Hospitality

Ward Capital to Build 225-Room, Wyndham-Branded Hotel in New Rochelle

by Taylor Williams July 2, 2019

NEW ROCHELLE, N.Y. — Locally based investment and development firm Ward Capital Management LLC will build a 225-room TRYP by Wyndham hotel in New Rochelle, a northern suburb of New York City. The 24-story property, which will include an event center, will be situated on a site that currently houses an industrial building that will be demolished. Hotel amenities will feature a restaurant and bar, rooftop pool and grill, conference space, a ballroom and 433 parking spaces. Construction of the hotel is expected to begin late this year or in early 2020 and last 18 months. This project represents the largest hotel development in Westchester County in the last 20 years, according to the development team. A general contractor has not yet been selected.

July 2, 2019

Acquisitions Hospitality New Mexico Western

MCR Buys Residence Inn by Marriott Albuquerque Airport

by Kristin Harlow July 1, 2019

ALBUQUERQUE, N.M. — MCR has acquired the 110-room Residence Inn by Marriott Albuquerque Airport. Located five miles southeast of downtown. The property is located at 2301 International Ave. SE and features 110 pet-friendly rooms with full kitchens, free breakfast and Wi-Fi, an on-site convenience store, fitness center, indoor pool, barbecue area, business center and on-site laundry.

July 1, 2019

Acquisitions Hospitality Texas

2GR, Presidian Acquire 291-Room DoubleTree Hotel Near San Antonio Airport

by Taylor Williams July 1, 2019

SAN ANTONIO — A joint venture between Texas-based investment firm 2GR Equity and locally based hospitality development and management firm Presidian Hotels & Resorts has acquired a 291-room DoubleTree hotel located approximately two miles west of San Antonio International Airport. The property houses a restaurant and bar, as well as more than 12,000 square feet of meeting space and an 8,000-square-foot interior courtyard. Beginning at the end of the year, the new ownership will implement a capital improvements program that will upgrade the guestrooms, lobby, bar and courtyard.

July 1, 2019

Development Hospitality Multifamily New York Northeast

Exact Capital, Lam Group Top Off 26-Story, Marriott-Branded Hotel in Harlem

by Taylor Williams July 1, 2019

NEW YORK CITY — A partnership between two New York-based developers, Exact Capital and Lam Group, has topped off a 26-story Renaissance by Marriott hotel in Harlem. The 210-room property is being constructed above Harlem’s historic Victoria Theater, which was originally built in 1917. The hotel will include a 5,000-square-foot ballroom, and the building will house 25,000 square feet of retail space. Completion is slated for 2020. A 191-unit multifamily building under construction on the site is also nearing completion. Half of the units in the residential building will be rented at below-market rates.

July 1, 2019

Acquisitions Hospitality Multifamily South Carolina Southeast Top Stories

RLJ Lodging Trust Sells Two Hotel Resorts in Myrtle Beach for $156M

by Taylor Williams July 1, 2019

MYRTLE BEACH, S.C. — RLJ Lodging Trust (NYSE: RLJ), a Maryland-based hospitality REIT, has sold Kingston Resorts, comprising the Hilton Myrtle Beach Resort and Embassy Suites by Hilton Myrtle Beach Oceanfront Resort, for $156 million. The properties span 385 rooms and 255 rooms, respectively. The sales price equates to $244,000 per room at a capitalization rate of 6.7 percent, inclusive of $44.5 million in capital expenditures. The buyer was privately held real estate firm EOS Investors LLC, which describes the 160-acre property as “the largest and most comprehensive oceanfront conference venue between Atlantic City, New Jersey, and West Palm Beach, Florida.” The buyer notes that the acquisition includes over 1,600 residential condominiums and townhomes in addition to the hotels. The two Hilton-operated hotels offer an array of amenities, including pools, tennis courts, fitness centers, spas, business centers, bike rental services and onsite restaurants and bars. Guest rooms feature private balconies, and suites with kitchen and living areas are available. The properties also feature over 100,000 square feet of event space. Hilton will continue to operate the assets following the sale. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities …

July 1, 2019

Development Hospitality Texas

Civitas to Develop Three Hotels Totaling 320 Rooms Near DFW Airport

by Taylor Williams June 28, 2019

IRVING, TEXAS — Civitas Capital Group will develop three hotels totaling 320 rooms at Avion Business Park, a 50-acre development located near Dallas-Fort Worth (DFW) International Airport in Irving that is owned by Dallas-based KDC. The three hotels will be situated within the same building and will carry the brands EVEN (110 rooms), Staybridge Suites (115 rooms) and Avid (95 rooms), a new brand by Intercontinental Hotel Group. Construction of the building is scheduled to begin during the first quarter of 2020, with completion slated for the fourth quarter of 2021.

June 28, 2019

Development Florida Hospitality Southeast

Urban Commons Completes $27.5M Renovation, Rebranding of Holiday Inn in Orlando

by Alex Tostado June 28, 2019

ORLANDO, FLA. — Urban Commons has completed the renovation and rebranding of the former Nickelodeon Suites Resort in Orlando into the Holiday Inn Resort Orlando Suites and Waterpark. The $27.5 million renovation took three years to complete. Urban Commons updated the 777 guest rooms, the lobby, café, lounge, meeting rooms and restrooms, which included renovations with new finishes, fixtures, furniture and other interiors, along with enhancing the waterpark with new pool surfacing, cabanas, outdoor furniture and a designated yoga area. Club Candy, a colorful sweet escape featuring treats and drinks; The Hideaway Lounge, a full-service bar offering appetizers and snacks; Hershey’s Ice Cream, a parlor serving hand-dipped ice cream and fresh-brewed coffee; and a Subway were added, bringing the total of food and beverage outlets within the hotel to eight. The Lagoon Waterpark is in the center of the resort and offers a splash zone, kids’ play area, a four-story water tower, a 400-gallon water dump tank, interactive water toys, climbing nets and water jets, two whirlpools, a basketball court and a nine-hole miniature golf course.

June 28, 2019

Acquisitions Connecticut Hospitality Northeast

Emerald Hospitality Buys 139-Room Hilton Garden Inn Near New Haven, Connecticut

by Taylor Williams June 27, 2019

WALLINGFORD, CONN. — Emerald Hospitality Associates, an Ohio-based hotel development and management firm, has purchased Hilton Garden Inn Wallingford/Meriden, a 139-room hotel in Wallingford, about 14 miles northeast of New Haven. The property offers a lobby bar and restaurant, as well as a 24-hour fitness center, pool, business center and 4,400 square feet of meeting space. Emerald plans to implement a capital improvement program to enhance the outdoor spaces, lobby and other features. This acquisition was executed in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality and Core Real Estate Capital. The seller was not disclosed.

June 27, 2019

Development Georgia Hospitality Southeast

Columbia Ventures to Convert Municipal Building in Savannah into $19M Boutique Hotel

by Alex Tostado June 27, 2019

SAVANNAH, GA. — Columbia Ventures has acquired Broughton Municipal Building from the City of Savannah with plans to convert the property into a 43-room boutique hotel. The developer plans to put a restaurant on the ground floor, a bar on the rooftop and an entertainment space in the basement. Columbia Ventures expects to break ground on the hotel in the first quarter of 2020. Construction, which is expected to cost $19 million, will last one year. The developer will restore key exterior and interior elements during the renovation. The design team is led by Lynch & Associates. The sales price of the building was not disclosed.

June 27, 2019

Acquisitions Hospitality Southeast Virginia

Park Hotels & Resorts Sells Three Assets in Southeast, New Jersey for $166M

by Alex Tostado June 26, 2019

TYSONS, VA. — Park Hotels & Resorts Inc. has sold three assets for a total of $166 million, or $151,000 per room. The sold hotels include the 507-room Hilton Atlanta Airport; the 317-room Hilton New Orleans Airport; and the 274-room Embassy Suites Parsippany in Parsippany, N.J. The three properties had a combined $109 million RevPAR in 2018, which was 37 percent less than Tysons-based Park Hotels’ 2018 portfolio average. The buyer(s) was not disclosed.

June 26, 2019

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