Hospitality

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

Acquisitions District of Columbia Georgia Hospitality Southeast

Pebblebrook Hotel Trust Agrees to Sell Two Hotels in Atlanta, D.C. for $331M

by Alex Tostado January 27, 2020

ATLANTA AND WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into agreements to sell both InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for a combined $331 million. InterContinental Buckhead Atlanta is a 422-room hotel in Atlanta’s Buckhead district, situated 10 miles north of downtown Atlanta. The hotel sold at a 6.4 percent cap rate. Sofitel Washington DC Lafayette Square is a 237-room hotel situated a block north of The White House. The property sold at a 5.7 percent cap rate. An undisclosed third-party buyer will acquire both properties. Pebblebrook expects to close both sales by the end of the first quarter.

January 27, 2020

Acquisitions Hospitality Loans Southeast Tennessee

PNC Bank, CIT Provide $81.4M Acquisition Loan for DoubleTree Hotel in Downtown Nashville

by Alex Tostado January 27, 2020

NASHVILLE, TENN. — PNC Bank and CIT have jointly provided an $81.4 million acquisition loan for the DoubleTree by Hilton Nashville Downtown, a 341-room hotel that is situated less than a mile from Nissan Stadium and Bridgestone Arena, home to the NFL’s Tennessee Titans and the NHL’s Nashville Predators, respectively. Walton Street Capital LLC sold the hotel to AWH Partners. The hotel, which was originally built in 1979, offers an upgraded lobby; 20,000 square feet of meeting and event space; Fourth & U restaurant and bar; Patio 315, a seasonal outdoor bar and grill; an indoor pool; onsite Starbucks; a fitness center; and valet parking. Jordan Roeschlaub, Dustin Stolly, Ben Greazel, Joel Simmons Nick Scribani, Chris Kramer and Drew Ahlers of Newmark Knight Frank (NKF) arranged the loan on behalf of the borrower, New York-based AWH Partners. Mark Schoenholtz, also with NFK, brokered the sale.

January 27, 2020

Hospitality Illinois Loans Midwest

JLL Arranges $57.6M Refinancing for Chicago Home2Suites Hotel

by Kristin Harlow January 24, 2020

CHICAGO — JLL Capital Markets has arranged a $57.6 million refinancing for the Home2Suites by Hilton Chicago River North, a newly constructed, 206-suite extended-stay hotel in Chicago’s downtown River North neighborhood. Opened in early 2019, the 17-story hotel features a fitness center, business center, outdoor terrace, complimentary breakfast, meeting space and a ground-floor restaurant. Keith Largay, Jeff Bucaro, Nicole Aguiar and Brian Walsh of JLL arranged the floating-rate loan on behalf of the borrower, Akara Partners. A global investment management firm provided the loan, proceeds of which will be used to refinance the construction loan.

January 24, 2020

Acquisitions District of Columbia Hospitality Southeast

Geolo Capital, JW Capital Sell Thompson Hotel in D.C. for $120M

by Alex Tostado January 23, 2020

WASHINGTON, D.C. — Geolo Capital and JW Capital Partners have sold Thompson Washington D.C., a 225-room hotel that opened Jan. 8, to Hamburg, Germany-based Union Investment for $120 million. Union Investment agreed to purchase the hotel more than two years before its completion. Geolo and JW Capital Partners developed Thompson Hotel over the past three years. Following the sale, the Geolo and JW Capital Partners joint venture will remain a long-term tenant, leasing the property back from Union Investment and overseeing management of the asset, which will continue to be operated as a Thompson Hotel. The hotel offers three restaurant and bar concepts by Union Square Hospitality Group, in addition to 7,000 square feet of indoor and outdoor meeting space. Thompson Hotel anchors The Yards, Brookfield Property’s 3 million-square-foot mixed-use development. Bank OZK provided construction financing for the hotel, which is located in Washington, D.C.’s Navy Yard neighborhood. Studios Architecture and Parts and Labor Design NYC designed the hotel, and John Moriarty & Associates provided preconstruction and general contracting services for the project.

January 23, 2020

Florida Hospitality Loans Southeast

Berkadia Arranges $140M in Construction Financing for Four Orlando Hotels Near Disney World

by Alex Tostado January 17, 2020

ORLANDO, FLA. — Berkadia has arranged $140 million in combined financing for four extended-stay hotels totaling nearly 1,000 rooms that will be part of Flamingo Crossings, a master-planned development located at the western entrance to the Walt Disney World Resort in Orlando. Justin Ownby of Berkadia’s Tampa office together with Adrienne Kautzman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality team arranged the financing on behalf of the borrower and developer, Huntsville, Ala.-based Doradus Partners. The Berkadia team secured the four-year, adjustable-rate, non-recourse construction loan through a private lender. The properties include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn & Suites by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. The four properties, which will be managed by Yedla Management Co. Inc., are slated for completion in the fall of this year. The complex will have a structured parking garage, pools and a sports facility to include a soccer field, basketball court and batting cages. Flamingo Crossings will also feature a 200,000-square-foot retail hub with over 50 stores.

January 17, 2020

Acquisitions Hospitality Nevada Retail Top Stories Western

MGM Growth Properties, Blackstone REIT to Buy MGM Grand, Mandalay Bay Casinos in Las Vegas for $4.6B

by John Nelson January 14, 2020

LAS VEGAS — MGM Growth Properties has agreed to form a joint venture with Blackstone Real Estate Income Trust Inc. to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay casinos and resorts for $4.6 billion. MGM Growth (NYSE: MGP) will own 50.1 percent of the joint venture, and Blackstone Real Estate, a non-traded REIT managed by Blackstone (NYSE: BX), will own 49.9 percent. The MGM Grand and Mandalay Bay comprise 9,743 hotel rooms combined, as well as approximately 3 million square feet of meeting space and approximately 300,000 square feet of casino space across 226 acres on the Las Vegas Strip. MGM Growth currently owns the Mandalay Bay’s real estate, and MGM Resorts International (NYSE: MGM) currently owns the MGM Grand’s real estate. At closing, which is expected to occur this quarter, MGM Resorts will enter into a long-term, triple-net master lease with the new ownership for both properties and provide a full corporate guarantee of rent payments. MGM Resorts’ initial annual rent for both venues will be $292 million. MGM Resorts will continue to manage and operate all aspects of the properties on a day-to-day basis, with the joint venture owning the properties …

January 14, 2020

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