Mohr Capital Buys 350-Room DoubleTree by Hilton Hotel in Central Austin

AUSTIN, TEXAS — Dallas-based investment firm Mohr Capital has acquired DoubleTree by Hilton Austin, a 350-room hotel located at 6505 N. Interstate 35 in the central part of the state capital. The six-story hotel includes 25,000 square feet of meeting and event space. Mohr Capital plans to invest about $11 million in capital improvements to guestrooms, elevators and common areas. John Bourret and Austin Brooks of Hodges Ward Elliott represented the undisclosed seller in the

May 25, 2022Acquisitions, Hospitality, Texas

Parkview Financial Provides $21.5M Loan for Hotel Conversion Project in Newark

NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $21.5 million loan for the acquisition and conversion of a 13-story vacant hotel located at 810 Broad St. in Newark. The borrower, a subsidiary of Winchester Equities LLC, plans to transform the property, which was originally constructed in 1912 as the headquarters of First National State Bank, into a multifamily complex. Upon completion, which is slated for late 2022, the property will house 106 apartments in studio and …

May 24, 2022Development, Hospitality, Loans, Multifamily, New Jersey, Northeast

Chatham Lodging Trust Sells Two Marriott-Branded Hotels Totaling 220 Rooms in Houston

HOUSTON — South Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels totaling 220 rooms in Houston’s West University submarket. The properties, which include a 100-room Courtyard by Marriott and a 120-room Residence Inn by Marriott, were sold in conjunction with a 137-room Homewood Suites by Hilton hotel in Dallas and a 180-room Hilton Garden Inn in Burlington, Mass. The collective sales price was $80 million. The buyer(s) was not

May 17, 2022Acquisitions, Hospitality, Texas

Matthews Southwest Begins Final Phase of $1.3B Convention Center and Hotel Expansion Project in Fort Lauderdale

FORT LAUDERDALE, FLA. — Matthews Southwest has begun the final phase of the expansion and redevelopment of the Greater Fort Lauderdale/Broward County Convention Center, which includes the 29-story, 800-room Omni Fort Lauderdale hotel. The total cost of the project is about $1.3 billion and is expected to deliver in late 2025. Nunzio Marc DeSantis Architects designed the hotel, Fentress Architects designed the convention center expansion and Balfour Beatty is handling construction. The project …

May 11, 2022Civic, Development, Florida, Hospitality, Southeast

Parkview Financial Provides $207M Loan for Acquisition, Redevelopment of Former Hudson Hotel in New York City

NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan's Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to …

May 10, 2022Development, Hospitality, Loans, Multifamily, New York, Northeast, Top Stories

Brookfield Agrees to Acquire Watermark Lodging Trust for $3.8B

NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion.Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets.Under the terms of the deal, Brookfield will acquire all outstanding shares …

May 9, 2022Company News, Hospitality, Illinois, Midwest, New York, Northeast, Top Stories

Jalaram Hotels Opens 81-Room Holiday Inn Express Gaffney in South Carolina

GAFFNEY, S.C. — Jalaram Hotels Inc. has opened the Holiday Inn Express Gaffney, an 81-room hotel located in Gaffney, a South Carolina town along Interstate 85 that is equidistant between Greenville and Charlotte. Providence, R.I.-based TPG Hotels, Resorts & Marinas operates the hotel, which is situated across from the Gaffney Outlet Mall. The Holiday Inn Express Gaffney features meeting space, complimentary breakfast, Wi-Fi, a business center, fitness center and an outdoor swimming pool. …

May 6, 2022Development, Hospitality, South Carolina, Southeast

Bally’s Wins Bid to Build $1.7B Casino in Former Tribune Printing Plant in Chicago

CHICAGO — Chicago Mayor Lori Lightfoot has selected Bally’s Corp. as the preferred company to redevelop a former Chicago Tribune printing plant into a gaming and entertainment destination. The 30-acre site is located at the intersection of Chicago Avenue and Halstead Street along the Chicago River in the city’s River West neighborhood.The $1.7 billion proposal calls for the city’s first casino featuring 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel …

May 6, 2022Development, Hospitality, Illinois, Midwest, Mixed-Use, Top Stories

Park Hyatt Chicago Scheduled to Reopen This Summer Following $60M Renovation

CHICAGO — The Park Hyatt Chicago hotel at 800 N. Michigan Ave. is scheduled to reopen this summer following a $60 million renovation that began early this year. Reservations are now available to book for stays beginning July 1. The renovation project included 23 new suite additions, reimagined guestrooms, enhancements to the lobby and library, new art selections, and updates to the food and beverage programs as well as the spa. Design firm Anderson/Miller Ltd. worked on the modernization of …

May 5, 2022Development, Hospitality, Illinois, Midwest

Vivo Living Acquires Hotel in Port Royal, South Carolina for Multifamily Conversion

PORT ROYAL, S.C. — Vivo Living has purchased a hotel located at 1660 Ribaut Road in Port Royal, a coastal town situated north of Hilton Head, S.C. The California-based buyer plans to convert the hotel into an apartment community named Vivo Port Royal. This will be Vivo’s third adaptive reuse multifamily project in South Carolina. The property will feature a living room lobby with complimentary Wi-Fi, lounge areas, a pool and a fitness center. Vivo Living says that the property will command …

May 4, 2022Acquisitions, Development, Hospitality, Multifamily, South Carolina, Southeast