Hospitality

HFF Arranges $51M Refinancing for 234-Room Ace Hotel New Orleans

by Camren Skelton January 10, 2018

NEW ORLEANS — HFF has arranged a $51 million loan for the refinancing of Ace Hotel New Orleans, a 234-room, recently opened hotel located at 600 Carondelet St. in downtown New Orleans. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the floating-rate loan through TPG RE Finance Trust on behalf of the borrower and developer, a partnership between Domain Cos. and Avenue Capital Group. Proceeds of the loan will be used to refinance an existing construction loan. Originally constructed in 1928, the building was renovated and redeveloped into the Ace Hotel New Orleans in 2016. Construction included the addition of a new four-story building on an adjacent lot. The hotel features 31,000 square feet of retail, restaurant, entertainment and meeting space, including a music venue, art gallery, 24-hour gym and locally inspired retailers. In addition, the hotel is situated within walking distance to the Mercedes-Benz Superdome, Smoothie King Arena, Ernest N. Morial Convention Center and the French Quarter.

January 10, 2018

Hospitality Kentucky Southeast

Huff, Niehaus & Associates Negotiates $3.9M Sale of Hotel in Northern Kentucky

by Camren Skelton January 10, 2018

FLORENCE, KY. — Huff, Niehaus & Associates Inc. has arranged the $3.9 million sale of the Microtel Inn & Suites Florence/Cincinnati Airport in Florence, a city in northern Kentucky. The 83-room, Wyndham-branded hotel is located roughly 15 miles from downtown Cincinnati. The hotel features complimentary breakfast, a fitness center, meeting room and a free airport shuttle. Brandt Niehaus of Huff, Niehaus & Associates arranged the transaction. Other terms of the deal were not disclosed.

January 10, 2018

California Hospitality Western

Khanna Enterprises Buys 376-Room Wyndham Hotel in Garden Grove, California

by Nellie Day January 5, 2018

GARDEN GROVE, CALIF. — Khanna Enterprises has purchased the 376-room Wyndham Anaheim Garden Grove hotel in Orange County for an undisclosed sum. The hotel is located at 12021 Harbor Blvd. The property includes more than 30,000 square feet of meeting space, three food and beverage outlets, a fitness center and an outdoor pool. Pacific Hospitality Group developed the Wyndham Anaheim as the Crowne Plaza Anaheim Resort in 1999. The hotel was rebranded under the Wyndham flag in May 2014 and, since then, PHG has invested more than $5 million in capital improvements to the hotel. Renovations included including a transformation of the lobby and food and beverage outlets. Following the sale, the purchaser plans to renovate, reposition and reflag the hotel as a Delta by Marriott.

January 5, 2018

Hospitality Loans New York Northeast

Eastern Consolidated Arranges $121.3M Construction Loan for 526-Room Hotel in Manhattan

by Amy Works January 4, 2018

NEW YORK CITY — Eastern Consolidated has arranged a debt and equity package totaling $121.3 million to finance the construction of a 45-story hotel at 140 W. 28th St. in the Chelsea section of Manhattan. The borrower is McSam Hotel Group, led by Sam Chang. The financing package includes a $97.5 million first mortgage with Bank of the Ozarks and a $23.8 million mezzanine construction loan from Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated secured the financing. The 178,000-square-foot, 526-room hotel will operate under two separate hotel flags under the Marriott brand — TownePlace Suites and Springhill Suites — with two separate lobbies and shared common spaces. Planned amenities include a continental breakfast service area, meeting space and an exercise room. The hotel is slated to open in 2019.

January 4, 2018

Hospitality Texas

TGC Development Breaks Ground on TownePlace Suites by Marriott in Fort Worth

by John Nelson January 4, 2018

FORT WORTH, TEXAS — TGC Development Group has broken ground on TownePlace Suites by Marriott Fort Worth NW Lake Worth. The four-story, 96-room hotel will be situated northwest of downtown at 2925 Royalty Lane in Fort Worth. The general contractor, Wichita, Kan.-based JACO General Contractor Inc., expects to deliver the hotel this fall. The hotel’s rooms will feature full kitchens with stainless steel appliances and granite countertops, adjustable work spaces with built-in shelves and lighting, flat-screen TVs and new bedding. Amenities will include complimentary breakfast, outdoor grills and firepit, outdoor saltwater pool, coffee service, community refrigerator and a 24-hour sundries market.

January 4, 2018

Hospitality Texas

Hilton Opens New Embassy Suites Hotel Near Houston

by John Nelson January 3, 2018

KATY, TEXAS — Hilton has opened Embassy Suites by Hilton Houston West-Katy, with all 208 rooms serving as two-bedroom suites. The hotel is owned by Mac Haik Hospitality and managed by Aimbridge Hospitality. Located at 16435 Katy Freeway near the west side of Houston’s Energy Corridor, the hotel’s amenities include the 350-person Texas Ballroom, a business center, indoor pool and whirlpool spa, full-service lobby bar, complimentary parking and Wi-Fi, 24-hour fitness center and access to George Bush Park hiking trails located behind the hotel.

January 3, 2018

Hospitality Loans New York Northeast

HFF Facilitates $126.6M in Refinancing for 190-Room Hotel in Manhattan

by Amy Works January 2, 2018

NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.

January 2, 2018

Hospitality Midwest Ohio

Home2 Suites by Hilton Stow Akron Opens in Ohio

by Kristin Harlow January 2, 2018

STOW, OHIO — Home2 Suites by Hilton Stow Akron has opened in Stow, just north of Akron. The 85-suite hotel features fully equipped kitchens, complimentary Internet, a laundry and fitness area, indoor pool, outdoor patio and complimentary breakfast. The property, located at 4097 Bridgewater Parkway, is owned by Dave Patel and managed by Shree Dav Partnership LLC.

January 2, 2018

Hospitality Louisiana Southeast

Marcus & Millichap Arranges $4.6M Sale of Hotel Near Baton Rouge

by Camren Skelton January 2, 2018

WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, laundry facilities and a business center.

January 2, 2018

Hospitality Oklahoma Texas

NewcrestImage Opens 142-Room AC Hotel in Oklahoma City’s Bricktown District

by John Nelson January 2, 2018

OKLAHOMA CITY — NewcrestImage has opened a five-story, 142-room AC Hotel in Oklahoma City’s historic Bricktown neighborhood. NewcrestImage used modular construction to build the new AC Hotel, a first for both the Dallas-based company and Oklahoma City’s hotel market. Modular construction is a building technique where a project is constructed in sections off-site and assembled together on-site. The new hotel features 800 square feet of meeting space, a fitness center, business center, fine dining restaurant and a European-style bar and lounge. The hotel is located adjacent to the 13,000-seat Chickasaw Bricktown Ballpark — home of the Oklahoma City Dodgers baseball team — and within a few blocks of the Cox Convention Center.

January 2, 2018

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