S3 Capital Partners Arranges $76M Construction Loan for 21-Story Hotel in Manhattan

NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an …

October 18, 2018Hospitality, Loans, New York, Northeast

Springfield Hospitality Purchases Holiday Inn & Suites in Springfield, Missouri

SPRINGFIELD, MO. — Springfield Hospitality Inc. has purchased the 188-room Holiday Inn & Suites in Springfield for an undisclosed price. Located at 2720 N. Glenstone Ave., the hotel features amenities such as a heated indoor pool, fitness center, complimentary Wi-Fi and the Peppertree Restaurant and Cocktail Lounge. Nate Sahn, Pravin Boteju, James Foxx and Tom Adamson of CBRE Hotels represented the undisclosed seller in the

October 16, 2018Acquisitions, Hospitality, Midwest, Missouri

98-Room Fairfield Inn & Suites Opens in Dayton, Ohio

DAYTON, OHIO — Shaner Hotels has opened the 98-room Fairfield Inn & Suites in Dayton. Shaner operates and co-owns the select-service hotel in conjunction with Crawford Hoying. Located at 305 E. Monument Ave., the six-story hotel is situated between Fifth Third Field, home of the Class A minor league the Dayton Dragons, and Riverscape Metro Park. Hotel amenities include a fitness center, business center, on-site laundry facilities and complimentary Wi-Fi. Dining options include …

October 15, 2018Development, Hospitality, Midwest, Ohio

HFF Brokers Sale of 309-Room DoubleTree by Hilton Burlington in Vermont

BURLINGTON, VT. — HFF has brokered the sale of the 309-room DoubleTree by Hilton Burlington. The price was not disclosed. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, RLJ Lodging Trust, in the transaction. The buyer was AAM 15 Management LLC. Located at 870 Williston Road, the property is the largest conference center hotel in Vermont with 30,000 square feet of event space. Amenities include an indoor heated pool, fitness center, business center and …

October 15, 2018Acquisitions, Hospitality, Northeast, Vermont

Continuum Partners Receives $110M Refinancing for Mixed-Use Project in Downtown Denver

DENVER — Denver-based Continuum Partners has received $110 million in financing for A Block, a mixed-use development located in downtown Denver. The 310,055-square-foot project features the 200-key Kimpton Hotel Born, located at 1600 Wewatta St., and a 54,976-square-foot Class A office building with ground-level retail space and a 197-space parking garage, located at 1881 16th St. Completed in 2017, A Block has two separate components: the 12-story Hotel Born and the five-story office …

October 12, 2018Colorado, Hospitality, Loans, Mixed-Use, Office, Restaurant, Retail, Western

Union Investment Acquires New Dual-Branded Hotel in Historic Charleston

CHARLESTON, S.C. — Union Investment has purchased a dual-branded hotel property located on King Street in Charleston’s historic district for an undisclosed price. Opened in 2015, the property includes a modern Hyatt House apartment-style hotel and a Hyatt Place hotel. In total, the two hotels offer 304 rooms. Hyatt House features 113 guest rooms designed for extended-stay guests with a living area and integrated kitchen, while Hyatt Place features 191 rooms and 800 square feet of …

October 12, 2018Acquisitions, Hospitality, South Carolina, Southeast

Marcus & Millichap Brokers Sale of 96-Room Hotel in Houston

HOUSTON — Marcus & Millichap has brokered the sale of Ramada Houston Intercontinental Airport South, a 96-room hotel located about four miles from George Bush Intercontinental Airport in Houston. Lisa Hankamer, Andrew Frosch, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Miller and Gomes also procured the buyer, a Dallas-based limited liability company. Other terms of sale were not

October 11, 2018Acquisitions, Hospitality, Texas

HREC Negotiates Sale of St. Petersburg Marriott Clearwater Hotel

ST. PETERSBURG, FLA. — HREC has arranged the sale of St. Petersburg Marriott Clearwater. Menna Development & Management sold the Tampa Bay property for an undisclosed price. Located at 12600 Roosevelt Blvd. in Northeast St. Petersburg, the hotel features 209 guest rooms, 22,832 square feet of meeting space, a 1,600-square-foot fitness center and The Crafted Plate, a farm-fresh American restaurant. Scott Stephens and Jaimin Patel of HREC’s Tampa office represented the seller in the …

October 9, 2018Acquisitions, Florida, Hospitality, Southeast

HREC Arranges Sale of 106-Room Fairfield Inn & Suites in Rockford, Illinois

ROCKFORD, ILL. — HREC Investment Advisors has arranged the sale of the 106-room Fairfield Inn & Suites in Rockford for an undisclosed price. Minnesota-based Oliver Cos. purchased the asset. Jeff Preston and Tom Sommer of HREC represented the sellers, North Central Group and Raymond Management Co. The hotel, located near I-90, features a complimentary breakfast, Wi-Fi, a fitness center and pool. Fairfield Inn & Suites is part of the Marriott chain of

October 9, 2018Acquisitions, Hospitality, Illinois, Midwest

Best Practices for Structuring Nevada Hotel, Casino Deals

One of the first questions clients ask when considering a hotel casino acquisition or the development of a new hotel casino project in Nevada is whether they have to obtain a gaming license. Since applying for a gaming license requires the disclosure of extensive, private personal information — and obtaining a gaming license can take several months — buyers and developers often want to learn about alternatives to the license. [caption id="attachment_211656" align="alignright" …

October 9, 2018Hospitality, Market Reports, Nevada, Western, Western Market Reports