ITHACA, N.Y. — Hunter Hotel Advisors, an Atlanta-based hospitality brokerage firm, has arranged the $11.2 million sale of the 107-room Courtyard Ithaca Airport Hotel in upstate New York. The select-service property is situated adjacent to Ithaca Tompkins International Airport and Cornell University’s campus. Rochester, N.Y.-based owner-operator DelMonte Hotel Group sold the property to Skyline Investments Inc. Mayank Patel of Hunter Hotel Advisors brokered the deal.
SEATTLE — Arriba Capital has closed an $63.9 million syndicated construction loan for the development of an AC Hotel by Marriott in downtown Seattle. The borrower is a privately held hospitality management and development group based in the Southeast. Situated in the South Lake Union neighborhood, the hotel will feature 200 guest rooms.
MONTCLAIR, N.J. — Dallas-based Hall Structured Finance has provided a $45.5 million bridge loan for the refinancing of MC Hotel, a 159-room boutique lodging property located in the Northern New Jersey community of Montclair. The hotel, which is part of the Autograph Collection by Marriott family of brands, opened in the downtown area in 2019 and features multiple meeting and event spaces, as well as a rooftop bar and lounge. Jay Miller, A.J. Felberbaum and Spencer Miller of BayBridge Real Estate Capital arranged the loan on behalf of the buyer, a partnership between The Hampshire Cos. and The Pinnacle Cos.
DULUTH, GA. — ACRES Capital Corp. has originated a $74.8 million loan to fund the construction of the Westin Atlanta Gwinnett Hotel in Duluth. The borrower is Concord Hospitality, a hotel owner and developer based in Raleigh. Situated about 28 miles northeast of Atlanta, the 348-room hotel will serve as the flagship lodging option within the Gas South District campus off Sugarloaf Parkway. Westin Atlanta Gwinnett will be attached to the Gas South Convention Center and Arena (formerly known as Infinite Energy Center) and will offer 17,607 square feet of meeting space, as well as a business center, fitness center, dining options and a rooftop bar. The construction timeline and project team members were not disclosed.
Western Real Estate Business sat down with two hotel experts to discuss what the future holds for tourism-heavy markets like San Diego. They include Robert A. Rauch, managing partner of the locally based Hilton Campus Del Mar and Fairfield Inn & Suites San Marcos and a faculty associate at Arizona State University, as well as Gary H. London, senior principal of Carlsbad, Calif.-based London Moeder Advisors, which prepares commercial market and financial feasibility studies and analyzes real estate investments for prospective investors. WREB: How is San Diego’s hospitality and tourism industries stacking up to other markets that are similar in either size or tourist popularity? London: Because of an ongoing slowdown in international travel, many American travelers divert to San Diego as a favored domestic destination. San Diego’s tourism sector has been very strong since the perceived end of the pandemic-induced recession almost a year ago. Rauch: Over the nine months spanning from July 2021 to March 2022, San Diego has been in the top five of the 25 largest U.S. markets in all three categories of occupancy, average rate and RevPAR. Hotel occupancy comes in at 67.6 percent, average rate per night is $179.85 and RevPAR (revenue per available room) stands at …
CHARLESTON, S.C. — Capital Square has broken ground on 529 King Street ROOST Apartment Hotel, a five-story luxury apartment hotel located in the Garden District of Charleston. The hybrid property will feature 50 extended stay apartments in studio, one-, two- and three-bedroom floor plans. The property will operate under the ROOST Apartment Hotel brand, a division of Method Residential. The final development will total approximately 32,000 net rentable square feet, including an “open-air living room courtyard” and a rooftop lounge that will be open to the public. Capital Square’s project partners include architect Morris Adjmi & LS3P, general contractor BL Harbert and Method Residential as the retail leasing agent and co-developer of the property. 529 King is situated within an opportunity zone, and Capital Square is funding the project in part with proceeds from its fourth qualified opportunity zone fund, CSRA Opportunity Zone Fund IV LLC. The Richmond-based developer and investor expects to open the property in summer 2023.
ODESSA, TEXAS — Seattle-based Avatar Financial Group has provided a $5.3 million bridge loan for the acquisition of a Hilton-branded hotel in the West Texas city of Odessa. The Hilton Garden Inn at 5221 John Ben Shepperd Parkway totals 100 rooms and spans 22,000 square feet. The loan was structured with a 12-month term and an 8 percent interest rate. The borrower was not disclosed.
NASHVILLE, TENN. — Chartwell Hospitality and partner Rockbridge have been selected by the Metropolitan Nashville Airport Authority (MNAA) to develop a Hilton-branded hotel at Nashville International Airport. The duo began vertical construction earlier this month on the property, which will feature 292 guest rooms, about 16,000 square feet of meeting space and a rooftop pool and bar. Other amenities will include a fitness center on the top floor, as well as a cafe, lobby bar and full-service restaurant on the ground level for guests and travelers. The hotel will be the tallest building at the airport campus. The project team includes locally based general contractor Crain Construction. Targeted completion or opening dates were not disclosed by Chartwell, which is also part of a development team for two hotels underway at John F. Kennedy International Airport in New York City.
ALBANY, N.Y. — JLL has negotiated the sale of the Homewood Suites & Tru by Hilton Albany Crossgates Mall, a 192-room, dual-branded hotel located in the state capital. The hotel houses 96 rooms from each brand, and guests have access to one check-in desk, complimentary hot breakfast, 24/7 fitness and business centers. Pyramid Management Group sold the property to Maine Course Hospitality Group for an undisclosed price. Alan Suzuki and Director Matthew Enright of JLL brokered the deal.
OGALLALA, NEB. — Marcus & Millichap has arranged the sale of a 101-room Quality Inn hotel in Ogallala, a city in western Nebraska. The sales price was undisclosed. The property is located at 201 Chuckwagon Road directly off I-80. The hotel has undergone extensive interior and exterior remodeling over the years. Neville Rustomjee of Marcus & Millichap represented the seller, a private investor, and the buyers, private investors from Washington and Wyoming.