FORT WORTH, TEXAS — Home2 Suites by Hilton has opened a new, 93-suite hotel located at 5401 SW Loop 820 near the Interstate 20 exchange in Fort Worth. Branded Home2 Suites by Hilton Fort Worth Southwest Cityview, the property offers a heated saline pool, a combined fitness and laundry area and an outdoor patio with a grill area. Lotus Lodging Fort Worth LLC will manage the hotel.
AUSTIN — Arrive Hotels & Restaurants will open an 83-room hotel at the corner of East Sixth and Chicon streets in Austin, the company’s second location in the state capital. The 58,600-square-foot property will feature 3,500 square feet of event and meeting space, including an outdoor courtyard, as well as restaurant and retail space. Construction is scheduled for an early 2019 completion. Austin-based hospitality firm Alexa Management has been named co-developer of the project. Burton Baldridge Architects, also based in Austin, will serve as project consultant.
SUNNYVALE, CALIF. — A 3.4-acre redevelopment site located at 767-769 N. Mathilda Ave. in the Silicon Valley submarket of Sunnyvale has sold to OTO Development for $21 million. OTO Development plans to build a Hilton Garden Inn on the property, which is currently occupied by the Palladium nightclub, TL Beer Garden and a restaurant. Vince Schwab and Jeffrey Ida of Marcus & Millichap represented both the buyer and seller, Sinogap LLC, a locally based family office, in the transaction. Potential buyers worked with the City of Sunnyvale’s planning commission for the past two years to obtain the necessary approvals and complete the sale, which is part of a 1031 exchange. The replacement properties in the exchange are the Calaveras Park Professional Center, a 21,008-square-foot medical office park in Milpitas, and an apartment complex in San Jose.
DALLAS — PCCP LLC has provided development firm Dunhill Partners a $63.5 million loan for the construction of the Virgin Hotel Dallas, a 16-story, 268-room located at 1909 Hi Line Drive in the Dallas’ Design District. Scheduled to be complete in late 2019, the hotel will feature a lobby restaurant, poolside bar and a workplace lounge known as the Commons Club. Dallas-based Hamilton Realty Finance arranged the financing.
AMARILLO, TEXAS — NewcrestImage has begun construction on a hotel campus at the intersection of Interstate 40 Frontage Road and South Soucy Road in Amarillo. The project will deliver three hotels totaling approximately 300 rooms. The first property, a 94-room Tru by Hilton hotel, is expected to open in mid-2018. Construction of a Hyatt-branded hotel and Marriott-branded hotel is slated to begin by the end of the year.
BROOKLYN PARK, MINN. — Midas Hospitality has broken ground on two Hilton hotels in Brooklyn Park, about 12 miles north of Minneapolis. The $28 million development is slated to open in summer 2018. A 100-room Hampton Inn will be located at 9470 W. Broadway Ave. The 63,301-square-foot hotel will feature an indoor pool, meeting room and fitness center. A 107-room Home2 Suites will be located at 9490 W. Broadway Ave. The 57,977-square-foot hotel will feature a fitness center, indoor pool and laundry facilities. Midas Hospitality will develop and manage the hotels, while sister company MC Hotel Construction will serve as general contractor. Gray Design Group is providing architectural services. CFSB is financing the construction of Hampton Inn, while Flagship Bank is financing Home2 Suites.
LOS ANGELES — Waldorf Astoria Hotels & Resorts has opened the Waldorf Astoria Beverly Hills. The hotel is situated at the intersection of Wilshire and Santa Monica boulevards. The 12-story hotel is the Waldorf Astoria Hotels & Resorts’ first new build on the West Coast and second California property. Owned by Alagem Capital Group and clients of Guggenheim Partners, Waldorf Astoria Beverly Hills features 119 rooms and 51 suites. Architects Gensler and PYR designed the hotel, which features a rooftop gathering area with VIP cabanas, a lounge area with panoramic views and a swimming pool. The hotel also features 6,300 square feet of meeting spaces, including two ballrooms, as well as a private Rolls Royce shuttle service within two miles of the hotel, world-class dining, the only La Prairie Spa in Los Angeles and the Tracey Cunningham Salon.
CHARLOTTE, N.C. — Carey Watermark Investors 2 Inc. (CWI 2) has purchased Charlotte Marriott City Center, a 19-story, 446-room hotel located in Uptown Charlotte. The sales price and seller were not disclosed, but Charlotte Business Journal reports that Marriott Hotel Services Inc. sold the hotel to CWI 2 for $152.2 million. The hotel underwent more than $40 million of capital improvements in 2016, including the addition of eight guest rooms, five food and beverage outlets and a fitness center, as well as updates to M Club Lounge and the lobby. Other hotel amenities include a business center and 20,000 square feet of meeting space, including 13 breakout rooms and a 9,100-square-foot ballroom.
FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel’s guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the hotel’s outdoor experience. Over the past 12 months, the hotel had revenue per available room (RevPAR) of $155, which represents a 36 percent premium over the Summit’s pro forma RevPAR for the comparable period. The seller was not disclosed.
AUSTIN, TEXAS — Summit Hotel Properties Inc. (NYSE: INN) has agreed to acquire a portfolio of five hotels totaling 812 guestrooms across four markets from Xenia Hotels & Resorts Inc. (NYSE: XHR). The purchase price is approximately $163 million, or $201,000 per room. The purchase, which will be made through an undisclosed Summit affiliate, is expected to close within the next 30 days. The portfolio includes the 203-room Courtyard Fort Worth Downtown/Blackstone; 123-room Courtyard Kansas City Country Club Plaza; 182-room Courtyard Pittsburgh Downtown; 116-room Hampton Inn & Suites Baltimore Inner Harbor; and 188-room Residence Inn Baltimore Downtown/Inner Harbor. As of April 2017, the average evenue per available room (RevPar) across the portfolio was $115.52. The year-to-date RevPar industry average for April 2017 was $78.26, a 3 percent increase from average RevPar of $76.02 in April 2016, according to hospitality research firm STR. “This transaction will represent the continued execution of our strategy of acquiring premium-branded hotels with efficient operating models,” says Daniel Hansen, Summit’s chairman, president and CEO. “All five of these hotels are in prime locations in strong markets and exhibit many of the upside characteristics that are important to our investment criteria.” Coming on the heels of Xenia’s …
