Hospitality

MCR Buys Marriott-Branded Hotel Near Richmond for $10.9M

by Camren Skelton April 23, 2018

GLEN ALLEN, VA. — MCR has acquired the 136-room SpringHill Suites by Marriott Richmond North Glen Allen for $10.9 million. The hotel is located at the intersection of Interstates 295 and 95 in Glen Allen, roughly 13 miles north of Richmond. The hotel features an indoor pool, fitness center, complimentary Wi-Fi, 300 square feet of meeting space, a 24-hour business center and a 24-hour market. MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 102 hotel properties in 26 states spanning more than 12,000 rooms.

April 23, 2018

Development Hospitality Indiana Midwest

Embassy Suites by Hilton Opens in Noblesville, Indiana

by Kristin Harlow April 23, 2018

NOBLESVILLE, IND. — Embassy Suites by Hilton has opened in Noblesville, just north of Indianapolis. Owned and managed by Sun Development and Management, the hotel features 198 suites and more than 29,000 square feet of meeting space. Each suite includes complimentary Wi-Fi, a large high-definition television, sofa bed, microwave, mini refrigerator, coffeemaker and workspace. The Local Kitchen and Tap is the property’s on-site restaurant. Additional amenities include a fitness center, 24-hour market, indoor pool, business center and hotel shuttle. Nearby attractions include Hamilton Town Center, Ruoff Home Mortgage Music Center, Edge Adventure Parks, the Conner Prairie Living History Museum, and the Palladium at the Center for the Performing Arts.

April 23, 2018

Acquisitions Hospitality Washington Western

Crystal Investment Property Negotiates Sale of Super 8 Hotel in Port Angeles, Washington

by Amy Works April 20, 2018

PORT ANGELES, WASH. – Crystal Investment Property (CIP) has brokered the sale of a Super 8 hotel located at 2104 E. First St. in Port Angeles. An undisclosed buyer acquired the 63-key hotel. The fully staffed, turn-key hotel features a large lot with ample truck and RV parking. Joseph Kennedy of CIP represented the buyer and undisclosed seller in the sale. The acquisition price was not released.

April 20, 2018

Development Florida Hospitality Mixed-Use Southeast Top Stories

Strategic Property Partners to Develop 173-Room EDITION Hotel Within $3B Water Street Tampa Project

by Kristin Harlow April 20, 2018

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will feature multiple social and amenity spaces for guests, including a rooftop pool, bar and restaurant, spa and fitness center. The ground-floor space will house several restaurants and shops, which have yet to be announced. Water Street Tampa will also include a JW Marriott luxury hotel, which is slated to open in 2020. Furthermore, SPP has unveiled plans to fully renovate an existing 727-room Marriott Waterside Hotel & Marina. Combined, these three properties will account for 1,419 hotel rooms and over 150,000 square feet of meeting and event space. Water Street Tampa is a multi-phase, 50-acre project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space, with the first …

April 20, 2018

Development Hospitality Southeast Virginia

Suburban Capital to Develop $26.3M Hyatt Place Hotel in Virginia Beach

by Camren Skelton April 19, 2018

VIRGINIA BEACH, VA. — Virginia Beach-based Suburban Capital Inc. has unveiled plans to build a 127-room Hyatt-branded hotel in Virginia Beach. Hyatt Place at Pembroke Park will be located at 281 Independence Blvd. and will serve as a catalyst for the redevelopment of the 14-acre Pembroke Park into a higher density mixed-use development, according to the project’s developers. The Virginia Beach Development Authority has approved an Economic Development Investment Program Grant in the amount of $200,000 based on Suburban Capital’s $26.3 million investment. The funds will be used for enhanced streetscape improvements. The 92,000-square-foot hotel is slated for completion in April 2019.

April 19, 2018

Development Hospitality South Carolina Southeast

Hilton Grand Vacations, Strand Capital to Develop New Hotel in Downtown Charleston

by Camren Skelton April 19, 2018

CHARLESTON, S.C. — Hilton Grand Vacations Inc. (HGV), in a joint venture with Strand Capital Group LLC, has unveiled plans to build a new hotel in downtown Charleston. The hotel will be located at 475 E. Bay St., within walking distance of The Battery and the South Carolina Aquarium, as well as the city’s dining, shopping and entertainment options. The hotel, dubbed Liberty Place Charleston by Hilton Club, will be HGV’s first property in the historic city. HGV will invest $10 million in the hotel, which will include 100 rooms and feature a fitness center, lobby bar and owners’ lounge. HGV and Strand plan to start construction on the hotel in the fourth quarter, with an estimated completion in the second quarter of 2020. In addition to an ownership stake in the project, HGV will market, sell and manage the property under a fee-for-service agreement with the HGV/Strand joint venture.

April 19, 2018

Acquisitions Hospitality Midwest Wisconsin

HREC Arranges Sale of 105-Room Hotel in Appleton, Wisconsin

by Kristin Harlow April 18, 2018

APPLETON, WIS. — HREC Investment Advisors has arranged the sale of the 105-room Country Inn & Suites in Appleton for an undisclosed price. The hotel is located along U.S. Highway 41, which encircles the city and connects Appleton with Green Bay to the north and Milwaukee to the south. Scott Kaniewski of HREC represented the seller, a Midwest-based investment company. Duluth, Minnesota-based IGO Legacy Hotel Group LLC purchased the asset.

April 18, 2018

Acquisitions Hospitality New York Northeast Top Stories

Icahn Enterprises Agrees to Sell Tropicana Entertainment for $1.85B

by David Cohen April 18, 2018

NEW YORK CITY — Icahn Enterprises has agreed to sell Tropicana Entertainment Inc. to Gaming and Leisure Properties Inc. for $1.85 billion in a deal that includes all of Tropicana’s real estate. The company’s gaming and hotel operations will be merged into Eldorado Resorts Inc., which owns and operates 20 casinos in 10 states. Under the agreement, Pennsylvania-based real estate investment trust Gaming and Leisure Properties will buy Tropicana’s real estate for $1.21 billion and lease properties to Eldorado Resorts. Eldorado will pay $640 million in cash and assume Tropicana’s cash and debt. The transaction includes all of Tropicana’s locations except Aruba, which will close as a condition of the deal. Icahn Enterprises invested in Tropicana when it was bankrupt in 2008, after state regulators deemed its former owner unfit to run a casino. The New York City-based investment company controlled by American businessman Carl Icahn hired Tony Rodio as chief executive and reinvested profits into operations. Carl Icahn has been chairman of Tropicana’s board since 2010. “I am incredibly proud of what the entire Tropicana team has been able to accomplish over the past eight years, taking Tropicana from bankruptcy to one of the industry’s true success stories,” says Rodio. …

April 18, 2018

Georgia Hospitality Loans Southeast

Hall Structured Finance Funds $14.6M Construction Loan for Hotel in Metro Atlanta

by Camren Skelton April 16, 2018

ALPHARETTA, GA. — Hall Structured Finance (HSF) has provided a $14.6 million construction loan for the 132-room EVEN Hotel in Alpharetta, roughly 26 miles north of Atlanta. Tanya Little and Jessica Reyes of Hart Capital Partners arranged the loan on behalf of the borrower and project developer, Epelboim Development Group LLC. Atlanta-based InterContinental Hotels Group (IHG) is Epelboim’s joint venture partner and will manage the hotel upon completion. EVEN Hotels, the newest brand from IHG, emphasizes “eating well, resting easy, keeping active and accomplishing more.” The Alpharetta hotel will be the wellness-focused brand’s first location in Georgia, and will be situated across the street from $600 million Avalon mixed-use development. In addition, the hotel will be located in close proximity to IHG’s U.S. headquarters in Atlanta’s Central Perimeter district.

April 16, 2018

Acquisitions Georgia Hospitality Indiana Michigan Midwest Ohio Southeast

Hospitality Ventures, Investra Capital Purchase 12-Property Hotel Portfolio

by Kristin Harlow April 13, 2018

ATLANTA — Atlanta-based Hospitality Ventures Management Group (HVMG), in conjunction with Investra Capital Group Ltd., has completed the acquisition of a 12-property hotel portfolio totaling 1,465 rooms. The purchase price was not disclosed. The portfolio comprises Marriott- and Hyatt-branded hotels across the Midwest, Southeast and Southwest. The Midwest properties include the 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.; the 147-room Courtyard Detroit Southfield in Southfield, Mich.; the 86-room Fairfield Inn & Suites Indianapolis Airport in Indianapolis; the 95-room Residence Inn Indianapolis Airport in Indianapolis; and the 113-room Courtyard Cleveland Beachwood in Beachwood, Ohio. The portfolio also includes three properties in Georgia and four properties in Texas. HVMG will operate the entire portfolio. The seller was not disclosed.

April 13, 2018

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