Hospitality

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ATLANTA — Piedmont Atlanta Hospital in Atlanta has unveiled its plans for a 16-story expansion and renovation of the existing campus. Development costs are estimated at $603 million. Construction of the new patient tower is slated to begin in January 2017. The tower will be known as the Marcus Tower, in honor of benefactor Bernie Marcus, who gave $75 million for the project. Hospital officials have secured partnerships with 31 companies such as subcontractors, marketers and engineers. The project still requires approval from the Georgia Department of Community Health. The first phase of the project should be completed in September 2020. Phase II will begin in 2022, with one new patient floor completed per year, except for 2026 when the final two floors will be built out. The total project duration will be 10 years. In addition to the tower at the corner of Peachtree and Collier roads, the project includes major renovations to the hospital’s main campus and the addition of 114 general hospital beds, according to the Atlanta Business Chronicle. Approximately 45 percent of the hospital’s current space will soon exceed its life expectancy of 40 years, creating the need for the new construction and renovations, according to …

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SAN ANTONIO — CBRE Hotels has brokered the sale of a 109-room Homewood Suites by Hilton at 215 Richland Hills Drive in San Antonio. Good Day Properties LLC purchased the limited-service hotel from SAT Westlakes LLC for an undisclosed price. Michael Yu, Rahul Bijlani and Agrama Mannapperuma of CBRE Hotels represented the seller and the buyer. Homewood Suites by Hilton Lackland AFB/SeaWorld was built in 2013 and features studio and one-bedroom suites.

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WACO, TEXAS — Rushi Shah of Aries Capital’s Chicago office has secured a $6.3 million non-recourse CMBS loan for a 94-key Comfort Suites in Waco. The loan was secured on behalf of the borrower, TJ Patel of Pavansut Hotels LLC. The borrower used the 10-year, fixed-rate loan to pay off an existing full-recourse SBA loan.

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MIAMI BEACH, FLA. — Rockpoint Group has purchased Aloft South Beach, a newly built, 235-room hotel located on Collins Avenue in Miami Beach’s South Beach district. JMH Development and Mitchell Hochberg sold the hotel to Rockpoint for $105 million. Rockpoint plans to rebrand the hotel, the largest Aloft hotel in the world, to The Gates Hotel, according to the Miami Herald. Doubletree by Hilton will operate the hotel.

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WASHINGTON, D.C. — Marcus & Millichap has arranged the $2.3 million sale of Canal Inn, a boutique inn located at 1061 31st N.W. in Washington, D.C. The property is situated along the C&O Canal in D.C.’s Georgetown district. Built in 1831 and renovated in 2012, Canal Inn features 10 rooms and a third-story loft. Marty Zupancic, Peggy Brooks Smith and Christian Barreiro of Marcus & Millichap’s Washington, D.C., office represented the seller, an individual trust. The unnamed buyer plans to keep the property as an inn or bed and breakfast.

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FORT WORTH, TEXAS — Transwestern has brokered the sale of Presidio North, a retail development site in Tarrant County. Las Vegas-based Diversified Real Estate Group sold the property for an undisclosed price to a locally owned development partnership controlled by the De La Vega Group. Transwestern’s Steve Williamson represented both parties in the transaction. Presidio North, located at the southwest corner of I-35 West and Heritage Trace Parkway, consists of 90 acres in north Fort Worth. Transwestern will provide marketing and leasing services for the mixed-use project, which will be renamed The Citadel. De La Vega plans to develop 500,000 square feet of retail, restaurant, hotel and entertainment space at the site.

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RACINE, WIS. — Graves Hospitality and Hilton have opened DoubleTree by Hilton Racine Harbourwalk, located at 223 Gaslight Circle in Racine. The 121-room hotel recently underwent a one-year, multi-million-dollar renovation to transform the former independently branded hotel into a DoubleTree by Hilton. The hotel features the DoubleTree Sweet Dreams Sleep Experience, free WiFi, Third Coast Wood Fire Pizza & Pub, outdoor tiki bar, indoor pool and whirlpool, and 24-hour fitness and business centers. Additionally, the property offers 4,000 square feet of meeting, event and banquet facilitates. Graves Hospitality owns and manages the hotel.

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KATY, TEXAS — Trademark Property Co. has entered into an agreement with Westside Ventures to develop an 82-acre mixed-use development at the northwest corner of I-10 and Mason Road in Katy. Planning will continue in the coming months for the initial 60-acre phase, which will include retail, restaurant, residential, hotel and office space. The site, which is part of a larger 107-acre tract owned by Westside Ventures, will be developed in phases over several years. Phasing and a construction timeline will be scheduled following planning.

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NEW ORLEANS — Kennedy Funding Financial has closed a $1.5 million acquisition loan for a 40,000-square-foot lot in the Bywater neighborhood of New Orleans. Fronting Charles Street and bounded by Mazant and Royal streets, the site houses a former seafood processing plant. The borrower, Pelican Royal LLC, plans to develop a 43-room, 32,000-square-foot hotel and hostel known as Stateside on the site. Slated to open in early 2018, Stateside will feature a laundromat, courtyard, pool, restaurant and bar and a coffee and juice shop.

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