Hospitality

Embassy Suites by Hilton Opens at 2.4M SF Destiny USA in Syracuse, New York

by Amy Works October 24, 2016

SYRACUSE, N.Y. — The Pyramid Companies, owners of Destiny USA, has partnered with Hilton to open Embassy Suites by Hilton Syracuse – Destiny USA as the first hotel within the 2.4 million-square-foot shopping complex in Syracuse. The $48 million hotel will feature Embassy Suites’ Design Option III, a concept that allows developers the flexibility to customize a property’s design while remaining true to the brand’s pillars. Additionally, the all-suites hotel will feature an on-site restaurant and pool. Upon completion in fall 2017, the hotel will be operated by Aimbridge Hospitality. The project was financed by a M&T Bank, Berkshire Bank and Tompkins Trust Co.

October 24, 2016

Hospitality New York Northeast

Barone Management Develops 226-Room Marriott Hotel in New York City

by Amy Works October 21, 2016

NEW YORK CITY — Barone Management, as developer, has opened a Marriott Fairfield Inn & Suites, located at 538 W. 58th St. in New York City. Designed by Gene Kaufman Architect, the 85,000-square-foot hotel features 226 rooms in two seemingly separate structures — an 18-story tower and an adjoining 10-story building, which are recessed from the street at different depths. The hotel features a below-grade ground floor and lobby, an office center, fitness center, breakfast bar and a sunken entryway with a 2,300-square-foot landscaped plaza.

October 21, 2016

Hospitality Texas

The Stella Hotel to Anchor Lake Walk Town Center in Bryan

by Haisten Willis October 19, 2016

BRYAN, TEXAS — The Stella, a 176-key hotel slated to open in March 2017, will anchor Lake Walk Town Center in Bryan. Lake Walk is a 180,000 square-foot development under construction near Texas A&M University. The property will feature a restaurant, cocktail bar and coffee shop, as well as an outdoor pool and over 10,000 square feet of meeting and event space. Designed by Dallas-based FAB Studios and Design DMU, The Stella will be operated by Trust Hospitality. Lake Walk includes a five-acre lake, waterfront park, pavilion and observation tower, along with more than two miles of hiking trails.

October 19, 2016

Colorado Hospitality Loans Western

Columbia Sussex Corp. Receives $70M Loan for Hyatt Regency Denver Tech Center

by Nellie Day October 18, 2016

DENVER — Columbia Sussex Corp. has received a $70 million loan to finance the 451-room Hyatt Regency Denver Tech Center. The hotel is located at 7800 E. Tufts Ave. in the Technological Center submarket of Southeast Denver. The area is home to about 11 million square feet of office space and about 1,000 companies. Hyatt Regency Denver Tech Center features 29,600 square feet of function space, a 533-space parking garage, the Root25 Taphouse & Kitchen, Perks coffee shop, Hyatt StayFit fitness center and an indoor swimming pool with outdoor sun deck. The hotel has operated as a Hyatt Regency since it was built in 1985. It recently underwent a $12.5 million renovation to transform the lobby, upgrade the common areas and introduce the signature restaurant and lounge. Rob Rubano and Greg Stampley of Eastdil Secured arranged the financing. Square Mile Capital Management LLC originated the transaction, and brought in Natixis to acquire the $52.5 million senior mortgage component of the debt. Columbia Sussex acquired the asset from JMI Realty.

October 18, 2016

Hospitality Northeast Rhode Island

Omni Providence Hotel Completes $15M Renovation in Rhode Island

by Amy Works October 18, 2016

PROVIDENCE, R.I. — The Omni Provident Hotel has completed a $15 million renovation program to its West tower. Renovations at the 564-room hotel, located at 1 W. Exchange St. in Providence, include guest rooms, landings and public spaces receiving fresh designs that complement elements of local New England flair. Each guest room features new vinyl wallcoverings and carpeting, custom bedding and drapery, plush seating, artwork and modern decorative lighting. Upgrades to the guest room bathrooms include new vanities, wallcoverings, illuminated mirrors, and new finishes and materials. Additionally, the guest corridors and elevator lobbies received new carpeting, furnishing, wallcoverings, paint, contemporary light fixtures and artwork.

October 18, 2016

Georgia Hospitality Mixed-Use Southeast

Hay Creek to Build First Metro Atlanta Hotel in Pinewood Forrest Development

by John Nelson October 17, 2016

FAYETTEVILLE, GA. — Hay Creek Hotels, an Exeter, N.H.-based developer and manager of boutique hotels, plans to build its first hotel in the metro Atlanta area in Pinewood Forrest, a 234-acre master-planned development situated adjacent to Pinewood Atlanta Studios in Fayetteville. Scheduled to open in 2018, the 95-room hotel will feature meeting and function space, an upscale restaurant, bar, spa, pool and special suites for celebrity guests of Pinewood Atlanta Studios. HCH Pinewood Forrest LLC will develop the hotel, and Hay Creek will operate the property upon completion. Led by Chick-fil-A CEO Dan Cathy, the development team behind Pinewood Forrest has also selected the metro Atlanta real estate brokerage firm Ansley Atlanta to provide residential sales and marketing for the development’s single-family homes. The first home sites will be available for reservation in the coming months.

October 17, 2016

Hospitality Loans Michigan Midwest

Vista Capital Closes $16M in Refinancing for Homewood Suites in Troy, Michigan

by Amy Works October 14, 2016

TROY, MICH. — Vista Capital Co. has closed $16 million in refinancing for the Homewood Suites located in Troy, a northern Detroit suburb. Part of the 10-year loan will be used to fund renovations over the next five years. The financing was awarded to a European-based investment bank. Opened in 2002, the Homewood Suites in Troy features 150 suites, an indoor heated pool, fitness center, executive business center and approximately 1,200 square feet of meeting space.

October 14, 2016

Hospitality Texas

Hunter Hotel Advisors Brokers Sale of Two Hotels in Northwest Austin

by Katie Sloan October 13, 2016

AUSTIN, TEXAS — Hunter Hotel Advisors has arranged the sale of two hotels in Austin: the 80-room StayBridge Suites Austin Northwest, and the 82-room Fairfield Inn & Suites Austin Northwest. Hunter Hotel’s Los Angeles office represented the seller, Excel Hotel Group, in both transactions. The buyer of both assets was an unnamed opportunity fund based in New York. The buyer plans to invest $1 million in the Staybridge Suites hotel, which was built in 2009. The Fairfield Inn was built in 2014. Hunter’s Los Angeles office arranged the sale of six hotels in the third quarter and has at least five sales scheduled to close this quarter.

October 13, 2016

Hospitality Washington Western

Hyatt, R.C. Hedreen to Develop 1,260-Room Hyatt Regency Hotel in Seattle

by Nellie Day October 12, 2016

SEATTLE — R.C. Hedreen Co. and an affiliate of Hyatt Hotels Corp. have entered into a management agreement to develop a 1,260-room Hyatt Regency hotel in Seattle. The hotel will be situated at 8th and 9th avenues, between Stewart and Howell streets, in the Denny Triangle neighborhood. The new Hyatt will include more than 100,000 square feet of flexible meeting and event facilities, multiple food and beverage outlets, and a Regency Club lounge. The hotel will be in close proximity to the Washington State Convention Center, Pike Place Market, the Space Needle and the Seattle Aquarium. The full-service hotel is expected to open in mid-2018. R.C. Hedreen Co. currently owns Grand Hyatt Seattle and Hyatt at Olive 8.

October 12, 2016

California Hospitality Western

Ashford Hospitality Trust Sells Two Palm Desert Hotels for $36M

by Nellie Day October 12, 2016

PALM DESERT, CALIF. — Ashford Hospitality Trust has sold a two-hotel portfolio in Palm Desert for $36 million. The transaction includes the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert. The portfolio achieved RevPAR (revenue per available room) of $92 with an occupancy rate of 74 percent and ADR (average daily rate) of $123. The portfolio also had an existing debt balance of about $24 million that was assumed by the buyer.

October 12, 2016

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