Hospitality

Majestic, Hickman to Develop 200-Room Hotel Within Fort Worth Stockyards

by Taylor Williams August 9, 2018

FORT WORTH, TEXAS — Stockyards Heritage Development Co., a partnership between California-based Majestic Realty Co. and Fort Worth-based The Hickman Cos., will develop Hotel Drover, a 200-room boutique hotel that will be located within the Fort Worth Stockyards redevelopment. Operating under Marriott International’s Autograph Collection, the hotel will include an event barn, 15,000 square feet of meeting space, swimming pool, lounge with a fireplace and library, courtyard and a restaurant called 97 West Kitchen and Bar. The $175 million Fort Worth Stockyards project has already delivered retail, restaurant and office space, with new tenants such as Shake Shack, Second Rodeo Brewing Co., MB Mercantile & Supply, RFD-TV’s headquarters and studios and American Paint Horse Association having been confirmed. Fort Worth Stockyards is a public-private partnership between Stockyards Heritage Development, the City of Fort Worth and Tarrant County.

August 9, 2018

Development Georgia Hospitality Southeast

Braves Development, Encore to Build 140-Room Aloft Hotel at The Battery Atlanta

by Camren Skelton August 9, 2018

ATLANTA — Braves Development Co. (BDC), in partnership with Encore Hospitality LLC, has unveiled plans to construct a 140-room Aloft Hotel at The Battery Atlanta, a 1.5 million-square-foot mixed-use development in Cobb County. BDC owns and operates the development, which is home to retail, restaurants, an Omni Hotel, The Coca-Cola Roxy concert venue, multifamily residences and a Comcast office tower. The mixed-use village surrounds SunTrust Park, the new home ballpark of the Atlanta Braves. Aloft is a contemporary hotel brand that operates under the Marriott International Inc. flag. Construction on the new hotel should start this fall, with completion scheduled for third-quarter 2020, according to the Atlanta Business Chronicle. The hotel development comes on the heels of the recently announced Silverspot Cinema and Savi Provisions, a market that will be located on the ground floor of Aloft. In July, German elevator maker Thyssenkrupp announced plans to build its 420-foot-tall headquarters complex at The Battery. Combined, BDC and its partners have provided approximately $850 million in private investment across the total development.

August 9, 2018

Development Hospitality Illinois Midwest

Hilton Opens its First Tri-branded Hotel at Chicago’s Convention Center

by Kristin Harlow August 8, 2018

CHICAGO — Hilton (NYSE: HLT) has opened its first tri-branded hotel featuring a Hilton Garden Inn, Hampton Inn and Home2 Suites at Chicago’s McCormick Place convention center. First Hospitality Group Inc. is the developer and manager. The 23-story property includes 184 Hilton Garden Inn rooms, 187 Hampton Inn rooms and 95 suites within the Home2 Suites. A sky bridge provides guests convenient access to the convention center. Amenities include an exercise room, indoor pool, 24-hour business center and 7,000 square feet of event space. Food and beverage offerings open to the public include VU Skyward Bev & Eat, a rooftop restaurant from Concentrics Restaurants scheduled to open this fall; Fatpour Tapworks, a street-level pub and grill operated by Big Onion Tavern Group slated to open this fall; and Starbucks, which is currently open and accessible from Cermak Road. The project team included James McHugh Construction Co., UJAMAA Construction Inc., Merritt Development Group, building architect Antunovich Associates, hotel architect Todd Halamka + Partners and interior designer Looney Associates.

August 8, 2018

Acquisitions Hospitality Northeast Pennsylvania

HREC Negotiates Sale of 105-Room Wingate by Wyndham Hotel in Allentown

by David Cohen August 6, 2018

ALLENTOWN, PA. — HREC Investment Advisors has negotiated the sale of the Wingate by Wyndham, a 105-room hotel in Allentown. The sales price was undisclosed. Ketan Patel and Mark von Dwingelo of HREC represented the seller, JPMCC 2007-LDP12 Spring Street Limited Partnership, in the transaction. The buyer was Humboldt Hotel LLC. The property is located directly off the Pennsylvania Turnpike, approximately 60 miles north of Philadelphia and 71 miles south of Scranton.

August 6, 2018

Acquisitions Hospitality New York Northeast

Wright Investments Acquires 92-Room Hotel North Woods in Lake Placid

by David Cohen August 6, 2018

LAKE PLACID, N.Y. — Wright Investments has acquired the Hotel North Woods, a six-story, 92-room hotel in Lake Placid. The sales price was undisclosed. The hotel is located at 2520 Main St., approximately two miles from Lake Placid Airport. It is located near area attractions such as the Olympic Center, Whiteface Mountain, U.S. Olympic Museum, High Falls Gorge, and X-Country Ski Center. Marcus & Millichap represented both Wright Investments and the seller, a private real estate investment group.

August 6, 2018

Development Hospitality Midwest Minnesota

Ceres, Orlean to Develop 170-Room Hotel in Bloomington, Minnesota

by Kristin Harlow August 6, 2018

BLOOMINGTON, MINN. — Ceres Enterprises LLC and The Orlean Company are developing a 170-room hotel in Bloomington adjacent to the Mall of America. The Cambria-branded hotel is slated to open in August 2019. BGL Real Estate Advisors arranged senior construction financing through an affiliate of Oz Real Estate. Project costs were not disclosed. Cambria Hotels, a brand under the Choice Hotels umbrella, caters to business travelers.

August 6, 2018

Acquisitions Hospitality New York Northeast

HFF Negotiates Sale of 216-Room Hampton Inn Hotel at JFK Airport

by David Cohen August 3, 2018

NEW YORK CITY — HFF has negotiated the sale of the Hampton Inn NY-JFK, a 216-room hotel near John F. Kennedy Airport in New York. Completed in 2001, the 13-story hotel underwent renovations in 2015 and features 1,250 square feet of meeting space as well as a fitness center. HFF represented the undisclosed seller in the transaction and arranged a three-year, floating-rate acquisition loan for the buyer, which was also undisclosed.

August 3, 2018

Acquisitions Hospitality Iowa Midwest

Marcus & Millichap Arranges Sale of 60-Room Hotel in Iowa

by Kristin Harlow August 1, 2018

MASON CITY, IOWA — Marcus & Millichap has arranged the sale of the Quality Inn & Suites in Mason City in northern Iowa for an undisclosed price. The 60-room hotel is located at 410 5th St SW. Jake Erickson of Marcus & Millichap brokered the transaction with assistance from Barry A’Hearn. Neither the buyer nor the seller were disclosed.

August 1, 2018

Development Hospitality Southeast Tennessee

Pizzuti Cos. to Develop $168M Marriott-Branded Hotel in Nashville’s SoBro Neighborhood

by Camren Skelton August 1, 2018

NASHVILLE, TENN. — The Pizzuti Cos. has received financing for the development of The Joseph Nashville, a 297-room hotel that will be located in Nashville’s SoBro neighborhood. Development costs for the Luxury Collection Hotel, part of Marriott International, total $168 million. MSF Real Estate Capital arranged construction financing for the development, which included an $83.5 million senior construction loan from Centennial Bank NA, a $42 million mezzanine construction loan provided by Brevet Capital Management and project equity from Pizzuti alongside institutional and private investors. Additionally, the project financing included a $4.5 million Tax Increment Financing Package with capital commitments made by Marriott and the Convention Center Authority. Located at the corner of Korean Veterans Boulevard and Fourth Avenue South, The Joseph Nashville will feature a restaurant and bar offering Italian cuisine, 18,000 square feet of banquet and meeting space, elevated outdoor terrace, full-service spa, fitness center and a pool deck with a bar. In addition, the hotel will include a 180-space parking garage dedicated to the exclusive use of the Nashville Symphony. The original Joseph Hotel opened in downtown Columbus, Ohio, in 2015. A construction timeline for the Nashville location was not disclosed.

August 1, 2018

Hospitality Loans Texas

CBRE Arranges $61M Construction Loan for Marriott Hotel in Dallas

by Taylor Williams July 31, 2018

DALLAS — CBRE has arranged a $61 million construction loan for the Marriott Uptown, a 255-room hotel being developed at the intersection of Carlisle and Fairmount streets in Dallas. The hotel is slated to open in May 2020 and will feature a pool, fitness center and 12,980 square feet of meeting space. Jay Wagley, John Fenoglio, Matthew Miller, Marc Sallette and Olga Lepow of CBRE arranged the financing through IBC Bank on behalf of the developer, Dallas-based Alamo Manhattan.

July 31, 2018

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