HOUSTON — Midland, Texas-based developer Insignia Hospitality Group has completed the 128-room Courtyard by Marriott hotel in the Bunker Hill area of Houston. The 85,803-square-foot building rises six stories and offers a fitness center and a business center, as well as complimentary breakfast. Mayse & Associates Inc. designed the project, and Lubbock-based Greenstreet Inc. served as the general contractor.
SARANAC LAKE, N.Y. — TLG Investment Partners has opened Saranac Waterfront Lodge, a 93-room hotel and resort located in the Adirondack High Peaks in Upstate New York. The waterfront property houses two food and beverage concepts, a pool, lakeside fire pit, a private marina with 24 boat slips and 30,000 square feet of meeting and event space. Skyward Hospitality is managing the property.
FORT WORTH, TEXAS — Development Services Group (DSG) will open the 226-room Kimpton Harper Hotel in downtown Fort Worth in spring 2021. The hotel will be housed within the 24-story historic Farmers & Mechanics National Bank building and will feature a penthouse bar and lounge, 10,000 square feet of meeting and event space and a rooftop observation deck. Davidson Hotels & Resorts will manage the property.
WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has urged the U.S. Congress to pass another COVID-19 relief bill, citing a lack of holiday travel plans by most Americans surveyed and a continuation of stymied business travel. Morning Consult conducted a survey of 2,200 adults from Nov. 2 to 4 on behalf of AHLA. The results found 69 percent of adults have no travel plans for Thanksgiving and 72 percent of adults don’t plan to travel over Christmas. According to research from STR, the national hotel occupancy for the week ending Oct. 31 was 44.4 percent, down from 62.6 percent a year ago. On the business travel side, 8 percent of survey respondents said they have stayed in a hotel overnight for work since March. Sixty-two percent of employed respondents said they have no plans to stay in a hotel for work in the next six months. “This holiday season will be an especially difficult time for all Americans, and our industry is no exception,” says Chip Rogers, president and CEO of the AHLA. “Fewer people will be traveling, and business travel remains nearly non-existent. That’s why it’s so important for Congress to pass a relief bill now. …
MARINA, CALIF. — A joint venture between Skya Ventures and Gelt has completed the sale of Marina Dunes RV Resort located at 3330 Dunes Drive in Marina. An undisclosed, publicly traded REIT acquired the asset for $28.5 million in an off-market transaction. Situated on 5.6 acres, the property features 96 sites, as well as upscale camping options with fully furnished tents, private yards and fully equipped campsites. The property features privately fenced patios with landscaping, off-street parking, upgraded utility pedestals and bollard streetlights, as well as individual telephone, cable, Wi-Fi and propane tanks at each site. Common area amenities include a clubhouse with game room, billiards, flat-screen television, fire pit, horseshoes and volleyball. Additionally, the property features a retail store and check-in office with an assortment of convenience store items and other merchandise. Jonathon McClellan, Kyle Baskin, Connor Outcalt and Steve Seligman of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal.
NEWPORT BEACH, CALIF. — A partnership between locally based private equity firm Eagle Four Partners LLC and development and management firm Lyon Living has acquired the 532-room Newport Beach Marriott Hotel & Spa for $216 million. The price equates to approximately $406,000 per room. The seller was Host Hotels & Resorts (NASDAQ: HST), a Maryland-based hospitality REIT. The Newport Beach Marriott is situated on 10 acres adjacent to Newport Harbor and Newport Beach Country Club. The hotel is located within the 3 million-square-foot Newport Center mixed-use development and across from the 1.3 million-square-foot Fashion Island shopping and dining destination. Eagle Four owns and operates the Newport Beach Country Club and recently developed the new clubhouse at Newport Center. The hotel features more than 32,000 square feet of indoor and outdoor meeting and event space, as well as a full-service, spa, pool and fitness center. A fine dining restaurant, grab-and-go food market and a Starbucks Coffee shop also operate within the property. The Newport Beach Marriott was built in 1975 and renovated in 2005. The new ownership plans to build on past capital improvements with its own upgrades. “The hotel will complete a comprehensive renovation of both public space and guestrooms …
ATLANTA — Pellerin Real Estate has purchased the former Ramada Plaza by Wyndham Atlanta Downtown & Conference Center, a 375-room hotel in south Atlanta’s Summerhill neighborhood. Atlanta-based Pellerin is partnering with New York-based Life House via its management arm, Life Hospitality, to stabilize the property and explore redevelopment opportunities. The former hotel is located next to Center Parc Stadium, Georgia State University’s (GSU) football stadium that was once the Atlanta Braves home ballpark (Turner Field), as well as a site for the 1996 Summer Olympics. The property is adjacent to Summerhill, an 80-acre master development by Carter USA and GSU. Phase I will feature 306 apartments with 8,575 square feet of ground-level retail, 82,000 square feet of grocery-anchored retail, the redevelopment of 47,000 square feet along Georgia Avenue, a 676-bed student housing project, 100 townhomes and build-to-suit Class A office space. GSU recently announced a new $85 million, 8,000-seat athletic arena that will be directly across the street from the former hotel and is expected to deliver in 2022. Pellerin and Life House are partnering to grow their hospitality portfolio by a minimum of 1,000 rooms over the next 12 months. The firms are targeting 100- to 300-room midscale hotels …
HOUSTON — Locally based development and consulting firm Satya has broken ground on a dual Hyatt-branded hotel at 7329 Fannin St. in Houston. The site is located in a Qualified Opportunity Zone within the Texas Medical Center and will house a 159-room Hyatt Place hotel and a 139-room Hyatt House hotel within a 14-story building. Shared amenities will include multiple dining venues, two bars, a lobby workstation, pool and a fitness center. The project team include Dallas-based architecture firm G2 and general contractor E.E. Reed & Associates. IBC Bank provided financing for construction, which is expected to be complete in 2022.
DALLAS — Locally based developer Todd Interests has pegged Friday, Nov. 14 for the grand opening of its 219-room Thompson Dallas hotel, the first property in the city to carry the brand. The project is a redevelopment of a historic building located at 205 N. Akard St in the city’s Downtown Historic District. The design team included Dallas-based Merriman/Anderson Architects (building), Cindy Zelazny of Interiors Limited and Todd Interests co-owner Caroline Todd (interior) and SWA Group (landscaping). Amenities include a full-service spa, fitness and wellness center, pool, ballroom and multiple dining venues. Thompson Hotels is a boutique lifestyle hospitality brand that was founded in 2001.
BOARDMAN, ORE. — Crystal Investment Property (CIP) has directed the sale of America’s Best Value Inn, a newly converted franchise located on Interstate 84 in Boardman. Joseph Kennedy of CIP represented the undisclosed buyer and seller in the deal. The final sale price was not released.
