Sunday, April 20, 2025
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Hospitality

HospitalityLoansSoutheastTennessee

JLL Arranges $300M Refinancing for Omni Nashville Hotel

by John Nelson

NASHVILLE, TENN. — JLL has arranged the $300 million refinancing for Omni Nashville Hotel, an 800-room upscale hotel located at 250 Rep. John Lewis Way S in downtown Nashville. Built in 2013, the 21-story hotel features more than 80,000 square feet of meeting space, including a 23,800-square-foot ballroom. The LEED Silver-certified property also features several dining options, including Bob’s Steak & Chop House, Kitchen Notes and Barlines, as well as a spa, rooftop pool and modern fitness center. Kevin Davis, Whit Johnson, Jim Curtin, Mike Huth, Shalin Patel, Luke Rogers and Nick Warta of JLL arranged the seven-year, fixed-rate loan through a domestic insurance company and AllianceBernstein Commercial Real Estate Debt in its capacity as advisor to Equitable Financial Life Insurance Co. The borrower is TRT Holdings Inc., a Dallas-based investment company that owns the Omni Hotels brand.

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AcquisitionsHospitalityMidwestNorth Dakota

Marcus & Millichap Brokers Sale of 80-Room Candlewood Suites Hotel in Minot, North Dakota

by Kristin Harlow

MINOT, N.D. — Marcus & Millichap has brokered the sale of Candlewood Suites Minot, an 80-room hotel in North Dakota. The sales price was undisclosed. The four-story property is located just off U.S. Route 83. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. The buyer plans to complete property renovations. The transaction received additional support from Allan Miller and Chris Gomes of Marcus & Millichap’s Miller-Gomes Hotel Team.

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HospitalityLoansTexas

CIM Group Funds $90M Loan for Refinancing of Downright Austin Hotel

by Taylor Williams

AUSTIN, TEXAS — Los Angeles-based CIM Group has funded a $90 million loan for the refinancing of the 367-room Downright Austin hotel, located at 701 E. 11th St. in the state capital’s downtown area. The 16-story hotel, which was recently renovated, is operated under the Renaissance by Marriott brand and offers amenities such as a fitness center, outdoor pool, café, multiple onsite food-and-beverage options and approximately 30,000 square feet indoor/outdoor meeting and event space. Suites are also available as part of the accommodations package. The borrower is Brookfield Asset Management.

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DevelopmentHospitalityMidwestMultifamilyOhio

Kassouf Development to Build Dual-Branded W Residences, W Hotels Project in Downtown Cleveland

by Kristin Harlow

CLEVELAND — Kassouf Development has closed on financing for the Erieview Tower & Galleria redevelopment in downtown Clevleand. The developer will convert the property into a dual-branded W Residences and W Hotels by Marriott project. Plans call for 227 residences and 210 luxury hotel rooms. Residents will have access to concierge services, housekeeping, a doorman, bellman and butler services in addition to all hospitality and experiential amenities as well as access to the connected retail Galleria. The hotel component will feature a rooftop bar, fine dining restaurant, spa, fitness center, lobby lounge, office spaces and a 15,000-square-foot ballroom. The project marks the first W Hotels offering in Ohio. The development’s price tag is more than $218 million. The dual-branded W Residences and W Hotels concept is offered by Marriott worldwide, and there are eight locations in the United States. The existing Erieview Tower & Galleria is listed on the National Register of Historic Places. Construction will be completed in phases, with residential construction commencing immediately and hotel construction beginning later this year. Completion is slated for late 2026. The Kassouf family purchased Erieview Tower in 2018 and has worked since the acquisition to secure the various capital sources needed to …

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AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Arranges Sale of 66-Room Country Inn & Suites Hotel in Little Chute, Wisconsin

by Kristin Harlow

LITTLE CHUTE, WIS. — Marcus & Millichap has arranged the sale of the Country Inn & Suites by Radisson, Appleton North hotel in Little Chute, about 25 miles southwest of Green Bay. The 66-room property is located at 130 Patriot Drive just off I-41. Amenities include an indoor pool, whirlpool, waterslide, waterpark, fitness center, business center, guest laundry, recreational vehicle parking and 400 square feet of meeting space. The asset will continue to operate as a Country Inn & Suites and is set to undergo a renovation. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

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AcquisitionsHospitalityTexas

TMG Negotiates Sale of 64-Unit Hospitality Property in Flint, Texas

by Taylor Williams

FLINT, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Lake O’ the Woods, a 64-unit hospitality property in Flint, about 100 miles east of Dallas. The property, which was vacant at the time of sale, was built in 1986 and offers one-bedroom cabins with an average size of 667 square feet. Jon Krebbs and Paul Yazbeck of TMG brokered the deal. The buyer and seller were not disclosed.

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DevelopmentHospitalityLouisianaMixed-UseRestaurantRetailSoutheast

Cordish to Open $270M Live! Casino & Hotel in Louisiana in February

by John Nelson

BOSSIER CITY, LA. — The Cordish Companies has set the opening date for its $270 million Live! Casino & Hotel Louisiana — Thursday, Feb. 13, pending approval from the Louisiana Gaming Control Board. The Baltimore-based company launched bookings at the Bossier City hotel last Friday, almost exactly a full year after breaking ground. Additionally, tickets are now on sale for a slate of shows/concerts at the development’s Event Center at Live! Situated along the Red River near Shreveport, La., the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; a 31-site RV park; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu, as well as Ridotto Grand Café and The Prime Rib steakhouse.

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AcquisitionsHospitalityTexas

Hunter Hotel Advisors Arranges Sale of 101-Room Hampton Inn & Suites in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Atlanta-based brokerage firm Hunter Hotel Advisors has arranged the sale of the 101-key Hampton Inn & Suites Corpus Christi. The hotel is located at 5879 South Padre Island Drive and offers amenities such as a pool and fitness center. Kami Burnette and Mason McDavid of Hunter Hotel Advisors represented the seller, Canada-based hospitality REIT American Hotel Income Properties, in the transaction. The buyer and sales price were not disclosed.

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900-Morrissey-Blvd.-Boston
Affordable HousingDevelopmentHospitalityLoansMassachusettsMultifamilyNortheast

MassHousing Provides Financing for Affordable Housing Redevelopment Project in Boston

by Taylor Williams

BOSTON — MassHousing has provided an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Comfort Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit apartment complex whose units will be reserved for households earning 30 percent or less of the area median income. The Community Builders is the developer of the project, which will include office and community spaces on the ground floor. Other project partners include BWA Architecture and Commodore Builders. Financing for the project stems in part from a $24 million bond issued by MassHousing that was purchased by Eastern Bank. Completion is slated for mid-summer 2025.

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DevelopmentFloridaHospitalityLoansSoutheast

Mast Capital, Amzak Obtain $72.5M Loan for Renovation of Saddlebrook Resort in Metro Tampa

by John Nelson

WESLEY CHAPEL, FLA. — A partnership between Mast Capital and Amzak Capital Management has secured a $72.5 million loan for the renovation of Saddlebrook Resort, a 480-acre hospitality property located in the Tampa suburb of Wesley Chapel. Beachpoint Capital Management provided the loan. Chris Drew, Brian Gaswirth, Jeff Bucaro, Paul Adams, Mark Deslauriers and Nicole Barba of JLL arranged the loan on behalf of the borrowers. The renovation of Saddlebrook Resort is expected to total $92 million and encompass a full-scale redesign of the guestroom suites, lobby, meeting spaces, pool and outdoor facilities, golf course and food-and-beverage destinations, as well as significant upgrades to the resort’s landscaping, sports facilities and lifestyle amenities. Mast Capital first partnered with Amzak Capital to acquire the resort in spring 2022.

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