Hospitality

Gaylord Rockies Resort & Convention Center in Aurora, Colorado

Ryman Hospitality Receives $880M Refinancing for Gaylord Rockies Resort & Convention Center Near Denver

by Jeff Shaw July 5, 2019

AURORA, COLO. — Ryman Hospitality Properties Inc. (NYSE: RHP) has received a financing package totaling $880 million to refinance the construction and mezzanine loans for Gaylord Rockies Resort & Convention Center in Aurora, just east of Denver. Wells Fargo both provided and arranged the loan. Sitting on 85 acres, Gaylord Rockies features over 1,500 guest rooms including 114 suites and over 485,000 square feet of meeting and convention space. Amenities include eight restaurants, a spa/salon, multiple retail shops and a $25 million indoor/outdoor water park. Marriott International operates the resort, which opened in December 2018. Ryman Hospitality is a publicly traded lodging REIT specializing in destination hotel assets in urban and resort markets. The original loans were scheduled to mature in December 2019. Although the owner of the property is a joint venture, with Ryman owning 61.2 percent of the property, the other owners were not disclosed. The new loan consists of an $800 million term loan and an additional $80 million of borrowing capacity should the joint venture decide to pursue a future expansion. The new loan matures in July 2023 with three one-year extension options and bears an interest rate at LIBOR plus 2.5 percent. Simultaneously with the …

July 5, 2019

Development Florida Hospitality Southeast

Norwich Partners Breaks Ground on Marriott-Branded Hotel Within Sawgrass Mills in South Florida

by Alex Tostado July 3, 2019

SUNRISE, FLA. — Norwich Partners has broken ground on AC Hotel by Marriott, a 174-room hotel that is expected to be complete in late 2020. The eight-story hotel will be situated within Sawgrass Mills, an outdoor and value retail shopping center in Sunrise, 35 miles north of downtown Miami. The hotel’s delivery will coincide with the mall’s 30th anniversary celebration. AC Hotel will feature the AC Lounge, a communal creative space that features a full bar serving local beers and hand-crafted cocktails, including the brand’s signature Gintonic, along with tapas plates. The hotel will also provide a European-style breakfast for guests and a 24-hour fitness center. Simon is the owner and developer of Sawgrass Mills.

July 3, 2019

Acquisitions Hospitality Northeast Pennsylvania

Gehr Hospitality Acquires 129-Room Hyatt Place Hotel in King of Prussia

by Taylor Williams July 3, 2019

KING OF PRUSSIA, PA. — A partnership between two Los Angeles-based firms, Gehr Hospitality and Oakhurst Advisors LLC, has acquired the 129-room Hyatt Place hotel in King of Prussia, a northwestern suburb of Philadelphia. The hotel, which was renovated in 2018, is located near numerous employment hubs as well as the King of Prussia Mall, Valley Forge National Historical Park and Valley Forge Casino Resort. The Plascencia Group represented the undisclosed seller in the transaction. Thuong Luong and Molly Caccamo of Gehr Hospitality represented the buyer on an internal basis. Wells Fargo provided acquisition financing for the deal, the sales price of which was not disclosed.

July 3, 2019

Development Hospitality New York Northeast

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

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