KANSAS CITY, MO. — Petros PACE Finance LLC has provided an $8 million Commercial Property Assessed Clean Energy (C-PACE) loan on behalf of Pedersen Development Co. to finance energy-efficiency measures in the construction of a 13-story Hyatt House hotel in downtown Kansas City. Pedersen will use the funds to incorporate sustainable design features, including energy-efficient roofing, windows, HVAC equipment, hot water heaters and LED lighting. The 153-room hotel will be located at the southwest corner of Ninth and Broadway streets. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. It is a low-cost, long-term financing product secured as a property tax assessment. Over the 20-year life of the loan, energy-conserving features are expected to generate more than $7 million in utility and maintenance savings as well as a carbon dioxide reduction of 1,159 metric tons. Completion of the hotel is slated for January 2021. Brinkmann Constructors is the general contractor.
DALLAS — Chicago-based Convexity Properties will renovate and rebrand the Magnolia Hotel Park Cities, a 297-room hotel that anchors the 12-acre Eastline development in Dallas. The six-month construction project will enhance 297 guest rooms, introduce a café and grab-and-go market and curate a lobby lounge with a gastro-pub concept and live music. Dallas-based Yost Architects and Studio 11 Design have partnered in planning and designing the improvements. The renovated hotel, which will be rebranded as The Beeman Hotel at Eastline, will offer amenities such as 12,000 square feet of meeting space, a pool, fitness center and a business center.
RICHARDSON, TEXAS — Cambria Hotels has opened a 119-room property adjacent to the CityLine mixed-used development in Richardson, a northeastern suburb of Dallas. The hotel features a bistro and full-service bar, pool, fitness center and multi-functional meeting space. Best Hospitality and Dallas-based investor Vipin Nambiar developed the property, which is the sixth Cambria-branded hotel in Texas.
JEKYLL ISLAND, GA. — PMZ Realty Capital LLC has arranged a $29 million refinancing loan for two hotels on Jekyll Island in Georgia: Holiday Inn Resort Jekyll Island and Beachview Club, both of which have recently been fully renovated. The borrower, Georgia Coast Holdings, acquired the 157-room Holiday Inn in 2013, fully gutted it and reopened the property in 2015. Amenities at the oceanfront hotel include fully renovated rooms, a fitness center, coffee bar, outdoor bar and grill, new swimming pool and a play area for children. Georgia Coast Holdings bought Beachview Club in 2017. The ownership renovated the 38-room asset into a boutique beachfront hotel with amenities such as a courtyard, beach access and a Keurig coffee machine in each room. North Pointe Hospitality LLC will manage both properties. The lender was not disclosed.
ROCHESTER, N.Y. — HREC Investment Advisors has arranged the sale and financing of the 117-room Hampton Inn Rochester North, a hotel located approximately 70 miles east of Buffalo. Ketan Patel and Mark von Dwingelo of HREC Investment Advisors arranged the sale on behalf of an undisclosed buyer. John Siska of HREC Capital Markets placed a five-year, fixed-rate acquisition loan on behalf of the buyer with a regional bank. The sales price was undisclosed.
GONZALES, TEXAS — Greysteel has arranged a loan of an undisclosed amount for the refinancing of a 62-room La Quinta Inn & Suites by Wyndham hotel in Gonzales, about 75 miles east of San Antonio. Situated on Highway 183, the property is in close proximity to historic sites including the Gonzales Memorial Museum and Texas Heroes Square. Mitt Patel and Daniel Hartnett of Greysteel arranged the fixed-rate loan on behalf of the undisclosed borrower.
SAN RAFAEL, CALIF. — CBRE has arranged $43 million in non-recourse construction financing for the development of an AC Hotels by Marriott in downtown San Rafael. John Nelson and David Kaim of CBRE’s San Francisco office arranged the financing on behalf of the sponsorship, Monahan Parker. ACORE Capital provided the floating-rate financing. Located at the corner of Fifth Avenue and B Street, the hotel will feature 140 rooms. Construction is slated to begin immediately, with completion scheduled for third-quarter 2021. CSI Construction will serve as general contractor for the project. The property will be the first major hotel to be developed in Marin County in more than two decades, according to CBRE.
FRISCO, TEXAS — General contractor Brasfield & Gorrie has been selected to build a new 500-room Omni Hotel & Resort at the future site of the PGA of America’s headquarters in Frisco. The property will include a retail village, golf villas, a clubhouse and a variety of outdoor amenities. The PGA is relocating from South Florida to a 600-acre development that is slated for completion in 2022.
NEW YORK CITY AND LONG ISLAND CITY, N.Y. — Marshall Hotels & Resorts has opened three new hotels in metro New York. In Manhattan, the company opened a 68-room Wingate by Wyndham and a 79-room La Quinta by Wyndham. The Wingate hotel is near Madison Square Garden, Times Square and Central Park. The La Quinta property is near Times Square, the Empire State Building and the Theater District, as well as the LaGuardia, JFK International and Newark Liberty International Airports. In Long Island City, the company opened 140-room Wingate by Wyndham near Icahn Stadium and Arthur Ashe Stadium.
NEW YORK CITY — Marriott International Inc. has acquired W New York — Union Square, a 270-room hotel in Manhattan’s Union Square, for $206 million. Marriott plans to significantly renovate the 20-story hotel to include a spa and expanded restaurant. Existing amenities include a fitness center, five meeting rooms and three restaurants. “When W was launched as a single hotel in New York 21 years ago with ground-breaking design and a bold approach to nightlife, it pushed the boundaries of how people thought about a hotel,” says Arne Sorenson, president and CEO of Marriott International. “Given how much travelers crave these types of experiences today and the brand’s global reach, we see limitless potential for the W brand with hotel owners and developers, travelers and locals.” The property, located at 201 Park Ave. S., adjacent to Union Square Park and two miles north of downtown New York City, first opened in 1911 as the headquarters for Guardian Life Insurance Company of America. In 2000, Rockwell Group converted the building into its current use as a W hotel. The purchase and renovation of W New York — Union Square is part of a strategy by Marriott International to reinvigorate the W portfolio in North America. The plan also includes …