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Hospitality

Salida-Inn-Monarch-Suites-Salida-CO
AcquisitionsColoradoHospitalityWestern

Prime Investment Properties Brokers Sale of 27-Room Salida Inn & Monarch Suites Hotel in Colorado

by Amy Works

SALIDA, COLO. — Prime Investment Properties, a member of Hotel Brokers International, has arranged the sale of Salida Inn & Monarch Suites, located at 7310 W. US Highway 50 in Salida. Denver-based IMPRINT Hospitality sold the asset to an undisclosed buyer for $2.7 million, equaling $100,000 per key. Originally constructed in 1960 and recently renovated, the two-story, 13,500-square-foot property features 27 rooms, some with fully equipped kitchens, along with cottages, a hot tub, an outdoor pool and multiple patios. Situated on 1.2 acres, the hotel offers access to the Arkansas River, Monarch Mountain Ski Areas and San Isabel National Forest.

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DevelopmentHospitalityLoansMarylandSoutheast

MCEC Closes $43M C-PACE Loan for Marriott Downtown Frederick Hotel in Maryland

by John Nelson

FREDERICK, MD. — The Maryland Clean Energy Center (MCEC) has closed a $43 million loan for the development of the Marriott Downtown Frederick at Carroll Creek, a 204-room hotel underway in downtown Frederick. The Maryland Property Assessed Clean Energy (MDPACE) transaction represents the largest C-PACE loan in Maryland to date, according to MCEC, which is the administrator of the MDPACE program. Nuveen Green Capital provided the 30-year, fixed-rate financing on behalf of the locally based developer, Plamondon Hospitality Partners. The C-PACE financing will fund sustainable initiatives at the property including advanced insulation, roofing, windows, HVAC systems, LED lighting, low-flow water fixtures and hot water systems. The Marriott Downtown Frederick at Carroll Creek will be situated on 2.2 acres at 20 S. Carroll St. and feature more than 20,000 square feet of conference and event space, including a rooftop terrace and flexible indoor-outdoor venues. The hotel will also have two restaurants (one creekside and one rooftop bar and restaurant), a lobby bar and a coffee shop and market. The hotel’s target opening date was not released.

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DevelopmentHospitalityMidwestMissouriRetail

Construction Begins on First Amusement Park Ride at Oasis at Lake of the Ozarks in Missouri

by Kristin Harlow

OSAGE BEACH, MO. — Construction teams are now installing the first amusement park ride at Oasis at Lake of the Ozarks in Osage Beach. The family tower ride, named The Plunge, will lift riders 100 feet into the air to experience sweeping views of the lake before plunging them back down to the landing zone at high speeds. Standing as tall as the Natural Bridge at Ha Ha Tonka State Park in Camdenton, Mo., The Plunge will be one of the tallest structures in the area. The Plunge is one of 12 amusement rides planned for the Oasis Lake of the Ozarks entertainment destination. The amusement park, parking garage and boat slips are scheduled to open in spring 2027. The indoor water park and Marriott Resort & Conference Center will follow. When complete, Oasis Lake of the Ozarks will operate as a year-round destination featuring multiple restaurants and a wide range of attractions, including two roller coasters, a nearly 200-foot-tall observation wheel, the largest indoor water park in Missouri and a 401-room Marriott Resort.

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DevelopmentHospitalityTexas

NewcrestImage Completes Renovation of 293-Room Hotel in Westlake, Texas

by Taylor Williams

WESTLAKE, TEXAS — Locally based owner-operator NewcrestImage has completed the renovation of the 293-room Ricardo Marriott DFW Westlake hotel. NewcrestImage acquired the hotel in September 2023 in a joint venture with Dabu Group, at which time the property was known as Marriott Westlake. In addition to the rebranding, which pays homage to Mexican architect Ricardo Legorreta, the renovation introduced a new food-and-beverage concept and refreshed the hotel’s amenities, including 15,000 square feet of meeting and event space. Coury Hospitality manages the property.

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Hyatt-Regency-Ontario-CA
CaliforniaHospitalityLoansWestern

GreenRock Capital, J.P. Morgan Close $103M in Financing for Ontario Airport Hotel and Conference Center in California

by Amy Works

ONTARIO, CALIF. — GreenRock Capital, with J.P. Morgan as underwriter, has closed $103 million in financing for the Ontario Airport Hotel and Conference Center in Ontario. The $103 million package pairs $26 million in tax-exempt C-PACE bonds with $77 million in tax-exempt mortgage revenue bonds. The financing was placed with municipal bond investors. National CORE owns the asset, which is being converted into the Hyatt Regency Ontario through a comprehensive renovation and repositioning process. Financing proceeds will support the redevelopment of the existing 309-room hotel into a 295-room Hyatt Regency. The new property will feature expanded suites, fully renovated guest rooms and commons area, a redesigned lobby, upgraded food-and-beverage offerings, a new Club Lounge and more than 16,000 square feet of meeting space. Keaton Yellin of JLL Capital Markets arranged the financing. Fred Schuster of FGS Realty Advisors assisted the sponsor with the transaction.

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Diplomat-Beach-Resort
FloridaHospitalityLoansSoutheast

JLL Arranges $600M Refinancing for The Diplomat Beach Resort in Hollywood, Florida

by Abby Cox

HOLLYWOOD, FLA. — JLL has arranged the $600 million refinancing of The Diplomat Beach Resort, a 1,000-room hospitality development located in the South Florida city of Hollywood near Fort Lauderdale/Hollywood International Airport. Kevin Davis, Mike Huth, Wyatt Krapf, Jade Lewin and Malia Buljat of JLL’s Hotels & Hospitality team arranged the floating-rate loan through JP Morgan Chase & Co. and Citibank on behalf of the borrower, a joint venture between real estate funds managed by Trinity Investments and UBS Asset Management’s Global Real Assets business. The refinancing follows a comprehensive $80 million renovation program completed by Hilton Worldwide and the ownership group to convert the property to the Signia by Hilton brand. The Diplomat Beach Resort consists of a twin-spired, 36-story tower containing hotel rooms and suites, a 15,000-square-foot spa, six restaurants and bars, multiple pools and waterfalls and approximately 200,000 square feet of integrated meeting and event space. Additionally, the property is situated on 10 acres of Atlantic Ocean beachfront that offers kayaking, paddleboarding and jet ski rentals.

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AcquisitionsHospitalityTexas

Hunter Advisors Arranges Sale of 141-Room Aloft San Antonio Airport Hotel

by Taylor Williams

SAN ANTONIO — Atlanta-based hospitality brokerage firm Hunter Advisors has arranged the sale of the 141-room Aloft San Antonio Airport Hotel. The Marriott-branded, select-service hotel was built in 2009 and offers amenities such as a pool, business center, fitness center, conference facilities and airport shuttle service. The buyer was an entity doing business as Armada Investments LP, and the seller was undisclosed. Kami Burnette and Mason McDavid of Hunter Advisors brokered the deal.

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CaliforniaHospitalityLoansWestern

Ensemble Investments Receives $110M Loan for 250-Room Hotel NIA in Menlo Park, California

by Amy Works

MENLO PARK, CALIF. — Ensemble Investments has obtained $110 million in financing for the refinancing and fund closing costs for Hotel NIA, an operating, full-service hotel in Menlo Park. Madison Realty Capital, working with Newfound Holdings, originated the loan for the borrower. Offering 250 guest rooms, the hotel operates as part of Marriott’s Autograph Collection and is the only full-service hotel within the Menlo Gateway campus. Hotel NIA features 241 standard rooms, nine suites, three food-and-beverage outlets, a heated outdoor pool and jacuzzi, 24-hour fitness center and 301 valet parking spaces. Additionally, the hotel offers 15,345 square feet of indoor and outdoor meeting and event space, including the 4,968-square-foot Brilliance Ballroom. Ensemble plans to transition hotel operations in-house to Ensemble Hospitality, its affiliated management platform.

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AcquisitionsHospitalityIllinoisMidwest

Hunter Advisors Brokers Sale of 233-Room Homewood Suites Chicago-Downtown Hotel

by Kristin Harlow

CHICAGO — Hunter Advisors has brokered the sale of the Homewood Suites Chicago-Downtown hotel, a 233-room, extended-stay property in Chicago. Spencer Davidson and Riana Stadlen of Hunter brokered the sale. The Hilton-branded hotel is located at 40 E. Grand Ave., one block from the Magnificent Mile. The all-suite property occupies floors six through 19 of a 19-story building and offers apartment-style accommodations with fully equipped kitchens and separate living and sleeping areas. Amenities include 1,784 square feet of meeting space, a rooftop indoor pool and fitness center, a business center and complimentary breakfast. According to Hunter, the asset offers value-add opportunities.

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Aloft-Hotel-Las-Colinas-Irving
AcquisitionsHospitalityTexas

Hunter Advisors Arranges Sale of 136-Room Hotel in Irving

by Taylor Williams

IRVING, TEXAS — Atlanta-based brokerage firm Hunter Advisors has arranged the sale of Aloft Hotel Las Colinas, a 136-room hospitality property in Irving. The hotel was originally built in 2008. Amenities include an outdoor pool, fitness center, business center, meeting space and an onsite bar and restaurant. Kami Burnette and Mason McDavid of Hunter Advisors brokered the deal. The buyer and seller were not disclosed. The new owner plans to implement capital improvements.

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