Hospitality

JLL Arranges $450M Refinancing for Hyatt Regency Resort in Honolulu

by Taylor Williams October 25, 2021

HONOLULU — JLL has arranged a $450 million loan to refinance debt on the Hyatt Regency Waikiki Beach Resort & Spa in Honolulu. Situated on a three-acre site, the hotel totals 1,230 rooms across two 40-story buildings with views of Waikiki Beach and downtown Honolulu. The resort features three dining venues, a spa, outdoor pool, 24-hour fitness center and 20,510 square feet of meeting space. The property also houses the Pualeilani Atrium Shops to offer guests an onsite shopping experience. Hotel guests can also access weekly cultural activities such as lei making, ukulele and hula lessons and a day camp for children. Guestrooms are furnished with flatscreen TVs, work areas and private balconies with mountain or beach views. Suites with separate living areas and wet bars are also available. The property offers proximity to a number of key transit hubs and tourist destinations on the island. These include Daniel K. Inouye International Airport, the Honolulu Harbor cruise terminal, Kapiolani Park, the Royal Hawaiian Center and Waikiki Beach Walk Entertainment Center. Kevin Davis and Mike Huth of JLL arranged the five-year, floating-rate loan on behalf of the borrower, South Korea-based Mirae Asset Global Investments. A consortium of lenders that included Deutsche …

October 25, 2021

Development Hospitality Nevada Retail Western

Shopoff Realty, Contour Secure Entitlement Approvals for 19-Story Dream Las Vegas Resort

by Amy Works October 22, 2021

LAS VEGAS — A joint venture between Shopoff Realty Investments and Contour has secured entitlements for the full development of Dream Las Vegas, a previously announced resort and casino on the Las Vegas Strip. Situated on 5.2 acres at 5051 S. Las Vegas Blvd., the 19-story development will feature 526 guest rooms and suites, gaming, dining and nightlife venues, a pool deck, retail experiences, meeting rooms, and a fitness center. Completion is slated for third-quarter 2024. The property will be branded and managed by Dream Hotel Group. McCarthy Construction will manage the design and construction of the resort and casino, with excavation for the project set to start in the second quarter of 2022.

October 22, 2021

Acquisitions Hospitality Midwest Minnesota

Monarch Alternative Capital Acquires 214-Room Westin Minneapolis Hotel

by Kristin Harlow October 22, 2021

MINNEAPOLIS — Monarch Alternative Capital LP has acquired the Westin Minneapolis hotel in partnership with HEI Hotels & Resorts. Although the purchase price was undisclosed, Monarch says it acquired the hotel at a significant discount due to disruptions caused by the pandemic. The acquisition marks Monarch’s 12th hotel purchase this year. The 214-room, business-oriented hotel is in the heart of downtown. Monarch plans to improve the asset with an upcoming renovation. Monarch will operate the property in partnership with HEI Hotels & Resorts.

October 22, 2021

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

by Amy Works October 20, 2021

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …

October 20, 2021

Florida Hospitality Loans Mixed-Use Multifamily Retail Southeast Top Stories

Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida

by Julia Sanders October 15, 2021

BOCA RATON, FLA. — Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton that will feature a hotel, apartments, golf course and retail space. Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the Mandarin Oriental Hotel and Via Mizner Golf & City Club. Via Mizner is a three-phase, three-building project. The first phase comprises the 101 Via Mizner, which is fully leased. The second phase is the Mandarin Oriental Hotel, Boca Raton, and the third phase includes the Residences at the Mandarin Oriental, Boca Raton. All three phases are expected to be completed by the end of 2022. “This closing represents the advancement of a very complex capitalization, which allowed us to significantly reduce our cost of capital as the first phase of the project achieved 100 percent occupancy and the Mandarin Oriental Hotel tower approaches completion,” says David Warne, chief operating officer of Penn-Florida. 101 Via Mizner is a tower that features 366 studio, one-, two- and three-bedroom apartments. …

October 15, 2021

Homewood-Suites-Portland-Airport-Portland-WA

Acquisitions Hospitality Oregon Washington Western

Rockbridge Sells Two-Hotel Portfolio in Pacific Northwest Totaling 209 Rooms

by Amy Works October 15, 2021

PORTLAND, ORE. AND VANCOUVER, WASH. — Rockbridge has completed the disposition of a 209-key, two-hotel portfolio located in Portland and Vancouver. Terms of the transaction were not released. The portfolio consists of the 104-room Homewood Suites Vancouver-Portland in Vancouver and a 105-room Homewood Suites Portland Airport in Portland. Since 2016, the hotels have been undergoing $12.4 million in capital improvements (an average of $59,000 per room). Both properties are unencumbered by management. Melvin Chu and John Strauss of JLL Hotels & Hospitality represented Rockbridge in the deal.

October 15, 2021

Development Hospitality New York Northeast

Omnibuild Delivers 510-Room Hyatt Place New York Chelsea Hotel in Manhattan

by Taylor Williams October 14, 2021

NEW YORK CITY — Locally based construction firm Omnibuild has delivered the Hyatt Place New York Chelsea Hotel, a 510-room property located at 140 W. 24th St. in Manhattan. Developed by Magna Hospitality Group and designed by Gene Kaufman Architects, the hotel rises 45 stories and spans 173,000 square feet. The hotel also features a glass staircase to the hotel’s mezzanine space, a second-floor terrace bar area and a guest breakfast pantry. The second-floor terrace area includes a wall opening/glass hanger door leading to the bar, which includes a retractable enclosure system to ensure year-round use.

October 14, 2021

Hospitality Loans Midwest Minnesota

D2 Capital Advisors Arranges $48.6M Construction Loan for Minneapolis Hotel Project

by Kristin Harlow October 13, 2021

MINNEAPOLIS — D2 Capital Advisors has arranged a $48.6 million loan for the construction of a 123-room, luxury boutique hotel in the North Loop District of Minneapolis. Commutator LLC is the developer of the project, which will be located at 125 N. 1st St. The 133,000-square-foot hotel will feature a rooftop bar, cellar bar, retail space, meeting space and a restaurant. Snow Kreilich Architects is the project architect, Neri & Hu is designing the interiors and Greiner Construction is the general contractor. Construction is scheduled to begin this month with completion slated for the first quarter of 2023. Jack Cortese and David Frankel of D2 arranged the loan with a Seattle-based REIT.

October 13, 2021

Development Hospitality Loans Multifamily Utah Western

George Smith Partners Arranges $35.2M Construction Loan for Hotel-to-Multifamily Conversion in Salt Lake City

by Amy Works October 8, 2021

SALT LAKE CITY — The Davies Group at Los Angeles-based George Smith Partners has secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s The Granary District. The five-acre site features two landmark towers. The first phase of renovation includes the transformation of the property’s south tower into a 184-unit multifamily asset with boutique-style amenities. The planned future phase includes the adaptive reuse of the property’s north tower. The land site offers 2.7 acres of excess developable land, creating an opportunity for future mixed-use infill development. Malcolm Davies, Zack Streit, Drew Sandler, Alexander Rossinsky, Aiden Moran, Brandon Asherian and Ben Tracy of The Davies Group sourced the financing on behalf of the undisclosed sponsor.

October 8, 2021

Acquisitions Hospitality Texas

Noble Investment Group Buys 138-Room Hyatt Place Hotel in Round Rock, Texas

by Taylor Williams October 8, 2021

ROUND ROCK, TEXAS — Atlanta-based private equity firm Noble Investment Group has purchased the Hyatt Place Austin | Round Rock, a 138-room hotel located on the northern outskirts of Austin. Built in 2017, the pet-friendly property is situated within the La Frontera mixed-use development and offers a pool, fitness center, meeting rooms and complimentary breakfast service. The seller and sales price were not disclosed.

October 8, 2021

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