Hospitality

Eagle Four Partners, Lyon Living Acquire Newport Beach Marriott Hotel for $216M

by Taylor Williams November 9, 2020

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 …

November 9, 2020

Acquisitions Georgia Hospitality Mixed-Use Southeast

Pellerin Purchases 375-Room Hotel in South Atlanta’s Summerhill District

by John Nelson November 6, 2020

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 …

November 6, 2020

Development Hospitality Texas

Satya Breaks Ground on Dual Hyatt-Branded Hotel Totaling 298 Rooms in Houston

by Taylor Williams November 5, 2020

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.

November 5, 2020

Development Hospitality Texas

Todd Interests to Open First Thompson Hotel in Dallas on Nov. 14

by Taylor Williams October 21, 2020

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.

October 21, 2020

Acquisitions Hospitality Oregon Western

Crystal Investment Property Brokers Sale of America’s Best Value Inn in Boardman, Oregon

by Amy Works October 16, 2020

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.

October 16, 2020

Acquisitions California Hospitality Western

Marcus & Millichap Brokers $19M Sale of USA Hostels Property in Downtown San Francisco

by Amy Works October 14, 2020

SAN FRANCISCO — Marcus & Millichap has arranged the sale of an USA Hostels hospitality property located at 711 Post St. in downtown San Francisco. A private investor acquired the asset for $19 million. Built in 1907, the five-story building features 123 rooms including 48 units with private bathrooms, a large common area, dining area, self-service commercial kitchen and yoga studio. Jag Patel of Marcus & Millichap’s Oakland office represented the seller and procured the buyer in the deal.

October 14, 2020

Development Hospitality Mississippi Southeast Top Stories

Universal Music, Dakia U-Ventures Plan $1.2B Entertainment Destination in Biloxi

by Taylor Williams October 12, 2020

BILOXI, MISS. — A joint venture between California-based Universal Music Group (UMG) and hospitality investment firm Dakia U-Ventures has unveiled plans for a $1.2 billion hotel and music-themed entertainment destination in the coastal Mississippi city of Biloxi. The new development will be the first of the joint venture’s UMUSIC Hotels, with additional locations coming to Atlanta and Orlando. Each hotel and entertainment district is designed to educate guests on the city’s musical heritage and will feature new venues for live performances. Pyramid Hotel Group, a Boston-based hospitality management firm, has also partnered with UMG and Dakia to operate the hotels. The new hotel and entertainment venue in Biloxi will be developed at the site of the former Broadwater resort. A construction timeline was not released. The number of hotel rooms was not disclosed, and the joint venture did not specify whether or not the development will include a casino, as many hospitality properties in Biloxi do. Should the project feature a casino, the hotel would then be legally required to have at least 300 rooms, according to regional news outlet nola.com. Local media outlets have also reported that the price tag of $1.2 billion would make the project the most …

October 12, 2020

Company News Hospitality Massachusetts Northeast

Service Properties Trust Terminates Management Agreements for 122 Marriott Hotels

by Taylor Williams October 9, 2020

NEWTON, MASS. — Service Properties Trust (NASDAQ: SVC), a hospitality management firm based in metro Boston, has terminated its management agreements with Marriott International (NYSE: MAR) for 122 hotels. Pursuant to its agreement with Marriott, Service Properties Trust is selling 24 of the 122 Marriott-branded hotels, including eight TownePlace Suites hotels totaling 834 rooms; 13 Courtyard by Marriott hotels totaling 1,813 rooms; and three Residence Inn hotels totaling 342 rooms. The eight TownePlace hotels are scattered across four states and will be sold for $45.3 million, and the 16 Courtyard and Residence Inn hotels feature locations across nine states and will be sold for $107.8 million. The majority (89) of the other hotels will be transferred to Sonesta on January 31, 2021 and operated under Sonesta’s various brands moving forward.

October 9, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $2.8M Sale of Value Inn Hotel in Kenosha, Wisconsin

by Kristin Harlow October 9, 2020

KENOSHA, WIS. — Marcus & Millichap has arranged the $2.8 million sale of a Value Inn hotel in Kenosha, about 35 miles south of Milwaukee. The 112-room property, built in 1988, will be converted into a Rodway Inn by Choice Hotels. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not disclosed.

October 9, 2020

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 65-Room Comfort Inn Hotel Near Fort Worth

by Taylor Williams October 7, 2020

WHITE SETTLEMENT, TEXAS — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites Fort Worth West, a 65-room hotel located on the western outskirts of Fort Worth in White Settlement. The property was built in 2014. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap represented the Dallas-based seller in the transaction. Gomes also procured the buyer. Both parties were limited liability companies that requested anonymity.

October 7, 2020

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