Hospitality

JLL Secures $180M Refinancing for Miami Beach Edition Hotel

by Julia Sanders November 17, 2021

MIAMI BEACH, FLA. — JLL’s Hotels & Hospitality Group has secured $180 million in financing for the Miami Beach Edition hotel, a 294-room hotel located at 2901 Collins Ave. on the beach. Kevin Davis and Barnett Wu of JLL Hotels & Hospitality arranged the financing on behalf of the undisclosed borrower. Redesigned in 2014, Miami Beach Edition offers traditional guest rooms and suites, including 28 private bungalows and a rooftop penthouse, and has direct access to 380 linear feet of beachfront. Hotel amenities include two outdoor pools, a fitness facility, spa and a basement, which includes an underground nightclub with a bowling alley and ice skating rink. The property also offers three food and beverage outlets, including Matador Room/Bar, Market at Edition and Tropicale and Lobby Bar. The resort offers a private oceanfront beach club with approximately 300 active members. Located on a 3.5-acre site, the hotel is situated 8.7 miles from downtown Miami, one mile from Miami Beach Convention Center and 11.8 miles from Miami International Airport.

November 17, 2021

Acquisitions District of Columbia Hospitality Southeast Top Stories

Reports: Trump Organization Agrees to Sell Washington, D.C. Hotel for $375M

by Taylor Williams November 15, 2021

WASHINGTON, D.C. — The Trump Organization has entered into an agreement with Miami-based investment firm CGI Merchant Group to sell its namesake hotel in the nation’s capital for $375 million, according to multiple news outlets including The Wall Street Journal, which broke the news. The Journal reports that the new ownership will remove the Trump name and signage from the 263-room luxury hotel, which opened in 2016 at 1100 Pennsylvania Ave., just a few blocks from The White House. The project was a redevelopment of a former U.S. Post Office building, which has served many functions since its construction in the late 1800s. Lastly, the business publication states that CGI Merchant Group has reached an agreement with Hilton Worldwide Holdings Inc. (NYSE: HLT) to operate the property under the Hilton Waldorf Astoria brand. The sale is expected to close in the fourth quarter, per the Journal. The hotel was valued at $212 million when it opened. At that time, the property housed the Benjamin Bar & Lounge, restaurant BLT Prime, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes a 4,000-square-foot presidential suite, which is located in the former Postmaster General’s office. …

November 15, 2021

Development Hospitality Texas

3D Development, Midas Open 123-Room Element by Westin Hotel in Metro Dallas

by Taylor Williams November 15, 2021

RICHARDSON, TEXAS — A joint venture between 3D Development, which has offices in Georgia, Texas and Tennessee, and St. Louis-based hotel investment and management firm Midas has opened a 123-rom Element by Westin hotel in the northeastern Dallas suburb of Richardson. The four-story hotel, which is located within a 5.2-acre mixed-use development, features suites with fully equipped kitchens. Gray Design Group served as the project architect, and MW Builders was the general contractor. Commerce Bank provided construction financing.

November 15, 2021

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges $2.5M Sale of Motel 6 Property in Indianapolis

by Kristin Harlow November 12, 2021

INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Motel 6 hotel property in Indianapolis for $2.5 million. The 72-room hotel is located at 4585 S. Harding St., about 10 miles from the Indianapolis International Airport. Ebrahim Valliani, Michael Klar, Chris Gomes, Allan Miller and Robert Marro of Marcus & Millichap represented the seller, a Texas-based private investor. Alexandre Duong and Alex Fifner of Marcus & Millichap represented the buyer, a limited liability company.

November 12, 2021

Acquisitions Hospitality Michigan Midwest

Waramaug Purchases 256-Room Radisson Hotel in Lansing, Michigan

by Kristin Harlow November 10, 2021

LANSING, MICH. — Waramaug Hospitality, a privately held investment firm focused on select-service and full-service hotels, has purchased the Radisson Hotel Lansing at the Capitol for an undisclosed price. The 256-room hotel is the only full-service hotel in downtown Lansing, according to Waramaug. The property features an onsite restaurant and bar, fitness center, indoor pool and more than 10,000 square feet of meeting space. The second floor of the hotel connects to the Lansing Center, the 125,000-square-foot convention center owned by the city. Waramaug is planning a complete renovation of the property and will rebrand it as a Doubletree by Hilton upon completion. Terrapin Hospitality will manage the asset. Nate Sahn of CBRE brokered the sale. The seller was undisclosed.

November 10, 2021

Acquisitions Hospitality Midwest Wisconsin

Brick by Brick Capital Acquires Historic Four Seasons Island Resort in Pembine, Wisconsin

by Kristin Harlow November 9, 2021

PEMBINE, WIS. — An affiliate of Chicago-based Brick by Brick Capital, in partnership with tech-enabled hotel operator Life House, has acquired the historic Four Seasons Island Resort in the Northeast Wisconsin town of Pembine. The purchase price was undisclosed. The deal represents the first hotel in Wisconsin for both Brick by Brick and Life House, and the first of several planned acquisitions across the upper Midwest. Originally built in 1905 by the Wisconsin-Michigan Railroad Co., the 70-acre resort was a popular destination for visitors arriving by railroad from Chicago during the summer months. The hotel is located on Miscauno Island along a scenic stretch of the Menominee River, which is the natural border separating Wisconsin from the Upper Peninsula of Michigan. Life House will operate a wide array of amenities, including four dining options, a nine-hole golf course, wedding and conference facilities, an indoor pool, fitness room, arcade, pontoon boat tours and cross-country ski rentals.

November 9, 2021

Acquisitions Development Florida Hospitality Southeast Top Stories

Athens Group, MSD Partners Acquire Naples Beach Hotel & Golf Club in Florida, Plan Mixed-Use Redevelopment

by John Nelson November 9, 2021

NAPLES, FLA. — A partnership between The Athens Group and MSD Partners has purchased Naples Beach Hotel & Golf Club, a 125-acre resort that fronts the Gulf of Mexico in Naples. The Watkins Family sold the beachfront resort to the partnership for an undisclosed price, but the Naples Daily News reports the price tag exceeded $362 million. The new ownership plans to redevelop the resort into a mixed-use destination called Naples Beach Club. The development will include a 216-room hotel operated by Four Seasons Hotels and Resorts, the first Four Seasons property on the Gulf Coast. The lodging component will include indoor and outdoor lounges connected to the lobby; a beachside garden with outdoor pools, cabanas and an event lawn; high-end stores; an event ballroom; and multiple dining experiences. In addition, guests will have access to Market Square, which will comprise a general store; bar and grill with a game room and bowling alley; a kids club; and an activities lawn for events featuring eateries including an ice cream parlor. Naples Beach Club will also feature 185 for-sale residential units managed by Discovery Land Co., with amenities for residents and members that include golf, tennis, fitness center, spa and clubhouse. Hart …

November 9, 2021

Acquisitions Hospitality Texas

Summit Hotel Properties Enters into Agreement to Buy NewcrestImage Portfolio for $822M

by Taylor Williams November 8, 2021

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN), an Austin-based hospitality REIT, has entered into an agreement to purchase a portfolio of 27 hotels totaling 3,709 rooms from Dallas-based developer NewcrestImage. The price tag of $822 million comprises $776.5 million for the hotels, or $209,000 per room, as well as $24.8 million for two parking structures and $20.7 million for various financial incentives. Three of the hotels are located in Louisiana, and three are located in Oklahoma with the remainder in various Texas markets. The portfolio includes properties that are operated under brands such as AC Hotels by Marriott, Hilton Garden Inn, Residence Inn by Marriott and Canopy by Hilton, among others. More than 70 percent of the rooms were developed in 2015 or later. Bank of America and Wells Fargo have provided $410 million in acquisition financing to Summit Hotel Properties. The deal is expected to close in late in the fourth quarter of this year or in early 2022.

November 8, 2021

Acquisitions Hospitality Mississippi Southeast

MCR Acquires Courtyard by Marriott Oxford Hotel Near University of Mississippi

by Julia Sanders November 8, 2021

OXFORD, MISS. — MCR, which has offices in New York City, Dallas, Chicago and Richmond, has acquired the Courtyard by Marriott Oxford in Oxford, near the University of Mississippi’s campus. The property is MCR’s first hotel in the state. The sales price and seller were not disclosed. The Courtyard by Marriott Oxford offers 121 guestrooms and suites. The property has 18 suites, including the Loft, which is a duplex with a private patio and wet bar, and the Presidential, a two-bedroom pad with sitting and dining areas. The property’s guestrooms include a microwave, mini refrigerator and Wi-Fi. The hotel amenities include a fitness center, indoor pool, 24-hour sundry shop, 24-hour business center and complimentary parking. Food and beverage options include The Bistro, which serves breakfast, dinner and specialty beverages, and the Green Roof Lounge, a rooftop bar serving cocktails and food with views of the Vaught-Hemingway Stadium. Located at 305 Jackson Ave. E., the Courtyard by Marriott Oxford is situated within walking distance from the University of Mississippi and the Burns-Belfry Museum and Multicultural Center. The property is also situated near The Square, Oxford’s downtown district that has over 70 restaurants, museums, art galleries and shops. Nearby retailers include Frutta …

November 8, 2021

Acquisitions Hospitality Texas Top Stories

Highgate, Cerberus Agree to Acquire Hospitality REIT CorePoint Lodging for $1.5B

by Taylor Williams November 8, 2021

IRVING, TEXAS — A joint venture between affiliates of national hospitality management firm Highgate and New York City-based private equity firm Cerberus Capital Management have agreed to acquire CorePoint Lodging (NYSE: CPLG) in a deal valued at $1.5 billion. The transaction is expected to close in the first quarter of 2022. CorePoint Lodging is a hospitality REIT based in Irving that is focused on select-service hotels that was spun off from La Quinta Holdings Inc. in 2018. The company’s portfolio comprises about 170 properties throughout the country, the majority of which are operated under the La Quinta brand. Under the terms of the merger agreement, Highgate and Cerberus will acquire all outstanding shares of CorePoint common stock at $15.65 per share in an all-cash transaction. The price represents a premium of approximately 42 percent to CorePoint’s closing share price on July 13, 2021, the last trading day prior to the company’s public announcement of its strategic alternatives process. In addition, the purchase price reflects the joint venture’s assumption of CorePoint’s corporate debt and a $160 million buyer liability reserve for a matter involving the Internal Revenue Service (IRS). On Friday, Nov. 5, CorePoint received a settlement offer from the IRS related …

November 8, 2021

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