Hospitality

JLL Brokers Sale of Suncadia Resort in Cle Elum, Washington

by Amy Works August 20, 2021

CLE ELUM, WASH. — JLL’s Hotel & Hospitality Group has arranged the sale of Suncadia, a resort community with hotel and residential components in Cle Elum, approximately 90 miles east of Seattle. Funds managed by Oaktreee Capital Management sold the asset. Terms of the transaction were not released. Situated on 6,400 acres, the resort features the 254-room Lodge at Suncadia; the 18-room Inn at Suncadia; five food and beverage outlets; multiple event spaces and meeting rooms; a swim club and fitness center; and a spa and wellness center. The resort also offers three mountain golf courses: the 7,100-yard, 18-hole Prospector Golf Course; the 7,300-yard, 18-hole Rope Rider Golf Course; and the private Tumble Creek Golf Course. The current ownership expects to sell additional units across the Suncadia resort and its sister community, Tumble Creek, which is located across the Cle Elum River. John Strauss, Tony Musico, Melvin Chu and Tatiana Hodapp of JLL Hotels & Hospitality represented the seller in the transaction.

August 20, 2021

Acquisitions Hospitality Northeast Pennsylvania

HREC Negotiates Sale of 179-Room Crowne Plaza Suites Hotel in Pittsburgh

by Taylor Williams August 20, 2021

PITTSBURGH — HREC Investment Advisors has negotiated the sale of Crowne Plaza Suites Pittsburgh South, a 179-room hotel located about seven miles from the downtown area. The property offers a pool, fitness center, business center, restaurant and bar and indoor and outdoor event space. Phil White and Mark von Dwingelo of HREC represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.

August 20, 2021

Company News Hospitality Illinois Midwest Top Stories

Hyatt Agrees to Acquire Hospitality Operator Apple Leisure Group for $2.7B

by Taylor Williams August 16, 2021

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire Apple Leisure Group (ALG), a Pennsylvania-based firm that specializes in third-party operations of luxury wellness resorts, for $2.7 billion. The transaction comes as part of the Chicago-based hotel giant’s initiative to sell off $2 billion in real estate holdings by the end of 2024 and focus its growth strategy on the operations side of the hospitality business. Hyatt expects to sell $1.5 billion of its real estate assets by the end of this year, which would result in more than $3 billion in sales since the strategy was announced in 2017. Mark Hoplamazian, Hyatt president and CEO, notes that under this strategy, he expects that 80 percent of the company’s revenue stream will be fee-based earnings by the end of 2024. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint,” says Hoplamazian. “ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets, including Europe, and further accelerate our industry-leading net rooms growth.” ALG’s operations portfolio spans 33,000 rooms across 100 properties in 10 countries. ALG’s resort brand management platform AMResorts provides …

August 16, 2021

Development Hospitality Texas

SRH Hospitality, SkyWalker to Develop 182-Room AC Hotel by Marriott in Downtown Waco

by Taylor Williams August 12, 2021

WACO, TEXAS — Developer SRH Hospitality Holdings LLC and SkyWalker Property Partners will develop a 182-room hotel in Waco that will be operated under the AC Hotels by Marriott brand. The five-story building will be located within a Qualified Opportunity Zone in the downtown area. Amenities will include a 16,900-square-foot conference center with breakout rooms and an adjoining 4,000-square-foot poolside terrace, as well as a 7,700-square-foot ballroom. Rogers O’Brien Construction Co. is the general contractor for the project, construction of which is scheduled to begin this month and to be complete in June 2023. Other project partners include NORR (architect of record), Design Force Corp. and Wild Muse Interiors (interior designers) and Happy State Bank and Petros PACE Finance (construction lenders).

August 12, 2021

Hospitality Loans Southeast Tennessee

Arriba Capital Provides $18.5M Construction Loan for New Hotel in Nashville

by Julia Sanders August 11, 2021

NASHVILLE, TENN. — Arriba Capital has provided an $18.5 million construction loan for a new Hyatt Place hotel in Nashville. In addition to the construction loan, Arriba arranged a complex ground lease on the property. Hyatt Place hotel will have 130 rooms with an average size of 350 square feet. One of the hotel amenities includes a fitness center. The borrower, Rev Par Cos., is a privately held hospitality management and development group based in the Southeast. Scottsdale, Ariz.-based Arriba Capital has financed multiple projects for the borrower.

August 11, 2021

Acquisitions Hospitality Texas

Host Hotels & Resorts Buys Former Hotel Alessandra in Downtown Houston for $65M

by Taylor Williams August 11, 2021

HOUSTON — Host Hotels & Resorts Inc., a Maryland-based hospitality REIT, has purchased the former Hotel Alessandra, a 223-room shuttered property in downtown Houston, for $65 million. According to the Houston Chronicle, locally based firm Midway originally developed the hotel and completed it in 2017. Prior to closing, Hotel Alessandra featured a pool, spa and food and beverage concepts. Host Hotels & Resorts disclosed the purchase as part of its second-quarter earnings report but did not share plans for the future of the property.

August 11, 2021

Acquisitions Hospitality Southeast Virginia

Apple Hospitality REIT Sells National Portfolio of Select-Service Hotels for $211M

by Julia Sanders August 10, 2021

RICHMOND, VA. — Apple Hospitality REIT, a publicly traded hotel REIT based in Richmond, has sold 20 select-service hotels for $211 million. The portfolio includes 11 Marriott-branded hotels and nine Hilton-branded hotels. The buyer is a joint venture between San Francisco-based Flynn Properties Inc. and Minneapolis-based Värde Partners. The 20 hotel properties are located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest. Flynn Properties will assume property management duties and oversee capital improvements at the hotel over the next few years. With this acquisition, Flynn Properties’ select-service hotel portfolio increases to 26 properties. Flynn Properties, a division of Flynn Holdings, recently bought six Marriott Courtyards and four luxury resorts. Värde Partners is a global alternative investment firm whose investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.

August 10, 2021

Acquisitions Hospitality Illinois Midwest

Oxford Capital Acquires 247-Room Thompson Chicago Hotel

by Kristin Harlow August 5, 2021

CHICAGO — Oxford Capital Group LLC has acquired the 247-room, luxury lifestyle hotel known as Thompson Chicago in the city’s Gold Coast neighborhood. Oxford’s wholly owned affiliate, Oxford Hotels & Resorts LLC, assumes management of the property effective immediately. Thompson Chicago will remain affiliated with Hyatt’s luxury lifestyle hotel brand Thompson Hotels. The property originally opened in 2013. Oxford plans to revamp the hotel’s ground-floor restaurant, Nico Osteria. The hotel is also home to 12,000 square feet of meeting and event space, private suites and a fitness center. A joint venture between Walton Street Capital and AJ Capital Partners sold the hotel for around $70 million, according to Crain’s Chicago Business.

August 5, 2021

Acquisitions Hospitality Nevada New York Northeast Top Stories Western

VICI Properties to Acquire MGM Growth Properties for $17.2B

by Kristin Harlow August 4, 2021

NEW YORK CITY AND LAS VEGAS — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across the country to VICI’s portfolio, comprising 33,000 hotel rooms; 3.6 million square feet of meeting and convention space; and hundreds of food, beverage and entertainment venues. The deal represents an estimated 30 to 40 percent discount to replacement cost. The move will solidify VICI as the largest experiential net-lease REIT, while also advancing its goals of portfolio enhancement and diversification, according to the company. Following the transaction, approximately 55 percent of VICI’s rent base will be generated by market-leading regional properties, while the remaining 45 percent will come from properties on the Las Vegas Strip. Simultaneous with the closing of the transaction, VICI will enter into an amended …

August 4, 2021

Acquisitions Hospitality Michigan Midwest

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

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