Hospitality

MJM Group to Build $45M Dual-Branded Marriott Hotel in Charlotte

by John Nelson September 22, 2016

CHARLOTTE, N.C. — Raleigh-based MJM Group plans to develop a new $45 million, dual-branded Marriott hotel project in Charlotte. Located at 9110 Harris Corners Parkway, the seven-story property will feature a 94-room Courtyard by Marriott and a 94-room Marriott Residence Inn. Construction is slated to begin this month and wrap up by March 2018. The 130,000-square-foot property will feature a shared lobby, bistro, two patio areas, outdoor swimming pool, exercise room and meeting rooms. The project team includes architect The Lawrence Group, interior designer Gray Design and general contractor Whiting-Turner Contracting Co. Paramount Lodging Advisors advised MJM Group in the development, and Live Oak Bank provided construction financing. Midas Hospitality will manage the hotel upon completion.

September 22, 2016

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $75M in Financing for Hotel in Sausalito

by Nellie Day September 21, 2016

SAUSALITO, CALIF. — Sonnenblick-Eichner Company has arranged $75 million of first mortgage leasehold financing for Cavallo Point-The Lodge at the Golden Gate in Sausalito. The hotel is the San Francisco Bay Area’s first national park lodge. It contains 142 rooms within Golden Gate National Recreation Area at the northern foot of the Golden Gate Bridge. Cavallo Point is situated on about 45 acres within the 350-acre former Fort Baker military base. The property includes the Murray Circle Restaurant and Farley Bar, more than 25,000 square feet of indoor and outdoor meeting space, an 11,000-square-foot Healing Arts Center & Spa, a retail outlet, a cooking school and a fitness center. The non-recourse financing features a five-year balance sheet loan provided by an international money center bank.

September 21, 2016

Hospitality Midwest Ohio

M&M Negotiates $9.4M Sale of 132-Room Hospitality Property in Metro Cleveland

by Haisten Willis September 21, 2016

MENTOR, OHIO — Marcus & Millichap has negotiated the sale of Holiday Inn Cleveland East-Mentor, a 132-room hotel, for $9.4 million. The hotel is located at 7701 Reynolds Road in Mentor. The full-service hotel opened as a Holiday Inn in 2013 and features 8,772 square feet of attached meeting space as well as an on-site restaurant and lounge. Alexandre Duong, an investment specialist in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a private investor. Duong also secured and represented the buyer, a limited liability company.

September 21, 2016

Hospitality Office Oregon Western

BPM Real Estate Group to Build Broadway Tower Project in Portland

by Nellie Day September 20, 2016

PORTLAND, ORE. — BPM Real Estate Group has started construction of the Broadway Tower office and hotel project in downtown Portland. The 19-story project will include a 180-room Radisson RED hotel, 175,000 square feet of office space and more than 2,000 square feet of ground-floor retail space. Radisson RED will occupy Broadway Tower’s first eight floors, with Class A office space occupying the top 11 floors. The project is scheduled for completion in the third quarter of 2018. Howard S. Wright, a Balfour Beatty company, is building the project, which GBD Architects designed. Broadway Tower is Howard S. Wright’s second project for BPM Real Estate Group in Portland. The firm delivered the Pearl West office building for the developer earlier this year.

September 20, 2016

towneplace-suites-providence-north-kingstown-ri

Hospitality Northeast Rhode Island

HFF Represents Seller of Towneplace Suites Providence North Kingstown in Rhode Island

by Jaime Lackey September 20, 2016

NORTH KINGSTOWN, R.I. — Holliday Fenoglio Fowler, L.P. (HFF) has represented Waterford Development Corp and XSS Hotels in the sale of the 104-suite TownePlace Suites Providence North Kingstown, which was sold unencumbered by management. HFF also procured the buyer, whose name was not disclosed. The TownePlace Suites Providence North Kingstown is located 19 miles south of downtown Providence and 12 miles south of T.F. Green Airport within Quonset Business Park, which is home to nearly 200 companies, The Port of Davisville and Quonset State Airport. Completed in 2011, the Marriott-branded hotel features fully-equipped kitchens in each suite, complimentary high-speed internet access, complimentary breakfast, a sundry/convenience store, fitness center, heated indoor salt water pool, business center, barbecue/picnic area, guest laundry and complimentary shuttle service. The HFF investment sales team representing the seller was led by Denny Meikleham and Alan Suzuki.

September 20, 2016

Hospitality Mixed-Use Multifamily Texas

Kor Group Breaks Ground on Austin Proper Hotel & Residences

by Haisten Willis September 16, 2016

AUSTIN, TEXAS — Kor Group has begun construction on Austin Proper Hotel & Residences, a mixed-use hotel and residential tower in downtown Austin. The merchant banking division of Goldman, Sachs & Co. is the capital partner for the development, which is slated to open in 2018. The 33-story, 500,000-square-foot project will be managed and branded by Proper Hospitality, a lifestyle hotel operator. The tower will feature 244 hotel rooms with interior design by Kelly Wearstler; dining options by McGuire Moorman Hospitality; and over 12,000 square feet of indoor and outdoor meeting and event space. Atop the hotel are 99 condominiums available for purchase. Property amenities will include full hotel services for both residents and guests, two roof decks with swimming pools, a full spa and fitness center, lobby restaurant and lounge, coffee shop and an elevated poolside restaurant.

September 16, 2016

Hospitality Michigan Midwest

Shinola, Bedrock to Build Boutique Hotel in Downtown Detroit

by John Nelson September 15, 2016

DETROIT — Shinola, a wristwatch and bicycle manufacturer, has teamed up with Bedrock Real Estate Services LLC to develop the Shinola Hotel, a 130-room hotel located at 1400 Woodward Ave. in downtown Detroit. The new hotel is set to open in the fall of 2018. Detroit-based Kraemer Design Group is the architect of record for the Shinola Hotel, and New York-based NoHo Hospitality Group will handle the hotel’s food and beverage program. The hotel will feature Detroit-inspired design from Gachot Studios. Detroit-based Bedrock is a full-service commercial real estate firm owned by Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers. Bedrock owns over 90 properties totaling more than 15 million square feet.

September 15, 2016

Hospitality Loans New Jersey Northeast

Silver Arch Originates $10.75M Loan for Hotel Project in Jersey City

by Jaime Lackey September 15, 2016

JERSEY CITY, N.J. — Silver Arch Capital Partners has originated a $10.75 million loan allowing Tramz Hotels Group to refinance a 15,300-square-foot land parcel located at 155 Luis Munoz Marin Boulevard in Hudson County, N.J., on which it will develop a 202,495-square-foot, 276-room Marriott hotel. The property will include a full-service restaurant, a bar and lounge area plus associated services such as concierge, salon, meeting/banquet rooms and a full-service fitness center. Tarrunumn Murad along with her husband Tajjammal Murad founded Tramz Hotels Group in 1987. She was only the second woman to become a chartered accountant in Pakistan in 1976. In the U.S., she has financed transactions of more than $150 million and holds an MBA from Columbia University in New York.

September 15, 2016

Hospitality Texas

Insignia Hospitality Opens New Residence Inn in West Houston

by Haisten Willis September 15, 2016

HOUSTON — A 133-key, four-story Residence Inn by Marriott hotel has opened at 10421 Clay Road in west Houston. Midland, Texas-based Insignia Hospitality Group Inc. owns and operates the hotel. Dallas-based architecture firm Mayse & Associates Inc. designed the hotel. The 107,631-square-foot extended-stay development offers a custom outdoor seating area with a fire pit, barbecue grill and pool. Lubbock, Texas-based Greenstreet Inc. constructed the project.

September 15, 2016

Hospitality Maryland Southeast

Cordish Breaks Ground on $200M Hotel, Event Center at Maryland Live! Casino in Metro Baltimore

by John Nelson September 15, 2016

HANOVER, MD. — The Cordish Cos. of Baltimore has begun construction on a $200 million, 17-story hotel and event center at the Maryland Live! Casino in Hanover, roughly 11 miles south of Baltimore. Set to open in the fourth quarter of 2017, the 350,000-square-foot property will feature 310 guest rooms, a 1,500-seat event center, meeting spaces, restaurants, a store, 1,000 parking spaces and a day spa/salon. The project is expected to create approximately 400 jobs and 550 construction jobs. The design team includes Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Association and EDSA. Tutor Perini Building Corp. will serve as the hotel’s general contractor.

September 15, 2016

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