BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of the 53-room Econo Lodge Inn & Suites Beaumont hotel. The property was listed for $3.3 million. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was an undisclosed, California-based private investor.
MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …
SAN ANTONIO — USAA Real Estate has sold La Cantera Resort & Spa, a 630-acre hospitality property located within the 1,700-acre La Cantera master-planned community in San Antonio. The property consists of 496 guestrooms and suites, including 34 villas, 127,000 square feet of indoor and outdoor meeting and event space, five pools, two 18-hole golf courses and multiple food and beverage concepts. USAA originally developed the resort in 1999 and renovated its various amenities between 2015 and 2016. Redwood City, Calif.-based Ohana Real Estate Investors purchased the property for an undisclosed price.
WOODWARD, OKLA. — Marcus & Millichap has arranged the sale of the Holiday Inn Express & Suites Woodward, an 89-room hotel located in the northwestern part of the state. The property was built in 2006 and offers amenities such as a pool, fitness center and a business center. Matt Omansky, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, Miami-based Rialto Capital, in the transaction. The trio also secured an undisclosed private investor as the buyer.
HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $22 million sale of a hotel and multifamily property located at 50 Morgan St. in Hartford. The 18-story building was originally constructed in 1971 as a 350-room hotel and currently houses 150 hotel rooms and 96 apartments following a recent conversion. The buyer, a partnership between Alexa Group and Shelbourne International, plan to reposition the remaining 150 hotel rooms into 164 apartments, bringing the total number of residences to 260. The new owners will also convert existing banquet space into an amenity area with a fitness center and coworking lounge and add a 380-space parking garage and a pool with a sun deck. Rick Chozick and Tom Boyle of Chozick Realty represented the seller, DW Capital, in the transaction and procured the buyer.
DAYTONA BEACH, FLA. — Avison Young has secured a $30 million construction loan with an undisclosed bank to develop MAX Daytona, a 72-unit vacation rental project at 1901 S. Atlantic Ave. in Daytona Beach. George Vail of Avison Young and his team sourced the loan on behalf of Bayshore Capital Inc., a Toronto-based real estate development and investment firm. Bayshore Capital acquired land with over 2,100 linear feet along the Atlantic Ocean, including the MAX Daytona site, as well as five acres of commercial property west of State Road A1A. MAX Daytona will feature a full-height glass exterior, open floor plans with private outdoor living space, rooftop terraces, mobile and contactless self-check-in and cloud-based operations.
SAN ANTONIO — A partnership between hospitality management firm Scarlett Hotel Group (SHG), which has offices in Chicago and Nashville, and Denver-based private equity firm Trailbreak Partners has purchased the former Wyndham San Antonio RiverWalk Hotel. The new ownership is planning a $50 million capital improvement program of the 21-story, 390-room hotel, which originally opened as an office building in 1958. Planned renovations include upgrades to the 40,000 square feet of meeting space and enhanced food and beverage options, as well as the addition of nearly 3,000 square feet of dining/restaurant space and luxury rooftop amenities. In addition, the hotel will be operated under the InterContinental Hotel Group (IHG) family of brands moving forward. Completion of the project is slated for early 2023.
BOSTON — Locally based developer Carpenter & Co. has completed the Four Seasons Hotel & Private Residences One Dalton Street, a 61-story tower located in Boston’s Back Bay neighborhood. Designed by Pei Cobb Freed and Cambridge Seven Associates, the building consists of 160 for-sale private residences that are situated atop 215 hotel rooms. Residential units include one-bedroom homes and duplex penthouses. Residents and guests have access to shared amenities such as a lounge, an indoor pool, fitness center, spa, yoga and Pilates studios, golf simulator room with a wet bar, theater and performance room, meeting facilities and a pet washing station. The building also houses three food and beverage concepts, including contemporary Japanese restaurant Zuma, craft cocktail bar Trifecta and One + One, a concept managed by Four Seasons.
SUNRISE, FLA. — Madison Realty Capital has provided a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a 10-acre development site, on which the borrower plans to develop a second 250-unit multifamily tower. The development portfolio is part of Metropica, a four million-square-foot master planned community including residences, office towers and retail offerings located in Sunrise, Florida. Metropica Development, led by Joseph Kavana, began construction of the first 263-unit luxury condominium tower in 2017 and has sold 174 units to date. The loan will be used to support 89 units, representing 101,989 square feet on the upper floors of the first condominium tower as well as the new development. In addition to the condominium towers, the Metropica master-planned development will include 500 multifamily units, 550,000 square feet of commercial space for retail, dining and entertainment retailers, and 246 hotel rooms. Located at 2000 Metropica Way, the 28-story Metropica Tower is adjacent to the Sawgrass Mills shopping mall and BB&T Center. The tower offers luxury residences with an average of 1,034 square feet. Oppenheim Architecture and YOO Studio were the designers. The tower’s amenities include a saltwater swimming pool, lounges, movie theater, fitness center, massage …
BOSTON — The Ritz-Carlton has reopened its 193-room hotel at 10 Avery St. in downtown Boston following Massachusetts Gov. Charlie Baker’s decision to lift COVID-19 restrictions in advance of Memorial Day. The reopening of the hotel includes the return of Artisan Bistro for breakfast and dinner service, as well as the hotel’s nine meeting rooms, including the 3,500-square-foot ballroom that overlooks the Boston Common. The hotel, which has been closed since March 20202, has added multiple cleaning stations, supplies and protocols for common areas and guestrooms. Guests and staff will be required to wear masks in all indoor public spaces. In addition to the aforementioned amenities, guests will also have access to the 114,000-square-foot Equinox Sports Club Boston that connects to the hotel.