Monday, December 8, 2025
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Hospitality

AcquisitionsHospitalityIllinoisMidwest

Pebblebrook Hotel Trust Sells Westin Michigan Avenue Chicago Hotel for $72M

by Kristin Harlow

CHICAGO — Pebblebrook Hotel Trust (NYSE: PB) has sold the 752-room Westin Michigan Avenue Chicago hotel for $72 million. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged a $54 million acquisition loan on behalf of the buyer, Vinayaka Hospitality. A life insurance company provided the loan. The hotel is located at 909 N. Michigan Ave. along the Magnificent Mile. For the trailing 12 months that ended Sept. 30, the hotel generated earnings before interest, taxes, depreciation and amortization of $4.6 million and net operating income of $2.5 million, according to Pebblebrook.

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AcquisitionsHospitalityTexas

Hunter Hotel Advisors Arranges Sale of 100-Room Hotel in Bryan, Texas

by Taylor Williams

BRYAN, TEXAS — Atlanta-based brokerage firm Hunter Hotel Advisors has arranged the sale of the 100-room Best Western Premier Bryan hotel in Central Texas. Built in 2009, the hotel offers 4,000 square feet of meeting and event space, an outdoor pool, fitness center and a business center. Kami Burnette of Hunter Hotel Advisors brokered the deal. The names of the buyer and the California-based seller were not disclosed. The new ownership plans to implement a value-add program.

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AcquisitionsHospitalityNorth CarolinaSoutheast

Milan Hotel Group Purchases Two-Property Hotel Portfolio in Asheville, North Carolina

by John Nelson

ASHEVILLE, N.C. — Milan Hotel Group has purchased a two-property hotel portfolio in Asheville, including the 88-room SpringHill Suites by Marriott Asheville (built in 2002) and the 78-room Courtyard by Marriott Asheville (built in 1996). An institutional seller sold the hotels to Milan Hotel Group for an undisclosed price. Sophia Pittaluga of Hunter Hotel Advisors brokered the transaction. The hotels are situated along Buckstone Place near the city’s Tunnel Road retail district, approximately five west of downtown Asheville. SpringHill Suites features kitchenettes in every room, along with a complimentary hot breakfast, an indoor pool and a fitness center. Courtyard by Marriott features The Bistro restaurant and Starbucks coffee service, as well as an indoor heated pool and 24-hour fitness center. Many rooms at Courtyard by Marriott feature private balconies that offer views of the Blue Ridge Mountains.

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AcquisitionsHospitalityIndianaMidwest

Marcus & Millichap Arranges Sale of 137-Room Homewood Suites Hotel in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Marcus & Millichap has arranged the sale of a 137-room Homewood Suites hotel in the Indianapolis suburb of Carmel. Michael Klar and Ebrahim Valliani of Marcus & Millichap represented the seller and procured the buyer, Schahet Hotels LLC. The transaction received additional support from Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team. Homewood Suites by Hilton Indianapolis Carmel is an extended-stay property located at 11355 N. Meridian St. just off Highway 31. The hotel features indoor and outdoor pools, a business center, fitness facilities and meeting space.

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DevelopmentHospitalityLoansMixed-UseMultifamilyOfficeSoutheastTennessee

Vastland Obtains $130M Construction Financing for VOCE Hotel & Residences Project in Nashville

by John Nelson

NASHVILLE, TENN. — Vastland Co. has obtained a $130 million construction loan for VOCE Hotel & Residences, a 25-story mixed-use development located at 1717 Hayes St. in Midtown Nashville. BayBridge Real Estate Capital arranged the loan through Atlanta-based Peachtree Group. Upon completion, VOCE Hotel & Residences will feature 192 private residences, 114 luxury hotel rooms, 60,000 square feet of boutique office space and more than 40,000 square feet of amenities, including a rooftop dining experience. The design-build team includes BL Harbert International (general contractor), The Preston Partnership (architect), ID & Design International (interior design), RH (custom design), Civil Site Design Group (civil engineer) and HDLA (landscape architect). Vastland and the project team plan to break ground next week and deliver the project in fall 2027. Christy Fewin of Vastland is leading sales for the residences, which at full capacity has a total sellout value of $360 million. Pre-sales have already eclipsed 50 percent of available units, according to Vastland.

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CaliforniaHospitalityLoansWestern

S3 Hotel Group Receives $38.6M Refinancing for Dual-Branded Hotel in Lake Forest, California

by Amy Works

LAKE FOREST, CALIF. — S3 Hotel Group has received $38.6 million in refinancing for the 208-key, dual-branded Homewood Suites by Hilton and Hampton Inn Irvine Spectrum Lake Forest hotel. Olga Walsh of JLL Capital Markets Debt Advisory led the team to secure a five-year, fixed-rate loan through a private wealth management division of a global financial services firm for the borrower. Located at 23021 Lake Center Drive in Lake Forest, the property features 116 Homewood Suites rooms and 92 Hampton Inn rooms. The Homewood Suites offers extended-stay accommodations with full kitchens, dishwashers and cooking utensils, while Hampton Inn rooms provide traditional hotel amenities with modern furnishings. Onsite amenities include 2,000 square feet of meeting space, a 24-hour fitness center, an outdoor pool with barbecue facilities, guest laundry, complimentary hot breakfast buffet, evening bar service and a 24-hour convenience shop. The Homewood Suites portion features additional amenities including complimentary evening social events Monday through Thursday.

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DevelopmentHospitalityTexas

LV Collective to Open 59-Room Hotel Within Paseo in Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based multifamily and student housing developer LV Collective, formerly known as Lincoln Ventures, will open a 59-room hotel within its Paseo mixed-use tower in downtown Austin’s Rainey Street district. The hotel will be known as ROOST Rainey and will occupy the building’s 14th through 17th floors. ROOST Rainey, which is scheduled to open before the end of the year, will offer apartment-style rooms in studio, one-, two-, three- and four-bedroom formats. Guests will have access to Paseo’s amenities.

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AcquisitionsArkansasHospitalitySoutheast

Marcus & Millichap Brokers Sale of 88-Room Homewood Suites Hotel in Fort Smith, Arkansas

by John Nelson

FORT SMITH, ARK. — Marcus & Millichap has brokered the sale of an 88-room Homewood Suites hotel located at 7300 Phoenix Ave. in Fort Smith. The sales price was not disclosed for the transaction, which is part of a two-property portfolio deal that included a Home2 Suites in Fort Smith. Chris Gomes and Steve Greer of Marcus & Millichap, along with Allan Miller of the firm’s Miller-Gomes Hotel Team, represented the seller, an entity doing business as Heritage Hotel Group LLC, and procured the buyer, a Texas-based entity doing business as FortSmith RA HS Hotel LLC.

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AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Brokers Sale of 102-Room Hampton Inn Milwaukee-Airport Hotel

by Kristin Harlow

MILWAUKEE — Marcus & Millichap has brokered the sale of the 102-room Hampton Inn Milwaukee-Airport hotel. The three-story property is situated on 3.9 acres at 1200 W. College Ave., less than three miles from the Milwaukee Mitchell International Airport. Amenities include an indoor pool, fitness center, business center, breakfast area and shuttle service. Ebrahim Valliani of Marcus & Millichap represented the seller and procured the buyer, both of which were private investment groups. The transaction received additional support from Michael Klar, Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team.

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HospitalityLoansNew YorkNortheast

Cronheim Mortgage Arranges $18M Permanent Loan for Hotel in Middletown, New York

by Taylor Williams

MIDDLETOWN, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an $18 million permanent loan for the Residence Inn Middletown Goshen hotel in Middletown, about 75 miles north of New York City. The number of rooms was not disclosed. The hotel opened in 2020. The loan carries a five-year term and a fixed interest rate. The borrower and direct lender were also not disclosed.

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