Hospitality

Alagem Capital, Cain International Unveil Plans for $2B One Beverly Hills Project

by John Nelson July 13, 2021

BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have unveiled plans for One Beverly Hills, a 17.5-acre “urban resort” that the developers estimate will value $2 billion upon completion. The project will include two new condominium towers, an eight-acre botanical garden and a new 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condominiums and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June, the Beverly Hills City Council approved the project by a vote of 4 to 1. The historic development agreement between the developers and the City of Beverly Hills guarantees a $100 million public benefit fee, which Alagem Capital and Cain will pay over the course of eight years, according to the Beverly Hills Courier. None of the condominiums will be reserved for affordable housing, according to local and national media outlets. One Beverly Hills’ hotel-condo tower will include a private members club open to residents and a select number of non-residents. Members will have access to 130,000 square feet of amenities space over three levels that will be divided …

July 13, 2021

Florida Hospitality Loans Southeast

ACRES Provides $86M Refinancing for New Hilton-Branded Hotel in Delray Beach, Florida

by Julia Sanders July 9, 2021

DELRAY BEACH, FLA. — ACRES Capital Corp. has provided a nearly $86 million loan to refinance The Ray Hotel Delray Beach, a new hotel located at 233 NE 2nd Ave. in Delray Beach. The property is a member of the Curio Collection by Hilton brand of hotels. The loan was provided to sponsor Menin Development Inc., a real estate development firm. The Ray Hotel Delray Beach is slated to open at the beginning of September 2021. Ray Hotel will span 141 rooms and four stories. The property’s amenities will include a 20,000-square-foot rooftop with an outdoor pool, restaurant and bar. In total, the hotel will also offer more than 45,000 square feet of indoor and outdoor event space. Additionally, the property will also include a 3,590-square-foot event space called The Cube, which will be used for weddings, charity functions, parties and other major events. Additional food and beverage options will include a restaurant, as well as a lobby bar and coffee bar. Other amenities will feature a fitness room, valet laundry, shuttle service to the beach and a private beach section for hotel guests. Ray Hotel is located 0.4 miles from the Delray Beach and approximately two blocks north of …

July 9, 2021

Acquisitions Hospitality New York Northeast

Cushman & Wakefield Arranges $115M Sale of Mondrian Park Avenue Hotel Mortgage

by Taylor Williams July 8, 2021

NEW YORK CITY — Cushman & Wakefield has arranged the $115 million sale of the first mortgage loan on Mondrian Park Avenue, a 190-room luxury hotel in Manhattan’s NoMad neighborhood. Adam Spies and Dan O’Brien of Cushman & Wakefield represented Moin Development in its sale of the debt to Global Holdings, an owner whose portfolio spans more than 10 million square feet of commercial space.

July 8, 2021

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 111-Room Holiday Inn Hotel in San Antonio

by Taylor Williams July 7, 2021

SAN ANTONIO — Marcus & Millichap has brokered the sale of the 111-room Holiday Inn San Antonio North Stone Oak, located at 19280 Redland Road on the city’s north side. The four-story building was constructed in 2010. Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

July 7, 2021

Hospitality Loans Southeast Virginia

Preston Hollow Capital Provides $34M Construction Financing for Highlander Hotel at Radford University in Virginia

by Julia Sanders July 6, 2021

RADFORD, VA. — Preston Hollow Capital has provided $34 million in construction financing for The Highlander, a 124-room on-campus hotel in Radford. Preston Hollow worked with Radford University and the Radford University Foundation to secure the financing. Preston Hollow’s investment includes a $34 million Sustainability Bond, which is a designation that allows investors to invest directly in obligations that finance socially beneficial and sustainable projects. Sustainability Bonds were adopted based upon sustainability framework guidance from the International Capital Markets Association and the United Nations Sustainable Development Goals. Located at 700 E Main St., The Highlander will serve Radford University’s new hospitality program. The Highlander will also feature a rooftop restaurant and a 4,000-square-foot conference space, which the university will use to host business conferences, expos and events. The Highlander is slated to be complete by 2022. The borrower is Provident Resources Group, the not-for-profit owner of The Highlander. SB Ballard Inc. is the general contractor, and Blur Group is the architect. Aimbridge Hospitality will manage the Highlander upon completion. Preston Hollow Capital is a Dallas-based independent specialty municipal finance company that supports local communities through infrastructure financing.

July 6, 2021

Acquisitions Hospitality New York Northeast

DiamondRock Hospitality Sells Lexington Hotel in Midtown Manhattan for $185.3M

by Taylor Williams July 6, 2021

NEW YORK CITY — DiamondRock Hospitality Co. (NYSE: DRH), a Maryland-based REIT, has sold the 725-room Lexington Hotel in Midtown Manhattan for $185.3 million, or roughly $256,000 per room. The sales price represents a cap rate of 5.4 percent based on the hotel’s 2019 net operating income. The Lexington Hotel features multiple meeting and event spaces. DiamondRock intends to invest the net proceeds from the sale in resort and urban lifestyle hotels. The buyer was locally based hospitality owner-operator MCR.

July 6, 2021

Development Hospitality Massachusetts Northeast

Shawmut Design & Construction Completes Renovation of 312-Room Langham Hotel in Boston

by Taylor Williams July 2, 2021

BOSTON — Shawmut Design & Construction has completed the renovation of the 312-room historic Langham hotel in Boston. The building was originally constructed in the early 1920s to house The Federal Reserve Bank of Boston and was designated as a historic landmark in 1978. Renovations included the addition of a new entrance canopy and awnings, a refurbished concierge and lounge area, a new staircase and upgraded finishes in guestroom corridors and other common areas. In addition, Shawmut renovated all of the hotel’s guestrooms, as well as the ballroom and the property’s multiple food and beverage spaces.

July 2, 2021

California Hospitality Loans Western

Columbia Pacific Advisors Provides $27M Loan for Hyatt Hotel Nue in Los Angeles

by Amy Works June 28, 2021

LOS ANGELES — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $27 million construction-to-bridge loan to recapitalize the Hyatt Hotel Nue in Los Angeles. Located at 1525 N. Cahuenga Blvd., the hotel will feature 64 guest rooms, a ground-floor lobby and restaurant, rooftop bar, lounge and pool, as well as an underground parking garage. The hotel is part of the Hyatt Unbound collection that caters to business travelers and tourists seeking a unique social experience. S3D Partners, led by Jayesh Kumar, owns the hotel. The group currently owns or maintains an interest in 12 hotels throughout California and Texas.

June 28, 2021

Hospitality Loans Mixed-Use Office Washington Western

American Life Receives $122.7M in Refinancing for Mixed-Use Property in Seattle

by Amy Works June 24, 2021

SEATTLE — American Life Insurance (ALI) has received a $122.7 million loan for the refinancing of 255 South King Street, an office and hotel property located in Seattle. PCCP provided the loan to ALI, which developed the mixed-use property in February 2018. 255 South King Street consists of a 209,476-square-foot office tower and a 23-story, 282-room Hilton Embassy Suites. The hotel features approximately 10,000 square feet of meeting and event space, a pool, and a fitness center. The office tower, which spans 11 stories above a seven-story retail and parking garage podium, was fully leased at the time of sale. Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the financing for the borrower.

June 24, 2021

Arizona Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

RED Development Starts Construction of $300M The Grove Mixed-Use Project in Phoenix

by Amy Works June 23, 2021

PHOENIX — RED Development has announced that construction is underway for The Grove, a $300 million mixed-used development at the northwest corner of 44th Street and Camelback Road in Phoenix. Situated on 15 acres, the development will include the recently announced Global Ambassador hotel, a four-story office building, several ground-floor retail and restaurant spaces, two two-story office buildings, a self-storage facility by Hibernia Capital, a covered parking structure and an apartment building by StreetLights Residential. Completion of the first phase is slated for the latter half of 2022 with final completion and the hotel’s opening scheduled for fall 2023. The Grove is also the home to the new Phoenix Suns and Phoenix Mercury private training facility that opened in late 2020.

June 23, 2021

Newer Posts

Older Posts