Hospitality

Smith Hill, Bain Capital Provide $57M Loan for Embassy Suites by Hilton Nashville Airport Hotel

by John Nelson September 12, 2024

NASHVILLE, TENN. — A joint venture between Smith Hill Capital and Bain Capital has provided a $57 million loan for Embassy Suites by Hilton Nashville Airport, a 305-room hotel in Nashville. Eastdil Secured arranged the financing on behalf of the borrowers, Affinius Capital and Westmont Hospitality. The hotel sits close to Nashville International Airport, downtown Nashville and the One Century Place Conference Center. Amenities at the hotel include an airport shuttle, fitness center, business center, indoor pool, complimentary evening reception and more than 6,000 square feet of meeting space.

September 12, 2024

Development Hospitality New York Northeast

Extended Stay Suites America Opens 100-Room Hotel in Buffalo

by Taylor Williams September 11, 2024

BUFFALO, N.Y. — Extended Stay Suites America (NYSE: STAY) has opened a 100-room hotel in Buffalo. The two-story building is located across the street from Buffalo-Niagara International Airport. Guestrooms are equipped with kitchens that include refrigerators, microwaves, stovetops, cookware, utensils and dishes. All rooms also feature dedicated workspaces. Amenities include complimentary grab-and-go breakfast and onsite laundry facilities. Blackstone Real Estate Partners and Starwood Capital Group own the Extended Stay America brand, which is headquartered in Charlotte.

September 11, 2024

Acquisitions Hospitality Midwest Ohio

NewcrestImage Purchases 194-Room DoubleTree Suites Hotel in Downtown Columbus

by Kristin Harlow September 10, 2024

COLUMBUS, OHIO — NewcrestImage has acquired the DoubleTree Suites by Hilton Hotel Columbus Downtown in Ohio for an undisclosed price. The 15-floor hotel features 194 rooms, all of which are suites. The property is convenient to the Ohio State Capital complex and the Greater Columbus Convention Center as well as two miles from the Ohio State University. Amenities include nearly 7,000 square feet of conference space, concierge services, a business center, fitness center, lounge and full-service restaurant, The Presidents Dining room. Tim Osborne and Spencer Davidson of Hunter Hotel Advisors represented the institutional seller in the transaction.

September 10, 2024

Development Hawaii Hospitality Loans Western

Alaka’i Development Receives Construction Financing for $135M Dual-Branded Hotel Project in Oahu

by Amy Works September 9, 2024

OAHU, HAWAII — Alaka’i Development has received construction financing for a $135 million dual-branded Hyatt Place and Hyatt House Hotel at Ewa Beach in Oahu. Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo, Amber Coleman and Jim Korinek of CBRE’s Capital Market’s Debt and Structured Finance team secured the financing and joint venture equity for the Hawaii-based developer. Situated on 3.4 acres at 91-3456 Nana Hope St., the 240-key property will feature 108 Hyatt Place guest rooms and 132 Hyatt House extended-stay rooms, 19 of which include balconies and 86 kitchenettes. The five-story building will offer an outdoor swimming pool and spa, 3,009 square feet of meeting space, a dining room, business center and fitness center.

September 9, 2024

Acquisitions Affordable Housing Development Georgia Hospitality Multifamily Southeast

Bull Realty Brokers Sale of Hotel in Atlanta’s Summerhill Neighborhood, Buyer Plans Affordable Housing Conversion

by John Nelson August 30, 2024

ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.

August 30, 2024

Development Hospitality Mixed-Use Multifamily New Jersey Northeast Top Stories

Public-Private Partnership to Develop 80-Acre, $200M Mixed-Use Project Near Racetrack in Oceanport, New Jersey

by John Nelson August 30, 2024

OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, N.J. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025. Plans for the site include a 298-unit residential building, as well as a 200-room hotel and a sports community center to support local youth athletes. The development team is also exploring a variety of entertainment options such as music venues and experiential retail components. Monmouth Park Racetrack is a racetrack for thoroughbred horse racing. According to the property website, the original Monmouth Park was constructed in 1870. Three buildings have carried the name in the past 139 years. The current structure opened its doors in 1946. The racetrack is owned by the New Jersey Sports and Exposition Authority and is operated by Darby Development, which recently entered into an 85-year lease agreement for the facility. The project team plans to work with the New Jersey Thoroughbred Horsemen’s Association, the New Jersey Sports & Exposition Authority, the New …

August 30, 2024

Hospitality Loans Texas

Benefit Street Partners Funds $48.7M Loan for Refinancing of Downtown Austin Hotel

by Taylor Williams August 29, 2024

AUSTIN, TEXAS — Benefit Street Partners has funded a $48.7 million bridge loan for the refinancing of the 212-room Cambria Austin Downtown hotel. The 16-story, 223,975-square-foot hotel opened last fall. Amenities include a pool, fitness center, 24-hour market and 15,000 square feet of meeting/event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. Charlie Ryan of Atlanta-based Hunter Hotel Advisors arranged the loan on behalf of the borrower, a partnership between an affiliate of California-based Stratus Development Partners and Maryland-based operator Choice Hotels International Inc.

August 29, 2024

California Hospitality Loans Western

PSRS Arranges $35M Refinancing for Portofino Hotel & Marina in Redondo Beach, California

by Amy Works August 28, 2024

REDONDO BEACH, CALIF. — PSRS has secured $35 million in refinancing for The Portofino Hotel & Marina in Redondo Beach, just south of Los Angeles. The asset includes a 161-room, independent hotel with a full-service restaurant and lounge and lobby bar, and a 181-slip full-service marina and fuel dock with a 19-unit apartment building and a marina shop that is hotel-operated. Michael Thorp and Ari Zeen of PSRS arranged the non-recourse loan, with a seven-year, interest-only term. Financed with a debt fund execution, the structured loan consists of both senior and mezzanine financing to allow the sponsor to refinance out of expensive short-term debt.

August 28, 2024

Hospitality Loans Texas

Lone Star PACE Provides $27M in C-PACE Financing for Dallas Hotel

by Taylor Williams August 27, 2024

DALLAS — Lone Star PACE has provided $27 million in retoractive C-PACE financing for HALL Arts Hotel, a luxury hospitality property located in the Dallas Arts District. Designed by HKS Architects with interiors by Bentel & Bentel, the hotel rises 11 stories and houses 183 guestrooms and 19 suites, as well as an onsite restaurant and bar and meeting/event space. The borrower, locally based developer HALL Group, will use proceeds to recapitalize previously implemented sustainability measures at the hotel, including upgrades to the building’s envelope, electrical, plumbing and HVAC systems.

August 27, 2024

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Negotiates $3.4M Sale of Harbor Town Inn & Suites Hotel in Manitowoc, Wisconsin

by Kristin Harlow August 27, 2024

MANITOWOC, WIS. — Marcus & Millichap has negotiated the $3.4 million sale of Harbor Town Inn & Suites, an 80-room hotel in Manitowoc along Lake Michigan. Built in 1978 and located at 4004 Calumet Ave., the property is independently operated. Amenities include a business center, game room, onsite laundry and outdoor patio. Jared Plamann and Jake Erickson of Marcus & Millichap represented the seller, a family that had owned the property for 34 years, and procured the local buyer. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.

August 27, 2024

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