Hospitality

Marriott Sells Sheraton Phoenix Downtown to Blackstone Group for $268M

by Amy Works January 13, 2020

PHOENIX — A subsidiary of Marriott International has completed the disposition of Sheraton Phoenix Downtown, located at 340 N. Third St. in Phoenix. An affiliate of The Blackstone Group acquired the asset for $268 million. The hotel features 1,003 guest rooms, nearly 77,000 square feet of meeting space, a fitness center and lap pool. Marriott acquired the hotel in 2018 and began a major renovation to create a showcase hotel for the new Sheraton brand vision. The project is slated for completion in the first half of this year. Marriot will continue to operate the hotel under a long-term management agreement with the buyer.

January 13, 2020

Acquisitions Hospitality Midwest Wisconsin

MCR Purchases 127-Room SpringHill Suites in Green Bay, Wisconsin

by Kristin Harlow January 13, 2020

GREEN BAY, WIS. — MCR Hotels, an owner and operator, has purchased the 127-room SpringHill Suites by Marriott Green Bay for an undisclosed price. The hotel is in close proximity to the Green Bay Packers’ Lambeau Field. Located at 1011 Tony Canadeo Run, the property features free breakfast, Wi-Fi, a convenience store, fitness center, indoor pool, business center and 1,020 square feet of meeting space. The seller was undisclosed.

January 13, 2020

Acquisitions Hospitality Oregon Western

JLL Arranges Sale of 161-Room Crowne Plaza Hotel in Lake Oswego, Oregon

by Amy Works January 10, 2020

LAKE OSWEGO, ORE. — JLL has brokered the sale of Crowne Plaza Portland-Lake Oswego, a full-service hotel located at 14811 Kruse Oaks Drive in Lake Oswego. BHG Hotels, an owner, developer and operator in the Pacific Northwest, purchased the asset for an undisclosed price. Situated 10 miles south of Portland, the six-story hotel features 161 guest rooms, 5,670 square feet of meeting and event space, Oswego Atrium Restaurant & Bar, a 24-hour business center, 24-hour fitness center, indoor/outdoor pool and IHG Wellness Center with for-purchase snacks and refreshments. Opened in 1989, the hotel underwent a comprehensive renovation in 2018. Melvin Chu of JLL Hotels & Hospitality team represented the undisclosed seller in the deal. Casey Davidson and Aaron Lapping of JLL Capital Markets debt placement team arranged a floating-rate loan with First Interstate Bank for the buyer.

January 10, 2020

Acquisitions Colorado Hospitality Western

Noble Investment Group Buys 302-Room, Dual-Branded Hotel Asset in Downtown Denver

by Amy Works January 7, 2020

DENVER — Noble Investment Group has purchased a dual-branded hotel property in downtown Denver for an undisclosed price. The asset includes Hampton Inn & Suites Downtown Denver and Homewood Suites by Hilton Downtown Denver. The name of the seller was not released. The hotels feature a combined 302 guest rooms; health and fitness facilities; an indoor pool and whirlpool; 7,000 square feet of meeting and boardroom space; and a restaurant, 550 Bar and Patio. The properties are located in Denver’s downtown district that is walkable to more than 25 million square feet of office space, over 300 restaurants, three major sports stadiums, the Pepsi Center and Denver Performing Arts Center.

January 7, 2020

Development Hospitality Midwest Missouri

82-Room Fairfield Inn & Suites Opens in Belton, Missouri

by Kristin Harlow January 6, 2020

BELTON, MO. — An 82-room Fairfield Inn & Suites hotel has opened in Belton, about 20 miles south of Kansas City. Located just north of Highway 58 between Mullen Road and I-49, the four-story property features complimentary Wi-Fi, meeting rooms, free parking and electric car charging stations. Other amenities include a fitness center, indoor swimming pool and valet laundry. The hotel will operate as a Marriott franchise, owned and managed by Kansas Hospitality Management Services.

January 6, 2020

Acquisitions Hospitality Illinois Midwest

Essex Negotiates $4M Sale of 22-Room Apartel in Chicago

by Kristin Harlow January 3, 2020

CHICAGO — Essex Realty Group Inc. has negotiated the $4 million sale of 747 N. May St., a 22-unit building operating as an apartment hotel, also known as an apartel. This type of property is an apartment building that functions with a hotel-style booking system. At 747 N. May St., hotel operator Ginosi operates the units, which feature full kitchens and washers and dryers. The building underwent a full renovation in 2017. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex brokered the sale. A Chicago investor purchased the asset from local development firm City Pads.

January 3, 2020

Acquisitions Hospitality Illinois Midwest

Mumford Co. Brokers Sale of 141-Room Best Western Hotel in Rosemont, Illinois

by Kristin Harlow January 3, 2020

ROSEMONT, ILL. — Mumford Co. has brokered the sale of the 141-room Best Western hotel in Rosemont for an undisclosed price. The three-story property is situated near Chicago’s O’Hare International Airport. Ed James and George Arvanitis of Mumford represented the seller, OMS O’Hare LLC. The team also procured the buyer, North Star Real Estate Group LLC, a Minnesota-based hotel investment group.

January 3, 2020

Acquisitions Hospitality Louisiana Southeast

Park Hotels & Resorts Sells Le Meridien New Orleans for $84M

by Alex Tostado January 2, 2020

NEW ORLEANS — Park Hotels & Resorts Inc. has sold the 410-room Le Meridien New Orleans for $84 million, or $205,000 per key, to an undisclosed buyer. Located near the French Quarter and less than one mile from the Mississippi River, the 23-story hotel features a fitness center and rooftop pool. Proceeds from the sale of the hotel will be used to repay a portion of Park’s unsecured debt. According to Canal Street Beat, Park Hotels purchased the former W Hotel in 2013 for $65 million before reopening the hotel as Le Meridian in 2014. Park Hotels has sold and/or disposed 22 assets it has deemed “non-core” for $1 billion since its spin off from Hilton Worldwide, according to Thomas Baltimore Jr., chairman and CEO of Park Hotels.

January 2, 2020

Development Hospitality Maryland Southeast

Costello Construction Breaks Ground on $25M Hotel Redevelopment Project in Columbia, Maryland

by Alex Tostado January 2, 2020

COLUMBIA, MD. — Costello Construction has entered the construction phase of the $25 million Sheraton Columbia Town Center Hotel renovation and redevelopment project. The 290-room hotel is located on the shores of Lake Kittamaqundi in downtown Columbia. Locally based Costello Construction has owned the property since December 2017. The renovation plans include a complete exterior improvement, two new structural additions to add 76 guest rooms, remodeling of all tower rooms and the addition of terraces to lakefront units. Once complete, the hotel will comprise 212 modern guest rooms and join Marriott’s Autograph Collection. The hotel will feature rooftop pool, restaurant, café, fitness center, rooftop bar and lounge and more than 10,000 square feet of indoor/outdoor event space. Costello Construction will self-perform the site work and concrete work on the project.

January 2, 2020

Development Hospitality Oklahoma Texas

Plains Management to Develop 120-Room Ellison Hotel in Oklahoma City

by Taylor Williams December 24, 2019

OKLAHOMA CITY — Locally based firm Plains Management Group will develop a 120-room hotel in Oklahoma City’s Nichols Hills neighborhood that will be named after the city’s literary icon Ralph Ellison. Set to open in 2021, the Ellison hotel will feature a rooftop pool and bar and 7,000 square feet of meeting space. Washington Prime Group sold the land on which the hotel will be developed.

December 24, 2019

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