Hospitality

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

August 3, 2022

Affordable Housing California Development Hospitality Mixed-Use Multifamily Restaurant Retail Top Stories Western

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

August 3, 2022

Acquisitions Hospitality Texas

NewcrestImage Acquires 135-Room TownePlace Suites Dallas Las Colinas Hotel

by Taylor Williams July 28, 2022

IRVING, TEXAS — Locally based hospitality owner-operator NewcrestImage has acquired the 135-room TownePlace Suites Dallas Las Colinas Hotel in Irving. The Marriott-branded property, which offers studio, one- and two-bedroom suites, opened in 1998 and was last renovated in 2014. Amenities include an outdoor pool and a fitness center. NewcrestImage plans to expand upon those capital improvements with additional upgrades to guestrooms and common areas.

July 28, 2022

Development Hospitality New York Northeast

Marriott Opens 130-Room SpringHill Suites Hotel in Midtown Manhattan

by Taylor Williams July 28, 2022

NEW YORK CITY — Marriott has opened a 130-room hotel at 111 E. 24th St. in Midtown Manhattan under that will be operated under the hospitality giant’s SpringHill Suites brand. According to Crain’s New York, McSam Hotel Group developed the property. Gene Kaufman Architect designed the 12-story hotel, which offers amenities such as a breakfast dining room, laundry, fitness center and dry cleaning service.

July 28, 2022

Development Hospitality Loans Southeast Tennessee

Hall Structured Finance Provides $43.1M Construction Loan for New Holiday Inn Express Hotel in Nashville

by John Nelson July 27, 2022

NASHVILLE, TENN. — Hall Structured Finance (HSF) has provided a $43.1 million construction loan for a new eight-story hotel project in Midtown Nashville. The new Holiday Inn Express will feature 184 guest rooms, as well as an outdoor infinity-edge swimming pool, fitness center, meeting room, convenience market, breakfast area and a business center. Francisco Nacorda of Mag Mile Capital arranged the loan through HSF on behalf of the borrower, Nashville-based SiLa Developments. Triumph Hospitality will manage the Holiday Inn Express when it opens in March 2024.

July 27, 2022

Acquisitions Hospitality New York Northeast

Hunter Hotel Advisors Arranges $11.2M Sale of Upstate New York Hotel

by Taylor Williams July 26, 2022

ITHACA, N.Y. — Hunter Hotel Advisors, an Atlanta-based hospitality brokerage firm, has arranged the $11.2 million sale of the 107-room Courtyard Ithaca Airport Hotel in upstate New York. The select-service property is situated adjacent to Ithaca Tompkins International Airport and Cornell University’s campus. Rochester, N.Y.-based owner-operator DelMonte Hotel Group sold the property to Skyline Investments Inc. Mayank Patel of Hunter Hotel Advisors brokered the deal.

July 26, 2022

Hospitality Loans Washington Western

Arriba Capital Arranges $63.9M Construction Loan for AC Hotel by Marriott in Downtown Seattle

by Amy Works July 25, 2022

SEATTLE — Arriba Capital has closed an $63.9 million syndicated construction loan for the development of an AC Hotel by Marriott in downtown Seattle. The borrower is a privately held hospitality management and development group based in the Southeast. Situated in the South Lake Union neighborhood, the hotel will feature 200 guest rooms.

July 25, 2022

Hospitality Loans New Jersey Northeast

Hall Structured Finance Provides $45.5 Loan for Refinancing of Hotel in Montclair, New Jersey

by Taylor Williams July 25, 2022

MONTCLAIR, N.J. — Dallas-based Hall Structured Finance has provided a $45.5 million bridge loan for the refinancing of MC Hotel, a 159-room boutique lodging property located in the Northern New Jersey community of Montclair. The hotel, which is part of the Autograph Collection by Marriott family of brands, opened in the downtown area in 2019 and features multiple meeting and event spaces, as well as a rooftop bar and lounge. Jay Miller, A.J. Felberbaum and Spencer Miller of BayBridge Real Estate Capital arranged the loan on behalf of the buyer, a partnership between The Hampshire Cos. and The Pinnacle Cos.

July 25, 2022

Development Georgia Hospitality Loans Southeast

ACRES Originates $74.8M Construction Loan for Westin Atlanta Gwinnett Hotel in Duluth, Georgia

by John Nelson July 22, 2022

DULUTH, GA. — ACRES Capital Corp. has originated a $74.8 million loan to fund the construction of the Westin Atlanta Gwinnett Hotel in Duluth. The borrower is Concord Hospitality, a hotel owner and developer based in Raleigh. Situated about 28 miles northeast of Atlanta, the 348-room hotel will serve as the flagship lodging option within the Gas South District campus off Sugarloaf Parkway. Westin Atlanta Gwinnett will be attached to the Gas South Convention Center and Arena (formerly known as Infinite Energy Center) and will offer 17,607 square feet of meeting space, as well as a business center, fitness center, dining options and a rooftop bar. The construction timeline and project team members were not disclosed.

July 22, 2022

California Hospitality Market Reports Western Western Market Reports

Should Hoteliers Stay in San Diego?

by Jeff Shaw July 22, 2022

Western Real Estate Business sat down with two hotel experts to discuss what the future holds for tourism-heavy markets like San Diego. They include Robert A. Rauch, managing partner of the locally based Hilton Campus Del Mar and Fairfield Inn & Suites San Marcos and a faculty associate at Arizona State University, as well as Gary H. London, senior principal of Carlsbad, Calif.-based London Moeder Advisors, which prepares commercial market and financial feasibility studies and analyzes real estate investments for prospective investors. WREB: How is San Diego’s hospitality and tourism industries stacking up to other markets that are similar in either size or tourist popularity? London: Because of an ongoing slowdown in international travel, many American travelers divert to San Diego as a favored domestic destination. San Diego’s tourism sector has been very strong since the perceived end of the pandemic-induced recession almost a year ago. Rauch: Over the nine months spanning from July 2021 to March 2022, San Diego has been in the top five of the 25 largest U.S. markets in all three categories of occupancy, average rate and RevPAR. Hotel occupancy comes in at 67.6 percent, average rate per night is $179.85 and RevPAR (revenue per available room) stands at …

July 22, 2022

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