Hospitality

Midas Construction Breaks Ground on $50M Hotel in Clayton, Missouri

by Kristin Harlow September 20, 2022

CLAYTON, MO. — Midas Construction has broken ground on the $50 million AC Hotel Clayton in the St. Louis suburb of Clayton. The hotel will rise 11 stories with 207 rooms. Completion is slated for early 2024. The project is revitalizing a historic, underutilized site that once housed the former headquarters of the Clayton Police, which relocated in 2011. The hotel, designed for business and leisure travelers, will feature a rooftop bar and restaurant that will be open to the public. Construction was originally scheduled to begin in March 2020 but was postponed due to the pandemic. The development team consists of Koplar Properties, HomeBase Partners and Concord Hospitality.

September 20, 2022

Acquisitions Hospitality Top Stories

NewcrestImage, Hospitality Capital Partners Acquire 16-Property Hotel Portfolio

by Jeff Shaw September 20, 2022

GRAPEVINE, TEXAS — A joint venture between NewcrestImage and Hospitality Capital Partners (HCP) has agreed to acquire 16 Marriott-branded hotels totaling 2,155 rooms across nine states. The portfolio includes 13 Courtyard and three Residence Inn properties located in Georgia, Massachusetts, North Carolina, New York, Oklahoma, Pennsylvania, South Carolina, Texas and Virginia. The transaction is expected to close in the fourth quarter. The seller and price were not disclosed. “This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” says Mehul Patel, managing partner and CEO of Grapevine-based NewcrestImage. Over the company’s history, HCP and its principals have owned almost 50 hotels in the western United States, notably The Saguaro Scottsdale, located in that city’s historic Old Town area. Other projects include 25 golf courses through its associated company, Parks Legacy Project. After selling 27 hotels in January to Summit Hotel Properties for $822 million, NewcrestImage has been in active acquisition mode. The company has added 76 hotels totaling approximately 7,600 rooms since March, including this latest transaction. Earlier this month, NewcrestImage agreed to purchase 45 hotels with a total of approximately 3,300 rooms from a private investment firm. The portfolio includes 35 …

September 20, 2022

AC-by-Marriott-Element-by-Westin-San-Antonio

Development Hospitality Texas

Winston Hotels Nears Completion of 343-Room Conversion Project in Downtown San Antonio

by Taylor Williams September 15, 2022

SAN ANTONIO — Hospitality development and management firm Winston Hotels is nearing completion of a project in downtown San Antonio that will convert an office building into a 343-room dual-branded hotel. The AC by Marriott component will total 181 rooms and is scheduled to launch in early October, and the Element by Westin brand will comprise 162 rooms that are slated to come on line before the end of the year. Guests of both hotels will have access to multiple bars and lounges, a fitness center, business center and 4,000 square feet of meeting space.

September 15, 2022

Florida Hospitality Loans Southeast

Sonnenblick-Eichner Originates $82.4M Refinancing for Ocean Key Resort in Key West, Florida

by John Nelson September 15, 2022

KEY WEST, FLA. — Sonnenblick-Eichner Co. has arranged $82.4 million in financing for Ocean Key Resort & Spa, a 100-room waterfront hotel in Key West. The borrower, Kirkland, Wash.-based Noble House Hotels & Resorts, will use the five-year, fixed-rate loan to pay off an existing loan and fund a $10.5 million renovation of the property. An unnamed life insurance company provided the nonrecourse loan, which is interest-only for the entire term. Ocean Key’s amenities include a full-service restaurant, oceanfront pool with cabanas and a poolside bar and spa. The resort also includes Sunset Pier and the Sunset Pier Restaurant and Bar.

September 15, 2022

Acquisitions District of Columbia Hospitality Southeast

JLL Negotiates Sale of 373-Room Mandarin Oriental Hotel in D.C.

by John Nelson September 15, 2022

WASHINGTON, D.C. — JLL’s Hotels & Hospitality Group has negotiated the sale of Mandarin Oriental, Washington D.C., a luxury hotel in the city’s southwest district that spans nine stories and 373 rooms. The sales price was not disclosed. The buyer, London-based private equity real estate manager Henderson Park, has rebranded the hotel as Salamander Washington D.C. under the management of Middleburg, Va.-based Salamander Hotels & Resorts. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the seller, Mandarin Oriental Hotel Group International Ltd., in the transaction. Mark Fisher of JLL arranged an undisclosed amount of acquisition financing on behalf of Henderson Park. Built in 2004 and recently renovated, the hotel overlooks the Tidal Basin and the Washington Channel. Nearby attractions include the National Mall, Washington Monument, Martin Luther King Jr. Memorial, Thomas Jefferson Memorial and the Smithsonian National Museum of Natural History.

September 15, 2022

Acquisitions Hospitality Mississippi Southeast

Mumford Brokers Sale of Red Roof Inn Hotel in Biloxi, Mississippi

by John Nelson September 9, 2022

BILOXI, MISS. — Mumford Co. has brokered the sale of a Red Roof Inn & Suites hotel in Biloxi. Steve Kirby, Burton Brooks, Ed James and Gaurang Patel of Mumford’s Atlanta, Newport News and Dallas offices represented the undisclosed seller in the transaction. The buyer, hospitality investment firm Maha Lakshmi Corp., purchased the hotel for an undisclosed price. Located off I-10 at 14201 Cook Road, the hotel features complimentary coffee and breakfast in the lobby, and rooms come with complimentary Wi-Fi, flat screen TVs, microwaves, work desks and mini-refrigerators.

September 9, 2022

Acquisitions Hospitality Texas

NewcrestImage Acquires National Hotel Portfolio Totaling 3,300 Rooms

by Taylor Williams September 8, 2022

DALLAS — Dallas-based hospitality development and investment firm NewcrestImage has acquired a national portfolio of 45 hotels totaling approximately 3,300 rooms. The properties are located in 11 states and are primarily operated under various brands within the Marriott and Hilton family of concepts, though the portfolio also includes two Choice-branded hotels and one Radisson-branded hotels. The seller was an undisclosed private investment firm. The sales price was also not disclosed.

September 8, 2022

Development Hospitality Texas

Sam Moon Group Underway on 267-Room JW Marriott Hotel in Dallas Arts District

by Taylor Williams September 8, 2022

DALLAS — Locally based hospitality developer Sam Moon Group is underway on construction of a 267-room hotel in the Dallas Arts District that will operate under the JW Marriott brand. The 23-story hotel will be located at 800 N. Harwood St. and will house three food-and-beverage concepts, as well as a cocktail lounge, meeting and conference areas, a fitness center and a ballroom. Guests will also have access to a sky lobby on the 11th floor. HKS Inc. served as the project architect, with DPR Construction as the general contractor. Completion is slated for next spring. The hotel will be the first in Dallas to operate under the JW Marriott brand.

September 8, 2022

Alabama Florida Hospitality Loans Southeast

Mag Mile Capital Arranges $63M Refinancing of Gulf Coast Hotel Portfolio in Alabama, Florida

by John Nelson September 6, 2022

CHICAGO — Mag Mile Capital has arranged a $63 million CMBS loan for the refinancing of a portfolio of nine hotels in the Gulf Coast region of Alabama and Florida. The borrower is A&R Hospitality, an institutional hospitality owner and developer based in Gulf Shores, Ala. The direct lender was not disclosed. The 10-year loan features cash-out proceeds, a loan-to-value ratio of 60 percent, 30-year amortization schedule and four years of interest-only payments. The assets include five hotels in Gulf Shores: Beachside Resort Hotel, Motel 6, Quality Inn, Red Roof Inn and Staybridge Suites. The other four assets include Fairfield Inn & Suites in Orange Beach, Ala.; Home2 Suites in Daphne, Ala.; Home2 Suites in Mobile, Ala.; and Red Roof Inn in Pensacola, Fla.

September 6, 2022

Acquisitions Florida Hospitality Southeast

CBRE Brokers $59M Sale of Hotel Melby in Downtown Melbourne, Florida

by John Nelson September 6, 2022

MELBOURNE, FLA. — CBRE has brokered the sale of Hotel Melby, Tapestry Collection by Hilton, a new 180-room located at 801 E. Strawbridge Ave. in downtown Melbourne, a city on Florida’s Space Coast. An entity doing business as Nella Invest LLC purchased the property for $59 million, or $327,778 per room. Christian Charre, Paul Weimer, Jennifer Jin and Andrew Pastorino of CBRE represented the seller, a joint venture between Opterra Capital, Willow Street Capital, Duke Hospitality and LCP Group, in the transaction. Opened in April 2021, the 11-story hotel features a 360-degree-view rooftop restaurant and bar, coffee bistro, fitness center, more than 12,000 square feet of flexible meeting space and a parking garage. The design team for Hotel Melby included Welbro Construction, ODA Architecture and EoA Group.

September 6, 2022

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