Hospitality

Arriba Capital Provides $18.5M Construction Loan for New Hotel in Nashville

by Julia Sanders August 11, 2021

NASHVILLE, TENN. — Arriba Capital has provided an $18.5 million construction loan for a new Hyatt Place hotel in Nashville. In addition to the construction loan, Arriba arranged a complex ground lease on the property. Hyatt Place hotel will have 130 rooms with an average size of 350 square feet. One of the hotel amenities includes a fitness center. The borrower, Rev Par Cos., is a privately held hospitality management and development group based in the Southeast. Scottsdale, Ariz.-based Arriba Capital has financed multiple projects for the borrower.

August 11, 2021

Acquisitions Hospitality Texas

Host Hotels & Resorts Buys Former Hotel Alessandra in Downtown Houston for $65M

by Taylor Williams August 11, 2021

HOUSTON — Host Hotels & Resorts Inc., a Maryland-based hospitality REIT, has purchased the former Hotel Alessandra, a 223-room shuttered property in downtown Houston, for $65 million. According to the Houston Chronicle, locally based firm Midway originally developed the hotel and completed it in 2017. Prior to closing, Hotel Alessandra featured a pool, spa and food and beverage concepts. Host Hotels & Resorts disclosed the purchase as part of its second-quarter earnings report but did not share plans for the future of the property.

August 11, 2021

Acquisitions Hospitality Southeast Virginia

Apple Hospitality REIT Sells National Portfolio of Select-Service Hotels for $211M

by Julia Sanders August 10, 2021

RICHMOND, VA. — Apple Hospitality REIT, a publicly traded hotel REIT based in Richmond, has sold 20 select-service hotels for $211 million. The portfolio includes 11 Marriott-branded hotels and nine Hilton-branded hotels. The buyer is a joint venture between San Francisco-based Flynn Properties Inc. and Minneapolis-based Värde Partners. The 20 hotel properties are located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest. Flynn Properties will assume property management duties and oversee capital improvements at the hotel over the next few years. With this acquisition, Flynn Properties’ select-service hotel portfolio increases to 26 properties. Flynn Properties, a division of Flynn Holdings, recently bought six Marriott Courtyards and four luxury resorts. Värde Partners is a global alternative investment firm whose investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.

August 10, 2021

Acquisitions Hospitality Illinois Midwest

Oxford Capital Acquires 247-Room Thompson Chicago Hotel

by Kristin Harlow August 5, 2021

CHICAGO — Oxford Capital Group LLC has acquired the 247-room, luxury lifestyle hotel known as Thompson Chicago in the city’s Gold Coast neighborhood. Oxford’s wholly owned affiliate, Oxford Hotels & Resorts LLC, assumes management of the property effective immediately. Thompson Chicago will remain affiliated with Hyatt’s luxury lifestyle hotel brand Thompson Hotels. The property originally opened in 2013. Oxford plans to revamp the hotel’s ground-floor restaurant, Nico Osteria. The hotel is also home to 12,000 square feet of meeting and event space, private suites and a fitness center. A joint venture between Walton Street Capital and AJ Capital Partners sold the hotel for around $70 million, according to Crain’s Chicago Business.

August 5, 2021

Acquisitions Hospitality Nevada New York Northeast Top Stories Western

VICI Properties to Acquire MGM Growth Properties for $17.2B

by Kristin Harlow August 4, 2021

NEW YORK CITY AND LAS VEGAS — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across the country to VICI’s portfolio, comprising 33,000 hotel rooms; 3.6 million square feet of meeting and convention space; and hundreds of food, beverage and entertainment venues. The deal represents an estimated 30 to 40 percent discount to replacement cost. The move will solidify VICI as the largest experiential net-lease REIT, while also advancing its goals of portfolio enhancement and diversification, according to the company. Following the transaction, approximately 55 percent of VICI’s rent base will be generated by market-leading regional properties, while the remaining 45 percent will come from properties on the Las Vegas Strip. Simultaneous with the closing of the transaction, VICI will enter into an amended …

August 4, 2021

Acquisitions Hospitality Michigan Midwest

Pulte Family Management Acquires The Inn at St. John’s in Plymouth, Michigan

by Kristin Harlow August 3, 2021

PLYMOUTH, MICH. — Pulte Family Management SJ LLC, a wholly owned for-profit entity of the William J. Pulte Trust, has acquired The Inn at St. John’s in Plymouth, about 30 miles west of Detroit. The Archdiocese of Detroit sold the 118-room property for an undisclosed price. The hotel, conference rooms and reception centers will continue to serve and support business, civic and private events. The golf course will operate as usual, and the chapel will remain available for Catholic weddings. The Pulte family plans to announce property upgrades in the coming months. The late William Pulte was an active philanthropist and founder of home building giant PulteGroup Inc. He also served with a small group of local Catholic business leaders to help finance and transform the former St. John’s Seminary campus into the hotel, conference center and 27-hole golf course. St. John’s Provincial Seminary opened in 1948 and closed in 1988. The inn opened in the early 2000s.

August 3, 2021

Acquisitions Hospitality Texas

Napali Capital Acquires 152-Room Hilton-Branded Hotel in Dallas CBD

by Taylor Williams July 30, 2021

DALLAS — North Texas-based investment firm Napali Capital has acquired the 152-room Tru by Hilton Dallas Market Center hotel in the city’s central business district. The building was originally constructed in 1965 as a bank and until recently functioned as an office property. The building was converted to a hotel in January of this year following a gut renovation. Amenities include two food and beverage concepts, a 24/7 grab-and-go market, fitness center and a lobby with foosball, billiards and other games. The seller and sales price were not disclosed.

July 30, 2021

Development Hospitality Texas

Arch-Con Breaks Ground on 17-Story Fairfield Inn & Suites Hotel in Downtown Austin

by Taylor Williams July 29, 2021

AUSTIN, TEXAS — General contractor Arch-Con Corp. has broken ground on a 17-story Fairfield Inn & Suites hotel that will be located at 76 East Ave. in downtown Austin’s Rainey Street District. Developed by RGB Hospitality and designed by MCS Architects LLC, the property will feature 126 rooms, as well as a lobby, dining area, lounge and pantry market. The hotel’s top three floors will house a rooftop terrace, fitness center, pool, spa, multi-purpose room and a presidential suite. Completion is scheduled for late 2022.

July 29, 2021

Acquisitions Hospitality South Carolina Southeast

Lodging Partners Arranges Sale of Quality Inn & Suites Hotel in Myrtle Beach

by Julia Sanders July 28, 2021

MYRTLE BEACH, S.C. — Lodging Partners LLC has arranged the sale of Quality Inn & Suites Myrtle Beach, a 65-room hotel. Lodging Partners represented the undisclosed seller in the transaction. The sales price was not disclosed. The eight-story hotel sold to a regional owner and operator of select-service hotels. The property is located directly across the street from the Atlantic Ocean and 6.7 miles from Family Kingdom Amusement Park and Splashes Water Park and 7.5 miles from the Myrtle Beach Boardwalk. Quality Inn & Suites Myrtle Beach is the 20th hotel deal that Lodging Partners has been involved with in the Myrtle Beach market. Other recent sales completed in 2021 by Lodging Partners include the sale of three mid-market extended-stay hotels: the Affordable Corporate Suites located in Concord, Statesville and Kannapolis, N.C. Lodging Partners is a specialized hotel brokerage and advisory firm focused on the sale of select-service hospitality investment properties on behalf of institutional and private investors throughout the United States.

July 28, 2021

Development Hospitality Loans New York Northeast

Lightstone Group Receives $130M in Construction Financing for Manhattan Hotel Project

by Taylor Williams July 28, 2021

NEW YORK CITY — Locally based developer Lightstone Group has received $130 million in construction financing for Lightstone Moxy, a 303-room hotel that will be located on Manhattan’s Lower East Side. MSD Partners LP, an affiliate of the private investment firm of tech magnate Michael Dell, provided a $90 million senior loan for the 16-story project. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers, provided a $40 million mezzanine loan. Tao Hospitality Group will manage the hotel, which will feature multiple food and beverage concepts. Drew Anderman and Benjamin Nevid of Meridian Capital Group arranged the financing.

July 28, 2021

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