Hospitality

HALL Structured Finance Closes $14.7M Construction Loan for Hotel in Newark, Delaware

by Amy Works February 15, 2017

NEWARK, DEL. — HALL Structured Finance has closed a first lien construction loan totaling $14.7 million for the development of a SpringHill Suites by Marriott in Newark. Danneman Hospitality is developing the hotel, which will be the first SpringHill Suites in the state. The property will have 118 one-room suites and seven two-room suites. Amenities at the five-story property will include a breakfast dining area, lobby, bar, three meeting rooms, an indoor pool, fitness center, laundry room, marketplace and on-site restaurant.

February 15, 2017

Hospitality Texas

Portland Hospitality Opens 88-Room Home2 Suites in Portland, Texas

by Amy Works February 15, 2017

PORTLAND, TEXAS — Portland Hospitality LP has opened Home2 Suites by Hilton Portland, located at 139 Buddy Ganem Drive in Portland, located across the bay from Corpus Christi. Managed by ZJZ Hospitality Inc., the 88-room hotel features complimentary breakfast, community spaces, fitness area, outdoor pool, fire pit and barbecue grill area and a business center.

February 15, 2017

Hospitality Kansas Midwest

Avison Young Brokers Sale of Hilton Garden Inn in Overland Park, Kansas

by Kristin Harlow February 13, 2017

OVERLAND PARK, KAN. — Avison Young Hospitality Group has brokered the sale of a Hilton Garden Inn located at 5800 College Blvd. in Overland Park. The sales price was not disclosed. A West Coast-based family office purchased the 125-room hotel. The seller was an institutional hospitality platform based in the Southeast. Michael Bernath and Andrew Broad of Avison Young brokered the transaction.

February 13, 2017

California Hospitality Top Stories Western

Sunstone Hotel Investors Sells 444-Room Fairmont Newport Beach For $125M

by Jeff Shaw February 13, 2017

NEWPORT BEACH, CALIF. — Sunstone Hotel Investors Inc. (NYSE: SHO) has sold Fairmont Newport Beach, a 444-room hotel in the Southern California city of Newport Beach, for $125 million. Although the buyer was not disclosed, Marriott has added the hotel to its website as The Duke Hotel Newport Beach. Meanwhile, Visit Newport Beach, a nonprofit organization that promotes the city’s tourism, has also begun referring to the hotel as The Duke. The hotel property features 22,000 square feet of indoor function space, a bamboo garden, 10,000 square feet of outdoor function space, water features and an outdoor fire pit. Sunstone cited low revenue per available room (RevPAR) as the reason for the sale. The hotel earned a RevPAR that was 25 percent below the company’s average, according to Robert Springer, Sunstone’s chief investment officer. Per the company’s third-quarter report, the RevPAR for the hotel was $136.42 compared to a company average of $174.44. The sales price equates to a 5.2 percent capitalization rate and results in $44 million of gains for Sunstone. “The sale, which is consistent with our capital allocation strategy, monetizes an asset at an attractive valuation, increases our portfolio quality, RevPAR and near-term growth prospects, and reduces …

February 13, 2017

Hospitality Northeast Pennsylvania

Yardley Hospitality Holdings Acquires 137-Room Hotel in Yardley, Pennsylvania, for $10.7M

by Amy Works February 8, 2017

YARDLEY, PA. — Yardley Hospitality Holdings has purchased Hampton Inn & Suites Newtown, located at 1000 Stony Hill Road in Yardley. MLMT 2005-CIP1 Stony Hill Lodging Limited Partnership, an entity managed by LNR Partners, sold the 137-room hotel for $10.7 million. The buyer plans to implement a property improvement plan that will extend the Hilton-brand license for 15 years. Situated within Lower Makefield Corporate Center, the three-story hotel was constructed in 1999.

February 8, 2017

Colorado Hospitality Loans Western

JV Receives $25.7M Loan to Acquire Colorado Springs Marriott

by Nellie Day February 7, 2017

COLORADO SPRINGS, COLO. — A joint venture between Portfolio Hotels & Resorts, West Point Partners and Lions Gate Capital has received a $25.7 million acquisition loan for the 309-room Colorado Springs Marriott. The hotel is located at 5580 Tech Center Drive. Colorado Springs Marriott is situated near Garden of the Gods and the United States Air Force Academy. The hotel features 23,000 square feet of flexible indoor and outdoor function space, indoor and outdoor pools and spas, a fitness center, business center, concierge, and a full-service restaurant. HFF’s Eric Tupler and Kristian Lichtenfels arranged the 10-year, fixed-rate, securitized loan.

February 7, 2017

Hospitality Midwest Missouri

Two Hotels to Open in 2018 at Hunt Midwest Commerce Center in Kansas City

by Kristin Harlow February 7, 2017

KANSAS CITY, MO. — Hunt Midwest has closed on the sale of two hotel sites within Hunt Midwest Commerce Center (HMCC). A 90-room SpringHill Suites by Marriott and a 126-room Holiday Inn Hotel & Suites will be constructed and open on the sites. Both hotels are slated to open in 2018. KMG Hotels will operate the SpringHill Suites by Marriott, which it is developing under the name of Park Hospitality LLC. Elite Hotel Group LLC will own and operate the Holiday Inn Hotel & Suites. HMCC is a 2,500-acre development home to hotels, restaurants and retail stores.

February 7, 2017

Hospitality Loans Midwest Minnesota

Mission Capital Negotiates $50.8M Loan for Acquisition of Hotel Property in Minneapolis

by Kristin Harlow February 7, 2017

MINNEAPOLIS — Mission Capital Advisors has negotiated a $50.8 million loan for the acquisition of the Graduate Minneapolis. The borrower, AJ Capital Partners, will also renovate and rebrand the 304-room hotel located at 615 Washington Ave. SE. Renovations of the lobby, guest rooms, common areas and meeting spaces are slated for completion in early 2018. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital represented AJ Capital in the transaction. The team also represented AJ Capital in the $43.8 million acquisition of the Graduate Seattle hotel.

February 7, 2017

Hawaii Hospitality Multifamily Top Stories Western

Salem Partners, Mandarin Oriental to Open 36-Story Luxury Hotel, Multifamily Tower in Honolulu

by Kristin Harlow February 7, 2017

HONOLULU — Salem Partners has partnered with Mandarin Oriental Hotel Group to build Mana’olana Place, a hotel and multifamily property currently under development in Honolulu. The development is slated to open in early 2020. The 36-story, 743,000-square-foot tower will be located in the Ala Moana District at the intersection of Kaipolani Boulevard and Atkinson Drive. Mana`olana Place is the first approved project in the city’s new Ala Moana transit hub. The Mandarin Oriental, Honolulu hotel will consist of 125 guestrooms and suites. The tower’s upper floors will consist of 107 private homes. The property will feature a rooftop restaurant and bar with landscaped outdoor terraces and gardens. The hotel will also feature a spa with eight treatment rooms, a fitness center and an 80-foot outdoor swimming pool. Colorado-based [au]workshop is the design architect on the project, while Architects Hawaii Ltd. will serve as the executive architect. The design team also includes Dianna Wong Architects + Interior Design and Hart Howerton Landscape Architects. Salem Partners is a Los Angeles-based investment bank and wealth management firm. Mandarin Oriental operates 29 hotels and eight residences in 19 countries and territories. —Kristin Hiller

February 7, 2017

Hospitality Midwest Ohio

Hilton Home2 Suites Opens in Cleveland

by Kristin Harlow February 6, 2017

CLEVELAND — Home2 Suites by Hilton Cleveland Beachwood has opened in Cleveland. The hotel features 91 suites with fully equipped kitchens. Amenities include a laundry and fitness area, indoor and outdoor pools and a grill area. The hotel is located at 3589 Park East Drive. Beachwood Hotels LLC is the owner and Atlantic Hospitality and Management is the manager.

February 6, 2017

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