Hospitality

Cordish to Open $270M Live! Casino & Hotel in Louisiana in February

by John Nelson December 23, 2024

BOSSIER CITY, LA. — The Cordish Companies has set the opening date for its $270 million Live! Casino & Hotel Louisiana — Thursday, Feb. 13, pending approval from the Louisiana Gaming Control Board. The Baltimore-based company launched bookings at the Bossier City hotel last Friday, almost exactly a full year after breaking ground. Additionally, tickets are now on sale for a slate of shows/concerts at the development’s Event Center at Live! Situated along the Red River near Shreveport, La., the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; a 31-site RV park; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu, as well as Ridotto Grand Café and The Prime Rib steakhouse.

December 23, 2024

Acquisitions Hospitality Texas

Hunter Hotel Advisors Arranges Sale of 101-Room Hampton Inn & Suites in Corpus Christi

by Taylor Williams December 23, 2024

CORPUS CHRISTI, TEXAS — Atlanta-based brokerage firm Hunter Hotel Advisors has arranged the sale of the 101-key Hampton Inn & Suites Corpus Christi. The hotel is located at 5879 South Padre Island Drive and offers amenities such as a pool and fitness center. Kami Burnette and Mason McDavid of Hunter Hotel Advisors represented the seller, Canada-based hospitality REIT American Hotel Income Properties, in the transaction. The buyer and sales price were not disclosed.

December 23, 2024

Affordable Housing Development Hospitality Loans Massachusetts Multifamily Northeast

MassHousing Provides Financing for Affordable Housing Redevelopment Project in Boston

by Taylor Williams December 23, 2024

BOSTON — MassHousing has provided an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Pine Street Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit apartment complex whose units will be reserved for households earning 30 percent or less of the area median income. The Community Builders is the developer of the project, which will include office and community spaces on the ground floor. Other project partners include BWA Architecture and Commodore Builders. Financing for the project stems in part from a $24 million bond issued by MassHousing that was purchased by Eastern Bank. Completion is slated for mid-summer 2025.

December 23, 2024

Development Florida Hospitality Loans Southeast

Mast Capital, Amzak Obtain $72.5M Loan for Renovation of Saddlebrook Resort in Metro Tampa

by John Nelson December 20, 2024

WESLEY CHAPEL, FLA. — A partnership between Mast Capital and Amzak Capital Management has secured a $72.5 million loan for the renovation of Saddlebrook Resort, a 480-acre hospitality property located in the Tampa suburb of Wesley Chapel. Beachpoint Capital Management provided the loan. Chris Drew, Brian Gaswirth, Jeff Bucaro, Paul Adams, Mark Deslauriers and Nicole Barba of JLL arranged the loan on behalf of the borrowers. The renovation of Saddlebrook Resort is expected to total $92 million and encompass a full-scale redesign of the guestroom suites, lobby, meeting spaces, pool and outdoor facilities, golf course and food-and-beverage destinations, as well as significant upgrades to the resort’s landscaping, sports facilities and lifestyle amenities. Mast Capital first partnered with Amzak Capital to acquire the resort in spring 2022.

December 20, 2024

Acquisitions Arizona Development Hospitality Western

Waterton Acquires 137-Key Resort in Sedona, Arizona, Plans Repositioning

by Amy Works December 20, 2024

SEDONA, ARIZ. — Chicago-based Waterton has purchased Poco Diablo Resort, a 137-key hotel located at 1752 AZ-179 in Sedona. Terms of the transaction were not released. Waterton plans to reposition and rebrand the asset as Outbound Sedona. Planned renovations include adding a heated pool and hot tub with rock formations, mini-waterfall features and zero gravity lounging options, as well as expanding the spa to include new treatment rooms. Situated on 18 acres adjacent to Oak Creek, the hotel features a lobby, onsite restaurant, 8,500 square feet of indoor/outdoor event space, a swimming pool and spa center. Outbound Sedona will be operated by Denver-based CoralTree Hospitality. The property will the fifth hotel under Waterton’s Outbound Hotels brand, a collection of lifestyle hotels in outdoor destinations.

December 20, 2024

Hospitality Loans Massachusetts Northeast

Barings Provides $115M Loan for Refinancing of Renaissance Boston Seaport Hotel

by Taylor Williams December 19, 2024

BOSTON — Charlotte-based commercial lender Barings has provided a $115 million loan for the refinancing of the 471-roomRenaissance Boston Seaport Hotel. Built in 2008 and set to be renovated next year, the hotel offers amenities such as 21,000 square feet of meeting and event space, a 10,700-square-foot ballroom, club lounge, recently renovated fitness center, an indoor pool and several food-and-beverage outlets. Eastdil Secured arranged the loan on behalf of the borrower, a joint venture between affiliates of Rockpoint, Highgate and hotelAVE.

December 19, 2024

Acquisitions Florida Hospitality Mixed-Use Office Southeast

Cushman & Wakefield Arranges Sale of 200 North College Mixed-Use Campus in Uptown Charlotte

by John Nelson December 18, 2024

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of 200 North College, a five-story mixed-use campus located on a 3.5-acre site in Uptown Charlotte. According to The Charlotte Ledger, the property sold for $32.7 million. Rob Cochran and Bill Harrison of Cushman & Wakefield’s Charlotte office, along with Steve Lindley in the firm’s Phoenix office, represented the seller, an entity doing business as Terra Funding – Wake Forest LLC, through the court-appointed receiver, locally based Childress Klein. An investor doing business as A H Real Estate Holdings was the buyer. The 455,000-square-foot property features a five-story office building anchored by Wake Forest University’s business school. The development also includes an 810-space parking deck and a DoubleTree by Hilton hotel with 294 rooms. The buyer plans to redevelop a portion of 200 North College to include multifamily units and ground-level retail space.

December 18, 2024

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 112-Room Hotel in Northwest Houston

by Taylor Williams December 17, 2024

HOUSTON — Marcus & Millichap has brokered the sale of the 112-room Courtyard by Marriott Houston NW/290 hotel. The hotel was completed in 2014 and offers amenities such as a pool, fitness center, 1,920 square feet of meeting and event space and an onsite restaurant. Skyler Cooper of Marcus & Millichap represented the seller, an entity doing business as Unity Lodging LLC, in the transaction. Cooper, along with Marcus & Millichap’s Allan Miller and Chris Gomes, also procured the undisclosed buyer. Pete Fehlman and Jake Marshall of Marcus & Millichap Capital Corp. arranged an undisclosed amount of cquisition financing through a local bank.

December 17, 2024

Acquisitions Hospitality New Mexico Western

Marcus & Millichap Negotiates Sale of 68-Room Comfort Suites Roswell Hotel in New Mexico

by Amy Works December 17, 2024

ROSWELL, N.M. — Marcus & Millichap has arranged the sale of Comfort Suites Roswell, a hotel property located at 3610 N. Main St. in Roswell. Terms of the transaction were not released. The 68-room hotel features an indoor pool, indoor whirlpool, fitness center and laundry facilities. John Casler and Josh Tammen of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor, in the deal.

December 17, 2024

Hard-Rock-Hotel-&-Residences-Lake-Texoma

Development Hospitality Texas

Pointe Vista, Hard Rock Unveil Plans for Hospitality Project in Kingston, Oklahoma

by Taylor Williams December 16, 2024

KINGSTON, OKLA. — Pointe Vista Holding Co. and Hard Rock International have unveiled plans for Hard Rock Hotel & Residences Lake Texoma, a hospitality project that will be located near the Oklahoma-Texas border in Kingston. The development represents the first hospitality component within the 2,700-acre Pointe Vista master-planned community, which fronts Lake Texoma, and will have 189 hotel rooms (including 25 dedicated suites), an 18,000-square-foot conference center and an event lawn. The property’s residential component will entail 306 residences. Pointe Vista will ultimately comprise more than 2,000 lakefront homes, three destination resort hotels, an 11-acre Caribbean Bay, indoor waterpark, adventure park, family entertainment center and a waterfront town center.

December 16, 2024

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