Hospitality

NewcrestImage, Canterbury Hotel Group Open 125-Key Hyatt House Portland/Beaverton

by Amy Works February 10, 2021

BEAVERTON, ORE. — A joint venture between Dallas-based NewcrestImage and Portland-based Centerbury Hotel Group has opened Hyatt House Portland/Beaverton. The hotel is located at 12820 SW Crescent St. in Beaverton, approximately seven miles west of downtown Portland. Situated in the downtown area, the property features 125 guest rooms, including 13 apartment-style suites with fully equipped kitchens and separate living spaces. Additional hotel amenities include two indoor lounges, an outdoor patio and barbecue area, 635-square-foot meeting room, 24-hour gym and mini-market. The Hyatt House in Beaverton marks the first joint venture for the companies. NewcrestImage currently owns and operates 30 hotels nationwide, and Canterbury Hotel Group has a portfolio of 10 hotels in the Pacific Northwest.

February 10, 2021

District of Columbia Healthcare Hospitality Industrial Loans Multifamily Office Retail Southeast

MBA: Commercial, Multifamily Borrowing Falls 18 Percent in Fourth-Quarter 2020

by John Nelson February 9, 2021

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations were 18 percent lower in the fourth quarter of 2020 compared to a year ago, and increased 76 percent from the third quarter of 2020, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A decrease in originations for hotel, retail, office and healthcare properties led the overall decline in lending volumes when compared to the fourth quarter of 2019. There was a 79 percent year-over-year decrease in the dollar volume of loans for hotel properties, 72 percent dip for retail properties, 6 percent decline for office properties and a 12 percent decrease for healthcare properties. Industrial property loan originations increased 15 percent, while multifamily property lending rose 14 percent. Jamie Woodwell, MBA’s vice president of commercial research, says that unsurprisingly the data shows that the property types most affected by the pandemic struggled to transact. “Borrowing and lending remain weakest for the property types most impacted by the pandemic — particularly hotel and retail buildings,” says Woodwell. “Multifamily, led by government-backed financing from FHA, Freddie Mac and Fannie Mae, continued to see the strongest commercial mortgage activity.” Among investor types, the dollar volume of loans …

February 9, 2021

Acquisitions Florida Hospitality Southeast

Hodges Ward Elliott Arranges Sale of 486-Room Sheraton Lake Buena Vista Resort in Orlando

by John Nelson February 8, 2021

ORLANDO, FLA. — Hodges Ward Elliott (HWE) has arranged the sale of Sheraton Lake Buena Vista Resort, a 486-room hotel located at 12205 S Apopka Vineland Road in Orlando. Mark Elliott, Daniel Peek, Rudy Reudelhuber and Alexandra Lalos of HWE represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. The seller previously implemented an extensive multimillion-dollar renovation to upgrade the property to a resort-style complex. The Sheraton Lake Buena Vista Resort is located one mile from Walt Disney World. The property offers numerous guest amenities including four restaurants, two outdoor pools and a full-service spa. In addition, the resort features two bars/lounges, a 24-hour fitness center, a poolside bar and free transportation to all Disney theme parks. Hodges Ward Elliott is a hospitability brokerage firm based in Atlanta.

February 8, 2021

Development Hospitality Midwest Ohio

Shaner Hotels Opens 145-Room SpringHill Suites Property in Dublin, Ohio

by Kristin Harlow February 5, 2021

DUBLIN, OHIO — Shaner Hotels has opened a 145-room SpringHill Suites by Marriott hotel in Dublin’s Bridge Park. Shaner will operate the hotel in partnership with Crawford Hoying, a real estate developer headquartered in Central Ohio. The all-suite hotel features complimentary breakfast, a fitness center, lobby bar and 840 square feet of meeting space. Bridge Park is a 30-acre development along the Scioto River, about 18 miles northwest of Columbus, that features residential, retail, office and green space.

February 5, 2021

Development Hospitality Michigan Midwest Multifamily

Barbat Holdings Completes Transformation of Former Archdiocese Building in Detroit, Leases to Sonder

by Kristin Harlow February 4, 2021

DETROIT — Barbat Holdings LLC, a West Bloomfield-based development firm, has completed the transformation and revitalization of 305 Michigan Ave. in Detroit. Now known as Gabriel Houze, the 100,000-square-foot, 10-story property is located in the city’s central business district across from the Westin Book Cadillac. Built in 1915 and formerly known as the Gabriel Richard Building, the property housed the Archdiocese of Detroit for over 50 years. Furniture store Weil & Co. first occupied the property upon its opening. CIBC financed the project in partnership with Invest Detroit. Sonder USA Inc., a residential hospitality concept that offers short-term rentals, has leased the entire building except for 8,000 square feet of retail space on the ground floor. Sonder will offer 125 units for lease. The Houze Living brand is a subsidiary of Barbat Holdings. The developer expects to complete Montgomery Houze in Ann Arbor and Birmingham Houze in Birmingham this summer.

February 4, 2021

Acquisitions Florida Hospitality Southeast

Casa Hotels Group Purchases Eva Hotel in Miami Beach for $8.1M

by John Nelson February 3, 2021

MIAMI BEACH, FLA. — An affiliate of Casa Hotels Group has purchased a 30-room hotel in Miami Beach known as the Eva Hotel. CBRE facilitated the $8.1 million sale of the property, which features a fast-casual restaurant and covered parking. Natalie Castillo and Joshua Beene of CBRE represented the seller, Lender West LLC, in the transaction. The Eva Hotel is located at 1506 Collins Ave., between the shopping and entertainment enclaves of Lincoln Road and Española Way and just across the street from the northernmost point of Ocean Drive. The property is situated a half-block from the beach and five miles away from Miami International Airport. The Eva Hotel was originally built in 1962 and last renovated in 2016. The Casa Hotels Group plans to renovate the property before reopening in 2022.

February 3, 2021

Colorado Company News Hospitality Western

Avistone Launches Hospitality Division, Names Charlie Muller as Managing Director

by Amy Works February 3, 2021

DENVER — Avistone, a Denver-based commercial real estate investment firm specializing in the acquisition and operation of multi-tenant industrial properties nationwide, has appointed Charlie Muller as managing director of its newly formed Avistone Hospitality Division. “With the travel industry facing continued headwinds, a number of owners are opting to divest their properties and portfolios versus riding out the troubled forecast,” says Richard Kent, president of Avistone. “This creates opportunity for investment firms such as our own. “While we historically have focused on more industrial properties and business parks, our core expertise remains real estate investment, including identifying opportunity, capitalizing investments, repositioning properties, improving cash flow and enhancing value at disposition.” With nearly four decades of hospitality experience in operations, acquisitions, development, asset management and dispositions, Muller has completed more than $7.5 billion in transactions, including acquiring more than 75 hotels, developing/redeveloping 19 hotels and overseeing asset management practices for over 200 hotels and recreational properties. Prior to joining Avistone, Muller served at First Hospitality, Omni Hotels & Resorts, CNL Hotels & Resorts and CNL Lifestyle Properties. “Creating and utilitizing private equity funds, we will seek investments in limited-service, extended-stay, full-service and resort hotels throughout the United States,” says Muller. “We …

February 3, 2021

Acquisitions Florida Hospitality Southeast

Coldwell Banker Arranges $23.5M Sale of Gulf Beach Resort Motel in Sarasota, Florida

by John Nelson February 1, 2021

SARASOTA, FLA. — Coldwell Banker Commercial and Coldwell Banker Realty in Florida have represented the sellers of the former Gulf Beach Resort Motel in a transaction valued at $23.5 million. Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key, Fla., office co-listed the property. The undisclosed buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower. The Gulf Beach Resort Motel is located at located at 930 Benjamin Franklin Drive in the Lido Key area of Sarasota. It was built in 1950 and was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.

February 1, 2021

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers Sale of 207-Room Holiday Inn Hotel in Buffalo

by Taylor Williams February 1, 2021

BUFFALO, N.Y. — Marcus & Millichap has brokered the sale of the Holiday Inn Buffalo International Airport, a 207-room hotel, for $3.9 million. The property was built in 1968 and features banquet facilities, a fitness center, shuttle service, business center and an outdoor pool. Jerry Swon, Daniel Zagoria, Luke Prybylski and Will Nollmann of Marcus & Millichap represented the seller, DSM California LLC, in the transaction. The team also secured the buyer, Stephen Development LLC.

February 1, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 443-Unit New York LaGuardia Airport Marriott Hotel

by Taylor Williams January 29, 2021

NEW YORK CITY — JLL has negotiated the sale of the 443-room New York LaGuardia Airport Marriott hotel in Queens. The building spans 224,620 square feet and houses the Ditmars Bar & Grill restaurant, a fitness center and 13,000 square feet of meeting and event space. The property received $30 million in renovations in 2018, including reconfigurations of public spaces and meeting areas, as well as remodeling of guest rooms and upgrading of parking lots. K.C. Patel, Kevin Davis and Nikhil Chuchra of JLL represented the seller, Rubicon Cos., in the transaction. California-based ASAP Holdings purchased the asset for an undisclosed price.

January 29, 2021

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