MIAMI BEACH, FLA. — CBRE has brokered the $15 million sale of Greenview Hotel, a 45-room boutique hotel located at 1671 Washington Ave. in Miami Beach. Natalie Castillo and Austin LaPoten of CBRE Hotels represented the seller, an entity doing business as Greenview Hotel LLC, in the transaction. The buyer was a private investor with other South Florida hotels in its portfolio.
Hunter Hotel Advisors Arranges Sale of Four Hilton-Branded Hotels in Alabama Totaling 361 Rooms
ATLANTA — Hunter Hotel Advisors, a national hospitality brokerage firm based in Atlanta, has arranged the sale of four hotels in Alabama totaling 361 rooms. The assets include Home2 Suites Madison Huntsville Airport, Hilton Garden Inn Madison, Home2 Suites Decatur Ingalls Harbor and Home2 Suites Opelika Auburn. Tim Osborne and Trey Scott of Hunter represented the seller, an undisclosed institutional investment firm, in the sale. The portfolio’s buyer and sales price were also not disclosed.
JLL Arranges $36.8M Construction Financing for AC Hotel by Marriott in Pasadena, California
PASADENA, CALIF. — JLL has arranged $36.8 million in construction financing for a 194-room AC Hotel by Marriott development in Pasadena. The six-story hotel will be situated in the Playhouse District. It will feature a rooftop lounge, Peloton fitness room, event space and AC Lounge. JLL’s Marc Schillinger and Matt Stewart represented the developer, Welcome Group Inc., to secure the three-year loan with two one-year extension options.
Marcus & Millichap Arranges $8.6M Sale of Best Western Hotel in Burnsville, Minnesota
BURNSVILLE, MINN. — Marcus & Millichap has arranged the $8.6 million sale of the Best Western Premier Nicollet Inn, a 131-room hotel in the Minneapolis suburb of Burnsville. Located at 14201 Nicollet Ave., the property features a full-service restaurant. With an occupancy rate of 42.3 percent and an average daily rate of $119.62, the hotel’s revenue per available room was $50.60 as of year-end 2022. Jake Erickson, Joseph Ferguson, Jared Plamann and Jon Ruzicka of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, a fund manager.
InterContinental Hotels & Resorts to Open First Pacific Northwest Hotel in Bellevue, Washington
BELLEVUE, WASH. — InterContinental Hotels & Resorts is set to open its first hotel in the Pacific Northwest in October. The InterContinental Bellevue at The Avenue will feature two towers housing 365 luxury condominiums, a 208-room InterContinental Hotel, 85,000 square feet of high-end retail space and celebrity chef-led dining. It is located on the corner of NE 8th Street and Bellevue Way. Fortress Development owns InterContinental Hotels & Resorts.
Marcus & Millichap Brokers $5.5M Sale of Best Interstate Inn Wheat Ridge in Colorado
WHEAT RIDGE, COLO. — Marcus & Millichap has arranged the sale of the 100-room Best Interstate Inn Wheat Ridge in Wheat Ridge. A private investor acquired the hotel for $5.5 million. The asset is located at 4735 Kipling St. The acquisition provides the buyer with a multifamily conversion opportunity. Christy McDougall of Marcus & Millichap represented both the buyer and seller, a limited liability company.
LONGVIEW, TEXAS — Marcus & Millichap has arranged the sale of Wingate by Wyndham Longview North, a 67-room hotel located about 120 miles east of Dallas. The hotel offers an indoor pool, fitness center, business center and meeting rooms. Allan Miller, Chris Gomes and Skyler Cooper of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio, along with Marcus & Millichap’s Hussain Shaik, also procured the buyer. Both parties requested anonymity.
JLL Brokers Sale of 75 Percent Interest in Mandarin Oriental New York Hotel
NEW YORK CITY — JLL has brokered the sale of a 75 percent interest in the Mandarin Oriental New York hotel. The monetary value of the stake was not disclosed, but multiple outlets that cover the hospitality industry reported that the percentage equated to roughly $98 million. The hotel, which opened in 2003 and totals 244 rooms, occupies floors 35 through 54 of Deutsche Bank Center at Columbus Circle. Amenities include a pool, spa, fitness center, meeting space and an onsite bar and lounge. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the undisclosed seller in the transaction. The buyer was Reliance Industries Ltd.
ROOST Apartment Hotel Set to Open at Detroit’s Book Tower June 1
DETROIT — Developer Bedrock and hospitality company Method Co. are set to open the ROOST apartment hotel at Book Tower in Detroit on Thursday, June 1. The extended-stay hotel concept is now accepting reservations. The development team is also unveiling Anthology, a special events platform with several different event venues. Anthology is accepting inquiries for events beginning in September. Book Tower has undergone a seven-year restoration project totaling nearly $400 million. ROOST Detroit features 117 furnished studio, one- and two-bedroom apartment hotel units. Blending the comfort and practicality of apartment living with the amenities of a boutique hotel, all the units feature full-sized kitchens, stainless steel appliances, hardwood flooring and curated finishings. ROOST guests have access to a bike share program, fitness center and 3,000 square feet of coworking space. Anthology’s event spaces include: the Conservatory Ballroom, a 2,800-square-foot space capped by a glass skylight; the Linden Room, which holds 150 people and can be utilized for pre-function space or cocktail hours; and Graystone Lane, an alleyway with food and beverage spaces on the main level and rooftop. Anthology can host personal celebrations, weddings and corporate events. Book Tower also features 229 apartment units and 52,000 square feet of office …
WACO, TEXAS — Marcus & Millichap has brokered the sale of a 122-room Holiday Inn & Suites hotel in Waco. The hotel was built on 2.8 acres in 2008 and offers a pool, fitness center and a business center.. Skyler Cooper of Marcus & Millichap represented the seller, undisclosed limited liability company, in the transaction. Cooper also procured the buyer, Dallas-based CenterPoint Hospitality. Chris Gomes and Allan Miller, also with Marcus & Millichap, assisted in closing the deal as supporting brokers.