Hospitality

MDM Group Buys Site at Miami Worldcenter for $45M

by John Nelson March 7, 2017

MIAMI — MDM Group has closed on the $45 million purchase of five acres at N.W. 7th Street and 1st Avenue within Miami Worldcenter, a $2 billion development now under construction that will feature residential, retail, office and hospitality components. The seller was Old Arena LLC, an entity led by Nitin Motwani. The site, the original home of the former Miami Arena, will house the Marriott Marquis Marriott Worldcenter Hotel & Expo Center. The project will be built in two phases, the first of which will include 600,000 square feet of conference and exposition space and 1,100 hotel rooms. Phase II will comprise a 600-room hotel tower. The development is expected to generate thousands of jobs during construction phases and hundreds of direct and indirect jobs once the hotel and conference center are fully operational. The design team includes Miami-based architect Nichols Brosch Wurst Wolfe & Associates and interior designer RTKL. MDM Group expects to break ground on the project by the end of the year. Master developer Miami Worldcenter Associates, led by Art Falcone and Motwani, will deliver Miami Worldcenter in phases over the coming years.

March 7, 2017

Hospitality Texas

Wheelock Street Capital Refinances Two Hotels in College Station, Round Rock

by Taylor Williams March 6, 2017

COLLEGE STATION AND ROUND ROCK, TEXAS — Wheelock Street Capital LLC has refinanced two Marriott-branded hotels it owns in Texas: the 125-room Courtyard Marriott located at 3939 State Highway 6 near Texas A&M University in College Station, and the 113-room Courtyard Marriott located at 2700 Hoppe Trail next to Dell headquarters in the Austin suburb of Round Rock. Steven Klein, Casey Wenzel and Roy Shepard of HFF arranged the three-year, floating-rate loan. Wheelock Street Capital will use the refinancing to take out existing acquisition financing and to provide capital to continue its property improvement plan. The financing is part of a $45 million package for four hotels spanning 441 rooms in Texas and Tennessee.

March 6, 2017

Hospitality Texas

CBRE Brokers Sale of Hotel in Texas City, Texas

by Taylor Williams March 3, 2017

TEXAS CITY, TEXAS — CBRE Hotels has arranged the sale of a Holiday Inn Express & Suites, located at 2440 Gulf Freeway in Texas City, a submarket of Houston. Peet Hotels Inc. sold the 70-room property, just off Interstate 45 between Houston and Galveston, to Texas City Hospitality LLC for an undisclosed price. Eric Guerrero, Michael Yu, Rahul Bijlani and Dennis Drake of CBRE represented both the buyer and seller in the transaction.

March 3, 2017

Hospitality Utah Western

Homewood Suites by Hilton Opens in Draper

by Nellie Day March 2, 2017

DRAPER, UTAH — Hilton has premiered the 121-room Homewood Suites by Hilton Salt Lake City Draper. The hotel is located in the Salt Lake City submarket of Draper. West 77 Partners developed and owns the property, which The Hotel Group will manage. It is situated near Salt Lake City International Airport, Loveland Living Planet Aquarium, Rio Tinto Stadium, Hale Centre Theatre, Timpanogos Cave National Monument and Cowabunga Bay Water Park.

March 2, 2017

Hospitality Southeast Virginia

Lingerfelt CommonWealth Sells Marriott Hotel in Metro Richmond for $38.5M

by John Nelson March 2, 2017

GLEN ALLEN, VA. — Lingerfelt CommonWealth Partners LLC, a Richmond-based commercial real estate investment firm, has sold the 243-room Richmond Marriott Short Pump for $38.5 million. The hotel is located at 4240 Dominion Blvd. in Glen Allen. The buyer, a partnership of regional investors, has retained Commonwealth Lodging Management, Lingerfelt CommonWealth’s hotel management affiliate, to operate the hotel. In October 2015, Commonwealth Lodging oversaw an $11 million renovation of the hotel. The property features complimentary high-speed internet, a swimming pool, fitness center and event space.

March 2, 2017

Georgia Hospitality Southeast

Image Hotels Breaks Ground on Courtyard by Marriott Hotel Near Savannah

by John Nelson March 1, 2017

POOLER, GA. — Image Hotels has broken ground on a four-story, 120-room Courtyard by Marriott located at 419 Pooler Parkway in Pooler, a suburb of Savannah. The Courtyard Pooler/Savannah Airport hotel will be situated near the Savannah/Hilton Head International Airport and the new Tanger Outlet Savannah. The property will feature 6,820 square feet of banquet and event space, as well as a fitness center, guest laundry services, business center, restaurant and a 24-hour snack shop. Set to open in September 2018, the hotel will operate as a Marriott franchise and will be owned by Image Pooler LLC. Image Hotels will manage the hotel upon completion.

March 1, 2017

Arizona Hospitality Top Stories Western

DiamondRock Acquires L’Auberge, Orchards Inn Resorts in Arizona for $97M

by Nellie Day March 1, 2017

SEDONA, ARIZ. — DiamondRock Hospitality Co. (NYSE: DRH) has purchased the 88-room L’Auberge de Sedona and the adjacent 70-room Orchards Inn Sedona for a total of $97 million. The resorts are situated in the Red Rock region of Sedona on the banks of Oak Creek, just south of Flagstaff. DiamondRock plans to reposition the resorts through a $5 million capital investment plan, which will enhance the luxury cottages at L’Auberge, among other improvements. The renovations will be completed during the off seasons over the next two years for minimal disruptions. “This acquisition represents a rare opportunity to own two high-quality resort properties in a coveted, high-barrier-to-entry resort market,” says Mark Brugger, DiamondRock’s president and CEO. “While we believe the initial pricing of the deal is attractive, we have identified significant opportunities to increase profitability.” About $14 million has been invested in the resorts, its guest rooms and restaurants since 2015. Sedona is one of the highest growth markets in the U.S. hospitality industry, DiamondRock notes, with RevPAR (revenue per available room) increasing 11.3 percent in 2016. L’Auberge includes dining options Cress on Oak Creek and Etch Kitchen & Bar, while Orchards Inn features 89Agave Mexican restaurant, among other casual dining …

March 1, 2017

Hospitality Washington Western

Hersha Hospitality Trust Purchases Pan Pacific Hotel in Seattle for $79M

by Nellie Day February 28, 2017

SEATTLE — Hersha Hospitality Trust has acquired the 152-room Pan Pacific Hotel in Seattle for $79 million. The hotel is part of the 2200 Westlake mixed-use project in the South Lake Union neighborhood. Pan Pacific Hotel is situated across the street from Amazon’s global headquarters. Other nearby companies include Facebook, Google, Expedia, Microsoft and the Bill & Melinda Gates Foundation. Chris Burdett and Matthew Behrens of CBRE Hotels Northwest represented the seller, Vulcan, in this transaction.

February 28, 2017

Florida Hospitality Southeast

Hersha Hospitality Trust Acquires Ritz-Carlton Coconut Grove for $36M

by John Nelson February 24, 2017

COCONUT GROVE, FLA. — Hersha Hospitality Trust has purchased the 115-room Ritz-Carlton Coconut Grove for $36 million. The hospitality REIT funded the acquisition with proceeds from the recent sale of the Residence Inn in Greenbelt, Md. Situated on 3.4 acres about a half-block from the waterfront, the Ritz-Carlton is part of a two-tower, 22-story residential-hotel condominium complex that opened in 2002. The property features 14,000 square feet of meeting space, a restaurant bar, spa, fitness center, retail space, pool, exterior courtyards and approximately 8,000 square feet of leasable office space. The identity of the seller was undisclosed.

February 24, 2017

California Hospitality Western

R.D. Olson, DKN Hotels Complete Homewood Suites Hotel in Irvine

by Nellie Day February 24, 2017

IRVINE, CALIF. — A partnership between R.D. Olson Construction and DKN Hotels has completed construction of the 161-room Homewood Suites by Hilton Irvine/John Wayne Airport in Irvine. The hotel is situated in the Airport submarket near Newport Beach, Corona del Mar and Laguna Beach. The hotel features more than 1,500 square feet of meeting space equipped with high-speed internet access, audio-visual equipment and natural lighting. Lee & Sakahara Architects designed the project.

February 24, 2017

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