Hospitality

IHG Opens 99-Room Staybridge Suites in Metro Atlanta

by Alex Tostado October 1, 2020

DULUTH, GA. — InterContinental Hotels Group (IHG) has opened a 99-room Staybridge Suites hotel in Duluth, a northeast suburb of Atlanta in Gwinnett County. The property features a 24-hour business center, saltwater pool, fitness center, a meeting room and laundry facilities. Each room includes a 49-inch smart TV. Atlanta-based IHG has implemented its Clean Promise program, which includes disinfecting rooms and common areas with an electrostatic sprayer, as well as operating the hotel with strict social distancing guidelines. Duluth Capital Investments LLC operates and owns the hotel, which opened Sept. 30.

October 1, 2020

Development Hospitality Texas

RREAF Holdings Nears Completion of 240-Room Delta by Marriott Hotel in Southlake

by Taylor Williams September 30, 2020

SOUTHLAKE, TEXAS — RREAF Holdings is nearing completion of a 240-room Delta by Marriott hotel in the Fort Worth suburb of Southlake, with an expected opening date of mid-November. Hotel amenities will include a grab-and-go food market, a 24-hour pantry, fitness center, outdoor pool and lounge area and an onsite restaurant and bar. The 10-story building will also feature 10,000 square feet of meeting and event space. Aimbridge Hospitality will manage the property.

September 30, 2020

Development Hospitality Nevada Western

Donohoe Hospitality Opens Dual-Branded Hotel Near Las Vegas Convention Center

by Amy Works September 29, 2020

LAS VEGAS — Donohoe Hospitality Services, a division of Donohoe, has opened the dual-branded Hampton Inn & Suites and Home2 Suites by Hilton Las Vegas located at 755 Sierra Vista Drive in Las Vegas. Located adjacent to the Las Vegas Convention Center, Hampton Inn & Suites features 150 guest rooms while Home2 Suites offers 100 guest suites. The hotels share common amenities including a lobby, dining facilities, a cocktail lounge, 1,000 square feet of meeting and event space, swimming pool, exercise rooms, a business center and onsite parking.

September 29, 2020

Development Hospitality Massachusetts Northeast

Nauset Construction Completes 67-Room Hotel Redevelopment Project in Cambridge

by Taylor Williams September 29, 2020

CAMBRIDGE, MASS. — Nauset Construction has completed the redevelopment of the historic Whitney, Lucretia and Henry Building in Cambridge into a 67-room boutique luxury hotel. The property was built in 1870 and is located in the Central Square area. The developer was a partnership between Sean Casey LLC and Hay Creek Hotels. Gensler designed the project, which houses multiple food and beverage concepts and a rooftop terrace.

September 29, 2020

Development Hospitality Texas

Jackson-Shaw Opens 252-Room AC Hotel by Marriott in Downtown Fort Worth

by Taylor Williams September 29, 2020

FORT WORTH, TEXAS — Locally based developer Jackson-Shaw has opened the 252-room AC Hotel by Marriott in downtown Fort Worth. Designed by Merriman Anderson/Architects, the 16-story building is located near Sundance Square at the corner of Main and Fifth streets. The property features an AC lounge that offers a full bar that also serves small plates, as well as a 24-hour wellness center, coffee shop and a European-style breakfast. Austin Commercial served as the general contractor for the project.

September 29, 2020

Acquisitions California Hospitality Western

Colony Capital Agrees to Sell 197 Hotels to Highgate

by Amy Works September 28, 2020

LOS ANGELES — Los Angeles-based Colony Capital has entered into a definitive agreement to sell six of its hospitality portfolios to Highgate, a hospitality investment and management firm, for $67.5 million. The six portfolios consist of 22,676 rooms across 197 individual hotels. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and third-party approvals. The portfolio, valued at $2.8 billion, includes the assumption of approximately $2.7 billion in consolidated investment-level debt. Moelis & Co. served as financial advisor to Colony Capital in connection with the transaction, and Willkie Farr & Gallagher LLP served as legal counsel for the seller. Latham & Watkins LLP served as legal counsel for the New York City-based buyer.

September 28, 2020

Hospitality Illinois Midwest

Reports: Chicago’s Historic Palmer House Hilton Hotel in Foreclosure

by Kristin Harlow September 28, 2020

CHICAGO — The historic Palmer House Hilton hotel in Chicago faces a bank foreclosure, according to several media reports including The Wall Street Journal. Wells Fargo Bank filed a lawsuit against Thor Equities because the owner was in default on its $333.2 million first mortgage. Located at 17 E. Monroe St., the hotel was originally constructed in 1871. Conrad Hilton later purchased it in 1945. Palmer House features 1,639 guest rooms and suites. Famous guests throughout the decades have included Oscar Wilde, Frank Sinatra, Louis Armstrong and Bill Clinton.

September 28, 2020

Acquisitions Georgia Hospitality Southeast

Crescent Real Estate Acquires Hotel at Avalon in Metro Atlanta

by Alex Tostado September 24, 2020

ALPHARETTA, GA. — Crescent Real Estate LLC has acquired The Hotel at Avalon, a 330-room property within Avalon in Alpharetta. The hotel, which is part of the Marriott Autograph Collection brand, opened in 2018 and features a 65,000-square-foot conference center, 44,000 square feet of multi-function space, a fitness center, pool, full-service Starbucks and a South City Kitchen restaurant. The Fort Worth, Texas-based buyer has retained HEI Hotels & Resorts to manage the property. Bill Hodges, Mark Elliott, Todd Ratliff, Pete Dannemiller, Nate Ries, Coby Campbell and Nic Howe of Hodges Ward Elliott represented the seller, a partnership between Stormont Hospitality Group, North American Properties and Long Wharf Capital, in the transaction. The sales price was not disclosed. Avalon is a $1 billion mixed-use development spanning 86 acres. Developed in phases by North American Properties, Avalon features 500,000 square feet of retail space, more than 20 restaurants, 600,000 square feet of office space and more than 600 residential units. The Hotel at Avalon is the only hotel on the property. Avalon’s tenant base includes Whole Foods Market, Tesla, Apple, Microsoft, Sundance, Arhaus, The Container Store, lululemon athletica, Peloton, Pottery Barn, a 12-screen Regal theater, West Elm and Williams Sonoma, among others.

September 24, 2020

Development Hospitality Loans Northeast Pennsylvania

CHC Arranges $10.5M Construction Loan for Hotel Project in Wilkes-Barre, Pennsylvania

by Taylor Williams September 24, 2020

WILKES-BARRE, PA. — CHC Hotel Capital has arranged a $10.5 million construction loan for a Home2 Suites by Hilton property in Wilkes-Barre, located south of Scranton. The property will feature 107 rooms and is expected to be complete in late spring of next year. The loan was structured with a 30-month term and a 75 percent loan-to-value ratio. The borrower and lender were not disclosed.

September 24, 2020

Acquisitions Hospitality Kansas Midwest

Marcus & Millichap Negotiates Sale of 50-Unit Best Western Hotel in Kansas

by Kristin Harlow September 18, 2020

WAKEENEY, KAN. — Marcus & Millichap has negotiated the sale of a 50-room Best Western Plus hotel in Wakeeney in central Kansas. The sales price was undisclosed. Built in 2005, the hotel is located at 525 S. 1st St. Allan Miller, Chris Gomes and Steve Swenholt of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a private investor. The team also procured and represented the buyer, a limited liability company.

September 18, 2020

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