Hospitality

Pulte Family Management Acquires The Inn at St. John’s in Plymouth, Michigan

by Kristin Harlow August 3, 2021

PLYMOUTH, MICH. — Pulte Family Management SJ LLC, a wholly owned for-profit entity of the William J. Pulte Trust, has acquired The Inn at St. John’s in Plymouth, about 30 miles west of Detroit. The Archdiocese of Detroit sold the 118-room property for an undisclosed price. The hotel, conference rooms and reception centers will continue to serve and support business, civic and private events. The golf course will operate as usual, and the chapel will remain available for Catholic weddings. The Pulte family plans to announce property upgrades in the coming months. The late William Pulte was an active philanthropist and founder of home building giant PulteGroup Inc. He also served with a small group of local Catholic business leaders to help finance and transform the former St. John’s Seminary campus into the hotel, conference center and 27-hole golf course. St. John’s Provincial Seminary opened in 1948 and closed in 1988. The inn opened in the early 2000s.

August 3, 2021

Acquisitions Hospitality Texas

Napali Capital Acquires 152-Room Hilton-Branded Hotel in Dallas CBD

by Taylor Williams July 30, 2021

DALLAS — North Texas-based investment firm Napali Capital has acquired the 152-room Tru by Hilton Dallas Market Center hotel in the city’s central business district. The building was originally constructed in 1965 as a bank and until recently functioned as an office property. The building was converted to a hotel in January of this year following a gut renovation. Amenities include two food and beverage concepts, a 24/7 grab-and-go market, fitness center and a lobby with foosball, billiards and other games. The seller and sales price were not disclosed.

July 30, 2021

Development Hospitality Texas

Arch-Con Breaks Ground on 17-Story Fairfield Inn & Suites Hotel in Downtown Austin

by Taylor Williams July 29, 2021

AUSTIN, TEXAS — General contractor Arch-Con Corp. has broken ground on a 17-story Fairfield Inn & Suites hotel that will be located at 76 East Ave. in downtown Austin’s Rainey Street District. Developed by RGB Hospitality and designed by MCS Architects LLC, the property will feature 126 rooms, as well as a lobby, dining area, lounge and pantry market. The hotel’s top three floors will house a rooftop terrace, fitness center, pool, spa, multi-purpose room and a presidential suite. Completion is scheduled for late 2022.

July 29, 2021

Acquisitions Hospitality South Carolina Southeast

Lodging Partners Arranges Sale of Quality Inn & Suites Hotel in Myrtle Beach

by Julia Sanders July 28, 2021

MYRTLE BEACH, S.C. — Lodging Partners LLC has arranged the sale of Quality Inn & Suites Myrtle Beach, a 65-room hotel. Lodging Partners represented the undisclosed seller in the transaction. The sales price was not disclosed. The eight-story hotel sold to a regional owner and operator of select-service hotels. The property is located directly across the street from the Atlantic Ocean and 6.7 miles from Family Kingdom Amusement Park and Splashes Water Park and 7.5 miles from the Myrtle Beach Boardwalk. Quality Inn & Suites Myrtle Beach is the 20th hotel deal that Lodging Partners has been involved with in the Myrtle Beach market. Other recent sales completed in 2021 by Lodging Partners include the sale of three mid-market extended-stay hotels: the Affordable Corporate Suites located in Concord, Statesville and Kannapolis, N.C. Lodging Partners is a specialized hotel brokerage and advisory firm focused on the sale of select-service hospitality investment properties on behalf of institutional and private investors throughout the United States.

July 28, 2021

Development Hospitality Loans New York Northeast

Lightstone Group Receives $130M in Construction Financing for Manhattan Hotel Project

by Taylor Williams July 28, 2021

NEW YORK CITY — Locally based developer Lightstone Group has received $130 million in construction financing for Lightstone Moxy, a 303-room hotel that will be located on Manhattan’s Lower East Side. MSD Partners LP, an affiliate of the private investment firm of tech magnate Michael Dell, provided a $90 million senior loan for the 16-story project. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers, provided a $40 million mezzanine loan. Tao Hospitality Group will manage the hotel, which will feature multiple food and beverage concepts. Drew Anderman and Benjamin Nevid of Meridian Capital Group arranged the financing.

July 28, 2021

Hospitality Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Office

Qualified Labor, Healthy Tenant Demand Drive Life Sciences Development in Boston

by Taylor Williams July 28, 2021

By Brendan Carroll, director of research, Cushman & Wakefield The rapid emergence of greater Boston in the first two decades of the 21st century as a global center of advanced, technology-assisted biology has been followed by an even faster rate of growth since the start of the new decade. We have reached a critical mass in the greater Boston market, where we have developed a combination of skills, institutions and collaboration between companies that is supported and financed by an investor base that is qualified to evaluate the potential efficacy of new innovations. This landscape has created a self-propagating ecosystem for development and absorption of life sciences properties. The region’s large inventory of lab space has also evolved as a driver of new users into the market as biotechnology groups increasingly focus on speed to market for promising scientific breakthroughs. In response to these drivers, the inventory of biotechnology-focused laboratory space in greater Boston, which eclipsed 20 million square feet in 2016, is now on pace to reach 30.7 million square feet by 2023. Furthermore, the current inventory levels will likely approach and surpass 40 million square feet this decade, as a sizable set of projects are expected to move …

July 28, 2021

Development District of Columbia Hospitality Southeast

Joint Venture to Develop Hilton Hotel in D.C. as Part of 830,000 SF Mixed-Use Project

by Julia Sanders July 21, 2021

WASHINGTON, D.C. — Trammell Crow Co., High Street Residential and MetLife Investment Management have plans to develop a 203-room hotel in Washington, D.C., called The Morrow at Central Armature Works. The joint venture plans to partner with Hilton Worldwide Holdings Inc. on the hotel, which will be part of the Central Armature Works development, a 830,000-square-foot mixed-use development that broke ground in 2019. The Morrow at Central Armature Works is slated for completion during the second quarter of 2022. The hotel will have over 6,000 square feet of event space, a 5,000-square-foot outdoor event terrace, 15,000 square feet of indoor and outdoor food and beverage space and a rooftop lounge. Upon completion, Central Armature Works will feature three towers including two residential towers with 640 apartments and a separate tower for the Morrow hotel, located atop a 60,200-square-foot retail podium on the corner of Third and M streets. The project is located directly next to the NoMa/Galludet Metro station. Shalom Baranes Associates is the project’s architect, and Clark Construction is the general contractor. The developers plan for Central Armature Works to achieve LEED Silver certification.

July 21, 2021

Hospitality Loans Mississippi Southeast

Knighthead Funding Provides $12.1M Refinancing for Two Marriott Hotels Near Memphis

by Julia Sanders July 21, 2021

SOUTHAVEN, MISS. — Knighthead Funding LLC has provided a $12.1 million first mortgage loan to refinance two adjacent Marriott-branded hotels in the Memphis submarket of Southaven. The undisclosed borrower will use proceeds from the three-year, non-recourse loan to take out a maturing CMBS loan. The properties include a 78-room Residence Inn by Marriott located at 7165 Sleepy Hollow Drive and an 85-room Courtyard by Marriott located at 7225 Sleepy Hollow Drive. Located along Interstate 55, both properties are within 15 miles of Memphis International Airport, approximately 8.3 miles from Graceland and 15 miles from FedEx Forum. Both hotels have been updated, including renovations to guestrooms, lobbies and restaurants. Knighthead Funding LLC is a national real estate finance company based in New York.

July 21, 2021

Acquisitions Hospitality New York Northeast

Electra America Hospitality Group Buys 194-Room Roger New York Hotel

by Taylor Williams July 21, 2021

NEW YORK CITY — Electra America Hospitality Group, a joint venture between Florida-based private equity firm Electra Capital and hospitality operator AKA, has acquired the Roger New York hotel in Manhattan’s NoMad neighborhood. The 194-room boutique hotel sold for $19 million, or roughly $98,000 per room. The new ownership will invest $22 million in capital improvements and reopen the hotel in mid-2022 under the AKA brand. The seller was not disclosed.

July 21, 2021

Florida Hospitality Loans Southeast

Madison Realty Capital Provides $105M Acquisition Loan for Four Seasons Hotel Miami

by Julia Sanders July 19, 2021

MIAMI — Madison Realty Capital, a New York City-based private real estate equity firm, has provided a $105 million loan to Miami-based developer Fort Partners for the acquisition and renovation of the Four Seasons Hotel Miami located in the city’s Brickell district. Located at 1435 Brickell Ave., Four Seasons Hotel Miami is a 221-room hotel that anchors a 70-story, mixed-use tower. The tower also features Class A office space, residential condominiums, an Equinox health club, retail space and a parking garage. Fort Partners plans to renovate the property by enhancing room configurations, the pool deck and lobby, as well as upgrading the food and beverage options. Millennium Partners developed the property in 2003 and Handel Architects led the design. The acquisition marks the fourth Four Seasons property in Fort Partners’ South Florida portfolio alongside hotels located in Surfside, Fort Lauderdale and Palm Beach. In 2019, Madison Realty Capital provided a $210 million loan to Fort Partners for its construction of the Four Seasons Hotel and Private Residences Fort Lauderdale. Jim Dockerty, Kevin Davis and Mark Fisher of JLL arranged the financing on behalf of Fort Partners.

July 19, 2021

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