Hospitality

Meridian Capital Arranges $15.4M Construction Loan for Wyndham Garden Hotel in Broward County

by John Nelson July 5, 2016

DANIA BEACH, FLA. — Meridian Capital Group has arranged $15.4 million in construction financing for a new Wyndham Garden hotel located in Dania Beach. The 142-room, seven-story hotel will be situated one-and-a-half miles from the beach and near Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and the Convention Center. Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the three-year, interest-only construction loan through BB&T. The loan converts to a four-year mini-perm loan with a 25-year amortization schedule after the initial term.

July 5, 2016

Hospitality Loans Texas

Metropolitan Capital Advisors Secures $15M Construction Loan for Dual-Branded Hotel in McKinney

by Christina Cannon July 1, 2016

MCKINNEY, TEXAS — Metropolitan Capital Advisors has arranged a $15 million non-recourse construction loan for a dual-branded SpringHill Suites by Marriott and Home2 Suites by Hilton located in McKinney. The six-acre parcel of land is located just off the northwest corner of Eldorado Parkway and North Central Expressway. The transaction featured a non-recourse first lien mortgage and a second lien funded with EB-5 capital. A regional bank provided the loan. Three separate undisclosed firms will team up as the developer for the project, with differing levels of involvement with regard to the completion guarantee and the management of hotel operations. The project also features a partnership between two undisclosed general contracting companies.

July 1, 2016

Hospitality Texas

M&M Arranges Sale of 100-Room Motel in Mesquite

by Christina Cannon July 1, 2016

MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Spanish Trails Inn, a 100-room motel in the Dallas suburb of Mesquite, for an undisclosed price. The privately owned, two-story, exterior-corridor motel was renovated in 2013. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap represented both the seller, a developer, and the buyer, a limited liability company.

July 1, 2016

Florida Hospitality Southeast

Atton Hotels to Open Atton Brickell Miami Hotel

by John Nelson July 1, 2016

MIAMI — Santiago, Chile-based Atton Hotels plans to open Atton Brickell Miami, a 275-room hotel located at 1500 S.W. 1st Ave. in Miami’s Brickell district. The hotel is set to open early this month and will feature the Uva bar, Lima restaurant, 4,000 square feet of meeting space, a rooftop pool with cabanas and a fitness center. The 12-story property will also feature views of Biscayne Bay and the Brickell skyline. The hotel is within walking distance to the Metrorail and Metromover transit systems, the Shops at Mary Brickell Village and Brickell City Centre. Rooms will range from standard king and queen rooms and executive suites to Atton Suites, with the introductory hotel rate starting at $149.

July 1, 2016

District of Columbia Hospitality Southeast

Hines, Qatari Diar Break Ground on Conrad Washington, D.C. Luxury Hotel at CityCenterDC

by John Nelson June 30, 2016

WASHINGTON, D.C. — Hines and Qatari Diar, the real estate development arm of Qatar Investment Authority, have broken ground on the Conrad Washington, D.C., a 360-room luxury hotel situated within the CityCenterDC development. The hotel will be operated under Hilton Worldwide’s Conrad Hotels & Resorts brand. The hotel is the seventh building developed by Hines and Qatari Diar at CityCenterDC, a 10-acre mixed-use destination in downtown Washington, D.C. The hotel will feature 30,000 square feet of retail space with a signature restaurant conceptualized by chef Bryan Voltaggio, the executive chef and co-owner of several Mid-Atlantic restaurants including VOLT, RANGE, AGGIO, Lunchbox and Family Meal. The hotel’s design team includes architects Herzog & de Meuron and HKS Architects Inc., interior designer Rottet Studio and general contractor Turner Construction Co. Hines and Qatari Diar expect initial occupancy to begin in the first quarter of 2019.

June 30, 2016

Hospitality Southeast Virginia

Carey Watermark Acquires Le Meridien Arlington Hotel in Metro D.C.

by John Nelson June 30, 2016

ARLINGTON, VA. — Carey Watermark Investors 2 Inc., a non-traded hospitality REIT, has purchased the Le Meridien Arlington, a 154-room hotel in Arlington’s Rosslyn submarket. The hotel is part of a mixed-use development that includes 621,000 square feet of Class A office space and 136 residential units. Le Meridien Arlington’s amenities include 4,800 square feet of indoor meeting space, 4,500 square feet of outdoor meeting space, a bar/lounge, full-service restaurant, fitness center and a business center. Built in 2008, the hotel was converted to Starwood Hotels & Resorts’ Le Méridien brand in 2012. A $3 million soft goods renovation of the guestrooms and meeting spaces is currently underway. The hotel will continue to be managed by HEI Hotels & Resorts.

June 30, 2016

Florida Hospitality Southeast

MSB Hotels III Buys Boutique Hotel in St. Augustine for $10.3M

by John Nelson June 30, 2016

ST. AUGUSTINE, FLA. — MSB Hotels III has purchased Castillo Real, a 60-room boutique resort hotel located at 530 A1A Blvd. in St. Augustine. The company purchased the asset from a joint venture between Impact Properties and DeBartolo Development for $10.3 million. The purchase includes the assumption of an existing CMBS loan. MSB Hotels III has selected Elite Hospitality LLC to manage the hotel. Built in 2005, Castillo Real features beach access, a zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the La Cocina Restaurant. Michael Weinberg and Preston Reid of HFF represented the joint venture in the transaction. Members of MSB Hotels III own nearby hotels including Courtyard by Marriott, Hilton Garden Inn and Hampton Inn, all of which are managed by Elite Hospitality.

June 30, 2016

Hospitality Indiana Midwest

Drury Hotels Opens New 303-Room Hotel in Indianapolis

by Christina Cannon June 30, 2016

INDIANAPOLIS — Drury Hotels Co. has opened the Drury Plaza Hotel Indianapolis Carmel. The hotel features 303 guest rooms and over 7,000 square feet of event space. Amenities include Wi-Fi, a complimentary breakfast, business center, fitness center and an indoor/outdoor pool with hot tub. The Drury Plaza offers king, queen and two-room suites. Missouri-based Drury Hotels Co. owns and operates over 130 hotels in 21 states.

June 30, 2016

Company News Hospitality Midwest Missouri

John Q. Hammons Hotels & Resorts Files for Chapter 11 Bankruptcy

by Christina Cannon June 29, 2016

SPRINGFIELD, MO. — John Q. Hammons Hotels & Resorts (JQH) has filed for Chapter 11 bankruptcy. Springfield-based JQH is an owner and manager of hotels throughout the United States featuring brands such as Marriot, Hilton, Embassy Suites, IHG and more. The company is financially sound, but is filing for bankruptcy to restructure the organization and “navigate a litigious environment,” says Jacquie Dowdy, CEO of JQH. According to the Wall Street Journal, the legal battle is a result of a 2005 buyout in which John Hammons sold a portfolio of 43 hotels of hotels to Jonathan Eilian. Under terms of the contract, Hammons received equity interest in the acquiring company, and Eilian received right of first refusal for the sale of the JQH’s remaining 35 hotels. Eilian later sued JQH, claiming the company has made no move to sell those remaining properties. JQH’s Gregg Groves is providing in-house legal counsel in connection with the Chapter 11 filing, and Stinson Leonard Street LLP is providing outside counsel for the restructuring. JQH currently maintains a portfolio of 35 hotels that include 8,500 rooms scattered throughout 16 states.

June 29, 2016

Hospitality Loans New York Northeast

Q10 New York Realty Advisors Arranges $15.5M Loan for 80-Room Hotel in NYC

by Amy Works June 28, 2016

NEW YORK CITY — Q10 New York Realty Advisors has arranged a $15.5 million permanent loan for a hotel in New York City. The fixed-rate loan was a cash-out refinance of more than $3 million. Located near Jacob Javits Convention Center, the limited-service hotel features 80 guest rooms.

June 28, 2016

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