DALLAS — Locally based developer Todd Interests has pegged Friday, Nov. 14 for the grand opening of its 219-room Thompson Dallas hotel, the first property in the city to carry the brand. The project is a redevelopment of a historic building located at 205 N. Akard St in the city’s Downtown Historic District. The design team included Dallas-based Merriman/Anderson Architects (building), Cindy Zelazny of Interiors Limited and Todd Interests co-owner Caroline Todd (interior) and SWA Group …
BOARDMAN, ORE. — Crystal Investment Property (CIP) has directed the sale of America’s Best Value Inn, a newly converted franchise located on Interstate 84 in Boardman.Joseph Kennedy of CIP represented the undisclosed buyer and seller in the deal. The final sale price was not
SAN FRANCISCO — Marcus & Millichap has arranged the sale of an USA Hostels hospitality property located at 711 Post St. in downtown San Francisco. A private investor acquired the asset for $19 million.Built in 1907, the five-story building features 123 rooms including 48 units with private bathrooms, a large common area, dining area, self-service commercial kitchen and yoga studio.Jag Patel of Marcus & Millichap’s Oakland office represented the seller and procured the buyer …
BILOXI, MISS. — A joint venture between California-based Universal Music Group (UMG) and hospitality investment firm Dakia U-Ventures has unveiled plans for a $1.2 billion hotel and music-themed entertainment destination in the coastal Mississippi city of Biloxi.The new development will be the first of the joint venture’s UMUSIC Hotels, with additional locations coming to Atlanta and Orlando. Each hotel and entertainment district is designed to educate guests on the city’s musical …
NEWTON, MASS. — Service Properties Trust (NASDAQ: SVC), a hospitality management firm based in metro Boston, has terminated its management agreements with Marriott International (NYSE: MAR) for 122 hotels. Pursuant to its agreement with Marriott, Service Properties Trust is selling 24 of the 122 Marriott-branded hotels, including eight TownePlace Suites hotels totaling 834 rooms; 13 Courtyard by Marriott hotels totaling 1,813 rooms; and three Residence Inn hotels totaling 342 rooms. The eight …
KENOSHA, WIS. — Marcus & Millichap has arranged the $2.8 million sale of a Value Inn hotel in Kenosha, about 35 miles south of Milwaukee. The 112-room property, built in 1988, will be converted into a Rodway Inn by Choice Hotels. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not
WHITE SETTLEMENT, TEXAS — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites Fort Worth West, a 65-room hotel located on the western outskirts of Fort Worth in White Settlement. The property was built in 2014. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap represented the Dallas-based seller in the transaction. Gomes also procured the buyer. Both parties were limited liability companies that requested
GLENDALE, CALIF. — R.D. Olson Development and R.D. Olson Construction have completed Glendale Marriott Residence Inn, a five-story, mission-style hotel located at 199 N. Louise St. in Glendale.The 190,000-square-foot hotel offers 120 studios with king beds, 12 corner suites, six two-bedroom suites and seven Americans with Disabilities Act-compliant rooms, all with full kitchens. Hotel amenities include a fitness center; courtyard deck with pool and spa; large meeting room; complimentary …
CAMBRIDGE, MASS. — Xenia Hotels & Resorts Inc. (NYSE: XHR), a Florida-based REIT, has sold the 221-room Residence Inn by Marriott Boston Cambridge hotel for $107.5 million, or approximately $486,000 per key. The property is located near Harvard University and Kendall Square. The undisclosed buyer acquired the asset at a capitalization rate of 7.8 percent. Xenia will use the $46 million in net proceeds from the sale to repay outstanding debt and for other general corporate
NASHVILLE, TENN. — Southwest Value Partners has opened Grand Hyatt Nashville, a 25-story, 591-room hotel located within the 18-acre Nashville Yards development in downtown Nashville.The hotel features a signature restaurant from James Beard Award-winning chef Sean Brock; a rooftop lounge; a fifth-floor "wellness level" that includes a fitness center, pool overlooking downtown and spa; and 77,000 square feet of event and pre-function space, including a 20,000 square-foot grand …
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