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.
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.
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.
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.
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.
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.
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.
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.
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.
CHICAGO — Oxford Hotels & Resorts LLC, the Chicago-based hotel management affiliate of Oxford Capital Group LLC, has opened Hotel Audrey at 166 E. Superior St. within Chicago’s Magnificent Mile shopping district. Oxford worked with Fillmore Capital Partners to reposition the 29-story hotel, which was originally developed as The Barclay Hotel. Each of the 216 guestrooms and suites includes an executive desk, ergonomic chair, 55-inch flatscreen TV, coffeemaker and complimentary Wi-Fi. The suites include a separate living area with a sleeper sofa. Rooms start at $159 per night. The fitness center is equipped with ellipticals, treadmills and other workout machines. Due to COVID-19, all areas of the hotel are sanitized at an increased frequency with approved disinfecting products. The rooftop bar, café and meeting spaces will not open until 2021.
