Hospitality

Investor Buys Mandarin Oriental Las Vegas for $214M, Rebrands as Waldorf Astoria

by Kristin Harlow August 31, 2018

LAS VEGAS — CityCenter Holdings LLC, which is a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp., has sold the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million. The 392-room hotel will be rebranded as a Waldorf Astoria. CCLV Luxury Hotel LLC purchased the property, according to the Las Vegas Review-Journal. The investor’s owners include a commercial real estate developer and the co-founders of Panda Express restaurants. The hotel is located at the entryway of CityCenter, a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino; Vdara Hotel and Spa; and the Veer Towers. The hotel features 12,000 square feet of meeting space, five food and beverage outlets and a 27,000-square-foot spa. JLL served as advisor to the sellers, who expect to use the proceeds from the sale to pay a dividend to shareholders. Waldorf Astoria is part of the Hilton chain of hotels. — Kristin Hiller

August 31, 2018

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of Two Hotels Totaling 144 Rooms in Texas

by Taylor Williams August 30, 2018

GREENVILLE AND SULPHUR SPRINGS, TEXAS — Marcus & Millichap has brokered the sale of two Texas hotels totaling 144 rooms. The acquisition includes Best Western Plus Monica Royale Inn & Suites in Greenville, a 79-room hotel located about 60 miles northeast of Dallas, and La Quinta Inn & Suites-Sulphur Springs, a 65-room hotel located about 80 miles northeast of Dallas. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap marketed the properties on behalf of the sellers, both private investors.

August 30, 2018

Acquisitions Hospitality Iowa Midwest

Marcus & Millichap Brokers Sale of 69-Room Hotel in Dubuque, Iowa

by Kristin Harlow August 30, 2018

DUBUQUE, IOWA — Marcus & Millichap has brokered the sale of Country Inn & Suites Dubuque for an undisclosed price. The 69-room hotel, built in 2000, is located at 1315 Associates Drive in eastern Iowa. Jon Ruzicka and Jake Erickson of Marcus & Millichap marketed the property for sale and procured the buyer. Neither the buyer nor the seller was disclosed.

August 30, 2018

Acquisitions Hospitality Massachusetts Northeast

HFF Negotiates Sale of 120-Room Residence Inn Hotel in Boston

by Kristin Harlow August 29, 2018

BOSTON — HFF has negotiated the sale of the 120-room Residence Inn Boston Downtown Seaport located in the Fort Point neighborhood of Boston. The sales price was undisclosed. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Norwich Partners, in the transaction. The buyer was Claremont Cos. The property was built in 1901 as the Stillings Building by the Boston Wharf Co. In 2013, the building was redeveloped into a Residence Inn and was honored as the “Best Custom Project” in 2014 by Marriott International. The guest rooms at the hotel feature 12-foot ceilings, exposed brick walls, wooden beams and fully equipped kitchens. Amenities include meeting space, a business center, fitness center and two restaurants.

August 29, 2018

Acquisitions Hospitality Michigan Midwest

Partnership Sells 107-Room Hotel Indigo in Traverse City, Michigan

by Kristin Harlow August 29, 2018

TRAVERSE CITY, MICH. — A partnership between JS Capitol and Hadidi Capital has sold the 107-room Hotel Indigo in Traverse City for an undisclosed price. The property, built in 2016, is located at 263 W. Grandview Parkway. Situated in the city’s waterfront Warehouse District, the hotel features heated underground parking, 5,500 square feet of meeting space, a ground-floor restaurant, business center and fitness center. Nate Sahn, James Johnson, Jack Johns and Anthony Leeds of CBRE represented the owners in the sale. The buyer was not disclosed.

August 29, 2018

Acquisitions Colorado Hospitality Western

Xenia Hotels & Resorts Acquires The Ritz-Carlton Denver for $100.2M

by Amy Works August 29, 2018

DENVER — Xenia Hotels & Resorts has purchased The Ritz-Carlton Denver, located at 1811 Curtis St. in downtown Denver, for $100.2 million, approximately $496,000 per key. The acquisition was funded with cash available on the company’s balance sheet. The 14-story hotel features 202 oversized rooms, including 47 suites, 13,000 square feet of meeting space, The Ritz-Carlton Spa and Elway’s Restaurant. The hotel is part of a mixed-use development that includes 25 luxury residences and 193 apartment units. The Ritz-Carlton, Denver is the 39th hotel in Xenia’s portfolio of primarily luxury and upper upscale hotels. It the company’s second Ritz-Carlton hotel.

August 29, 2018

Development Hospitality Texas

NewcrestImage Opens 94-Room, Hilton-Branded Hotel in Amarillo

by Taylor Williams August 28, 2018

AMARILLO, TEXAS — Dallas-based hospitality developer NewcrestImage has opened a 94-room Tru by Hilton hotel in Amarillo, the first property of a three-hotel campus at the intersection of Interstate 40 and South Soucy Road on the city’s west side. The lobby includes bar tables and mini-hammocks, as well as a pool table and dining stations. The other two hotels in the development, a 90-room Hyatt Place and a 90-room Aloft, are slated to open in 2019.

August 28, 2018

Acquisitions Hospitality Northeast Pennsylvania

Cronheim Hotel Capital Arranges $12.5 Acquisition Loan for Hotel Property in Pennsylvania

by David Cohen August 28, 2018

BREINIGSVILLE, PA. — Cronheim Hotel Capital has arranged a $12.5 million acquisition loan for a Holiday Inn in Breinigsville. The property is located approximately seven miles east of Kutztown. Built in 1988, the 175-room hotel includes 14,000 square feet of meeting space as well as a 10,660-square-foot ballroom. Cronheim secured the non-recourse, floating-rate loan with a three-year term on behalf of borrower Infinity Asset Management. The lender was undisclosed. The property will be converted into a Delta by Marriot hotel.

August 28, 2018

Development Florida Hospitality Southeast

Netherlands-Based Hotel Chain to Open 348-Room Location at Miami Worldcenter

by Camren Skelton August 27, 2018

MIAMI — Netherlands-based hotel chain citizenM has unveiled plans to open a 348-room hotel at Miami Worldcenter, a $2 billion mixed-use development in downtown Miami. The 12-story hotel will total 128,000 square feet and will be located along 2nd Avenue, adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. The hotel will feature a swimming pool, bar and sun deck on the 10th floor and a fitness center on the 11th floor. The hotel will also include a cloudM rooftop bar offering views of Biscayne Bay and the downtown Miami skyline, as well as 1,850 square feet for societyM, the hotel brand’s creative spaces and meeting rooms. San Francisco-based architecture firm Gensler is designing the building. Construction is underway on the first phase of Miami Worldcenter, which includes a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. The first phase is slated for completion later this year. Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, is the master developer for the 10-block project.

August 27, 2018

Acquisitions Hospitality Office Southeast Virginia

Avison Young Arranges Sale of 75,191 SF Medical Office Park in Northern Virginia

by Camren Skelton August 24, 2018

ASHBURN, VA. — Avison Young has arranged the sale of Ashburn Farm Professional Plaza, a 75,191-square-foot medical office park in the Northern Virginia city of Ashburn. The three-building property is located at the center of Ashburn Park, a 1,200-acre planned, mixed-use community. Jim Kornick, Mike Wilson, Chip Ryan, Erik Foster, John Kevill and Mark Johnson of Avison Young arranged the transaction on behalf of the seller, Harrison Street Real Estate Capital LLC. A joint venture between MBRE Healthcare and Kayne Anderson Real Estate acquired the asset for an undisclosed price. The buildings at Ashburn Farm Professional Plaza were constructed between 1999 and 2002. Tenants at the park include family practices, pediatricians, OB-GYNs, radiology specialists, orthopedists, dentists and a daycare center. The property is located three miles from Inova Loudoun Hospital and less than 10 miles from StoneSprings Hospital Center.

August 24, 2018

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