Hospitality

Qualified Labor, Healthy Tenant Demand Drive Life Sciences Development in Boston

by Taylor Williams July 28, 2021

By Brendan Carroll, director of research, Cushman & Wakefield The rapid emergence of greater Boston in the first two decades of the 21st century as a global center of advanced, technology-assisted biology has been followed by an even faster rate of growth since the start of the new decade. We have reached a critical mass in the greater Boston market, where we have developed a combination of skills, institutions and collaboration between companies that is supported and financed by an investor base that is qualified to evaluate the potential efficacy of new innovations. This landscape has created a self-propagating ecosystem for development and absorption of life sciences properties. The region’s large inventory of lab space has also evolved as a driver of new users into the market as biotechnology groups increasingly focus on speed to market for promising scientific breakthroughs. In response to these drivers, the inventory of biotechnology-focused laboratory space in greater Boston, which eclipsed 20 million square feet in 2016, is now on pace to reach 30.7 million square feet by 2023. Furthermore, the current inventory levels will likely approach and surpass 40 million square feet this decade, as a sizable set of projects are expected to move …

July 28, 2021

Development District of Columbia Hospitality Southeast

Joint Venture to Develop Hilton Hotel in D.C. as Part of 830,000 SF Mixed-Use Project

by Julia Sanders July 21, 2021

WASHINGTON, D.C. — Trammell Crow Co., High Street Residential and MetLife Investment Management have plans to develop a 203-room hotel in Washington, D.C., called The Morrow at Central Armature Works. The joint venture plans to partner with Hilton Worldwide Holdings Inc. on the hotel, which will be part of the Central Armature Works development, a 830,000-square-foot mixed-use development that broke ground in 2019. The Morrow at Central Armature Works is slated for completion during the second quarter of 2022. The hotel will have over 6,000 square feet of event space, a 5,000-square-foot outdoor event terrace, 15,000 square feet of indoor and outdoor food and beverage space and a rooftop lounge. Upon completion, Central Armature Works will feature three towers including two residential towers with 640 apartments and a separate tower for the Morrow hotel, located atop a 60,200-square-foot retail podium on the corner of Third and M streets. The project is located directly next to the NoMa/Galludet Metro station. Shalom Baranes Associates is the project’s architect, and Clark Construction is the general contractor. The developers plan for Central Armature Works to achieve LEED Silver certification.

July 21, 2021

Hospitality Loans Mississippi Southeast

Knighthead Funding Provides $12.1M Refinancing for Two Marriott Hotels Near Memphis

by Julia Sanders July 21, 2021

SOUTHAVEN, MISS. — Knighthead Funding LLC has provided a $12.1 million first mortgage loan to refinance two adjacent Marriott-branded hotels in the Memphis submarket of Southaven. The undisclosed borrower will use proceeds from the three-year, non-recourse loan to take out a maturing CMBS loan. The properties include a 78-room Residence Inn by Marriott located at 7165 Sleepy Hollow Drive and an 85-room Courtyard by Marriott located at 7225 Sleepy Hollow Drive. Located along Interstate 55, both properties are within 15 miles of Memphis International Airport, approximately 8.3 miles from Graceland and 15 miles from FedEx Forum. Both hotels have been updated, including renovations to guestrooms, lobbies and restaurants. Knighthead Funding LLC is a national real estate finance company based in New York.

July 21, 2021

Acquisitions Hospitality New York Northeast

Electra America Hospitality Group Buys 194-Room Roger New York Hotel

by Taylor Williams July 21, 2021

NEW YORK CITY — Electra America Hospitality Group, a joint venture between Florida-based private equity firm Electra Capital and hospitality operator AKA, has acquired the Roger New York hotel in Manhattan’s NoMad neighborhood. The 194-room boutique hotel sold for $19 million, or roughly $98,000 per room. The new ownership will invest $22 million in capital improvements and reopen the hotel in mid-2022 under the AKA brand. The seller was not disclosed.

July 21, 2021

Florida Hospitality Loans Southeast

Madison Realty Capital Provides $105M Acquisition Loan for Four Seasons Hotel Miami

by Julia Sanders July 19, 2021

MIAMI — Madison Realty Capital, a New York City-based private real estate equity firm, has provided a $105 million loan to Miami-based developer Fort Partners for the acquisition and renovation of the Four Seasons Hotel Miami located in the city’s Brickell district. Located at 1435 Brickell Ave., Four Seasons Hotel Miami is a 221-room hotel that anchors a 70-story, mixed-use tower. The tower also features Class A office space, residential condominiums, an Equinox health club, retail space and a parking garage. Fort Partners plans to renovate the property by enhancing room configurations, the pool deck and lobby, as well as upgrading the food and beverage options. Millennium Partners developed the property in 2003 and Handel Architects led the design. The acquisition marks the fourth Four Seasons property in Fort Partners’ South Florida portfolio alongside hotels located in Surfside, Fort Lauderdale and Palm Beach. In 2019, Madison Realty Capital provided a $210 million loan to Fort Partners for its construction of the Four Seasons Hotel and Private Residences Fort Lauderdale. Jim Dockerty, Kevin Davis and Mark Fisher of JLL arranged the financing on behalf of Fort Partners.

July 19, 2021

Acquisitions Hospitality Texas

MCR Acquires 135-Room Hampton Inn & Suites Hotel in Houston

by Taylor Williams July 19, 2021

HOUSTON — MCR, a New York City-based hospitality owner-operator, has acquired the 135-room Hampton Inn & Suites by Hilton Houston I-10 West/Park Row. The hotel offers a covered outdoor picnic area, fitness center, outdoor pool, convenience mart and 575 square feet of meeting and event space. The seller and sales price were not disclosed. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.

July 19, 2021

Acquisitions Hospitality Texas

MCR Acquires 132-Room Courtyard by Marriott Hotel in Houston

by Taylor Williams July 16, 2021

HOUSTON — MCR, a New York City-based hospitality owner-operator, has acquired the 132-room Courtyard by Marriott Houston I-10 West/Park Row hotel. The property features a convenience store, 24-hour fitness center, meeting and event space, an outdoor pool and a bistro that serves food, alcoholic beverages and Starbucks coffee. The seller and sales price were not disclosed. MCR acquired the property as part of a five-hotel portfolio deal that carried a price tag of $94 million.

July 16, 2021

Acquisitions Hospitality Texas

MCR Acquires Two Marriott-Branded Hotels Totaling 261 Rooms in Metro Dallas

by Taylor Williams July 14, 2021

RICHARDSON, TEXAS — MCR, a New York City-based hospitality owner-operator, has acquired the Courtyard by Marriott Dallas Plano/Richardson and the Residence Inn by Marriott Dallas Plano/Richardson. The two hotels total 261 rooms and are located on the northeastern outskirts of Dallas. Both hotels offer pools, fitness centers and convenience stores. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.

July 14, 2021

Acquisitions Florida Hospitality Michigan Mixed-Use Southeast

Veteran Services USA, Lockwood Buy Hotel Portfolio for $225M, Plan Mixed-Use Redevelopments

by Julia Sanders July 13, 2021

MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed. Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income. SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen. The 10 properties include the following: • Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas; • Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio; • Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas; • Marriott located at 200 E. Amite St. in Jackson, Miss.; • Radisson located at 1775 Parkway Place in Marietta, Ga.; • Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.; • Clarion Inn located at …

July 13, 2021

Acquisitions Hospitality Texas

Driftwood Capital Acquires 131-Room Hotel in Uptown Houston

by Taylor Williams July 13, 2021

HOUSTON — Driftwood Capital, an investment firm based in the Miami area, has acquired Hotel Indigo Houston at the Galleria, a 131-room property located in the city’s Uptown neighborhood. Built in 2001 and renovated in 2009, the property features more than 3,000 square feet of meeting and event space, a fitness center and an onsite restaurant called Crossroads Bar & Bistro. The seller was not disclosed.

July 13, 2021

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