CHICAGO — Marriott International will purchase the Sheraton Grand Chicago in the city’s Streeterville neighborhood in a $500 million transaction, according to Marriott’s fourth-quarter 2023 results. Marriott will purchase the hotel for $300 million and spend an additional $200 million for the land. According to Crain’s Chicago Business, Tishman Realty has exercised its option to require Marriott to purchase the hotel, which was granted to Tishman as part of a 2017 settlement. The 1,218-room property is located at 301 E. North Water St.
ARLINGTON, TEXAS — Loews Hotels & Co. has opened the Loews Arlington Hotel & Convention Center, a $550 million development located in between AT&T Stadium and Globe Life Field in the city’s Entertainment District. Loews developed the 888-room hotel and adjoining 266,000-square-foot convention center in a public-private partnership with the City of Arlington, the Texas Rangers baseball team and The Cordish Cos., a Baltimore-based owner-operator of entertainment venues. The 21-story hotel also connects to the 300-room Live! by Loews Arlington Hotel, which opened several years ago and offers an additional 300 rooms. The new hotel houses five food-and-beverage establishments and resort-style amenities such as two pools, a spa and salon, water slide and a man-made sandy beach. HKS served as the project architect, and Looney & Associates handled the interior design. JE Dunn served as the general contractor.
MINNEAPOLIS — A partnership between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park Investments has agreed to acquire the Loews Minneapolis Hotel. The purchase price and seller were undisclosed. Upon closing, Marcus will assume management of the hotel, which will be rebranded under another major global hotel system. Situated in downtown Minneapolis, the full-service luxury hotel features 251 rooms, more than 12,500 square feet of flexible meeting space and a full-service restaurant and lobby bar. The property is connected by skywalk to the Target Center, home of the NBA’s Minnesota Timberwolves, and is one block from Target Field, home of the MLB’s Minnesota Twins. The transaction is expected to close at the beginning of March.
MESA, ARIZ. — Diversified Partners has broken ground on Eastgate Plaza, a 17-acre mixed-use development at the northeast corner of Elliot and Ellsworth roads in Mesa. Confirmed tenants for the project include a drive-thru Starbucks Coffee, d’Lite Health On The Go, Pure Barre, Fix FX, Fresh Monkee, Playa Bowls, Kolache Café, Southern California-based Farmer Boys, Ono Hawaiian BBQ, Vero Chicago Pizza, Swig soda shop, Euphoria Nail Salon, Mecham Orthodontics, MB2 Dental, Andi’s Hair Salon & Barbershop AVEDA, Discount Tire and The UPS Store. Eastgate Plaza will also feature a 91,911-square-foot Cambria Hotel with 107 guest rooms on 2.11 acres. Designed with Cambria’s new prototypical plans, the hotel will include a 500-square-foot rooftop bar and kitchen, a first-floor restaurant and lounge, an outdoor seating and dining area, and an outdoor pool with a sundeck and fireplace. The hotel is slated to open on Sept. 1, 2025. Elliot & Ellsworth Investment Properties owns the site. An entity led by Brown Jr. Canyon Building & Design is the construction management group overseeing the buildout, while RKAA Architects is the architect of the project. EPS Group is serving as civil engineer.
WILDWOOD, FLA. — Southern Hospitality has broken ground on the first new construction of the Extended Stay America Select Suites prototype hotel. The four-story, 124-room hotel will be located in Wildwood, a city in Central Florida near The Villages master-planned community. The 50,000-square-foot property will be situated on less than two acres and feature apartment-like suites with full kitchens and onsite laundry services. Southern Hospitality and operator Extended Stay America plan to open the hotel in early 2025.
HANOVER, MD. — JLL Capital Markets has brokered the sale of a 289-room dual-branded Aloft/Element Arundel Mills BWI Airport hotel in Hanover, a southern suburb of Baltimore. The Aloft comprises 142 rooms, and Element has 147 guest rooms. Amenities at the property include an indoor pool, fitness center, 24-hour market, guest laundry and a meeting space. Located off State Route 100, the property is situated about five miles from Baltimore/Washington International Thurgood Marshall Airport. Spark GHC acquired the hotel for an undisclosed price. Ketan Patel, KC Patel and Phil White of JLL arranged the sale on behalf of the undisclosed seller.
ROCKVILLE, MD. — Choice Hotels International, a Maryland-based operator, will open five hotels under its EverHome Suites brand in Texas throughout the course of 2025. Denver-based HighSide Cos. is developing all of the hotels, which will be located in Amarillo, Bastrop, Brownsville, El Paso and Waco. Choice Hotels will retain full ownership of the Bastrop property. Construction is underway on all five hotels, each of which will have between 114 and 122 apartment-style rooms that will feature fully equipped kitchens, spa-style bathrooms and both open and closed storage spaces.
NEW YORK CITY — MCR, a New York City-based hotel owner and operator, has received a $333 million loan to refinance a 16-property hotel portfolio totaling 2,274 guest rooms. The portfolio spans 11 states and features 11 Hilton and Marriott extended-stay and select-service brands, including Home2 Suites by Hilton, Hilton Garden Inn, DoubleTree by Hilton, Hampton by Hilton, Residence Inn by Marriott and Courtyard by Marriott. MCR acquired the properties primarily in 2020 and 2021. Although a full property list was not disclosed, a partial list includes Hilton Garden Inn Louisville Mall of St. Matthews in Louisville, Kentucky; Hampton Inn & Suites Charlotte Steele Creek in Charlotte, North Carolina; Courtyard by Marriott Oxford in Oxford, Mississippi; Hilton Garden Inn Missoula in Missoula, Montana; and Hilton Phoenix Chandler in Chandler, Arizona. The loan was securitized in a floating-rate, single-asset, single-borrower CMBS transaction. The financing replaces the original debt, with an outstanding balance of $268 million at the time of payoff. The portfolio’s net operating income has increased from $15 million at the time of acquisition to $36 million, according to MCR. The company says that the refinancing generated $51 million of net proceeds as a result. Deutsche Bank Securities and BMO …
SAN MARCOS, TEXAS — Partners Capital, the investment platform of Partners Real Estate, has purchased a 107-room Hilton Garden Inn hotel in San Marcos, located roughly midway between Austin and San Antonio. The hotel offers traditional guestrooms and suites and amenities such as a fitness center, business center, pool, meeting and event space and an onsite restaurant and bar. The seller and sales price were not disclosed.
NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a loan of an undisclosed amount for the refinancing of the Sheraton Brooklyn New York Hotel. The 321-room hotel is located at 228 Duffield St. in the downtown area and offers a fitness center, lounge and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, locally based investment firm Lam Group.