Hospitality

Royal Caribbean, Port of Galveston Move Forward with $100M Cruise Ship Terminal in Texas

by Taylor Williams March 16, 2021

GALVESTON, TEXAS — A public-private partnership between Royal Caribbean International and the Port of Galveston, located in Southeast Texas, is moving forward with development of a new $100 million cruise ship terminal. The partnership will develop the two-story property within an eastern section of the port known as Pier 10 and will harbor one of the Miami-based cruise line’s largest ships, the Allure of the Seas. Construction of the facility, which will span approximately 170,000 square feet and 10 acres, is set to begin in April for completion in fall 2022. The project was originally announced in December 2019. At that time, construction was expected to begin in April 2020 and wrap up in fall 2021. Those plans were significantly delayed by the outbreak of COVID-19, which hurt the cruise industry as part of the larger hospitality sector. The facility will feature state-of-the-art technology, including mobile check-in and facial recognition platforms to expedite guests’ arrival. The plans also include a staging and loading area; bus and taxi staging areas; and substantial parking space. The terminal is designed to meet LEED certification standards. The partnership between Royal Caribbean and the Port of Galveston dates back to 2002, when the luxury cruise …

March 16, 2021

Acquisitions Company News Hospitality North Carolina Southeast Top Stories

Blackstone, Starwood Capital Agree to Purchase Hotel Giant Extended Stay America for $6B

by John Nelson March 15, 2021

CHARLOTTE, N.C. — Blackstone Real Estate Partners and Starwood Capital Group have agreed to form a 50/50 joint venture to acquire Extended Stay America (NYSE: STAY) in a deal valued at $6 billion. Barry Sternlicht, CEO of Starwood Capital (NYSE: STWD), cited Extended Stay America’s performance amid the COVID-19 pandemic as a key factor behind the acquisition. “Extended Stay has demonstrated resilience over the past year despite persistent challenges due to government lockdowns and travel restrictions,” says Sternlicht. “We are excited about the company’s growth opportunity as restrictions ease and we’re confident that, in partnership with Blackstone, our team has the right experience to drive continued success.” “Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model,” adds Tyler Henritze, Blackstone’s head of U.S. acquisitions. The Charlotte-based hotel owner operates 649 Extended Stay America hotels in the United States spanning over 69,000 rooms. The company’s subsidiary, hospitality REIT ESH Hospitality Inc., owns 563 of those hotels. The remaining 86 properties are franchised, according to Extended Stay America’s fourth-quarter 2020 earnings report. Blackstone and Starwood Capital’s cash offer is for $19.50 per share, a premium of 15.1 percent to Extended Stay …

March 15, 2021

Acquisitions Florida Hospitality Southeast

Hersha Hospitality Trust Sells 140-Room Hotel in Miami’s Coconut Grove Neighborhood

by Julia Sanders March 12, 2021

MIAMI — Hersha Hospitality Trust has sold the Residence Inn by Marriott, a three-building, 140-room hotel at 2835 Tigertail Ave. in Miami’s Coconut Grove neighborhood. John Crotty, Michael Fay, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth of Avison Young represented the seller in the transaction. AB Asset Management purchased the hotel for an undisclosed price. Situated at the intersection of Tigertail Avenue and Mary Street, the hotel sits on over two acres. The property is 14 miles from Miami Beach and 5.6 miles from Miami International Airport.

March 12, 2021

Development Hospitality Texas

White Lodging Opens 613-Room Marriott-Branded Hotel in Downtown Austin

by Taylor Williams March 12, 2021

AUSTIN, TEXAS — Indiana-based hospitality development and management firm White Lodging has opened the Austin Marriott Downtown, a 613-room hotel located at 304 E. Cesar Chavez St. in the state capital. In addition to the guestrooms, the 31-story building houses 25 suites, four food and beverage concepts and 60,000 square feet of meeting and event space. Additional amenities include a pool and a fitness center.

March 12, 2021

Acquisitions Hospitality Massachusetts Northeast

Hersha Hospitality Trust Sells 112-Room Holiday Inn Hotel in Cambridge

by Taylor Williams March 12, 2021

CAMBRIDGE, MASS. — Pennsylvania-based Hersha Hospitality Trust has sold the 112-room Holiday Inn Express & Suites Boston, located at 250 Monsignor O’Brien Highway in Cambridge. Cyrus Vazifdar, Jay Morrow, Michael Tormey and Alex Yiankes of Hodges Ward Elliott (HWE) represented Hersha Hospitality in the transaction. Additionally, HWE’s capital markets team sourced acquisition financing for the undisclosed buyer.

March 12, 2021

Development Florida Hospitality Southeast

SH Hotels & Resorts to Open 62-Story Treehouse Hotel in Miami’s Brickell District

by Julia Sanders March 10, 2021

MIAMI — SH Hotels & Resorts, an affiliate of global private investment firm Starwood Capital Group led by Barry Sternlicht, will open the Treehouse Hotel in Miami’s Brickell district in 2023. Rockwell Group and SHoP Architects are the designers of the development, which will be the first U.S. Treehouse Hotel. The first Treehouse Hotel debuted in London in 2019. Treehouse Brickell will be a 62-story hotel with 191 rooms. The property is filled with repurposed materials and found objects, like reclaimed flooring, wood beams and mismatched lighting. The hotel will feature two rooftop pools, with several bar and snack options. The main dining area will have a designated terrace and private bar. Treehouse Hotel has environmentally conscious features including rainwater harvesting and reuse, low-carbon energy materials, electric car recharging stations and bike parking. JDS Development Group is a team of innovators and builders based in New York. Rockwell Group is an architecture and design firm based in New York.

March 10, 2021

Bohler Development Georgia Hospitality Southeast

Legacy Ventures Opens Hyatt House Atlanta Perimeter Center Ahead of Schedule

by Julia Sanders March 8, 2021

SANDY SPRINGS, GA. — Legacy Ventures has opened Hyatt House Atlanta Perimeter Center located in Sandy Springs’ “Pill Hill” medical district a full two months ahead of schedule. The extended-stay hotel has 186 rooms and seeks to bring hospitality to patients and professionals visiting the area. The Hyatt House’s location benefits from The Simpson Organization’s redevelopment of Peachtree Dunwoody Pavilion, newly renamed Altmore, into a more mixed-use and walkable environment. The development features a pedestrian bridge directly to MARTA’s Medical Center Station, and Simpson also plans to add multifamily housing and a multi-use trail in a later phase of the development. The project team included Bohler, a landscape consultant and tech design services engineering firm based in Warren, N.J., as well as Atlanta-based firms Choate Construction and Cooper Carry. Bohler helped bring the project to completion ahead of schedule by looking beyond design to consider constructability and identifying potential risks and creative solutions. Hyatt House Atlanta Perimeter Center is Legacy Ventures’ fourth ground-up hotel developed in the greater Atlanta area. Ameris Bank provided the construction financing for the project.

March 8, 2021

Acquisitions Hospitality Utah Western

Hodges Ward Elliott Arranges Receivership Sale of 85-Room TownePlace Suites in Vernal, Utah

by Amy Works March 8, 2021

VERNAL, UTAH — Hodges Ward Elliott has brokered the sale of TownePlace Suites, a hotel in Vernal, located in the northeastern portion of the state near the Colorado and Wyoming borders. Terms of the transaction were not released. Clint Hodges, B.J. Patel and Cory Carter of Hodges Ward Elliott advised the special servicer in the receivership sale of the 85-key hotel, which was marketed on the Ten-X auction platform. The hotel features contemporary guest room amenities, a fitness center and business center.

March 8, 2021

Features Hospitality Multifamily

Lenders See Opportunity Amid Adversity, Forecast Survey Reveals

by Sarah Daniels March 3, 2021

By Matt Valley Despite a tumultuous 2020, a year in which the country was turned upside down by a deadly pandemic that led to economic upheaval, the commercial real estate lending community overwhelmingly believes brighter days are ahead on the business front. France Media’s 2021 forecast survey of direct lenders and financial intermediaries nationally reveals that 84 percent of respondents expect the total dollar amount of commercial and multifamily loans closed by their firm this year to increase when compared with 2020 deal volume. Only 6 percent of survey respondents anticipate business volume will decrease at their firm on a year-over-year basis, and 10 percent project business volume will remain the same. “I expect our loan volume to increase by 50 percent in 2021 versus 2020, as many lenders were unable to make decisions or even set loan policies during COVID,” says Ben Kadish, president of Maverick Commercial Mortgage, a Chicago-based mortgage banking firm. “As the vaccine process expands, and the world opens up, lending for more property types will expand. Some lenders will start looking at retail, office and hospitality now.” As of late February the death toll in the United States from COVID-19 had surpassed 500,000, according to …

March 3, 2021

Development Georgia Hospitality Southeast

CGI Merchant Group Invests $30M to Develop New Hotel, Training Center at Morris Brown College in Atlanta

by Julia Sanders March 3, 2021

ATLANTA — CGI Merchant Group LLC (CGI), a global investment management firm, will invest $30 million to convert existing facilities at Morris Brown College in Atlanta into an upscale, 150-room hotel and hospitality management training complex. Construction of the 90,000-square-foot facility is expected to begin later this year. The investment was made through CGI’s new $650 million Hospitality Opportunity Fund, whose goal is to acquire 20 hotels in North America and the Caribbean over the next three years. Morris Brown was founded in 1881 and is the first college in Georgia to be owned and operated by African Americans. The college is located within a one-mile radius from other Historically Black College and Universities (HBCU) Morehouse College, Spelman College and Clark Atlanta University. The campus sits next to Mercedes Benz Stadium, home arena of the Atlanta Falcons and Atlanta United. The hotel, which will be branded under the Tapestry Collection by Hilton, will feature two food and beverage outlets, an outdoor terrace and instructional space for the school’s hospitality students. With this investment, Morris Brown is the only HBCU nationwide with both a flagged hotel and a hospitality management training program on its campus. Hilton Worldwide Holdings Inc. will serve …

March 3, 2021

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