Hospitality

PCCP Participates in $135M Loan to Kessler for JW Marriott-Anchored Project in Savannah

by John Nelson January 5, 2017

SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.

January 5, 2017

Hospitality Loans South Carolina Southeast

PMZ Realty Capital Arranges $24M Loan for Spartanburg Marriott

by John Nelson January 5, 2017

SPARTANBURG, S.C. — PMZ Realty Capital LLC has arranged a $24 million loan for The Spartanburg Marriott, a hotel in Spartanburg that features 240 rooms and seven suites. The property includes more than 30,000 square feet of meeting space, including 27 event rooms, three boardrooms and the 11,340-square-foot Heritage Ballroom. The unnamed borrower will consolidate its overall financing package into a single loan that features a fixed interest rate, according to Peter Berk of PMZ Realty Capital.

January 5, 2017

California Hospitality Top Stories Western

Carey Watermark Investors 2 Acquires The Ritz-Carlton, San Francisco

by Katie Sloan January 3, 2017

SAN FRANCISCO — Carey Watermark Investors 2 Inc. (CWI 2) has acquired The Ritz-Carlton, San Francisco for an undisclosed price. The 336-room hotel is located in the heart of the Nob Hill neighborhood of San Francisco along the California Cable Car line. The nine-story building was originally developed in 1909 and designed by Napoleon Le Brun & Sons of New York. The property received landmark status from the City of San Francisco in 1984, and re-opened as The Ritz-Carlton in 1991. Over $20 million of capital improvements have been completed since 2014. Recent improvements include the renovation of all guest rooms; updates to the lobby, including the addition of two retail outlets; the addition of a fitness center; renovations to the L’Occitane Spa, which includes a wine tasting lounge and jewelry boutique; and renovations to the hotel’s meeting space, which includes a 9,400-square-foot ballroom and 2,200 square feet of interior courtyard and function space. The Ritz-Carlton Company LLC, an affiliate of Marriott International, will continue to manage the property following the sale. The seller was not disclosed. Carey Watermark Investors 2 is a non-traded, publicly registered REIT that invests primarily in the hospitality sector. Affiliates of W. P. Carey Inc. …

January 3, 2017

Hospitality Texas

InLight Capital Purchases 102-Room Hampton Inn & Suites Austin Airport Hotel

by Amy Works December 23, 2016

AUSTIN, TEXAS — InLight Capital has acquired Hampton Inn & Suites Austin Airport Hotel, located at 7712 E. Riverside Drive in Austin. Pendo Investments sold the 102-room hotel for an undisclosed sum. Completed in 2001 and renovated in 2015, the hotel features 18 suites, an outdoor pool, 440 square feet of meeting space, a fitness center, business center and complimentary hot breakfast. Dan Peek, John Bourret and Austin Brooks of HFF represented the seller in the transaction.

December 23, 2016

Hospitality Texas

NewcrestImage Develops 142-Room AC Hotel in Oklahoma City

by Amy Works December 21, 2016

OKLAHOMA CITY — NewcrestImage is developing an AC Hotel in Oklahoma City. Slated to open in May 2017, the 142-room property will feature 81 modules to form the core of the property. Modules are independent standardized units that can be used to construct a more complex structure, including buildings. The first floor of the five-story hotel will feature traditional construction, while the remaining floors will consist of 81 modules. The modules include all interior furniture, furnishing and equipment and were produced by Boise, Idaho-based Guerdon Modular Buildings. Currently, NewcrestImage has a portfolio of 23 hotels, with an additional 14 hotel under construction or in development.

December 21, 2016

Hospitality Washington Western

Hampton Inn & Suites by Hilton Northgate Opens in Seattle

by Nellie Day December 19, 2016

SEATTLE — The Hampton Inn & Suites by Hilton Northgate has opened in Seattle. The new hotel is located at 9550 1st Ave. N.E. It is situated near the Woodland Park Zoo and Seattle Children’s Hospital. It features a 24-hour business center, heated indoor pool, fitness center and a 2,100-square-foot meeting space.

December 19, 2016

Hospitality Loans Midwest North Dakota

Dougherty Funding Closes $12M Acquisition Loan for Radisson Hotel in Fargo, North Dakota

by Kristin Harlow December 19, 2016

FARGO, N.D. — Dougherty Funding LLC has closed a $12 million loan for the acquisition of the Radisson Hotel Fargo in Fargo. The 151-room hotel is located across the street from the Fargo Civic Center. The borrower was 201 Hospitality. Dougherty Funding served as lead lender and servicer for the loan.

December 19, 2016

District of Columbia Hospitality Loans Southeast

Natixis Provides $25M Acquisition Loan for Hotel in D.C.

by John Nelson December 19, 2016

WASHINGTON, D.C. — Natixis has provided a $25 million loan for the acquisition and renovation of a 95-room hotel in Washington, D.C.’s Foggy Bottom neighborhood. The hotel is situated adjacent to George Washington University. Natixis provided the loan to a joint venture between Westmont Hospitality and Varde Funds. Westmont Hospitality will continue to operate and manage the hotel. Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.

December 19, 2016

Hospitality Northeast Pennsylvania

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

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