Hospitality

Royal Palm Buys Parcel at Miami Worldcenter for $33.9M, Plans to Develop Mixed-Use Tower

by Alex Tostado December 11, 2020

MIAMI — Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset will feature a business lounge, pool, a one-acre pool deck and a 100,000-square-foot wellness center. A timeline for completion was not disclosed. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. Miami Worldcenter is a $4 billion, 27-acre mixed-use development that has been delivering in phases. Assets that are currently open include RPC’s 60-story Paramount Miami Worldcenter condo tower, which opened across the street from Legacy Hotel & Residences in November 2019; and Caoba, a 444-room apartment tower. Projects currently underway and planned include a 348-room CitizenM hotel, ZOM Living’s 434-unit Bezel apartments, Hines’ 500,000-square-foot office building and MDM Group’s 1,700-room Marriott Marquis and adjacent 600,000-square-foot expo center.

December 11, 2020

California Company News Hospitality Western

Market Cap of Airbnb Skyrockets to $86.5B in First Day of Trading on Nasdaq Exchange

by Amy Works December 11, 2020

SAN FRANCISCO — Yesterday, Airbnb (NASDAQ: ABNB) soared in valuation during its first day of trading with initial shares priced at $68 for the San Francisco-based home-rental platform. The company’s shares skyrocketed to 113 percent above the initial offering, closing at $144.47. The company’s market capitalization reached $86.5 billion, with its offering raising $3.5 billion — making it the biggest IPO year-to-date. “Airbnb’s strong debut come as little surprise in view of the enormous valuations accorded to anything ‘tech,’” says professor John Colley, associate dean at Warwick Business School and an expert on IPOs. “After all, the company is nearer to profit than many recent and current IPOs.” Prior to its IPO, Airbnb filed multiple updated S-1s with the U.S. Securities and Exchange Commission, in which the company announced plans to offer 51.9 million shares at $44 to $50 per share then increased its offering to $56 to $60 per share. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018.

December 11, 2020

Development Hospitality Texas

Blossom Holding Group Nears Completion of 267-Room Hotel in Houston

by Taylor Williams December 10, 2020

HOUSTON — Blossom Holding Group is nearing completion of The Blossom Hotel, a 267-room hospitality property that will be located at 7118 Bertner Ave. near the Texas Medical Center in Houston. The 16-story hotel will feature a fitness center, lobby library, outdoor pool, karaoke room and multiple meeting and event spaces. Construction began in August 2018 and is expected to be complete during the first quarter of 2021.

December 10, 2020

Acquisitions California Hospitality NAI Western

Sunstone Hotel Investors Sells Renaissance Los Angeles Airport Hotel for $91.5M

by Amy Works December 10, 2020

LOS ANGELES — Sunstone Hotel Investors has completed the disposition of Renaissance Los Angeles Airport Hotel, located at 9620 Airport Blvd. in Los Angeles. An undisclosed buyer acquired the asset for $91.5 million, or approximately $182,300 per room. Located less than one mile from Los Angeles International Airport, the hotel features 502 guest rooms, a rooftop pool, fitness center, Studio 12 restaurant and 18,000 square feet of newly renovated event space.

December 10, 2020

Acquisitions Arizona Hospitality Western

Tempe Hotel Group Sells 139-Room Arizona Days Inn to Elliot West Hospitality for $8M

by Amy Works December 7, 2020

TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million. Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years. The 139-room hotel features a resort-style pool, full-service elevator, laundry facilities, vending and ice machines, a business center, large atrium/continental breakfast room and meeting room. Zack Mishkin of ORION Investment Real Estate represented the buyer and seller in the transaction.

December 7, 2020

Development Hospitality Kansas Midwest

Midas Hospitality Opens $20M SpringHill Suites Hotel in Overland Park, Kansas

by Kristin Harlow December 4, 2020

OVERLAND PARK, KAN. — Midas Hospitality has opened its first hotel property in Overland Park. Located at 4081 Indian Creek Parkway, the $20 million SpringHill Suites rises five stories with 128 suites. Amenities at the all-suite hotel include a fitness center, indoor swimming pool and meeting room. The property is situated near the Overland Park Arboretum & Botanical Gardens. Midas served as developer and Thomas Construction was the general contractor. Midas will manage the new hotel, with Rosa Perez serving as general manager. Midas owns and manages 38 hotels across the country, three of which are in Kansas. SpringHill Suites is under the Marriott umbrella of hotels. In response to COVID-19, Marriott has implemented the Marriott Cleanliness Council, which actively monitors cleaning and safety standards. Face masks and social distancing are implemented within amenity areas.

December 4, 2020

California Hospitality Loans Western

Mirae Asset Global Investments Receives $150M Refinancing for Fairmont San Francisco Hotel

by Amy Works December 3, 2020

SAN FRANCISCO — An affiliate of Mirae Asset Global Investments has received a $150 million loan for the refinancing of the historic Fairmont San Francisco, located at 950 Mason St. in San Francisco. JLL Hotels & Hospitality arranged the five-year, non-recourse loan through United Overseas Bank for the borrower. The 606-key hotel first opened in 1907 and has undergone $16 million in renovations to public areas, guest rooms and infrastructure since 2015. The hotel features 62 suites; more than 45,000 square feet of meeting and event space including a ballroom; retail outlets; fitness center; business center; in-room dining; and restaurants such as Laurel Court Restaurant & Bar and Tonga Room & Hurricane Bar. The hotel reopened in September after suspending operations in April due to the COVID-19 pandemic.

December 3, 2020

California Company News Hospitality Western

Airbnb Increases Expected IPO Valuation to $35B

by Amy Works December 2, 2020

SAN FRANCISCO — On Tuesday, Dec. 1, San Francisco-based Airbnb filed an updated S-1 with the U.S. Securities and Exchange Commission ahead of its planned initial public offering (IPO) filing on Dec. 9. The home-rental platform, along with some shareholders, plans to offer 51.9 million shares at $44 to $50 in its IPO, creating a valuation of up to $35 billion, an $4 billion increase from its private valuation of $31 billion. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018. However, during the first nine months of 2020, Airbnb was impacted by the global COVID-19 pandemic with GBV falling to $18 billion, down 39 percent year over year, and $2.5 billion in revenue, down 32 percent year over year. Through the combination of consolidating its workforce and a surge in rentals, the company has begun to see a 1 percent uptick in bookings between second- and third-quarter 2020, resulting $1.3 billion in third-quarter revenue, down 18 percent from the same period in 2019. Morgan Stanley, Goldman Sachs Group, Allen & Co., Bank of America Corp., Barclays Plc and Citigroup …

December 2, 2020

Acquisitions California Hospitality Top Stories Western

Oxford Capital Group Acquires Five Boutique Hotels in Downtown San Francisco, Silicon Valley

by Kristin Harlow December 2, 2020

SAN FRANCISCO, PALO ALTO AND LOS GATOS, CALIF. — Oxford Capital Group LLC has acquired five boutique hotels in San Francisco and Silicon Valley from Greystone Hotels for an undisclosed price. The company plans to reposition many of the assets. The properties include King George Hotel, Hotel Griffon and The Inn at Union Square in San Francisco, as well as Creekside Inn in Palo Alto and Hotel Los Gatos in Los Gatos. Dating back to 1914, the 53-room King George Hotel includes a lobby bar and 1,150 square feet of meeting space. Hotel Griffon, which opened in 1906, includes 62 rooms as well as 308 square feet of meeting space and Perry’s restaurant. The Inn at Union Square, which features 30 rooms, opened in 1980 and includes Chloe Gallery. Creekside Inn dates back to 1955. It features 136 rooms, 1,400 square feet of meeting space, CIBO restaurant, Driftwood Deli and a Metro PCS store. Opened in 2002, the 72-room Hotel Los Gatos features 2,000 square feet of meeting space, Dio Deka restaurant and a Verde Touch holistic massage center. “We have been value-oriented investors in the lodging sector for nearly 30 years,” says John Rutledge, founder, chairman and CEO of …

December 2, 2020

Development Hospitality Texas

Jenkins Organization Breaks Ground on 208-Site RV Resort in Elgin, Texas

by Taylor Williams December 1, 2020

ELGIN, TEXAS — Houston-based self-storage developer The Jenkins Organization has broken ground on a 208-site RV resort in Elgin, about 25 miles northwest of Austin. Jenkins will operate the new park under the Great Escapes brand. Amenities will include a clubhouse with a kitchen, a resort-style pool, fitness center, outdoor grilling areas and a dog park. The opening of the facility, which will be Jenkins’ fourth Great Escapes location, is scheduled for winter 2021.

December 1, 2020

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