REBusinessOnline

SHG, Trailbreak Buy Wyndham-Branded Hotel in San Antonio, Plan $50M Overhaul

SAN ANTONIO — A partnership between hospitality management firm Scarlett Hotel Group (SHG), which has offices in Chicago and Nashville, and Denver-based private equity firm Trailbreak Partners has purchased the former Wyndham San Antonio RiverWalk Hotel. The new ownership is planning a $50 million capital improvement program of the 21-story, 390-room hotel, which originally opened as an office building in 1958. Planned renovations include upgrades to the 40,000 square feet of meeting space …

Carpenter & Co. Completes 61-Story Hotel, Residential Tower in Boston

BOSTON — Locally based developer Carpenter & Co. has completed the Four Seasons Hotel & Private Residences One Dalton Street, a 61-story tower located in Boston’s Back Bay neighborhood. Designed by Pei Cobb Freed and Cambridge Seven Associates, the building consists of 160 for-sale private residences that are situated atop 215 hotel rooms. Residential units include one-bedroom homes and duplex penthouses. Residents and guests have access to shared amenities such as a lounge, an …

Madison Realty Capital Provides $30M Loan for Two Condominium Properties at Metropica in Sunrise, Florida

SUNRISE, FLA. — Madison Realty Capital has provided a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a 10-acre development site, on which the borrower plans to develop a second 250-unit multifamily tower. The development portfolio is part of Metropica, a four million-square-foot master planned community including residences, office towers and retail offerings located in Sunrise, Florida.Metropica Development, led by Joseph Kavana, began …

Ritz-Carlton Reopens 193-Room Hotel in Boston

BOSTON — The Ritz-Carlton has reopened its 193-room hotel at 10 Avery St. in downtown Boston following Massachusetts Gov. Charlie Baker’s decision to lift COVID-19 restrictions in advance of Memorial Day. The reopening of the hotel includes the return of Artisan Bistro for breakfast and dinner service, as well as the hotel’s nine meeting rooms, including the 3,500-square-foot ballroom that overlooks the Boston Common. The hotel, which has been closed since March 20202, has added multiple …

Joint Venture Launches Condominium Sales at $970M Waldorf Astoria Hotel & Residences Project in Downtown Miami

MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, …

Marcus & Millichap Brokers Sale of 61-Room Comfort Inn & Suites Hotel in Metro Houston

HUMBLE, TEXAS — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites IAH Bush Airport East, a 61-room hotel located in the northern Houston suburb of Humble. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested

Webinar: Health at the Core: Real Estate Redefines Its Value Proposition

On May 26, France Media hosted the "Health at the Core: Real Estate Redefines Its Value Proposition. And We ALL Benefit" webinar, sponsored by The International WELL Building Institute (IWBI). Panelists discussed what steps and metrics might be important to make those returning to offices, hotels, shopping malls, etc. feel safe and healthy. What can owners and operators do to adjust to a world where interior spaces suddenly have a new role — promoting wellness?Listen to a …

Marcus & Millichap Brokers Sale of 58-Room Best Western Hotel in Roanoke, Texas

ROANOKE, TEXAS — Marcus & Millichap has brokered the sale of the 58-room Best Western Roanoke Inn & Suites in Roanoke, located north of Fort Worth in Denton County. Andrew Frosch, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. Gomes and Miller also procured the buyer, another private investor. Both parties requested

Driftwood Capital Begins Conversion of Delaware Office Building to 134-Room Hotel

WILMINGTON, DEL. — Miami-based Driftwood Capital is underway on a $31 million project that will convert an 11-story office building in Wilmington, Del., into a 134-room hotel that will be operated under the Staybridge Suites brand. The new hotel, which is expected to open in the second quarter of next year, will offer a lobby lounge, fitness center, business center with meeting space and a convenience mart. First International Bank & Trust provided $14.9 million in construction and …

Fleet Financial Group Receives Approval for 350,178 SF Queens Hotel, Multifamily Project

NEW YORK CITY — Fleet Financial Group has received approval from the New York City Board of Standards and Appeals for Eastern Emerald, a 350,178-square-foot hotel and multifamily project that will be located in the Corona neighborhood of Queens. The 25-story building will span a full city block and rise 372 feet. Distinct uses will include approximately 175,000 square feet of residential space, 149,500 square feet of hotel space and 25,000 square feet of retail space. London-based SASI Studio …

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