GAINESVILLE, FLA. — Ready Capital has closed a $16.4 million refinancing loan for a 164-room hotel in Gainesville near the University of Florida. The loan will be used to refinance an existing construction loan, as well as provide funds for the interest reserves needed to stabilize the newly built hotel. Ready Capital closed the three-year non-recourse, floating-rate loan that features interest-only payments and two extension options, on behalf of the undisclosed borrower. Further details of the property were not disclosed.
NEW YORK CITY — KW Commercial, the commercial real estate arm of Keller Williams Realty, has negotiated a new master lease for the 100-room Z Hotel in Long Island City in Queens. Sonder, a flexible stay hospitality startup, will lease and operate the entire hotel for a term of seven to 17 years. The property is located at 11-01 43rd Ave and includes 45,000 square feet of retail, office and amenity space. Julia Maksimova of KW Commercial represented the landlord, Merchants Hospitality. David Behin and J.D. Cohen of Newmark Knight Frank represented Sonder.
LAS VEGAS — Dream Hotel Group has unveiled plans to open a 450-room luxury hotel on the Las Vegas Strip. Dubbed Dream Las Vegas, the project is slated to open in 2023. Local developers Contour and Shopoff Realty Investments plan to break ground in early 2021. Designs call for a rooftop pool deck, bar and lounge; three restaurants; two additional bar and lounge concepts on the gaming floor; a grab-and-go café on the street level; 12,000 square feet of meeting and event space; a full-service spa; and a fitness center. “There is no shortage of mega-resorts in Las Vegas, but there is a lack of boutique hotels that offer a more intimate curated experience,” says David Daneshforooz, CEO of Contour. “A ground-up Dream hotel with its world-class food and beverage offerings was an obvious choice for a boutique execution on this site and will be a great addition to the Las Vegas Strip.” Located across the street from Mandalay Bay Resort and Bali Hai Golf Club, Dream Las Vegas will be one of the first hotels seen from the iconic “Welcome to Las Vegas” sign. The property will be situated two blocks from the new Allegiant Stadium, future home of …
MACON, GA. — TGC Group has acquired TownePlace Suites by Marriott Macon Mercer University, a 95-room hotel near Mercer University in Macon. The four-story hotel offers studio and one-bedroom suites with fully equipped kitchens. The property is located at 1550 Mercer University Drive, three miles from downtown Macon and adjacent to Mercer’s campus. This is the third TownePlace by Marriott in TGC Group’s portfolio, according to Nick Esterline, founder and president of Wichita, Kan.-based TGC Group. TGC Hospitality Management will manage the property. The seller and sales price were not disclosed.
PEABODY, MASS. — MCR Development LLC, a hotel owner and manager headquartered in New York City and Dallas, has acquired the SpringHill Suites by Marriott Boston Peabody, a 164-room hotel located approximately 30 miles north of Boston. The sales price was $16.2 million. Situated at 43 Newbury St., the hotel offers convenient access to State Route 1 and Interstate 95. Amenities include a fitness center and saltwater pool. The property is MCR’s first in Massachusetts. New York City-based investor Lightstone Group was the seller.
AVONDALE, ARIZ. — Phoenix-based First American Exchange Co. has purchased Rancho Santa Fe Center, a medical office asset located at 13033-13075 W. McDowell Road in Avondale. HH RSR, a company formed by Holualoa Cos. and The Plaza Cos., sold the property for $17.8 million. Constructed in 2004, the seven-building complex offers more than 73,961 square feet of medical office space on eight acres. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.
PORTLAND, ORE. — Hyatt Hotels Corp. has opened Hyatt Centric Downtown Portland, located at 601 S.W. 11th Ave. in Portland. The property is the first Centric-branded hotel in the Pacific Northwest. Situated in Portland’s West End district, the hotel features 220 guest rooms, a 24-hour fitness center and three meeting spaces, including the 1,368-square-foot Pettygrove Room and the 428-square-foot technology-driven boardroom. The hotel’s signature restaurant, MASIA, serves Catalan- and Spanish-inspired cuisine. The property also features MASIA Bar, the hotel’s lobby bar, and 180 Xurros, which serves as the hotel’s 24-hour market. Portland-based Mortenson, in partnership with Sera Architects, designed the property.
ORLANDO, FLA. — Hall Structured Finance has provided a $140 million, non-recourse construction loan for four hotels totaling nearly 1,000 rooms at the western entrance of Walt Disney World Resort in Orlando. The four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. Real estate developer Doradus Partners is simultaneously developing all four hotels and expects to deliver them by the end of the year. The hotels will be located in the Flamingo Crossings Town Center, a new master-planned development that includes hotels, retail, dining and housing for students participating in Disney internships and college programs. At the heart of the mixed-use project will be an approximately 200,000-square-foot retail hub, which will include more than 50 tenants and more than 1,700 parking spaces. The new hotels will share a five-story parking garage, surface parking and a sports court. The four hotels will also be bookable as part of Walt Disney Travel Co. packages. Justin Ownby, Adrienne Kautzman and Mauricio Rodriguez of Berkadia arranged the construction loan through Hall Structured Finance on behalf of Doradus Partners.
LINTHICUM HEIGHTS, MD. — Ready Capital has closed a $7.2 million acquisition loan for a 182-room hotel adjacent to Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights. The undisclosed borrower has reflagged the existing Rodeway Inn to a Wingate by Wyndham. Additionally, the hotel will go from economy class to mid-scale. In conjunction with the reflagging, a property improvement plan will be implemented to further increase average daily revenue (ADR) and occupancy. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a three-year term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for the property improvement plan.
Strong gains in population and travel spending highlight Colorado as an increasingly popular place to work and visit, boosting demand for hotel rooms in the state. Leisure travel spending has climbed by 28.9 percent over the past five years, surpassing $22 billion in 2018. More than half of those funds were spent on commercial lodging. Business travel is also bolstered by companies either entering or expanding in the state. These demand factors translate to hotel occupancy and revenue metrics that have consistently exceeded the national average since 2014. Colorado’s November annual average occupancy rate rose 90 basis points year over year to 68.1 percent, compared with the national metric that held flat at about 66.2 percent. Colorado’s annual average RevPAR grew 3.8 percent over that same span, more than triple the U.S. pace, to $98.48. Robust gains in both occupancy and RevPAR demonstrate how demand for Colorado hotel rooms has outpaced numerous supply additions. The state’s inventory of hotel rooms has expanded by about 13 percent over the past five years, with 4,226 hotel rooms under construction. More than half of the keys underway will be delivered in Denver and Colorado Springs. Notable new projects in the Denver metro include …