Hospitality

Arch-Con Breaks Ground on 170-Room SpringHill Suites Hotel in Fort Worth

by Taylor Williams January 16, 2018

FORT WORTH, TEXAS — General contractor Arch-Con Construction, in collaboration with developer Oldham Goodwin Group LLC, has broken ground on a 170-room SpringHill Suites hotel in Fort Worth. The hotel will be located at the site of the recently demolished Wells Fargo Building near Fort Worth’s historic Stockyards area. Designed by Atlanta-based architecture firm Niles Bolton Associates and Dallas-based interior design firm Studio 11 Design, the property will total 133,000 square feet and feature a rooftop restaurant, first-floor wine bar, pool and three ballrooms. Completion is slated for early 2019.

January 16, 2018

WoodSpring Hotels Opens WoodSpring Suites Seattle Redmond

by Nellie Day January 16, 2018

REDMOND, WASH. — WoodSpring Hotels has opened the 120-room WoodSpring Suites Seattle Redmond. West 77 Partners LLC developed the hotel, which WoodSpring Hotels Property Management will operate. Each room contains an in-room kitchen equipped with a full-size refrigerator, two-burner stovetop and microwave. The hotel is pet-friendly and offers free wireless Internet, vending machines and guest laundry. The hotel is located at 7045 180th Ave. NE in Redmond. It is situated near Microsoft’s office campus.

January 16, 2018

Florida Hospitality Loans Southeast

Hall Structured Finance Provides $19.2M Loan for Hotel Redevelopment in Fort Lauderdale

by Camren Skelton January 16, 2018

FORT LAUDERDALE, FLA. — Hall Structured Finance (HSF) has provided a $19.2 million construction loan for the redevelopment of the Gale Hotel, a 96-room boutique hotel in Fort Lauderdale. Howard Taft and Charles Penan of Aztec Group arranged the loan on behalf of the borrower and developer, a joint venture between Newgard Development Group and Merrimac Ventures. The Gale Hotel site was first constructed in 1948 as the Escape Hotel, and operated as a hotel until the 1980s. The property was then transitioned into Tiffany House, an assisted living facility, until it was closed in 2005. The redeveloped Gale Hotel is expected to open in the first quarter of 2019. Menin Hospitality will manage the new hotel. The site, located one block west of A1A and Fort Lauderdale Beach, sits adjacent to Gale Residences, a 129-unit condominium tower that Newgard and Merrimac Ventures are also co-developing. HSF provided a $35.6 million construction loan for the tower in 2016.

January 16, 2018

Hospitality Massachusetts Northeast Pennsylvania

Sunstone Hotel Investors Sells Two Hotels in Metro Philadelphia, Metro Boston for $139M

by Amy Works January 15, 2018

WEST CONSHOHOCKEN, PA., AND QUINCY, MASS. — Sunstone Hotel Investors has completed the sale of Philadelphia Marriott West in West Conshohocken and Boston Marriott Quincy in Quincy for $139 million, or approximately $184,600 per key. Located at 111 Crawford Ave., the Philadelphia Marriott West features 289 rooms, and Boston Marriott Quincy, at 1000 Marriott Drive in Quincy, features 464 units. The name of the buyer was not released. The disposition of the two hotels furthers the company’s strategy of concentrating its portfolio in long-term relevant real estate.

January 15, 2018

Hospitality New York Northeast

Stonehill Taylor Designs 251-Room Hotel in Hudson Yards District of Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — Stonehill Taylor has designed HY36, a hotel in the Hudson Yards district, for owners LLR Holdings LLC and Intercontinental Hotel Group. Open in fall 2017, the hotel features 251 rooms; a business lounge; an outside patio with a full bar and retractable skylight roof; a full gym; two meeting rooms; and The Great American, a destination restaurant. The hotel features an industrial design that emulates the nearby transportation hubs, including Penn Station, Port Authority Bus Terminal, Lincoln Tunnel and Grand Central Station. The façade is composed of corrugated metal and glass panels arranged in a rhythmic vertical configuration. K & Co. designed the interior spaces, with Glen Cohen designing the guestrooms. Intercontinental Hotel Group operates the property.

January 15, 2018

Hospitality Washington Western

The Hotel Group Acquires Home2 Suites by Hilton Yakima – Airport in Washington

by Nellie Day January 11, 2018

KENNEWICK, WASH. — The Hotel Group has acquired the 107-unit Home2 Suites by Hilton Yakima – Airport in Kennewick for an undisclosed sum. The hotel is located at 2861 S. Lincoln St. in Rainer Square, southeast of Seattle. Construction of the property began in late 2017. It is scheduled to open in spring 2019. The hotel is being is being developed by Yakima-based Hogback Development and designed to host families and sports teams, along with business and leisure travelers. Amenities will include a swimming pool, fitness center, guest laundry, meeting facilities, indoor and outdoor lounge, and free breakfast. The hotel is situated less than a mile from Yakima Air Terminal, Yakima Valley Community College, SOZO Sports Complex and Virginia Memorial Hospital.

January 11, 2018

Hospitality Loans New York Northeast

Square Mile Acquires $31.8M Mezzanine Loan on Hotel Development in Manhattan

by Amy Works January 11, 2018

NEW YORK CITY — Square Mile Capital Management has acquired a $31.8 million mezzanine loan in face value for financing the development of Moxy Hotel, located at 105-109 W. 28th St. in the Chelsea/NoMad neighborhood of Manhattan. A subsidiary of Marriott International, which originated the mezzanine debt in December 2016, was the seller. The completed property will consist of a 37-story building with 349 guest rooms and will be flagged under Marriott’s Moxy brand. The hotel will feature a ground-floor market restaurant, lobby bar, lounge and a rooftop sky bar with panoramic views of the Manhattan skyline. Designed by Stonehill Taylor, the hotel is slated to open this year. The Lightstone Group purchased the site in July 2014 and broke ground in April 2016. Bank of the Ozarks and a subsidiary of Marriott International provided $101.8 million in construction financing, including the mezzanine debt. Lightstone is an experienced hotel owner and developer, with two other Moxy projects under development in Manhattan.

January 11, 2018

Florida Hospitality Southeast

BPG Acquires 238-Room Hilton-Branded Hotel in Melbourne, Florida

by Camren Skelton January 11, 2018

MELBOURNE, FLA. — The Buccini/Pollin Group (BPG) has acquired Hilton Melbourne Rialto Place, a newly renovated, 238-room hotel in Melbourne. Jordan Roeschlaub, Dustin Stolly, Bob Tonnessen and Jason Deck of NKF Capital Markets arranged a $26.6 million acquisition loan through Ladder Capital on behalf of BPG. The hotel, located one mile from Melbourne International Airport, recently underwent a $5 million upgrade. Hilton Melbourne Rialto Place features more than 12,000 square feet of function space, a business center, meeting rooms, fitness center, pool, tennis court and a basketball court. Washington, D.C.-based PM Hotel Group will operate the hotel.

January 11, 2018

California Hospitality Loans Western

Sonnenblick-Eichner Co. Arranges $110M Refinancing for InterContinental San Francisco Hotel

by Nellie Day January 10, 2018

SAN FRANCISCO — Sonnenblick-Eichner Co. has arranged a $110 million refinancing for the 550-room InterContinental San Francisco hotel. The hotel is located at 888 Howard St. in downtown’s South of Market (SOMA) district. The hotel includes 43,000 square feet of meeting, banquet and pre-function space; Luce, a Michelin rated restaurant; a 10,000-square-foot spa; and subterranean parking accommodating 180 valet spaces. The 10-year, non-recourse loan has a fixed interest rate in the low 4 percent range. A Wall Street investment bank funded the loan.

January 10, 2018

Hospitality Midwest Missouri

JNS, HDA Architects to Design 192-Room Hotel in St. Louis

by Kristin Harlow January 10, 2018

ST. LOUIS — JNS and HDA Architects have been selected by real estate development company HomeBase to design an AC Hotel by Marriott in St. Louis. The 192-room hotel will feature 1,000 square feet of meeting space. The ground floor will include a common area with a bar, limited-menu restaurant and “European-style” breakfast for guests with French croissants, fruits, cheeses and egg tarts. AC Hotels are European-inspired hotels with several international locations.

January 10, 2018

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