Hospitality Archives - REBusinessOnline

JLL Negotiates Sale of 32-Room Hotel in Concord, New Hampshire

Taylor Williams — Mon, 05 Oct 2026 13:12:36 +0000

CONCORD, N.H. — JLL has negotiated the sale of the 32-room Centennial Hotel in Concord. Located in the state capital’s downtown area, the historic building was constructed in 1898 and converted to a boutique hotel in 1996. Amenities include a fitness center, business center, continental breakfast service, an onsite restaurant and bar and 1,785 square feet of meeting and event space. Alan Suzuki of JLL represented the seller, Sparta Properties, in the transaction. The buyer was Lord Hotels.

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Driftwood Capital, MRC Fund Refinancing of Boston Residential Hotel

Taylor Williams — Fri, 02 Oct 2026 14:59:33 +0000

BOSTON — Miami-based Driftwood Capital and New York City-based Madison Realty Capital (MRC) have funded the refinancing of a 147-unit residential hotel in Boston’s Back Bay neighborhood. The amount(s) was not disclosed. The Raffles Boston Hotel & Residences opened in fall 2023 and offers a mix of residential-style guestrooms and suites. Guests have access to a wellness center with a pool, spa and fitness center, as well as three onsite restaurants and bars and butler service. The borrower is London-based investment firm Cain.

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Crescent Real Estate Sells Hotel at Avalon in Alpharetta, Georgia for $220M

John Nelson — Thu, 01 Oct 2026 13:09:58 +0000

ALPHARETTA, GA. — Crescent Real Estate LLC has sold The Hotel at Avalon, a 330-room hotel within the Avalon mixed-use campus in Alpharetta, a northern suburb of Atlanta. A joint venture featuring Austin-based Endeavor Real Estate Group purchased the hotel for $220 million, according to Atlanta Business Chronicle. Fort Worth, Texas-based Crescent has owned the hotel, which was delivered in 2018, since September 2020. Eastdil Secured represented Crescent in the disposition. HEI Hotels & Resorts was The Hotel at Avalon’s previous operator.

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Avatar Financial Provides $3.9M Bridge Loan for Metro Houston Hotel

Taylor Williams — Wed, 30 Sep 2026 14:13:27 +0000

RICHMOND, TEXAS — Seattle-based lender Avatar Financial Group has provided a $3.9 million bridge loan for the 80-room Fairfield Inn & Suites byMarriott hotel in Richmond, a southwestern suburb of Houston. The three-story, limited-service hotel was built on 2.5 acres in 2020 and offers amenities such as an outdoor pool, fitness center, business center and a sundries shop. The borrower, an entity doing business as Epic Hotel Investors LLC, recently acquired the hotel from its original developer and will use a portion of the loan proceeds to fund capital improvements.

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Midas Hospitality Opens 261-Room, Dual-Branded Hotel at Lenexa City Center in Kansas

Kristin Harlow — Tue, 29 Sep 2026 13:28:38 +0000

LENEXA, KAN. — Midas Hospitality has opened a new dual-branded AC Hotel and Residence Inn by Marriott with 261 rooms at Lenexa City Center. Developed and operated by Midas, the project also includes 11,000 square feet of ground-floor retail space. Copaken Brooks is marketing that space for lease. The AC Hotel features 132 rooms with onsite dining and meeting space. The Residence Inn features 129 apartment-style suites designed for longer stays with fully equipped kitchens and complimentary breakfast. Lenexa City Center is a 200-acre mixed-use district.

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Negro Leagues Baseball Museum, Grayson Capital Announce Construction Team for New Museum, Hotel in Kansas City

Kristin Harlow — Mon, 28 Sep 2026 13:27:34 +0000

KANSAS CITY, MO. — The Negro Leagues Baseball Museum and Grayson Capital have announced Russell Construction, in partnership with Vazquez Grayson, as the construction team for the new Negro Leagues Baseball Museum and The Pennant Hotel planned for Kansas City’s historic 18th & Vine District. The development involves a new 35,000-square-foot museum and 144-room hotel that will be a Marriott Tribute Portfolio property. Additional information regarding the project and construction schedule will be announced as the development advances. Reggie Jackson, National Baseball Hall of Famer who started his career with the Kansas City Athletics in 1967, is a partner on the project. He is serving as an equity partner and cultural ambassador for The Pennant Hotel. The Negro Leagues Baseball Museum is the world’s only museum dedicated to preserving and celebrating the history of African American baseball and its impact on the social advancement of America. Grayson Capital is a Kansas City-based real estate investment and development firm focused on hospitality, multifamily, healthcare and mixed-use projects.

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Stockman Development Receives $482.5M in Financing for Ski Resort in Steamboat Springs, Colorado

Amy Works — Fri, 25 Sep 2026 13:32:59 +0000

STEAMBOAT SPRINGS, COLO. — Stockman Development, led by Marquee Development, has secured $482.5 million in financing from GoldenTree Asset Management to advance The Stockman, Auberge Collection, which recently broke ground at the base of Steamboat Resort in Steamboat Springs. The financing comes amid early residential demand for the project, with more than 25 percent of residences under contract since sales launched earlier this summer. The early sales includes four of the project’s rooftop Barn residences, including a $19 million residence. The Stockman, Auberge Collection will include 95 ski-in, ski-out private residences and a 59-key Auberge Collection hotel. Amenities will include culinary venues, slope-side après, a full-service Wellbeing by Auberge spa and pool, ski valet and year-round programming. Located at 1965 Ski Time Square Drive, the nine-story property will offer the only luxury branded ski-in, ski-out residences in Steamboat Springs. The hotel and residences are slated to open simultaneously in 2030. The Stockman development marks Marquee Development’s expansion into the mountain sector. The Chicago-based developer is known for creating mixed-use destinations anchored by sports and entertainment.

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Pembroke Realty Provides Updates on $300M Mall Redevelopment in Virginia Beach

John Nelson — Wed, 23 Sep 2026 12:55:27 +0000

VIRGINIA BEACH, VA. — Pembroke Realty Group has provided updates on the $300 million redevelopment of Pembroke Mall, a regional shopping mall in Virginia Beach that dates back to 1966. The project, renamed Pembroke Square, will comprise The Pembroke, a 284-unit luxury apartment community set to break ground in the coming months, and Tempo by Hilton, a 163-room hotel that is underway. Two additional phases are in pre-development, while approximately 26,000 square feet of retail space is expected to come on line through 2028. Existing components at Pembroke Square include Aviva Pembroke, a 153-unit senior living community that opened in December 2024, and existing shops and restaurants including Bath & Body Works, Kohl’s, Latitude Climbing + Fitness, Nordstrom Rack, Old Navy, REI Co-Op, Target, The Fresh Market and Walgreens. Delivery dates for The Pembroke and Tempo by Hilton were not released.

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Marcus & Millichap Brokers Sale of 71-Room Hotel in Temple, Texas

Taylor Williams — Mon, 21 Sep 2026 13:44:20 +0000

TEMPLE, TEXAS — Marcus & Millichap has brokered the sale of a 71-room hotel in the Central Texas city of Temple. The Holiday Inn Express & Suites in Temple offers a mix of rooms and suites in addition to a pool and a fitness center. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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CooperWynn Capital Arranges $4.9M Loan for Refinancing of West Texas Hotel

Taylor Williams — Thu, 17 Sep 2026 14:49:27 +0000

MIDLAND, TEXAS — CooperWynn Capital, a Utah-based capital markets advisory firm, has arranged a $4.9 million loan for the cash-out refinancing of the 64-key My Place Hotel-Midland in West Texas. An entity doing business as CAMTOD Midland LLC, which is led by developer Dustin Campbell, opened the three-story, extended-stay hotel in late 2020. CooperWynn arranged the nonrecourse loan, which carried a five-year term and a fixed interest rate, through an undisclosed CMBS lender.

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Ten Legal Due Diligence Priorities for Hotel Investors

Kristin Harlow — Thu, 10 Sep 2026 15:08:25 +0000

By Tim Franzen, Ginsberg Jacobs Nearly 30 years as a principal sponsor of hundreds of hospitality real estate investments have shaped how I approach legal due diligence. Hotel deals rarely fail because someone missed an obscure legal technicality. They fail because buyers, lenders and even counsel didn’t fully understand the business implications of key property and operational issues. The franchise agreement that looked standard triggered a property improvement plan. The management contract that seemed reasonable made the operator nearly impossible to remove. The union agreement exposed the owner to unexpected pension liabilities. The following due diligence priorities aren’t exhaustive, nor are they a substitute for experienced legal counsel. But if you can confidently address each of them before going hard on a hotel acquisition, you’ll be in a far stronger position than most investors. 1. Understand what you’re actually buying. Hotel acquisitions involve far more than real estate. In addition to land and buildings, you may be acquiring management agreements, franchise rights, liquor licenses, union obligations, equipment leases and vendor contracts. Hotels are operating businesses, not just real estate assets. Before closing, your legal team should identify what transfers automatically, what terminates and what requires third-party consent. Pay particular attention…

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Spandrel, 7G Group to Add W Hotel as Anchor for Uptown Charlotte Tower Redevelopment

John Nelson — Thu, 10 Sep 2026 13:55:21 +0000

CHARLOTTE, N.C. — A partnership between Spandrel Development Partners and 7G Group has announced plans to add a 200-room W Hotel to 400 South Tryon, a redevelopment of a 1970s-era office tower in Uptown Charlotte. The new hotel will be situated on the first nine floors of the tower, along with an 18,000-square-foot rooftop bar on the 34th floor. Other components of the tower include 399 unbranded apartments, residential amenities and an existing 517-space parking garage. The W Charlotte will offer 173 guest rooms, 27 suites (including a penthouse), 12,000 square feet of meeting space, a ground-floor restaurant and coffee bar and a ballroom with pre-function space. The design-build team for the new hotel includes Rockwell Group, LS3P and CetraRuddy. The timeline for the hotel’s opening was not released.

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Marcus & Millichap Brokers $12M Sale of Holiday Inn Hotel in Danbury, Connecticut

Taylor Williams — Thu, 10 Sep 2026 13:20:54 +0000

DANBURY, CONN. — Marcus & Millichap has brokered the $12 million sale of the Holiday Inn Express & Suites in Danbury, located in southern Connecticut’s Fairfield County. Built on 2.5 acres in 2001 and renovated in 2024, the four-story hotel offers 79 rooms and suites and amenities such as a pool and a fitness center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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Procaccianti, Rugger Capital Acquire 217-Room Charleston Harbor Resort

John Nelson — Wed, 09 Sep 2026 14:13:04 +0000

MOUNT PLEASANT, S.C. — A joint venture between Procaccianti Cos. and Rugger Capital has acquired Charleston Harbor Resort, a 217-room hotel on Cooper River and Charleston Harbor in Mount Pleasant. The new ownership has tapped TPG Hotels & Resorts to operate the property and is considering a value-add program to boost revenue at the waterfront hotel. Additionally, Suntex Marina Investors purchased the adjacent Charleston Harbor Marina, which has more than 450 slips that can accommodate vessels ranging from recreational cruisers to superyachts. Suntex will operate the marina separately from Charleston Harbor Resort. Cincinnati-based American Financial Group sold both properties for a combined $182.5 million, according to The Post and Courier.

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IPA Arranges $75.1M Recapitalization for Monroe Hotel in Miami Beach

John Nelson — Wed, 09 Sep 2026 14:11:19 +0000

MIAMI BEACH, FLA. — IPA Capital Markets, a division of Marcus & Millichap, has arranged the $75.1 million recapitalization of The Monroe Hotel, an 89-room luxury boutique hotel underway in Miami Beach. Situated in the city’s Faena District, the property is a $125.5 million redevelopment of 3010 Collins Ave. and is slated to open in 2027. The property will include a full-service restaurant and bar, rooftop bar and event venue, in-house recording studio, pool with outdoor dining space, spa, fitness center and private beach service provided by Boucher Brothers. The recapitalization included $44 million in C-PACE financing from Nuveen Green Capital, $24.8 million in construction debt from City National Bank, $6.3 million in bridge financing from Midland States Bank and historic tax credit equity financing from PNC Bank. Bobby Werhane and Scott Raasch of IPA Capital Markets arranged the financing package for the undisclosed borrower.

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ErieView Development Closes $218M Financing for W Cleveland Mixed-Use Tower

John Nelson — Tue, 08 Sep 2026 12:00:00 +0000

CLEVELAND — ErieView Development, an Ohio-based real estate development firm headed by the Kassouf family, has closed on $218 million in financing for the new W Cleveland mixed-use tower in downtown Cleveland. The adaptive reuse project will convert the 40-story Erieview Tower at 1301 E. 9th St. into a 210-room W Cleveland hotel, 215 rental residences and Class A office space. The W Cleveland’s residential units will mark the first apartments under the W brand that are exclusively for-rent, rather than for-sale, residences. The project also represents the first W hotel in Ohio and Marriott International’s first luxury hotel brand to open in Cleveland since the opening of The Ritz-Carlton Cleveland in 1990. Both renters and hotel guests will have access to 24-hour concierge services and other amenities, including a fitness center and spa. Both the hotel and apartments are slated to open in late 2027. The offices at W Cleveland, which will be on floors 29 through 38, will be delivered on a turnkey basis on tenant schedules through 2028. ErieView Development plans to appoint a leasing agency for the offices in the fourth quarter of this year. Other components of the W Cleveland will include a signature restaurant and…

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Hunter Advisors Negotiates Sale of 196-Room Renaissance Milwaukee West Hotel

Kristin Harlow — Thu, 03 Sep 2026 13:30:59 +0000

WAUWATOSA, WIS. — Hunter Advisors has negotiated the sale of the Renaissance Milwaukee West Hotel, a 196-room property in Wauwatosa, about 10 miles west of downtown Milwaukee. Spencer Davidson of Hunter brokered the transaction. Chicago-based Witness Investment was the buyer. Built in 2020 and located at 2300 N. Mayfair Road, the 12-story hotel sits adjacent to Mayfair Mall. The property features 9,864 square feet of flexible meeting and event space, the ELDR+RIME Restaurant, the Silhouette Lobby Lounge and a 12th-floor fitness center.

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JMI Realty Receives $28.8M Acquisition Loan for Downtown Austin Hotel

Taylor Williams — Wed, 02 Sep 2026 14:23:51 +0000

AUSTIN, TEXAS — Locally based owner-operator JMI Realty has received a $28.8 million acquisition loan for the 254-room Hilton Garden Inn Austin Downtown hotel. The hotel offers a variety of accommodations in addition to amenities such as a pool, fitness center and onsite food-and-beverage options. Beau Williams and Drew Gilligan of ThirtyFourth Capital, a Connecticut-based capital markets advisory firm that specializes in hospitality deals, arranged the loan through an undisclosed regional bank.

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Laurel Real Estate Brokers Sale of 60-Room Hampton Inn Hotel in Sunbury, Ohio

Kristin Harlow — Wed, 26 Aug 2026 13:02:00 +0000

SUNBURY, OHIO — Laurel Real Estate Co. has brokered the sale of the 60-room Hampton Inn Columbus I-71 North hotel in Sunbury. Laurel represented the undisclosed seller. A private investor group acquired the hotel. The acquisition included several equity partners and an SBA 504 financing structure involving a conventional first-mortgage lender, LCNB National Bank, and a certified development company, Alloy Development Co. The SBA 504 loan program generally combines a first mortgage from a conventional lender with a second-lien loan facilitated by an SBA-certified development company, according to Laurel. The structure supports qualified small businesses making long-term investments in owner-occupied real estate and other major fixed assets. Katie Vivian of Largo Capital arranged the financing. Fusion Hotels, the buyer-affiliated hotel management platform led by Amul Patel, plans to assume management of the hotel. Fusion’s portfolio consists of 15 hotels across Ohio, Indiana and Kentucky.

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Knighthead Funding Provides $65M Loan for Refinancing of Long Island Hotel, Resort

Taylor Williams — Tue, 25 Aug 2026 12:49:27 +0000

MONTAUK, N.Y. — Knighthead Funding has provided a $65 million loan for the refinancing of Marram Montauk, a 96-room hotel and resort located on the tip of Long Island. Marram Montauk was built in 1967 and renovated in 2020. Guestrooms feature private terraces and balconies, and amenities include an oceanfront pool, private cabanas, curated wellness programming and onsite food-and-beverage options. The undisclosed sponsor acquired the property in 2022 and has since expanded on the capital improvements.

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