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.
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.
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.
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.
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.
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.
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.
DALLAS — Locally based hospitality investment and management firm NewcrestImage has completed the renovation of Hotel Mockingbird, a 296-room establishment in the Highland Park area of Dallas. In addition to various property upgrades, ownership introduced two new food-and-beverage concepts: Verse Kitchen and Bar, a speakeasy-style restaurant, and Raven, which offers refined drinks and light bites. NewcrestImage acquired the Hotel Mockingbird, formerly known as the Beeman Hotel, in October 2024. Coury Hospitality manages the hotel.
CHICAGO — A 50-room boutique hotel is planned for Chicago’s Northalsted community named Backbeat Hotel. The first hotel of its kind in the heart of the city’s LGBTQ+ neighborhood, the 41,000-square-foot property will offer modern, design-forward accommodations, including 12 suites. Amenities will include a rooftop pool, street-level restaurant, gathering spaces and a below-ground lounge. Built on the site of the renowned Northalsted fixture Yoshi’s Café, which shuttered in 2021, the six-story hotel project is designed by Miami-based Studio Rodrigo Buelvas in collaboration with Chicago-based Jonathan Splitt Architects. Inspired by Chicago’s connection to the origins of house music, “Backbeat” draws its name from the music that rose from disco basements and house lofts on Halsted Street. Demolition of the existing structure is slated for later this year, with an anticipated opening in 2028.
MARCO ISLAND, FLA. — A joint venture between an affiliate of Sculptor Real Estate and Miami-based hospitality firm Trinity Investments has purchased the JW Marriott Marco Island Beach Resort, an 809-room hotel in southwest Florida for $835 million. The seller, MassMutual, owned the hotel resort for the past four decades. The sales price translates to more than $1,000 per room. The purchase is being financed with a $690 million acquisition loan. Situated on more than 26 acres with a quarter-mile of private beachfront, the JW Marriott Marco Island offers a variety of suites as part of its accommodations. According to another industry publication, Hotel Management, the hotel first opened in 1971 as the Marco Island Beach Hotel & Villas and was converted to a Marriott brand following a $320 million renovation in 2017. Today, guests at the hotel can enjoy amenities such as 140,000 square feet of meeting and event facilities, 12 dining and entertainment venues and a private membership club, as well as five pools and a 24,000-square-foot spa. In addition, patrons of the hotel have access to more than 400 acres of additional golf and resort activities and features. The new ownership plans to make capital improvements to …
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