Hospitality

Outdoor Hospitality Properties Draw Greater Investment Interest Following Rapid Growth During the Pandemic

by Sarah Daniels March 29, 2022

Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …

March 29, 2022

Acquisitions Hospitality Western Wyoming

Hodges Ward Elliott Arranges Sale of Amangani Resort in Jackson, Wyoming

by Amy Works March 24, 2022

JACKSON, WYO. — Hodges Ward Elliott (HWE) has brokered the sale of Amangani, an ultra-luxury resort located at 1535 NE Butte Road in Jackson. Terms of the transaction were not released. Situated at the foothills of the Grand Tetons, Amangani features 40 suites with either an outdoor terrace or balcony with mountain views, an award-winning restaurant, spa and fitness center, plus a wide variety of excursions and adventures, including heli-skiing, dog sledding, whitewater rafting, fly fishing, photography tours and wildlife tours. Daniel Peek, Cyrus Vazifdar, Carolina Bernal and Alex Yiankes of HWE advised the undisclosed seller in the deal. HWE’s Debt Capital Markets team, led by Lawrence Britvan and Michael Straw, arranged acquisition financing for the undisclosed buyer.

March 24, 2022

Hospitality Loans Nevada Western

CommCap Advisors Arranges $10.2M Loan for Hampton Inn & Suites in Carson City, Nevada

by Amy Works March 23, 2022

CARSON CITY, NEV. — CommCap Advisors has arranged a $10.2 million loan for Hampton Inn & Suites, located at 10 Hospitality Way in Carson City. The borrower is Gemini Hotel Group. Situated on two acres, the hotel features 49,821 square feet of rentable space. Andy Crawford of CommCap Advisors facilitated the 10-year loan, which features a 25-year amortization schedule, for the borrower. The use of the funds was not disclosed.

March 23, 2022

Acquisitions Hospitality Illinois Midwest

Sunstone Hotel Investors Sells Two Hotels in Chicago for $129.5M

by Kristin Harlow March 23, 2022

CHICAGO — Sunstone Hotel Investors Inc. (NYSE: SHO), a California-based lodging REIT, has sold two hotels in Chicago for a combined gross sales price of $129.5 million. The properties include the 368-room Embassy Suites Chicago and the 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile. Buyer information was not provided. The sale marks Sunstone’s exit from the Chicago market, which has been hindered by excess supply and an inability to drive meaningful rate and profitability growth, says CEO Bryan Giglia. For the month of February, Chicago’s hotel occupancy rate of 43.8 percent was the second-lowest rate across the nation, according to hospitality data firm STR. The average occupancy rate nationally for the month was 56.9 percent. Sunstone’s stock price opened at $11.69 per share Tuesday, March 22, down slightly from $12.82 per share one year ago.

March 23, 2022

Development Hospitality Loans South Carolina Southeast

Newmark Secures $53M Construction Loan for Hotel Development in Johns Island, South Carolina

by Julia Sanders March 22, 2022

JOHNS ISLAND, S.C. — Newmark has secured a $53 million construction loan for The Dunlin, Auberge Resorts Collection at Kiawah River, a 72-room hotel project in Johns Island. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the loan through United Bank on behalf of the borrower, Kiawah River Hospitality Group. Construction on the project is slated for completion by 2024. The Dunlin is located within the Kiawah River master-planned residential resort community. The project will be situated along the 12-mile riverfront, offering 2,000 acres of nature trails and marshlands. The hotel will feature a branded restaurant and lounge and over 10,000 square feet of event space, including a 5,200-square-foot wedding hall. Resort amenities will include a pool with cabanas, full-service spa and a riverfront swim and fitness facility. The Dunlin will be the newest addition to the Auberge Resorts Collection’s portfolio of luxury hotels, resorts and residences.

March 22, 2022

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers Sale of 100-Room Hotel in West Melbourne, Florida

by Julia Sanders March 22, 2022

WEST MELBOURNE, FLA. — Marcus & Millichap has brokered the sale of Holiday Inn Express & Suites, a four-story, 100-room hotel in West Melbourne. Leo Reilly, Robert Hunter and Scott Havericak of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. Reilly and Hunter also procured the buyer, a Massachusetts-based undisclosed limited liability company. The sales price was not disclosed. Built in 2018, Holiday Inn Express & Suites offers property amenities including an onsite business center, 24-hour fitness center, heated outdoor pool and whirlpool, shuttle service, a meeting space and laundry facilities. The property has standard room rates starting around $199 per night. Located at 2255 W Coastal Lane, the hotel property is located off US-192, Interstate 95 and Highway 500. The property is also located on Florida’s Space Coast and is 45.1 miles from the Kennedy Space Center.

March 22, 2022

Acquisitions Hospitality Louisiana Southeast

HREC Arranges $16.9M Sale of Whitney Hotel in New Orleans

by Julia Sanders March 18, 2022

NEW ORLEANS — HREC Investment Advisors has arranged the sale of The Whitney Hotel, a historic 93-room hotel in New Orleans. Cleveland-based GBX Group LLC acquired the property for $16.9 million. Len Wormser, Ketan Patel, Barry Swanson and Michael Salloway of HREC represented the seller, The MCC Real Estate Group, in the transaction. Built in 1870, The Whitney was renovated about 24 years ago, and features 24 suites, meeting space, parking and a 7,000-square-foot lobby. The property is situated close to the 1.2 million-square-foot New Orleans Ernest N. Morial Convention Center, the French Quarter and Superdome.

March 18, 2022

Florida Hospitality Loans Southeast

Hall Structured Finance Provides $29.4M Refinancing for Serena Hotel in Aventura, Florida

by Julia Sanders March 17, 2022

AVENTURA, FLA. — Dallas-based Hall Structured Finance (HSF) has provided a $29.4 million loan for the refinancing of Serena Hotel, a Tapestry Collection Hotel by Hilton in Aventura. Locally-based Rieber Developments is the owner and developer of the hotel, and Driftwood Hospitality Management is the property manager. Dmitry Levkov and Jeffrey Donnelly of Colliers sourced the financing for the project. Built in 2021, Serena Hotel is a 100-room hotel that features 12-foot ceilings, luxury interior finishes and 34 extended stay guestrooms. Onsite amenities include a restaurant and lounge with a Michelin-rated chef, rooftop bar, outdoor pool and bar, meeting spaces, fitness center and lobby workstations. Additionally, the property is LEED Gold certified. Located at 2820 NE 214th St., the hotel is situated 13.7 miles from Fort Lauderdale, 8.8 miles from Fort Lauderdale-Hollywood International Airport and 21.9 miles from Miami Beach. The property is also located in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. HSF’s bridge loan financing program targets existing hotel properties and serves to complement its hotel and multifamily construction loan programs. HSF expects to close over $600 million in new loans in 2022, through a combination of new hotel …

March 17, 2022

Acquisitions Hospitality New York Northeast

Partnership Acquires Westchester Marriott Hotel in Tarrytown, New York, for $40M

by Taylor Williams March 15, 2022

TARRYTOWN, N.Y. — A partnership between New York-based Taconic Capital Advisors and Connecticut-based HEI Hotels & Resorts has acquired the 444-room Westchester Marriott hotel in Tarrytown, a northern suburb of New York City. The sales price was $40 million. The property houses two food and beverage concepts, a gift shop, fitness center, spa, laundry facilities and 26,700 square feet of meeting and event space. The new ownership will invest $30 million in renovations to the property, with HEI Hotels assuming management responsibilities. Ares Commercial Real Estate Corp. is financing the capital improvement program.

March 15, 2022

Acquisitions Development Georgia Hospitality Southeast

Berkadia Brokers $16M Sale of Downtown Atlanta Office Building for Hotel Conversion

by Julia Sanders March 14, 2022

ATLANTA — Berkadia has brokered the sale of an office asset in downtown Atlanta that will be redeveloped into a hotel property called Origin Hotel Atlanta. Kyle Stevenson and John Testerman of Berkadia completed the sale on behalf of the seller, Atlanta-based Access Point Financial. The Thrash Group purchased the property for $16 million. Built in the 1950s, the six-story office building is being redeveloped into a 124-room hotel that will offer standard king-bed rooms, two queen-bed rooms and handicap-accessible rooms and suites. After the completed renovation, the hotel will feature a restaurant, bar and meeting and event space. The construction timeline was not disclosed. Located at 166 Pryor St., the property is situated 10.8 miles from Hartsfield-Jackson Atlanta International Airport, less than a half-mile from Georgia State University and 2.6 miles from Midtown Atlanta.

March 14, 2022

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