERS, N.Y. — MGM Resorts International and MGM Growth Properties LLC have announced plans to acquire the property and operations associated with the Empire City Casino’s race track and casino for $850 million. MGM Resorts will buy the property, then transfer it to its real estate subsidiary, MGM Growth Properties, and execute a sale-leaseback transaction to make MGM Resorts the tenant on the 97-acre site. The transactions are expected to close in the first quarter. MGM Resorts will pay $850 million, including the refinancing of Empire City’s outstanding debt, which is expected to be $245 million. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024. Empire City serves approximately 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan. The casino offers gaming, dining, and entertainment as well as slots, electronic table games and live horse racing.

June 4, 2018

Delaware Hospitality Loans Northeast

Buccini/Pollin Receives $36.5M Loan to Refinance Westin Wilmington

by David Cohen June 1, 2018

WILMINGTON, DEL. — The Buccini/Pollin Group has received a $36.5 million loan to refinance the Westin Wilmington, a 180-room, full-service hotel located at 818 Shipyard Drive in Wilmington. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loan on behalf of Buccini/Pollin through Goldman Sachs and Quadrant Real Estate Advisors. The hotel is connected to the Chase Center, which is the largest special event facility in the Brandywine Valley with more than 87,000 square feet of meeting space. The property was built in 2014 and features 5,780 square feet of meeting space as well as a restaurant, lounge, indoor pool and fitness center.

June 1, 2018

Hospitality Loans Maryland Southeast

Cronheim Secures $29.2M Acquisition Financing for Westin Hotel Near Baltimore/Washington Airport

by Camren Skelton June 1, 2018

LINTHICUM HEIGHTS, MD. — Cronheim Hotel Capital (CHC) has secured a $29.2 million loan for the acquisition and repositioning of the Westin Baltimore Washington Airport — BWI. The 260-room hotel is located two miles from Baltimore/Washington International Thurgood Marshall Airport. CHC arranged the three-year, non-recourse bridge loan on behalf of the borrower, Washington, D.C.-based Frontier Development. Crestline Hotels & Resorts — Frontier’s third party management company — is managing the property. The hotel was constructed in 2007 and features a complimentary airport shuttle, fitness center, 10,850 square feet of meeting space and an indoor swimming pool.

June 1, 2018

Development Hospitality North Carolina Southeast Top Stories

Kessler Collection Breaks Ground on $110M Boutique Hotel in Uptown Charlotte

by Camren Skelton June 1, 2018

CHARLOTTE, N.C. — The Kessler Collection has broken ground on the Grand Bohemian Hotel Charlotte, a 254-room hotel located in Charlotte’s Uptown district. The 15-story hotel is expected to open in 2020 and will feature 32 suites, a signature Poseidon Spa, indoor and outdoor event spaces, an open kitchen restaurant concept and a rooftop bar on the 16th floor with views of the Charlotte skyline. In addition, the boutique hotel will feature an art collection that pays tribute to the culture of Argentina. The Charlotte Business Journal reports development costs for the project total $110 million. “The Kessler Collection is extremely pleased to be in Charlotte and a part of the fabric of this beautiful city’s hospitality services,” says Richard Kessler, chairman and CEO of The Kessler Collection. “We look forward to bringing energy and animation to the city, to our location and to the hospitality experience.” The Grand Bohemian Hotel is located within walking distance to museums, restaurants and retail space. JE Dunn Construction is the general contractor for the project. The Kessler Collection’s portfolio includes nine boutique hotels located throughout the Southeast and Colorado, including two sister properties in Charleston, S.C., and Asheville, N.C. The Grand Bohemian brand is part …

June 1, 2018

Acquisitions Hospitality Kansas Midwest

Hunter Hotel Advisors Arranges Sale of 147-Room Hotel in Kansas City, Kansas

by Kristin Harlow May 31, 2018

KANSAS CITY, KAN. — Hunter Hotel Advisors has arranged the sale of the 147-room Hilton Garden Inn in Kansas City for an undisclosed price. Peachtree Hotel Group purchased the hotel from Fairwood Capital. The property is located next door to the Reardon Convention Center and offers more than 1,375 square feet of meeting and event space. David Perrin of Hunter Hotel Advisors brokered the transaction.

May 31, 2018

Acquisitions Hospitality Illinois Midwest

MCR Acquires Three Hotels in Champaign, Illinois

by Kristin Harlow May 30, 2018

CHAMPAIGN, ILL. — MCR has acquired three Hilton-branded hotels in Champaign near the University of Illinois campus. The purchase price was not disclosed. The properties include the 104-suite Home2 Suites by Hilton, the 99-room Hilton Garden Inn and the 98-suite Homewood Suites by Hilton. All properties feature fitness centers, pools, convenience stores, meeting space and free Wi-Fi. The sellers were not disclosed. MCR is the seventh-largest hotel owner-operator in the country and has invested in and developed 103 hotels with more than 12,000 rooms in 27 states. MCR’s hotels operate under 11 brands. The company maintains offices in New York City and Dallas.

May 30, 2018

Newer Posts

Older Posts