Hospitality

Barone Management Tops Out CR7 by Pestana Hotel in Times Square

by David Cohen June 27, 2018

NEW YORK CITY — New York-based development and construction company Barone Management has topped out the 177-room CR7 by Pestana Hotel in Times Square West. Barone is building the hotel for Portuguese-based Pestana Group. The property will serve as the hotel group’s U.S. flagship. The CR7 by Pestana lifestyle hotel brand is a partnership between Pestana Hotel Group and soccer icon Cristiano Ronaldo. The 78,069-square-foot hotel will feature a fitness center, multiple meeting rooms and a double height lobby. Pestana Hotels and Resorts owns and operates over 90 hotels throughout Europe and the Americas, with a presence in cities such as London, Barcelona, Berlin and Rio De Janiero.

June 27, 2018

Development Hospitality Midwest Wisconsin

Janko Hospitality Opens Hyatt Place Hotel in Milwaukee’s Brewery District

by Kristin Harlow June 27, 2018

MILWAUKEE — Janko Hospitality has opened a new Hyatt Place hotel at The Brewery District in Milwaukee. The 150-room, six-story hotel is located one block away from the new Milwaukee Bucks arena. The Brewery District is situated on the former home of the Pabst Brewing Complex. The select-service hotel boasts more than 1,700 square feet of meeting space and a fitness center. This is the first Milwaukee hotel to be operated by Janko Hospitality, which manages other select and full-service properties throughout the Midwest.

June 27, 2018

Acquisitions Hospitality Southeast Virginia

Ashford Hospitality Trust Agrees to Acquire Hilton Hotel in Alexandria’s Old Town District for $111M

by John Nelson June 27, 2018

ALEXANDRIA, VA. — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire Hilton Alexandria Old Town for $111 million. The 252-room hotel is situated adjacent to the King Street Metro station in Alexandria’s Old Town district. Opened in 2000, the hotel features 12,967 square feet of meeting and function space, as well as a Starbucks in the lobby and King Street Tavern on the ground floor. Since 2013, the hotel has undergone $9.6 million in renovations. Ashford Hospitality Trust expects to enter into a non-recourse loan totaling $73.5 million at closing. The loan is expected to have a term of five years and feature an interest rate at 2.45 above LIBOR. The company will also fund the acquisition using $11.1 million in cash from Ashford Inc., the REIT’s Dallas-based advisor. The seller was not disclosed.

June 27, 2018

Development Hospitality Texas

NewcrestImage Begins Work on 150-Room Hilton-Branded Hotel in Frisco

by Taylor Williams June 26, 2018

FRISCO, TEXAS — Dallas-based hospitality developer NewcrestImage has begun work on Canopy by Hilton Dallas Frisco Station, a 150-room hotel located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property is part of a larger hotel campus that includes an AC Hotel, a Residence Inn and a Hyatt Place, each of which has 150 rooms. The opening of the Hilton hotel is slated for late 2019.

June 26, 2018

Acquisitions Hospitality Southeast Virginia

Lingerfelt, JDI Realty Acquire Hotel in Virginia Beach; Plan Renovation, Rebranding

by John Nelson June 25, 2018

VIRGINIA BEACH, VA. — Lingerfelt CommonWealth Partners LLC, in a joint venture with JDI Realty LLC, has acquired the Virginia Beach Resort Hotel & Conference Center for $19 million. The hotel is situated on the Chesapeake Bay at 2800 Shore Drive. The name of the seller was not disclosed. The new ownership will invest $25 million to renovate the property, rebranding it as a Delta Hotel by Marriott — Virginia Beach Bayfront Suites. Delta Hotels is designed for business and leisure travelers and currently has more than 50 operating hotels across the United States, Canada and China. Commonwealth Lodging Management, Lingerfelt’s hotel management affiliate, will operate the hotel as the Virginia Beach Resort & Conference Center until the renovation commences in the fourth quarter.

June 25, 2018

Development Hospitality Midwest Missouri

87-Room Tru by Hilton Opens in St. Charles, Missouri

by Kristin Harlow June 25, 2018

ST. CHARLES, MO. — Tru by Hilton has opened in St. Charles, a suburb of St. Louis. The five-story, limited-service hotel features 87 rooms. St. Charles Hotel Associates owns the property, while Kinseth Hospitality Cos. is managing the hotel. Amenities include complimentary breakfast, Wi-Fi and a fitness center. An open lobby features four areas where guests can work, lounge or eat. The hotel is part of The Streets of St. Charles, a mixed-use community comprised of retail, dining, entertainment, hospitality, residential and office space. Cullinan Properties is the developer and owner of the 27-acre development.

June 25, 2018

Acquisitions Colorado Hospitality Western

Marcus & Mililchap Brokers $9.2M Sale of 92-Room Hotel in Metro Denver

by Amy Works June 22, 2018

ENGLEWOOD, COLO. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites, a 92-room hotel located at 7380 S. Clinton St. within Denver Tech Center in Englewood. A private seller sold the property for $9.2 million. The buyer plans to complete a property improvement plan to convert the property into an EVEN Hotel by InterContinental Hotels Group. Neville Rustomjee of Marcus & Millichap represented the seller and buyer, a Florida-based private investor, in the transaction.

June 22, 2018

Hospitality Idaho Loans Western

Aries Conlon Capital Arranges $5.3M Refinancing for 120-Key Hotel in Meridian, Idaho

by Amy Works June 22, 2018

MERIDIAN, IDAHO — Aries Conlon Capital has arranged a $5.3 million refinancing for Candlewood Suites Boise-Meridian, a 120-key hotel located at 1855 S. Silverstone Way in Meridian. The 10-year loan features a fixed interest rate and a 25-year amortization schedule. The borrower, TNB Hotels, used the loan to monetize accrued equity and take cash out. Suraj Desai of Aries Conlon Capital originated the transaction, and Rushi Shah, also of Aries Conlon Capital, placed the financing. Additionally, Heather Madsen and Prabhat Jayara of Aries Conlon Capital assisted with the underwriting and closing for the transaction.

June 22, 2018

Hospitality Loans Southeast Tennessee

CHC Arranges $20M Loan for Renovation, Rebranding of Marriott-Branded Hotel in Knoxville

by Camren Skelton June 22, 2018

KNOXVILLE, TENN. — Cronheim Hotel Capital (CHC) has arranged a $20 million loan for the renovation and conversion of the 378-room Knoxville Marriott into a Delta by Marriott. CHC arranged the non-recourse, three-year loan with two one-year extension options through a national bridge lender. The name of the borrower was not disclosed. Delta Hotels by Marriott feature free Wi-Fi, fitness centers with yoga and Crossfit stations and onsite bars/restaurants. A construction timeline for the Knoxville renovation was not released.

June 22, 2018

Colorado Development Hospitality Western

Soul Community Planet Opens Inaugural Hotel in Colorado Springs After $6M Renovation

by Amy Works June 21, 2018

COLORADO SPRINGS, COLO. — Soul Community Planet (SCP) has opened its first SCP Hotel. The renovated property is located in Colorado Springs. Located at the base of Pikes Peak, the 98,000-square-foot hotel features 176 guest rooms crafted with reclaimed and beetle-kill wood and sustainable elements; a 2,000-square-foot lobby with co-working spaces, a 500-square-foot meeting room and free WiFi for guests; and SCP Fit, a 12,000-square-foot full-service health and wellness club. SCP Hotels offer a holistic hospitality concept for travelers and the surrounding community through services and the extensive use of green materials, eco-friendly products, solar energy, sustainable practice and water-conserving fixtures. The hotel is in its final stages of a $6 million, nine-month renovation, with a soft opening scheduled for June 27.

June 21, 2018

Newer Posts

Older Posts