Hospitality

Riverside Developers to Open The William Vale Hotel in Brooklyn

by Amy Works April 28, 2016

NEW YORK CITY — Riverside Developers is constructing The William Vale, a 21-story boutique hotel in Brooklyn’s Williamsburg neighborhood. Slated to open in late June, the hotel will feature 183 rooms with floor-to-ceiling windows, complimentary WiFi, smart television systems and turndown service. Additional hotel features include a 60-foot pool and deck, rooftop lounge, 24-hour fitness center, a ballroom and meeting rooms, as well as food and beverage options led by NoHo Hospitality Group and Chef Andrew Carmellini. Albo Liberis designed the hotel, which is located on Wythe Avenue between 12th and 13th streets.

April 28, 2016

Hospitality Loans New York Northeast

Pembrook Capital Provides $25.8M Loan for Hudson Yards Area Development

by Amy Works April 26, 2016

NEW YORK CITY — Pembrook Capital Management has provided a $25.8 million mezzanine loan with a first mortgage conversion feature to an affiliate of McSam Hotel Group to finance a West Side development site located within the Hudson Yards Redevelopment Area. The borrower plans to develop a 506-room Hyatt Place Hotel on the site. Demolition of existing structures is currently underway, with construction expected to commence in 2017. The purpose of the loan is a refinancing to facilitate a partner buyout and for predevelopment. Stuart Boesky of Pembrook Capital arranged the financing.

April 26, 2016

Hospitality Retail Texas

M&M Arranges Sale of 8,200 SF Net Leased Property in Madisonville

by Haisten Willis April 22, 2016

MADISONVILLE, TEXAS — Marcus & Millichap has arranged the sale of Huntsville Memorial Hospital ER, an 8,200-square-foot net-leased property in Madisonville. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Gainey and Levy also represented the buyer, another private investor. Huntsville Memorial Hospital ER is a single-tenant ER clinic located at 3301 E. Main St. in Madisonville. The double-net lease is guaranteed by Walker County Hospital Corp. Eight years remain on the primary term, and the tenant has two, five-year options for renewal with rent increases at the beginning of each option period. The building was constructed in 2012 and sits on 1.4 acres.

April 22, 2016

Homewood Suites Cape Canaveral-Cocoa Beach

Florida Hospitality Southeast

Homewood Suites by Hilton Opens First Hotel in Cocoa Beach

by John Nelson April 22, 2016

COCOA BEACH, FLA. — Hilton Worldwide has opened Homewood Suites by Hilton Cape Canaveral-Cocoa Beach, a 153-room hotel in Cocoa Beach. The new property is the brand’s first hotel in the market. Located at 9000 Astronaut Blvd., Homewood Suites Cape Canaveral-Cocoa Beach is near the Kennedy Space Center, Ron Jon Surf Shop, Port Canaveral shops and restaurants and the Cocoa Beach Pier. Sunbelt Hospitality is the hotel’s developer and owner. The hotel features an outdoor pool, fitness center, complimentary breakfast, an evening social Monday-Thursday, Wi-Fi and grocery shopping services.

April 22, 2016

Hospitality Loans New York Northeast

Mission Capital Arranges $35.9M Loan for Office to Hotel Conversion in Manhattan

by Amy Works April 22, 2016

NEW YORK CITY — Mission Capital Advisors has arranged $35.9 million in financing for the renovation and conversion of 396 Broadway, a 10-story commercial property in Lower Manhattan. The borrower, Bridgeton Hotels, is converting the office property into the Walker Hotel Tribeca, a 171-key boutique hotel. The hotel will include nine floors of guestrooms and suites and ground-floor and rooftop space dedicated to food and beverage vendors. Bridgeton, an owner, developer and manager of commercial and residential real estate, acquired the property in an all-cash transaction in 2014.

April 22, 2016

Hospitality Massachusetts Northeast

Linchris Hotel Corp. Sells 227-Room Hampton Inn Near Boston Logan International Airport

by Amy Works April 22, 2016

REVERE, MASS. — Linchris Hotel Corp. has completed the sale of the Hampton Inn Boston-Logan Airport, located at 230 Lee Burbank Highway in Revere. The 227-room property was sold for an undisclosed sum. Built in 2001, the seven-story hotel features 672 square feet of function space, an indoor swimming pool, fitness room, business center, complimentary shuttle service and breakfast, an airline crew lounge and dining options at the Two Doors Down Bar & Restaurant. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction. The name of the buyer was not released.

April 22, 2016

Hospitality Texas

Hilton Austin Hotel to Undergo $23M Renovation

by Haisten Willis April 21, 2016

AUSTIN, TEXAS — A $23 million transformation initiative is planned for the Hilton Austin hotel. The upgrades will include a full renovation of the hotel’s lobby, public areas and meeting space, as well as the launch of two new restaurant concepts, a Starbucks and a flexible event venue. EDG Interior Architecture + Design has been hired for the project, which will begin in May and continue through the end of the year.

April 21, 2016

courtyard-by-marriott-cascades-at-the-colony-texas

Hospitality Texas

Courtyard by Marriott at Cascades Opens in The Colony

by Haisten Willis April 20, 2016

THE COLONY, TEXAS — Real estate developer Jackson-Shaw and hotel operator Crescent Hotels & Resorts have opened a Courtyard by Marriott to join Fairfield Inn & Suites and Residence Inn in the Cascades at The Colony development. A grand opening event will be held on Thursday, April 28. Jackson-Shaw developed the 100-acre, mixed-use campus to establish a commercial development along the north side of Sam Rayburn Tollway (SH121). Aiming to enhance the dining and entertainment scene of The Colony and north Texas, the development will also be home to a restaurant known as The Oasis at Cascades. The new Courtyard is now accepting reservations.

April 20, 2016

Hospitality Midwest Wisconsin

CBRE Brokers Sale of 226-Room Holiday Inn in Green Bay Suburb

by Christina Cannon April 20, 2016

APPLETON, WIS. — CBRE has brokered the sale of a 226-room hotel property in Appleton, approximately 30 miles southwest of Green Bay, for an undisclosed price. Bridge Investments sold the Holiday Inn to Batra Hospitality Group Inc. The buyer plans to renovate the property, which is located at 150 S. Nicolet Road. Brian Silberman, Nate Sahn, Stanley Wang and Scott Miller of CBRE represented the seller in the transaction.

April 20, 2016

Hospitality Midwest Ohio

399-Room Marriott at University of Dayton to Undergo $21M Renovation

by Christina Cannon April 18, 2016

DAYTON, OHIO — The 399-room Marriott at the University of Dayton will undergo a $21 million renovation in May. The hotel will remain open and operational during the nine-month project. The renovation of guest rooms, meeting spaces, lounge areas and a restaurant is slated for completion in early 2017. Thomas Hamilton Associates will serve as the architect for the project. Concord Hospitality Enterprises Co., which manages the hotel, will oversee the renovation. The University of Dayton and Concord Hospitality purchased the hotel, located at 1414 S. Patterson Blvd., in 2014. The property was constructed in 1982 and sits on 9.8 acres. The hotel was last renovated in 2008. The Marriott at the University of Dayton includes 13,600 square feet of meeting space, a full-service restaurant and bar, a fitness center and pool.

April 18, 2016

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