REBusinessOnline

Caydon Launches Phase II of 2.5 MSF Mixed-Use Laneways Project in Houston

HOUSTON — Australian development firm Caydon has launched Fitzroy Residences, a 32-story residential tower that represents Phase II of the company’s 2.5 million-square-foot Laneways mixed-use development in Houston. The building will house 191 condos ranging in size from 567 square feet for a studio unit to 2,243 square feet for a three-bedroom penthouse, as well as 190 hotel rooms that will be operated under the Kimpton Hotels & Restaurants brand. Residential amenities will include …

Alfred Weissman Real Estate Completes Renovation of 298-Room DoubleTree by Hilton Hotel in Metro D.C.

GAITHERSBURG, MD. — Alfred Weissman Real Estate LLC has completed the renovation of DoubleTree by Hilton Washington, D.C. North/ Gaithersburg, a 298-room hotel in Gaithersburg. The renovations included reconfiguring the lobby, introducing farm-to-table restaurant Knife & Fork, adding a Hertz car rental office on the premises and reconfiguring parking to eliminate certain parking restrictions. The developer also upgraded the hotel’s 16,356 square feet of meeting space with new vinyl …

Distressed Property Outlook: Valbridge Forecasts 2021 Opportunities

When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times.Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and …

Sonnenblick-Eichner Arranges $30.5M Refinancing Loan for Resort Near Florida Keys

LITTLE TORCH KEY, FLA. — Sonnenblick-Eichner Co. has arranged a $30.5 million interim first mortgage loan for Little Palm Island Resort & Spa, a 30-unit hotel in Little Torch Key. The property is situated on a four-acre island 30 miles east of Key West. Mast Capital and RWN Management provided the loan to the undisclosed borrower. Amenities at the property include a fitness center, pool and oceanfront restaurant SpaTerre. The resort also has three boat docks that can accommodate up to …

Four-Story Home2 Suites Hotel Opens in Downtown Wichita

WICHITA, KAN. — The Home2 Suites by Hilton Wichita Downtown Delano hotel has opened. The new four-story hotel is located at 200 N. Sycamore St. It features 95 suites. Wichita-based TGC Hospitality Management is the property manager and Delano Hotel QOZB LLC is the owner. Amenities include complimentary internet, communal spaces, laundry area, fitness center, pool, grill area and daily breakfast. In response to COVID-19, the property features Hilton’s CleanStay program, which was created in …

Holiday Inn Club Vacations Opens New Orleans Resort at Historic Skyscraper in French Quarter

NEW ORLEANS — Holiday Inn Club Vacations Inc. has opened its New Orleans resort, which marks the first urban property for the company. The hotel is housed in what was the city’s first skyscraper, built in 1893. Holiday Inn Club Vacations acquired the property in 2019 and converted the apartment building into a 105-villa resort. The property offers one- and two-bedroom suites with kitchens and living rooms. The first floor of the 11-story building offers a marketplace and the Maritime Bar …

Marcus & Millichap Arranges $2.2M Sale of Days Inn & Suites in Gunnison, Colorado

GUNNISON, COLO. — Marcus & Millichap has directed the sale of Days Inn & Suites, a hotel located in Gunnison. An out-of-state private investor acquired the hotel from a private investor for $2.2 million.Built in 1983, Days Inn & Suites offers 44 guest rooms. Located at 701 US-50, the hotel is approximately 0.25 miles from the Gunnison-Crested Butte Regional Airport.Allan Miller, Chris Gomes and Michael Fasano of Marcus & Millichap handled the

Dart Interests to Redevelop 1,100-Acre Resort Bordering Walt Disney World in Orlando

ORLANDO, FLA. — Dart Interests has unveiled plans to redevelop Villas at Grand Cypress in Orlando into a massive vacation rental resort and hotel project named Evermore Orlando Resort. The 1,100-acre resort is adjacent to Walt Disney World.At full buildout in 2023, the 10,000-bedroom project will represent an equity investment in excess of $1 billion. Evermore’s first phase will include nearly 1,500 rooms spread across single-family rental homes, villas, flats and hotel guestrooms. …

3D Development Partners to Build 123-Room Element by Westin Hotel in Metro Dallas

RICHARDSON, TEXAS —3D Development Partners, which has offices in Georgia, Tennessee and Texas, will build a 123-room hotel in the northeastern Dallas suburb of Richardson that will be operated under the Element by Westin brand. The hotel’s suites will feature full kitchens and spa-inspired bathrooms. Amenities will include a fitness center, pool and bike rental program. 3D Development is partnering with Missouri-based management firm Midas Hospitality on the project, which is expected to …

Driftwood Capital Acquires 248-Room Hilton-Branded Hotel in Southlake, Texas

SOUTHLAKE, TEXAS — Florida-based investment firm Driftwood Capital has acquired Hilton Dallas Southlake Town Square, a 248-room hotel located near DFW International Airport in Southlake. Built in 2007, the five-story hotel offers amenities such as an outdoor pool, fitness center, an onsite restaurant and 18,000 square feet of meeting and event space. The new ownership plans to invest $5 million in capital improvements over the next 12

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