Hospitality

Alaka’i Development Receives Construction Financing for $135M Dual-Branded Hotel Project in Oahu

by Amy Works September 9, 2024

OAHU, HAWAII — Alaka’i Development has received construction financing for a $135 million dual-branded Hyatt Place and Hyatt House Hotel at Ewa Beach in Oahu. Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo, Amber Coleman and Jim Korinek of CBRE’s Capital Market’s Debt and Structured Finance team secured the financing and joint venture equity for the Hawaii-based developer. Situated on 3.4 acres at 91-3456 Nana Hope St., the 240-key property will feature 108 Hyatt Place guest rooms and 132 Hyatt House extended-stay rooms, 19 of which include balconies and 86 kitchenettes. The five-story building will offer an outdoor swimming pool and spa, 3,009 square feet of meeting space, a dining room, business center and fitness center.

September 9, 2024

Acquisitions Affordable Housing Development Georgia Hospitality Multifamily Southeast

Bull Realty Brokers Sale of Hotel in Atlanta’s Summerhill Neighborhood, Buyer Plans Affordable Housing Conversion

by John Nelson August 30, 2024

ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.

August 30, 2024

Development Hospitality Mixed-Use Multifamily New Jersey Northeast Top Stories

Public-Private Partnership to Develop 80-Acre, $200M Mixed-Use Project Near Racetrack in Oceanport, New Jersey

by John Nelson August 30, 2024

OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, N.J. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025. Plans for the site include a 298-unit residential building, as well as a 200-room hotel and a sports community center to support local youth athletes. The development team is also exploring a variety of entertainment options such as music venues and experiential retail components. Monmouth Park Racetrack is a racetrack for thoroughbred horse racing. According to the property website, the original Monmouth Park was constructed in 1870. Three buildings have carried the name in the past 139 years. The current structure opened its doors in 1946. The racetrack is owned by the New Jersey Sports and Exposition Authority and is operated by Darby Development, which recently entered into an 85-year lease agreement for the facility. The project team plans to work with the New Jersey Thoroughbred Horsemen’s Association, the New Jersey Sports & Exposition Authority, the New …

August 30, 2024

Hospitality Loans Texas

Benefit Street Partners Funds $48.7M Loan for Refinancing of Downtown Austin Hotel

by Taylor Williams August 29, 2024

AUSTIN, TEXAS — Benefit Street Partners has funded a $48.7 million bridge loan for the refinancing of the 212-room Cambria Austin Downtown hotel. The 16-story, 223,975-square-foot hotel opened last fall. Amenities include a pool, fitness center, 24-hour market and 15,000 square feet of meeting/event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. Charlie Ryan of Atlanta-based Hunter Hotel Advisors arranged the loan on behalf of the borrower, a partnership between an affiliate of California-based Stratus Development Partners and Maryland-based operator Choice Hotels International Inc.

August 29, 2024

California Hospitality Loans Western

PSRS Arranges $35M Refinancing for Portofino Hotel & Marina in Redondo Beach, California

by Amy Works August 28, 2024

REDONDO BEACH, CALIF. — PSRS has secured $35 million in refinancing for The Portofino Hotel & Marina in Redondo Beach, just south of Los Angeles. The asset includes a 161-room, independent hotel with a full-service restaurant and lounge and lobby bar, and a 181-slip full-service marina and fuel dock with a 19-unit apartment building and a marina shop that is hotel-operated. Michael Thorp and Ari Zeen of PSRS arranged the non-recourse loan, with a seven-year, interest-only term. Financed with a debt fund execution, the structured loan consists of both senior and mezzanine financing to allow the sponsor to refinance out of expensive short-term debt.

August 28, 2024

Hospitality Loans Texas

Lone Star PACE Provides $27M in C-PACE Financing for Dallas Hotel

by Taylor Williams August 27, 2024

DALLAS — Lone Star PACE has provided $27 million in retoractive C-PACE financing for HALL Arts Hotel, a luxury hospitality property located in the Dallas Arts District. Designed by HKS Architects with interiors by Bentel & Bentel, the hotel rises 11 stories and houses 183 guestrooms and 19 suites, as well as an onsite restaurant and bar and meeting/event space. The borrower, locally based developer HALL Group, will use proceeds to recapitalize previously implemented sustainability measures at the hotel, including upgrades to the building’s envelope, electrical, plumbing and HVAC systems.

August 27, 2024

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Negotiates $3.4M Sale of Harbor Town Inn & Suites Hotel in Manitowoc, Wisconsin

by Kristin Harlow August 27, 2024

MANITOWOC, WIS. — Marcus & Millichap has negotiated the $3.4 million sale of Harbor Town Inn & Suites, an 80-room hotel in Manitowoc along Lake Michigan. Built in 1978 and located at 4004 Calumet Ave., the property is independently operated. Amenities include a business center, game room, onsite laundry and outdoor patio. Jared Plamann and Jake Erickson of Marcus & Millichap represented the seller, a family that had owned the property for 34 years, and procured the local buyer. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.

August 27, 2024

Development Hospitality Texas

Choice Hotels, HighSide Break Ground on 115-Room EverHome Suites Hotels in West San Antonio

by Taylor Williams August 26, 2024

SAN ANTONIO — A partnership between Maryland-based Choice Hotels International and Denver-based HighSide Cos. has broken ground on a 115-room EverHome Suites hotel in San Antonio. The site is located at 619 Hunt Lane on the city’s west side, and the hotel will feature apartment-style rooms that will include fully equipped kitchens and spa-style bathrooms. Construction is slated for a late 2025 completion. The partnership also plans to open five other EverHome Suites hotels in Texas in 2025.

August 26, 2024

Extended-Stay-America-Premier-Suites-Portland-North-OR

Development Hospitality Oregon Western

Extended Stay America Opens 146-Room Hotel in Portland, Oregon

by Amy Works August 26, 2024

PORTLAND, ORE. — Extended Stay America has opened Extended Stay America Premier Suites Portland North in Portland. Trimark-University Housing IV developed the property, which Ark Hospitality will manage. Located at 1215 N. Hayden Meadows Drive, the three-story hotel offers 146 rooms with fully equipped kitchens featuring full-size refrigerators, microwaves, stovetops, cookware, utensils, dishes and a dedicated workspace. The property features complimentary Wi-Fi and breakfast, a fitness center and on-site guest laundry facilities.

August 26, 2024

Hospitality Loans New Jersey Northeast

Cronheim Mortgage Arranges $14.6M Construction Loan for Northern New Jersey Hotel

by Taylor Williams August 26, 2024

LYNDHURST, N.J. — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $14.6 million construction loan for a Marriott-branded hotel project in the Northern New Jersey community of Lyndhurst. The hotel will total 128 rooms and will be operated under Marriott’s TownePlace Suites brand. David Turley of Cronheim Mortgage placed the loan through an undisclosed local bank on behalf of the borrower, regional hospitality owner-operator BDG Hotels. Construction is slated for a late 2025/early 2026 completion.

August 26, 2024

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