Hospitality

LaPour Partners, NewcrestImage Open 199-Room AC Hotel Phoenix Downtown

by Amy Works March 17, 2021

PHOENIX — A joint venture between Las Vegas-based LaPour Partners and Texas-based NewcrestImage has completed AC Hotel Phoenix Downtown, a 13-story hotel located at 414 N. 5th St. in downtown Phoenix. Situated within the Arizona Center development, the hotel features 199 guest rooms; a lobby lounge offering tapas, crafted cocktails, a large outdoor patio with fireplaces and water features; and a penthouse fitness center with multiple hydration stations. The development team included Layton Construction, Los Angeles-based Axis GFA Architecture & Design and Dallas-based Design Duncan Miller Ullman. This is the first joint venture between NewcrestImage and LaPour Partners, and LaPour’s second AC Hotel in Phoenix, joining the firm’s existing 160-room AC Hotel by Marriott on Camelback Road.

March 17, 2021

Acquisitions Hospitality Texas Top Stories

Host Hotels & Resorts Acquires Hyatt Regency Austin for $161M

by Kristin Harlow March 17, 2021

AUSTIN, TEXAS — Host Hotels & Resorts Inc. (NASDAQ: HST) has acquired the fee simple interest in the 448-room Hyatt Regency Austin for approximately $161 million in cash. The purchase price represents a capitalization rate of 10 percent and a 20 to 25 percent discount to pre-COVID pricing, according to HST. Hyatt will continue to manage the hotel under a long-term agreement. The seller was undisclosed. Situated on nearly six acres along Lady Bird Lake, the waterfront property is located near the city’s South Congress District and Zilker Park. The hotel’s rooms were renovated in 2015 and its meeting space was expanded in 2018. The property features 45,000 square feet of meeting space, including two ballrooms. There are also two food and beverage outlets as well as an outdoor pool and a fitness center. “As travel resumes, we expect the well-located Hyatt Regency Austin to benefit from a strong rebound led by Austin’s multiple leisure and business demand drivers that are anchored in world-renowned music festivals, sporting events and blue-chip corporations,” says James Risoleo, president and CEO of HST. “Additionally, we are encouraged by the reported contraction in Austin’s hotel construction pipeline relative to pre-pandemic levels and by the market’s …

March 17, 2021

Development Hospitality Industrial Texas Top Stories

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

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