Hospitality

Sea Breeze Properties Breaks Ground on 40-Acre Mixed-Use Development in San Diego

by Amy Works February 6, 2020

SAN DIEGO — Sea Breeze Properties has broken ground for MERGE 56, a 40-acre mixed-use development located in the Torrey Highlands submarket of San Diego. Adjacent to State Route 56 at Camino Del Sur, MERGE 56 will feature a 450,000-square-foot, Class A office and retail space; a boutique hotel; and 242 residential units, including single-family homes, townhomes and affordable apartments. The land was originally approved in 2004 as a big-box retail center before Sea Breeze Properties acquired the land in 2013 and redesigned it into a pedestrian-centric, mixed-use environment. CBRE’s Chris Pascale, Mike Hoeck and Ellycia Halden will handle leasing for the office space, while Steve Avoyer of Flocke & Avoyer will handle leasing for the retail component.

February 6, 2020

Acquisitions Florida Hospitality Southeast

Joint Venture Purchases Shelborne South Beach Hotel for $120M

by Alex Tostado February 4, 2020

MIAMI BEACH, FLA. — A joint venture between King Street Real Estate GP LLC, Westdale Properties and Cedar Capital Partners has purchased Shelborne South Beach Hotel, a 275-room hotel in Miami Beach, for $120 million. The beachside hotel opened in 1941 in the Art Deco district, seven miles from downtown Miami. The hotel offers a pool; pool deck; sky terrace; several meeting and event spaces; beachside services including beach chairs and towels, and waverunner, parasailing and paddleboard rentals; nightly happy hour; and live music on the weekends. The seller was not disclosed.

February 4, 2020

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 101-Room Homewood Suites Arlington Hotel

by Taylor Williams February 3, 2020

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of the 101-room Homewood Suites Arlington hotel, located near the University of Texas at Arlington and the Arlington Entertainment District. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, Dallas-based DPG Partners, in the transaction. The duo also procured the buyer, Northwest Airport Management LP.

February 3, 2020

Development Hospitality Louisiana Southeast

NewcrestImage, Baywood Hotels to Develop Canopy by Hilton in Downtown New Orleans

by Alex Tostado January 31, 2020

NEW ORLEANS — A joint venture between Texas-based NewcrestImage and Columbia, Md.-based Baywood Hotels will develop Canopy by Hilton, a 176-room hotel in downtown New Orleans. The 14-story hotel will be at the site of the former Oil and Gas Building, which was built in 1959 and placed on the National Register of Historic Places in 2014 for its innovative use of glass, steel and abstract geometry in a skyscraper. The hotel will be situated at 1100 Tulane Ave., adjacent to the French Quarter. Canopy by Hilton will feature a fine-dining concept and meeting space with an outdoor terrace. The joint venture will begin construction in early February with a planned completion date in summer 2021.

January 31, 2020

Hospitality Loans Michigan Midwest

Mag Mile Capital Arranges $23.6M Refinancing for Michigan Hotel Portfolio

by Kristin Harlow January 31, 2020

GRAND RAPIDS, NOVI AND STERLING HEIGHTS, MICH. — Mag Mile Capital has arranged $23.6 million in CMBS loans for the refinancing of three Michigan hotels. Stellar Hospitality was the borrower. In the first transaction, Francisco Narcoda of Mag Mile arranged a $9.4 million loan for a Staybridge Suites hotel in Grand Rapids. The 94-room hotel opened in December 2001. Nacorda also secured an $8.5 million loan for the 89-room Homewood Suites in Novi. In the final transaction, the team arranged a $5.7 million loan for the 98-room Tru by Hilton property in Sterling Heights. The 10-year loans feature an interest rate of 4.2 percent.

January 31, 2020

Hospitality Loans Midwest Nebraska

Petros PACE Provides $4.2M in Financing for Conversion of Historic Omaha Building into Boutique Hotel

by Kristin Harlow January 31, 2020

OMAHA, NEB. — Petros PACE Finance LLC has provided a $4.2 million commercial property assessed clean energy (C-PACE) loan for the conversion of a historic building in downtown Omaha into a boutique hotel. REV Development was the borrower. The transaction will fund a portion of the renovation of Omaha’s century-old Logan Building. The seven-story building will be operated as a 90-key Hotel Indigo, with additional space reserved for condos and ground-level retail. The redevelopment project includes energy-saving improvements to the property’s lighting, HVAC, windows, roofing and plumbing systems. Completion of construction is slated for July 2020. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. Building owners borrow money for energy-efficiency projects and make repayments via an assessment on their property tax bills. C-PACE may be funded by private investors or government programs, but it is only available in states with enabling legislation and active programs, according to the U.S. Department of Energy.

January 31, 2020

Arizona Development Hospitality Loans Western

George Smith Partners Secures $56M in Financing for Scottsdale Curio Hotel Development

by Amy Works January 31, 2020

SCOTTSDALE, ARIZ. — The Davies Group at Los Angeles-based George Smith Partners arranged a total of $56 million in structured financing on behalf of Opwest Partners for its development of Scottsdale Curio, a lifestyle hotel in Scottsdale. The financing comprised a $20 million placement of joint venture equity from Argosy Real Estate Partners and $36 million of senior construction debt from Wells Fargo Bank. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis and Aiden Moran of George Smith Partners sourced the financing for Opwest. Located at 7501 E. Camelback Road, the six-story, 97,058-square-foot hotel will feature 169 guest rooms, a subterranean parking garage, restaurant, lounge, indoor/outdoor fitness center, and amenity deck with pool and bar. Construction is slated to begin this summer.

January 31, 2020

Acquisitions Hospitality Texas

JRK Property Holdings Buys Portfolio of Marriott-Branded Hotels in Austin for $65M

by Taylor Williams January 28, 2020

AUSTIN, TEXAS — JRK Property Holdings, a Los Angeles-based investment firm, has purchased a portfolio of five Marriott-branded hotels in Austin for $65 million in an all-cash deal. The 602-room portfolio includes hotels under the Courtyard by Marriott, Residence Inn, SpringHill Suites and Fairfield Inn & Suites brands. JRK plans to invest more than $40,000 per room in capital upgrades to the hotels, which originally opened between 1996 and 2001. JLL represented the seller, Maryland-based hospitality REIT RLJ Lodging Trust, in the transaction.

January 28, 2020

Acquisitions Arizona Development Hospitality Western

PEG Cos., A.G. Hills Partners Buy Luhrs Building in Phoenix for Hotel Conversion

by Amy Works January 28, 2020

PHOENIX — Provo, Utah-based PEG Cos. and Dallas-based A.G. Hill Partners have acquired the Luhrs Building, a 10-story historic office property located at 11 W. Jefferson St. in downtown Phoenix. Lincoln Property Co. (LPC) sold the asset for $14 million. PEG plans to renovate 92,000 square feet of the 108,000-square-foot Luhrs Building into an upscale hotel. The redevelopment will convert floors one through nine into hotel rooms, while Hagens Berman Law Firm will continue to occupy the top floor. Additionally, Bitter & Twisted Cocktail Parlour will remain open and occupy ground-floor space during the construction. LPC will maintain ownership of the balance of Luhrs City Center, which includes the 14-story Luhrs Tower office building, an adjacent six-story parking garage and 15,995 square feet of fully renovated, ground-floor retail space called The Arcade that is occupied by La Madeline, Serafina Coffee Bar and Monroe’s Chicken. Bill Murney of Hospitality Real Estate Counselors brokered the sale transaction. A.G. Hill Partners serves as PEG’s main investment partner for the conversion.

January 28, 2020

Development Hospitality Massachusetts Northeast

Cambria Opens 159-Room Cambria Hotel Boston, Downtown-South Boston

by Alex Patton January 27, 2020

BOSTON — Cambria Hotels has opened the 159-room Cambria Hotel Boston, Downtown-South Boston. The hotel offers close access to the Massachusetts Bay Transportation Authority red line. Amenities include a rooftop restaurant, lobby lounge, fitness center and 160-person event space. RODE Architects designed the building, the first Cambria Hotel in Massachusetts.

January 27, 2020

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