Hospitality

Commonwealth Properties Opens Eight-Room Boutique Hotel in St. Paul, Minnesota

by Kristin Harlow March 6, 2020

ST. PAUL, MINN. — Commonwealth Properties LLC has opened The Davidson, a boutique eight-room hotel in St. Paul. Located at 344 Summit Ave., the building is a 105-year-old former mansion. Five of the rooms have a view of downtown St. Paul, while the other three face Summit Avenue, which is known for its stretch of historic homes. Each guest room is equipped with a kitchen. The hotel provides guests with breakfast vouchers that can be used at nearby Bon Vie. Hotel guests also have access to the fitness facilities at The University Club of St. Paul and the Saint Paul Athletic Club. The hotel draws its name from the building’s original occupants, the Davidson family. The 18,000-square-foot home was built in 1915. Commonwealth Properties purchased the building in 2013.

March 6, 2020

Hospitality Loans Texas

Sonnenblick-Eichner Arranges CMBS Loan for Refinancing of 123-Room Hotel in Austin

by Taylor Williams March 5, 2020

AUSTIN, TEXAS — Sonnenblick-Eichner Co., a California-based investment banking firm, has arranged a CMBS loan for the refinancing of Lone Star Court, a 123-room hotel in Austin. Designed to resemble old-fashioned motor courts, the property is located within the 303-acre Domain mixed-use development on the city’s north side. Amenities include an onsite bar and restaurant called Water Trough, 1,933 square feet of meeting space, 3,341 square feet of outdoor event space, a fitness center, pool and 154 parking spaces. An undisclosed Wall Street lender provided the loan, which was structured with a 3.49 percent interest rate. The loan features interest-only payments for the entire 10-year term. The borrower and loan amount were not disclosed.

March 5, 2020

Acquisitions Hospitality Top Stories

Xenia Hotels Agrees to Sell Seven-Property Hospitality Portfolio for $483M

by Alex Tostado March 5, 2020

ORLANDO, FLA. — Xenia Hotels & Resorts Inc. (NYSE: XHR), an Orlando-based hospitality REIT, has agreed to sell a seven-hotel, 1,124-room portfolio for $483 million, or approximately $430,000 per room. Kimpton manages all seven properties in the portfolio, which comprises the 97-room Canary Hotel Santa Barbara in California; 191-room Hotel Monaco Chicago; 189-room Hotel Monaco Denver; 225-room Hotel Monaco Salt Lake City; 230-room Hotel Palomar Philadelphia; 107-room Lorien Hotel & Spa in Alexandria, Va.; and the 85-room RiverPlace Hotel in Portland, Ore. Orlando-based Xenia acquired RiverPlace Hotel, Hotel Palomar Philadelphia and Canary Hotel Santa Barbara in 2015. The company acquired Hotel Monaco Denver, Lorien Hotel & Spa, Hotel Monaco Salt Lake City and Hotel Monaco Chicago in 2013. Xenia expects the sale to close in May, although the undisclosed buyer can extend the deadline to June with an additional deposit payment. The sales price represents a 5.3 percent capitalization rate, according to Xenia. “While these hotels are high-quality assets that are largely consistent with our long-term investment strategy, we believe that this disposition is an illustration of our ability to opportunistically unlock value within our current portfolio and increase shareholder value through portfolio recycling,” says Marcel Verbaas, chairman and chief executive officer …

March 5, 2020

Acquisitions Hospitality Southeast Virginia

Stonebridge Acquires Marriott Hotel in Northern Virginia for $17.3M

by Alex Tostado March 4, 2020

HERNDON, VA. — Stonebridge Cos. has acquired Residence Inn by Marriott Herndon Reston in Herndon for $17.3 million. The hotel offers 168 rooms and features complimentary Wi-Fi, a pool, barbecue and picnic area, complimentary breakfast buffet, 24-hour market, an onsite business center and meeting space. The property is situated at 315 Elden St., 24 miles west of downtown Washington, D.C. and two miles from Reston Town Center, which features more than 50 retailers and 35 restaurants. LNR Partners LLC sold the hotel.

March 4, 2020

Development Hospitality Texas

Swinerton Completes Renovations of 1,840-Room Sheraton Dallas Hotel

by Taylor Williams March 3, 2020

DALLAS — California-based general contractor Swinerton has completed the final phase of renovations of the Sheraton Dallas Hotel, a 1,840-room hotel in downtown Dallas that originally opened in 1959. Renovations included upgrades to all guestrooms, food and beverage outlets and the hotel’s 230,000 square feet of meeting and event space. Five new restaurant concepts — Open Palette, Moka Pot Coffee Shop, Draft Sports Bar & Lounge, The Parlor and Open Mkt. — are now in place at the hotel. The project team, which included design firms FlickMars and DLR Group, also installed new art and a rooftop garden with murals by local artist Falk Houben.

March 3, 2020

Georgia Hospitality Loans Southeast

Trez Capital Provides $25.5M Acquisition Loan for Downtown Atlanta Hotel

by Alex Tostado March 3, 2020

ATLANTA — Trez Capital has provided a $25.5 million acquisition loan for a 173-room Holiday Inn Express in downtown Atlanta. The hotel was originally built in 1933 and most recently renovated in 2012. The borrowers, IE Development LLC and CG Management LLC, will use loan proceeds to renovate all rooms and build out a 3,240 square-foot rooftop meeting room with outdoor patio to attract more corporate clients. The property includes a small convenience store and a 5,000-square-foot-restaurant that is currently vacant. Hotel operations will continue during the renovation period, which are expected to conclude in summer 2021. The property is situated at 111 Cone St. NW, blocks from Centennial Olympic Park, Mercedes-Benz Stadium, CNN Studios and the Georgia Aquarium. Brett Forman of Trez Capital originated the loan on behalf of the borrowers.

March 3, 2020

Acquisitions Hospitality Indiana Midwest

Peachtree Hotel Group Purchases 180-Room Hampton Inn in Indianapolis

by Kristin Harlow March 2, 2020

INDIANAPOLIS — Peachtree Hotel Group has purchased the 180-room Downtown Indianapolis Hampton Inn for an undisclosed price. Located at 105 S. Meridian St., the property is situated near Bankers Life Fieldhouse, Indiana Convention Center, Circle Center and Lucas Oil Stadium. The transaction also included a land parcel that Peachtree plans on developing at a later date. Brian Silberman, Scott Miller, Paul DeLucia, Matt McClure and Jack Silberman of CBRE represented the seller, 105 S. Meridian Inc.

March 2, 2020

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

R.D. Olson Construction Breaks Ground on Bolsa Row Mixed-Use Project in Westminster, California

by Amy Works February 28, 2020

WESTMINSTER, CALIF. — R.D. Olson Construction has broken ground for the ground-up construction of Bolsa Row, a mixed-use development in Westminster’s Little Saigon District. Situated on a six-acre lot, Bolsa Row will include a 225,000-square-foot apartment complex, retail space, a five-story full-service hotel and a variety of community spaces to create a social hub and cultural landmark. Located at the intersection of Bolsa Avenue and Brookhurst Street, Bolsa Row will serve as the gateway to Little Saigon District — the Vietnamese heart of Orange County — and home to the nation’s largest Vietnamese-American population. The property will feature a 1940s renaissance and French colonial architectural theme, with a replica of the Bến Thành Market clock tower, an iconic landmark of old Vietnam. Bolsa Row will feature a 148-room Wyndham Hotels & Resorts property with 48,000 square feet of banquet space and a 700-stall subterranean parking structure. The five-story multifamily property will comprise 200 units in a mix of studio, one- and two-bedroom layouts and a variety of community amenities, including a courtyard, pool, spa, fitness studio, recreation space, clubhouse and 37,500 square feet of attached retail space. Development partners include the Pham family, IP Westminster LLC, KTGY Architecture + Planning, …

February 28, 2020

Acquisitions Florida Hospitality Multifamily Southeast

Marcus & Millichap Negotiates $14.2M Sale of Hotel, Apartment Property in Central Florida

by Alex Tostado February 27, 2020

ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has negotiated the $14.2 million sale of Remington Inn & Suites, a mixed-use property featuring 180 hotel rooms and 216 apartment units in Altamonte Springs. The one-bedroom apartment units are available to rent on a short-term basis, starting at $273 per week or $950 per month. Amenities include a pool, business center, complimentary newspapers and a playground. The property is situated at 450 Douglas Ave., 10 miles north of downtown Orlando. David Greenberg and Gabriel Shamay of Marcus & Millichap represented and procured the undisclosed buyer in the transaction. The undisclosed seller has owned the property since 1983.

February 27, 2020

Acquisitions Hospitality Texas

HotelBrokerOne Arranges Sale of 243-Room Holiday Inn Hotel Near DFW Airport

by Taylor Williams February 27, 2020

BEDFORD, TEXAS — HotelBrokerOne, a hospitality investment brokerage and consulting firm, has arranged the sale of the 243-room Holiday Inn DFW Airport Area West hotel in the Fort Worth suburb of Bedford. Located a few miles from the southern entrance to the airport, the hotel features a fitness center, outdoor pool, business center and a cocktail lounge. Joe Strain and Bruce Holmes of HotelBrokerOne represented the undisclosed seller in the transaction. The buyer was not disclosed.

February 27, 2020

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