Hospitality

Hunter Hotel Advisors Brokers Sale of Beachfront Hotel in Panama City, Florida

by John Nelson June 19, 2019

PANAMA CITY, FLA. — Hunter Hotel Advisors has arranged the sale of Hampton Inn & Suites Panama City Beach Beachfront. The 182-room, oceanfront hotel features a two-story atrium lobby with a bar, meeting rooms, a business center, 24-hour market, fitness center and a swimming pool with a hot tub. Innisfree Hotels and Stonehill co-developed the hotel, which opened in 2017. Atlanta-based Hunter Hotel Advisors marketed the hotel on behalf of the sellers. Gulf Breeze, Fla.-based Innisfree will continue to manage the hotel and also retained an ownership stake in partnership with the new owners, Wesley and Donna Spruill. The new ownership group will recapitalize the hotel.

June 19, 2019

Acquisitions Hospitality Washington Western

Crystal Investment Property Brokers Sale of 42-Key Rodeway Inn in Washington

by Amy Works June 18, 2019

LONG BEACH, WASH. — Crystal Investment Property (CIP) has arranged the sale of Rodeway Inn & Suites, located at 115 Third St. SW in Long Beach. Terms of the transaction were not released. Situated 2.5 blocks from the beach, the hotel features 42 guestrooms, a seasonal pool, guest laundry, high-speed internet and a mix of kitchenette, fireplace and pet-friendly rooms. Additionally, the property features two owner’s quarters and an additional apartment. Joseph Kennedy of CIP handled the transaction on behalf of the undisclosed seller and undisclosed buyer.

June 18, 2019

Acquisitions Hospitality Northeast Pennsylvania

HREC Brokers Sale of 110-Room Hampton Inn & Suites in Hershey, Pennsylvania

by Taylor Williams June 18, 2019

HERSHEY, PA. — HREC Investment Advisors has brokered the sale of a 110-room Hampton Inn & Suites located in Hershey, an eastern suburb of Harrisburg. Kenan Patel and Kevin Hanley of HREC handled the sale on behalf of the buyer and seller, both of which requested anonymity. Greg Porter of HREC arranged an acquisition loan for the transaction that carried a 10-year term, a 72.6 percent loan-to-cost ratio and a fixed interest rate of 4.35 percent.

June 18, 2019

Development Hospitality Illinois Midwest

Skender Completes 14-Story Hyatt House Hotel in Chicago’s Fulton Market

by Kristin Harlow June 17, 2019

CHICAGO — Skender has completed construction of Chicago’s newest Hyatt House extended-stay hotel. The 14-story, 167,000-square-foot property is located in the heart of Chicago’s Fulton Market neighborhood at 105 N. May St. Amenities include an indoor pool, bar and lounge and green roof features. The hotel also includes a third-floor lobby and first-floor retail space. The pool, workout center and lounge are situated on the 14th floor. The 200 guest rooms are on floors four through 13. Sterling Bay developed the hotel. Eckenhoff Saunders Architects served as the project architect.

June 17, 2019

Alaska Development Hospitality Western

Columbia Sussex Completes Renovations at Hilton Anchorage in Alaska

by Amy Works June 13, 2019

ANCHORAGE — Columbia Sussex has completed a multi-million-dollar renovation at Hilton Anchorage, located at 500 W. Third Ave. in downtown Anchorage. The project included upgrades to the lobby, dining establishments, guest rooms, fitness center and conference spaces. The renovated guestrooms include work stations with desk-level electrical outlets and high-speed internet access, The Bed by Hilton bedding systems, Hilton alarm clock radios with MP3 Player plug-ins, Cuisinart single-serve/dual-cup coffee makers, back-lit vanities, full-length mirrors, showers with rain showerhead fixtures and 49-inch televisions. The hotel also features 11 suites and more than 50 Club Level executive rooms. Hotel amenities include a fitness center, indoor pool, hot tub, Kaladi Brothers Coffee, Hooper Bay Café, Bruins Bar and 23,000 square feet of flexible meeting and event space. Crestview Hills, Ky.-based Columbia Sussex has owned and managed the hotel since 2006.

June 13, 2019

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 71-Room Fairfield-Branded Hotel in Metro Dallas

by Taylor Williams June 13, 2019

LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 71-room Fairfield Inn & Suites hotel in Lewisville, a northern suburb of Dallas. Chris Gomes, Joseph Jacques and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based limited liability company, in the transaction. The trio also procured the buyer, a private investor. Marriott, which owns the Fairfield brand, has approved the buyer to self-manage the property.

June 13, 2019

Georgia Hospitality Loans Southeast

PMZ Realty Capital Provides $83.5M Loan for Refinancing of Embassy Suites in Downtown Atlanta

by Alex Tostado June 11, 2019

ATLANTA — PMZ Realty Capital LLC has provided an $83.5 million fixed-rate loan to Legacy Ventures for the refinancing of Embassy Suites Atlanta Centennial Park. The hotel offers 321 rooms and is situated next to Centennial Park, Mercedes-Benz Stadium, Georgia World Congress Center, Georgia Aquarium, the National Center for Civil and Human Rights Museum and the World of Coke. The hotel is located less than one mile from the future site of Centennial Yards, a $5 billion redevelopment that will bring more than 9 million square feet of new office space to downtown Atlanta over the next 10 years. The hotel recently underwent a $10 million renovation.

June 11, 2019

Sands-Casino-Resort-Bethlehem-Pennsylvania

Acquisitions Hospitality Northeast Pennsylvania Retail

Wind Creek Acquires Sands Casino Resort in Bethlehem, Pennsylvania, for $1.3B

by Taylor Williams June 10, 2019

BETHLEHEM, PA. — Wind Creek Hospitality (WHC), an authority of the Poarch band of Creek Indians, a federally recognized tribe in Alabama, has acquired the Sands Casino Resort in Bethlehem, Pennsylvania, for $1.3 billion. The property, located in the Lehigh Valley region, will be rebranded as Wind Creek Bethlehem. Sands Casino Resort consists of a 282-room hotel and a 183,000-square-foot casino with 3,000 slot machines, 200 gaming tables and multiple restaurants. The property also features a 150,000-square-foot retail mall and an event center. The new ownership plans to invest $340 million in updating and expanding the property to include two new hotels totaling 700 to 750 rooms and a 300,000-square-foot adventure and water park. The seller was not disclosed.

June 10, 2019

Delaware Hospitality Loans Northeast

Axilla Capital Arranges $12M CMBS Loan to Refinance Hotel in Delaware

by Taylor Williams June 10, 2019

REHOBOTH BEACH, DEL. — Axilla Capital, a Michigan-based finance and advisory firm, has arranged a $12 million CMBS loan. The funds will refinance a Fairfield Inn & Suites hotel in the coastal Delaware city of Rehoboth Beach. Joel Mazur and Tom Fleming of Axilla arranged the loan, which carries a fixed interest rate below 5 percent and a 10-year term, on behalf of an undisclosed borrower. The lender was also undisclosed

June 10, 2019

Acquisitions Hospitality Illinois Midwest

Syndicated Equities, Nath Cos. Acquire Two Hotels in Rosemont, Illinois

by Kristin Harlow June 10, 2019

ROSEMONT, ILL. — Syndicated Equities Group, in a joint venture with Nath Cos., has acquired the Hilton DoubleTree and Embassy Suites hotels in Rosemont for an undisclosed price. The separate hotels are located along River Road approximately one mile from Chicago O’Hare International Airport. The DoubleTree has 369 rooms while the Embassy Suites has 294 rooms. As part of the acquisition, new franchise agreements were secured with Hilton. Nath will serve as the manager.

June 10, 2019

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