Hospitality

Olympia Hotel, Mountain Shore Open 120-Room Hyatt House Hotel in Tallahassee

by Julia Sanders February 19, 2021

TALLAHASSEE, FLA. — Olympia Hotel Management and Charleston-based developer Mountain Shore Properties have opened Hyatt House Tallahassee Capitol – University in Tallahassee. The 120-room hotel is located at 1100 Railroad Ave. in the city’s Railroad Square Art District. The five-story, 80,000-square-foot property features a large patio with outdoor bar service, an outdoor pool, fitness room, and an 846-square-foot meeting space. Additionally, 6,000 square feet of retail space is situated adjacent to the extended-stay hotel. Olympia Hotel Management is a Portland, Maine-based real estate firm focused on independent hotel management.

February 19, 2021

Company News Hospitality Maryland Southeast

Marriott Posts First Annual Loss Since 2009 as COVID-19 Loomed Large in 2020

by Julia Sanders February 18, 2021

BETHESDA, MD. — Marriott International (NASDAQ: MAR) posted a net income loss of $267 million for 2020, which The Wall Street Journal reports is the hotel giant’s first annual loss since 2009. The company posted a net loss of $164 million in fourth-quarter 2020, which is a significant drop from its net income of $279 million in fourth-quarter 2019. The COVID-19 pandemic materially changed global traffic patterns for both leisure and business travelers in 2020, and Marriott’s hotels bore the brunt of the subdued demand for hotel rooms, as well as conventions and conferences. “With the global pandemic, 2020 was the most challenging year in our 93-year history,” says Stephanie Linnartz, Marriott’s group president of consumer operations, technology and emerging businesses. Linnartz, along with Tony Capuano, are overseeing Marriott’s day-to-day operations of corporate matters in the wake of president and CEO Arne Sorenson’s passing earlier this week. On April 14, 2020, the Transportation Security Administration (TSA) reported its lowest travel volume of only 87,500 passengers throughout all TSA checkpoints nationwide, representing just 4 percent of passenger volume recorded on the same weekday in 2019. Average travel volume per day between Thanksgiving and New Year’s Eve, which is typically TSA’s busiest …

February 18, 2021

Development District of Columbia Hospitality Southeast

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

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