COLUMBUS, OHIO — Olshan Properties, together with Easton’s master developer The Georgetown Co., has opened a 136-room Aloft Hotel at Easton Town Center in Columbus. The new hotel is the fourth to open at Easton, a shopping and entertainment destination, in recent years. The hotel features a 7,500-square-foot restaurant, a fitness center, pool and designated event space. The Aloft brand is a business boutique hotel concept from Marriott. There are 140 Aloft locations worldwide.
SANDPOINT, IDAHO — Crystal Investment Property (CIP) has arranged the sale of La Quinta Inn by Wyndham Sandpoint, a hotel located at 415 Cedar St. in Sandpoint. Terms of the transaction, including the seller, buyer and acquisition price, were not released. La Quinta Inn by Wyndham Sandpoint features 68 guest rooms, a lobby with fireplace, gift shop, fitness center, indoor spa and seasonal outdoor swimming pool. The guest room mix includes a selection of queen- and king-bed rooms; kitchenette and spa suites; family-friendly rooms; and ADA rooms. Amenities include in-room mini refrigerator, microwave, television and high-speed internet. The hotel consists of three buildings and a leased restaurant on approximately 1.2 acres. Joseph Kennedy, president of CIP, led the CIP team in the deal.
Many in commercial real estate expected a tsunami of COVID-related distressed properties in 2020 and 2021. So far, the wave hasn’t materialized, says Jay Olshonsky, president and CEO of NAI Global. Businesses have been sustained by exogenous factors that may or may not keep them from foreclosure or receivership in the long term. In many cases, lender forbearances or flexible plans have simply extended the window in which distressed properties may eventually revert to receivership. Olshonsky spoke to REBusinessOnline about receivership activity and what the industry expects over the next 12 months. Delays: Lessons from the Global Financial Crisis, Plus Current Factors As court-appointed receivers, NAI’s representatives act as the owner and operator of properties in foreclosure on behalf of the court. A receivership needs to have the capability to lease the property, pay taxes and handle accounting — basically, taking over all aspects of managing a property and keeping it functioning, Olshonsky says. Much of how NAI Global has chosen to approach the current receivership landscape originated in the lessons of the 2007-2008 financial crisis. During the early stages of the pandemic, NAI knew there would be fallout that would force some businesses into foreclosure, servicing, note sales or similar …
NEW YORK CITY — JLL has negotiated the sale of Gallivant Times Square, a 336-room hotel located at 234 W. 48th St. in Manhattan. The 16-story building spans 209,851 square feet and offers amenities such as a fitness center, business center and meeting space. In addition, the building houses two restaurant concepts. Jeff Davis, K.C. Patel, Michele Mahl and Nikhil Chuchra of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.
MOSES LAKE, WASH. — Crystal Investment Property (CIP) has arranged the sale of a Motel 6 located at 2822 Driggs Drive in Moses Lake. Terms of the transaction were not released. Situated off Interstate 90 at exit 176, the motel features 89 guest rooms, an outdoor swimming pool, grassy courtyard area and ample parking for trucks, buses or RVs. Located in North Central Washington, the motel is approximately 100 miles west of Spokane and 180 miles east of Seattle. Joseph Kennedy of CIP represented the seller and worked closely with the buyer in the transaction.
SMYRNA, TENN. — MCR, a hotel owner-operator with offices across the country, has acquired Tru by Hilton Smyrna Nashville and Home2 Suites by Hilton Smyrna Nashville, a dual-branded hotel in the Nashville suburb of Smyrna. The 167-room property is located less than 10 miles from the Nashville Superspeedway, a motor racing complex, and 20 miles from Nashville International Airport and downtown Nashville. The seller and sales price were not disclosed. The Tru by Hilton Smyrna Nashville features 78 pet-friendly guestrooms with refrigerators, a free daily breakfast, 24-hour fitness center, outdoor pool, free Wi-Fi, 24-hour business center with personal pods and remote printing access, 24-hour lobby market with snacks and drinks, onsite laundry and complimentary parking. The Home2 Sutes by Smyrna Nashville features 89 pet-friendly suites with kitchenettes, a free daily breakfast, a 24-hour fitness center, an outdoor pool, free Wi-Fi, a 24-hour business center, onsite laundry and complimentary parking.
CLAYTON, MO. — Midas Construction has broken ground on a $47 million Residence Inn by Marriott hotel in Clayton, a suburb of St. Louis. The extended-stay hotel will rise 12 stories with 170 rooms. Completion is slated for 2022. A street-level bar will include indoor and outdoor seating. There will also be 3,300 square feet of meeting space with an outdoor terrace and bar. Guests will enjoy complimentary breakfast and access to a 1,500-square-foot fitness center. Joining Midas on the project team are CECO Concrete Construction Inc., SSC Engineering and Castle Contracting LLC.
AUSTIN, TEXAS — A partnership between BLG Capital Advisors, Magellan Development Group, Geolo Capital and Wanxiang America Real Estate Group is nearing completion of Thompson Austin, a 212-room luxury hotel that will be located in the downtown area. The property is expected to open over the summer and will house several food and beverage concepts and amenities such as a pool, fitness center, game room and indoor and outdoor meeting spaces. Thompson, which is part of the Hyatt family of brands, also recently opened flagship hotels in Dallas and in San Antonio.
CHICAGO — The Sable at Navy Pier, a 223-room, seven-story hotel, opened today at Chicago’s Navy Pier tourist attraction. James McHugh Construction Co. and Powers & Sons Construction Co. were the general contractors for the $100 million project. Developer ACRON USA owns the hotel, which is part of Hilton’s Curio brand. Maverick Hotels and Restaurants is the hotel operator. Every room at the hotel offers a waterfront view of the Chicago skyline. Construction involved integrating the new building into the pier’s existing structure. Construction began in June 2018 and was completed in October 2020, but the opening of the hotel was delayed due to COVID-19. Navy Pier itself has been closed since last fall and is expected to reopen this spring. The Sable name comes from the USS Sable, which served as a Great Lakes luxury cruise ship prior to World War II. KOO LLC was the project architect and interior designer, while Thornton Tomasetti served as structural engineer.
BOSTON — Illinois-based general contractor Cicero Construction Group has completed the renovation of the Staypineapple Boston, a 56-room boutique hotel in the city’s South End neighborhood. The project included a rebranding of the hotel, formerly known as the Chandler Inn, as part of Seattle-based Staypineapple chain, which purchased the property in February 2018. Renovations delivered upgraded beds and bathrooms to rooms, as well as new flooring, paint, wall coverings and other interior improvements to the lobby, hallways and common areas.
