Hospitality

Koucar, Donohoe Open $58M Cambria Hotel in Southwest D.C.

by Julia Sanders February 17, 2021

WASHINGTON, D.C. — Cambria Hotel Washington DC Capitol Riverfront has opened in southwest Washington, D.C. Michigan-based Koucar Management and Donohoe Cos. Inc. co-developed the nine-story, 154-room property. BBGM Architects and DiLeonardo designed the hotel, which is valued at $58 million. The Cambria Hotel Washington DC Capitol Riverfront hotel is located at 69 Q St., SW, about 1.4 miles from the National Mall and 6.1 miles from the Ronald Reagan Washington National Airport. The hotel is near the Anacostia River. The hotel’s amenities include guest rooms with spa-style bathrooms, 24-hour room service, a fitness center, full-service restaurant with patio seating and 1,500 square feet of meeting space. The property also has a 3,500-square-foot rooftop terrace offering skyline views. Cambria is a hotel flag under Choice Hotels International. An official grand opening celebration at the hotel will be held later in 2021.

February 17, 2021

Company News District of Columbia Hospitality Southeast

Marriott International President, CEO Arne Sorenson Dies at Age 62

by Julia Sanders February 17, 2021

BETHESDA, MD. — Arne Sorenson, president and CEO of Marriott International (NASDAQ: MAR), died on February 15 due to complications from pancreatic cancer. Sorenson was 62. Sorenson became the third CEO in Marriott’s history in 2021. Over his time at Marriott, Sorenson put the company on a strong growth track that included the $13 billion acquisition of Starwood Hotels & Resorts. “Arne was an exceptional executive — but more than that — he was an exceptional human being,” said J.W. Marriott, Jr., executive chairman and chairman of the board. “Arne loved every aspect of this business and relished time spent touring our hotels and meeting associates around the world. He had an uncanny ability to anticipate where the hospitality industry was headed and position Marriott for growth. But the roles he relished the most were as husband, father, brother and friend.” Sorenson was passionate about national and global issues, as he steered Marriott to make significant progress on diversity, equity and inclusion, environmental sustainability and human trafficking awareness. He had to reduce his schedule at the beginning of February to continue his cancer treatments. Stephanie Linnartz and Tony Capuano will continue to oversee day-to-day operations and corporate functions until Marriott’s …

February 17, 2021

Acquisitions Hospitality Texas

NewcrestImage Sells 132-Room Hyatt House Hotel in Frisco

by Taylor Williams February 17, 2021

FRISCO, TEXAS — Locally based hospitality developer NewcrestImage has sold the 132-room Hyatt House hotel in Frisco. The pet-friendly hotel offers amenities such as a fitness center, pool, business center, meeting rooms and a complimentary breakfast. NewcrestImage sold the property, which it completed in 2016, to an undisclosed hospitality group based in the Northeast.

February 17, 2021

California Company News Hospitality Western

ACORE Raises $1B to Launch North American Hospitality Rescue Capital Investments

by Amy Works February 17, 2021

SAN FRANCISCO — ACORE Capital, a global credit manager focused on commercial real estate lending, has raised $1 billion to launch ACORE Hospitality Partners (AHP). Backed by a group of institutions, AHP is an investment strategy focused on providing North American hotel operators with rescue capital to navigate the ongoing COVID-19 pandemic. AHP’s strategy is to originate and acquire structured hotel debt investments, including senior and mezzanine loans, B-notes and preferred equity. The investment strategy will invest across the entire spectrum of hotel types, ranging from high-end luxury resorts to smaller limited-service hotels, focusing on assets in high-barrier markets with compelling rebound characteristics. “The pandemic has had a disproportionate and historic impact on the lodging industry leading to unprecedented distress and liquidity issues for hotel owners,” says Warren de Haan, managing partner at ACORE. “We formed ACORE Hospitality Partners to solve this liquidity crisis by providing hotel owners with the capital they require to continue operations and keep people working.” AHP will benefit from ACORE’s extensive experience originating and managing debt investments. Since its inception in 2015, ACORE has originated more than $4.2 billion of hospitality investments. The ACORE team includes more than 80 commercial real estate finance professionals that …

February 17, 2021

Acquisitions Hospitality Louisiana Southeast

HREC Brokers Sale of Sheraton Galleria Metairie Hotel in Metairie, Louisiana

by John Nelson February 15, 2021

METAIRIE, LA. — HREC Investment Advisors has brokered the sale of the 181-unit Sheraton Galleria Metairie Hotel located in Metairie. Len Wormser of HREC exclusively represented the seller, Hotel Capital LLC, in the transaction. Barry Swanson, Michael Salloway, Ketan Patel and Scott Stephens of HREC assisted in the transaction as well. The buyer, Atlanta-based Generation Hospitality, will manage the hotel. The sales price was not disclosed. The Sheraton Galleria Metairie Hotel is located at Four Galleria Blvd. and is five miles from the New Orleans Botanical Garden and seven miles from Louis Armstrong New Orleans International Airport. The property’s rooms feature free Wi-Fi, flat-screen TVs, mini fridges, safes and coffeemakers, as well as room service. Other hotel amenities include a restaurant/bar, a convenience shop, gym, rooftop pool and event space. Hotel Capital LLC is an Indianapolis-based, private equity real estate investment firm.

February 15, 2021

Hospitality Illinois Loans Midwest

Owner of Residence Inn Chicago Hotel Receives $141M Refinancing Loan

by Kristin Harlow February 12, 2021

CHICAGO — Prime LaSalle/Madison Partners (PLMP) has received $141 million for the refinancing of the 381-room Residence Inn Chicago Downtown hotel located at 11 S. LaSalle St. The hotel opened in September 2015 upon completion of the adaptive reuse of the 38-story Roanoke Building & Tower, a historic property built in three phases from 1915 to 1925. It was constructed originally as the Lumber Exchange Building and also served as a late Chicago school. The Prime Group Inc. and Michael Reschke own and control PLMP. Proceeds of the financing were used to repay the senior loan and preferred equity financing originally funded to acquire and construct the hotel; to establish reserves for working capital, interest and other items; and to pay fees and transaction costs. Loan terms were not disclosed.

February 12, 2021

Development Hospitality Northeast Pennsylvania

Keystone Property Group Begins Development of 127-Room Hilton-Branded Hotel Near Philadelphia

by Taylor Williams February 12, 2021

CONSHOHOCKEN, PA. — Keystone Property Group has begun development of Hotel West +Main, a 127-room hotel in the northern Philadelphia suburb of Conshohocken that will be operated under the Tapestry Collection by Hilton brand. Keystone has partnered with Concord Hospitality Enterprises to develop and operate the boutique hotel, which is part of the 520,000-square-foot SORA West mixed-use development. The hotel is expected to open in the second half of 2022.

February 12, 2021

Development Hospitality Life Sciences Massachusetts Northeast Office

DivcoWest Tops Off 480,000 SF Life Sciences Building at Cambridge Crossing

by Taylor Williams February 11, 2021

BOSTON — DivcoWest has topped off a 480,000-square-foot life sciences building at 250 Water St. within Cambridge Crossing, a 43-acre mixed-use development that is located at the intersection of the cities of Boston, Cambridge and Somerville. Global biopharmaceutical firm Bristol Myers Squibb has preleased 360,000 square feet at the building, which is expected to be complete in the first quarter of 2022. Other life sciences users at Cambridge Crossing include Sanofi and Cerevel Therapeutics.

February 11, 2021

Development Hospitality Southeast Top Stories Virginia

Marriott International Plans $250M Hotel in Reston Station Near Washington, D.C.

by Jeff Shaw February 11, 2021

RESTON, Va. — Marriott International (NASDAQ: MAR) has unveiled plans for a $250 million luxury JW Marriott hotel in Reston, located between Washington, D.C. and Dulles International Airport. The building will rise 26 stories, featuring 250 guestrooms, 90 for-sale residential units, 15,000 square feet of meeting space, two restaurants, an executive lounge, swimming pool and fitness center. Marriott reached a franchise agreement with Comstock Holdings Cos. (NASDAQ: CHCI) to make the hotel the centerpiece for the next phase of Comstock’s Reston Station development. The hotel will anchor the Reston Row District, the newest section of the 60-acre, mixed-use, transit-oriented project. Reston Row District is located adjacent to Reston’s first Silver Line station, offering public transportation to D.C. via the Washington Metropolitan Area Transit Authority. When completed, Reston Row District will feature two office towers totaling approximately 500,000 square feet; a 350-unit multifamily building; 65,000 square feet of retail, service and fitness spaces; and a 2,500-space underground parking garage, all surrounding a 1.2-acre central park. The for-sale JW Marriott Residences Reston units will be served by a separate residential lobby entrance and located on the upper floors of the tower. This portion of the building will offer separate spaces and amenities …

February 11, 2021

Acquisitions Colorado Hospitality Loans Western

PCCP Provides $30.2M Acquisition Loan for Hotel Indigo in Downtown Denver

by Amy Works February 10, 2021

DENVER — PCCP has provided a $30.2 million loan to Colorado-based McWhinney for the acquisition of Hotel Indigo Denver Downtown, a full-service hotel located at 1801 Wewatta St. in Denver. Built in 2017 as part of the Union Tower West Development, the hotel features 180 guest rooms, 1,400 square feet of meeting space, a fitness center, business center and small pantry shop. Additionally, the hotel includes an 85-seat restaurant that the new ownership will re-concept to cater to both hotel visitors and local customers.

February 10, 2021

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