Hospitality

Ten-X Closes $14.1M Sale of Comfort Inn & Suites in Pittsburgh

by Amy Works December 16, 2016

PITTSBURGH — Ten-X has closed the $14.1 million sale of Comfort Inn & Suites Pittsburgh, located at 180 Gamma Drive in Pittsburgh. Additionally, the company arranged $10.5 million in financing through Deutsche Bank for the buyer, an individual investor. The hotel features 223 guest rooms with complimentary wired and wireless internet access, an indoor pool, fitness center and 24-hour business center. Paramount Lodging Advisors was engaged as the exclusive broker of behalf on the undisclosed seller and partnered with the Ten-X Commercial platform to sell the property.

December 16, 2016

Hospitality Midwest Ohio

CBRE Hotels Brokers Sale of Crowne Plaza in Columbus, Ohio

by Kristin Harlow December 13, 2016

COLUMBUS, OHIO — CBRE Hotels has brokered the sale of the Crowne Plaza in Columbus for an undisclosed amount. The 300-room hotel is located at 6500 Ave. The hotel, which underwent a renovation in 2013, features 20,000 square feet of flexible event space, a full-service restaurant, indoor and outdoor pool, fitness center and business center. Eric Belfrage and Michael Shirey of CBRE represented the seller, VWI Columbus LLC, a joint venture of Varde Partners, Waramaug Hospitality and Interstate Hotels and Resorts. Florida-based TJM Properties Inc. was the buyer.

December 13, 2016

Features Hospitality Top Stories

Ten-X Ranks Las Vegas As Top ‘Buy Market’ for Hotel Investors in 2017

by Jeff Shaw December 13, 2016

IRVINE, CALIF. — The U.S. hotel market faces many long-term challenges, including a slowdown in international travel, an increase in supply and a decrease in demand, according to the most recent Quarterly Hotel Monitor report from Ten-X, an online real estate marketplace. The leading “buy markets” for hotels will be those that most strongly fight against these negative trends, while the top “sell markets” reflect the strongest negative forecast indicators. According to the Ten-X reports, the top buy markets for 2017 are (1) Las Vegas; (2) Jacksonville, Fla.; (3) Sacramento, Calif.; (4) Los Angeles; and (5) Indianapolis. The top sell markets are (1) Houston; (2) New York City; (3) Pittsburgh; (4) San Jose, Calif.; and (5) Northern New Jersey. In Las Vegas, occupancy jumped 110 basis points in the third quarter alone to 73.4 percent and room rates also spiked dramatically, according to Ten-X. Meanwhile, supply has dwindled due to the closing of underperforming hotels, and the new supply pipeline is relatively small. These factors combined to make Las Vegas the top buy market. In Houston, the top sell market, the prolonged oil price slump continues to take its toll. Energy and manufacturing jobs dropped 6.8 percent year-to-date through the …

December 13, 2016

Hospitality Midwest Missouri

Midas Hospitality Acquires Staybridge Suites in Independence, Missouri

by Kristin Harlow December 12, 2016

INDEPENDENCE, MO. — Midas Hospitality has acquired the Staybridge Suites Kansas City-Independence for $9.8 million. The 102-room hotel is located at 19400 E. 39th Place South on I-70. Renovations totaling $1.6 million will begin in January and include a complete interior renovation along with exterior landscape updates. The hotel will remain open during renovation. Midwest Bank of Poplar Bluff is the lender for the renovation project.

December 12, 2016

Hospitality Texas

HFF Arranges Sale of Independent Hotel in Central Dallas

by Amy Works December 12, 2016

DALLAS — HFF has brokered the sale of Magnolia Dallas Park Cities, a full-service independent hotel located at 6070 N. Central Expressway in central Dallas. Trigate Capital sold the 292-room hotel to 6070 NCX LLC for an undisclosed price. The new owner has retained Stout Street Hospitality to manage the hotel. Originally constructed in 1972 and last renovated in 2015, the hotel features 12,000 square feet of function space, a fitness center, indoor pool and restaurant and lounge. John Bourret and Austin Brooks of HFF represented the seller in the deal.

December 12, 2016

California Hospitality Western

Crowne Plaza Hanalei in San Diego Trades Hands

by Nellie Day December 9, 2016

SAN DIEGO — A private client of Brighton Management has acquired the 419-room Crowne Plaza Hanalei in the San Diego submarket of Mission Valley for an undisclosed sum. The hotel is located at 2270 Hotel Circle N. The hotel will continue to operate under the Crowne Plaza flag. The new owner plans to make significant renovations and upgrades to the property. Brighton will manage the hotel. CBRE’s Bob Kaplan and Rod Apodaca represented the seller, Hanalei Associates LLC (with Multi-Ventures acting as a managing member), in this transaction.

December 9, 2016

Hospitality Texas

HEI Hotels & Resorts Sells 309-Room Sheraton Dallas by the Galleria

by Amy Works December 8, 2016

DALLAS — HEI Hotels & Resorts has completed the sale of Sheraton Dallas by the Galleria, a full-service hotel located at 4801 Lyndon B. Johnson Freeway in Dallas’ Galleria submarket. A partnership between Driftwood Hospitality Management and an institutional real estate investor purchased the asset for an undisclosed price. Driftwood has assumed management of the hotel. The 309-room hotel features 13,741 square feet of function space across 21 meeting rooms; Front Yard, a full-service restaurant; Sheraton Club Lounge; a 24-hour fitness center; a 24-hour business center and an outdoor pool. John Bourret, Austin Brooks and Daniel Peek of HFF represented HEI in the transaction.

December 8, 2016

Florida Hospitality Southeast Top Stories

Tavistock Purchases Pier Sixty-Six Marina and Hyatt Regency Hotel in Fort Lauderdale for $163.3M

by John Nelson December 8, 2016

FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million. Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina. Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space. “When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group. CBRE Group Inc. facilitated the deal between …

December 8, 2016

Hospitality New York Northeast

Four Seasons Hotel New York Unveils $120M Transformation

by Amy Works December 7, 2016

NEW YORK CITY — Four Seasons Hotel New York has unveiled its $120 million transformation. Designed by hotelier and design innovator Ty Warner, the renovation includes king-sized, lighted pedestal beds with custom linens, handcrafted furnishings, English Sycamore wood paneling, 100 percent wool carpets and hand-knotted rugs. Additionally, each of the newly designed 368 studio and suite rooms feature oversized windows, panoramic views of Manhattan, oversized deep-soaking bathtubs, remote-controlled mirrored televisions and state-of-the-art entertainment components, including curved televisions.

December 7, 2016

California Hospitality Western

Hersha Hospitality Trust Buys Ambrose Hotel in Santa Monica for $47.5M

by Nellie Day December 6, 2016

SANTA MONICA, CALIF. — Hersha Hospitality Trust has purchased the 77-room Ambrose Hotel in Santa Monica for $47.5 million. The hotel is located at 1255 20th St. The Ambrose Hotel is situated within Santa Monica’s 7.9 million-square-foot office market. It is also near Silicon Beach, which includes notable employers like Google, Facebook, Apple, IMAX, Hulu and Riot Games. Hersha utilized 1031 exchange proceeds from the recent sale of two suburban Boston hotels to fund the Ambrose acquisition.

December 6, 2016

Newer Posts

Older Posts