REBusinessOnline

Marcus & Mililchap Brokers $9.2M Sale of 92-Room Hotel in Metro Denver

ENGLEWOOD, COLO. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites, a 92-room hotel located at 7380 S. Clinton St. within Denver Tech Center in Englewood. A private seller sold the property for $9.2 million. The buyer plans to complete a property improvement plan to convert the property into an EVEN Hotel by InterContinental Hotels Group. Neville Rustomjee of Marcus & Millichap represented the seller and buyer, a Florida-based private investor, in …

Acquisitions, Colorado, Hospitality, Western

Aries Conlon Capital Arranges $5.3M Refinancing for 120-Key Hotel in Meridian, Idaho

MERIDIAN, IDAHO — Aries Conlon Capital has arranged a $5.3 million refinancing for Candlewood Suites Boise-Meridian, a 120-key hotel located at 1855 S. Silverstone Way in Meridian. The 10-year loan features a fixed interest rate and a 25-year amortization schedule. The borrower, TNB Hotels, used the loan to monetize accrued equity and take cash out. Suraj Desai of Aries Conlon Capital originated the transaction, and Rushi Shah, also of Aries Conlon Capital, placed the financing. …

Hospitality, Idaho, Loans, Western

CHC Arranges $20M Loan for Renovation, Rebranding of Marriott-Branded Hotel in Knoxville

KNOXVILLE, TENN. — Cronheim Hotel Capital (CHC) has arranged a $20 million loan for the renovation and conversion of the 378-room Knoxville Marriott into a Delta by Marriott. CHC arranged the non-recourse, three-year loan with two one-year extension options through a national bridge lender. The name of the borrower was not disclosed. Delta Hotels by Marriott feature free Wi-Fi, fitness centers with yoga and Crossfit stations and onsite bars/restaurants. A construction timeline for the …

Hospitality, Loans, Southeast, Tennessee

Soul Community Planet Opens Inaugural Hotel in Colorado Springs After $6M Renovation

COLORADO SPRINGS, COLO. — Soul Community Planet (SCP) has opened its first SCP Hotel. The renovated property is located in Colorado Springs. Located at the base of Pikes Peak, the 98,000-square-foot hotel features 176 guest rooms crafted with reclaimed and beetle-kill wood and sustainable elements; a 2,000-square-foot lobby with co-working spaces, a 500-square-foot meeting room and free WiFi for guests; and SCP Fit, a 12,000-square-foot full-service health and wellness club. SCP Hotels …

Colorado, Development, Hospitality, Western

CBRE Arranges Sale of 90-Room Courtyard by Marriott Hotel in Bentonville, Arkansas

BENTONVILLE, ARK. — CBRE has brokered the sale of a 90-room Courtyard by Marriott hotel located at 1001 McClain Road in Bentonville. Nate Sahn, James Foxx, Pravin Boteju and David Erstine of CBRE arranged the transaction on behalf of the seller, Hawkeye Hotels. CBRE’s Marc Sallette and Olga Lepow arranged acquisition financing on behalf of the buyer, SMC Hotels. Other terms of the deal were not disclosed. The hotel, located near downtown Bentonville, features an indoor pool, fitness center …

Acquisitions, Arkansas, Hospitality, Southeast

CBRE Brokers $170.6M Sale of Hilton Fort Lauderdale Marina

FORT LAUDERDALE, FLA. — CBRE Hotels has brokered the sale of the Hilton Fort Lauderdale Marina, a 589-room hotel located at 1881 17th St. in Fort Lauderdale. Situated along the Intracoastal Waterway, the nine-acre property is third-largest hotel in Broward County. The Blackstone Group sold the asset to Thayer Lodging Group, a subsidiary of Brookfield Asset Management, for $170.6 million, according to reports by the South Florida Business Journal. The hotel was built in 1980 and 1981, …

Acquisitions, Florida, Hospitality, Southeast, Top Stories

VICI Properties to Acquire Margaritaville Resort Casino in Louisiana for $261M in Cash, Lease to Penn National

BOSSIER CITY, LA. — VICI Properties Inc., an experiential REIT that was recently spun off from Las Vegas-based Caesars Entertainment, has entered into a definitive agreement to acquire the land and real estate assets of the Margaritaville Resort Casino in Bossier City for $261 million in cash. VICI Properties will lease the property to Penn National Gaming Inc., a Pennsylvania-based operator of casinos and racetracks. The triple-net lease will have an initial total annual rent of roughly $23 …

Acquisitions, Hospitality, Louisiana, Restaurant, Retail, Southeast

HREC Arranges Sale of Comfort Suites in Fort Wayne, Indiana for $7.1M

FORT WAYNE, IND. — HREC Investment Advisors has arranged the sale of the 127-room Comfort Suites in Fort Wayne for $7.1 million. The limited-service hotel is located at 5775 Coventry Lane. Tom Sommer, Zane Varvel and James Robinson of HREC represented the seller, Condor Hospitality Trust (NYSE American: CDOR). Akram Namou of Fort Wayne Hotel Group purchased the asset. He owns three other full-service and extended-stay hotels in the Fort Wayne

Acquisitions, Hospitality, Indiana, Midwest

Developer Sam Chang Acquires Site for Possible Hotel in Long Island City for $6.5M

NEW YORK CITY — New York-based developer Sam Changhas acquired a 9,983-square-foot lot in Long Island City with plans to build a branded hotel on the site. The sales price for the property, located at 38-15 9th St., was $6.5 million. Construction of the hotel is expected to begin this year. Cushman & Wakefield represented the seller, BNC Hospitality, in the transaction. The development site allows up to 49,917 buildable square feet for commercial or hotel

Acquisitions, Hospitality, New York, Northeast

Meridian Capital Arranges $88M in Pre-Development Financing for Hotel Project in Hudson Yards

NEW YORK CITY — Meridian Capital Group has arranged $88 million in pre-development financing for a Marriott-branded hotel to be located at 450 Eleventh Ave. in the Hudson Yards neighborhood of Manhattan. Meridian secured financing on behalf of the borrower, Marx Development Group, through lender Mack Real Estate Credit Strategies. The two-year loan will serve to recapitalize the project and cover pre-development costs for the hotel. MDG is also raising $66 million in EB-5 funds through the …

Hospitality, Loans, New York, Northeast

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