Hospitality

Make it a Double: Entertainment, Hospitality Firms Invest Heavily in Louisville

by John Nelson November 26, 2018

The face of Louisville is changing rapidly, but it has leveraged what the state of Kentucky is historically known for best, bourbon. Louisville is a short drive from most of the legendary distilleries in the Commonwealth. However, the downtown Urban Bourbon Trail is booming with tourism and many brands actually distilling their spirits onsite. Jim Beam’s Urban Stillhouse, the Evan Williams Bourbon Experience, Copper & Kings, Angel’s Envy Distillery and Rabbit Hole Distillery are locations where patrons can sample and buy their drink of choice and learn about the history of these companies and the evolution of the industry as a whole. Most recently in June, Brown-Forman Corp. opened its Old Forester Distilling Co. experience at the newly restored Whiskey Row on Main Street. The company is not only distilling and sharing its history at the site, but like others on the Urban Bourbon Trail there are areas to host receptions and parties. Duluth Trading opened next door on Whiskey Row late last year to begin to fill a growing need for retail space downtown. Convention Center, Hotels After two years being closed, earlier this month Louisville celebrated the reopening of the $207 million renovation and reconstruction of the Kentucky …

November 26, 2018

Acquisitions Company News Hospitality Northeast Pennsylvania

Ballard Brands Expands Restaurant Offerings to Philadelphia with Acquisition

by David Cohen November 21, 2018

PHILADELPHIA— Ballard Brands, a Covington, Louisiana-based restaurant and hospitality group whose brands include PJ’s Coffee of New Orleans, WOW Café and New Orleans Roast Coffee & Tea, has expanded its restaurant holdings to include several Latin American concepts in Philadelphia. Brothers Paul, Steven and Scott Ballard of Ballard Brands recently purchased Philadelphia-based Garces Group — which filed for Chapter 11 bankruptcy earlier this year — resulting in the inception of IdEATtion Hospitality. The brothers purchased Garces in partnership with Mississippi native Ronnie Artigues and Philadelphia investor David Maser. Garces restaurants and catering companies were founded by Chef Jose Garces, an Iron Chef and James Beard Award winner. IdEATion Hospitality now leverages the resources of two established brands, Garces and Ballard Brands. As part of the acquisition, the Ballards and their investment partners acquired several popular and award-winning Garces Philadelphia restaurants: Amada, Tinto, Village Whiskey, The Olde Bar, JG Domestic, Volvér and their full-service catering division, Garces Events. Chef Garces remains in a leadership position as chief culinary officer. Artigues will serve as CEO of the Philadelphia-based operations. “Chef Jose is a culinary expert who brings a renowned reputation and vision to our team and we’re thrilled for the new partnership,” …

November 21, 2018

Acquisitions Hospitality South Carolina Southeast

Adventurous Journeys Purchases 116-Room Inn at USC, Plans to Rebrand as Graduate Hotels Flag

by John Nelson November 16, 2018

COLUMBIA, S.C. — Adventurous Journeys Capital Partners (AJ) has purchased the Inn at USC, a 116-room hotel located near the campus of University of South Carolina in Columbia. The hotel will undergo renovations throughout its common areas in the spring. The hotel and common areas are expected to remain open throughout the renovation process. The hotel is set to become part of AJ’s Graduate Hotels collection next fall. This is the first planned hotel for Graduate Hotels in the Carolinas. Arpit Shah of CBRE represented the sellers, University Foundations and IMIC Hotels. The sales price was not disclosed.

November 16, 2018

Hospitality Loans Midwest Ohio

CHC Arranges $14.7M Refinancing for Embassy Suites Hotel in Columbus

by Kristin Harlow November 16, 2018

COLUMBUS, OHIO — Cronheim Hotel Capital (CHC) has arranged a $14.7 million loan for the refinancing of an Embassy Suites hotel property in Columbus. A national lender provided the loan, which features a locked rate of 4.44 percent, a 10-year term and a 30-year amortization schedule. Kana Hotel Group, the borrower, acquired the 224-room property in 2015 and extensively renovated it.

November 16, 2018

Development Hospitality Texas

Tutor Perini Awarded 1,000-Room Hotel, Casino Project in Durant, Okla.

by Taylor Williams November 15, 2018

DURANT, OKLAHOMA — Tutor Perini Corp. (NYSE: TPC) has been awarded the design/build contract for the Choctaw Casino & Resort Expansion project, which will deliver a 1,000-room hotel and resort complex in Durant, a city near the Texas border. Upon completion, the property will feature an expanded casino, multiple onsite restaurants, movie theaters and new retail space. JCJ Architecture and Friedmutter Group are the design partners. Design work is expected to begin in the fourth quarter of 2018 with substantial completion anticipated in the spring of 2021.

November 15, 2018

Acquisitions Hospitality Michigan Midwest Retail Top Stories

VICI Properties, Penn National Buy Downtown Detroit Casino for $1B

by Alex Tostado November 15, 2018

DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn National. The lease will have an initial rent of $55.6 million annually for 15 years with four five-year renewal options. Greektown opened in 2000 and features over 10,000 square feet of casino space, about 2,700 gaming machines, three restaurants and a 400-room hotel. Greektown employs about 1,800 people. “We are proud to expand our partnership with Penn National and add Greektown to our growing portfolio of market-leading gaming, hospitality and entertainment destinations,” says John Payne, president and chief operating officer of VICI Properties. “As the only casino located in Detroit’s historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated.” The Detroit Free Press reports Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers, is the seller. Gilbert is expected …

November 15, 2018

Acquisitions California Hospitality Western

Braemar Hotels & Resorts to Acquire Ritz-Carlton Lake Tahoe for $120M

by Amy Works November 14, 2018

TRUCKEE, CALIF. — Braemar Hotels & Resorts has agreed to acquire Ritz-Carlton Lake Tahoe, an upscale hotel and resort property located 13031 Ritz Carlton Highlands Court in Truckee. Additionally, the company is acquiring a 3.4-acre parcel of vacant land adjacent to the hotel. The land is being entitled for luxury residential townhome development. Total consideration for the acquisition is $120 million and consists of $103.4 million for the hotel, or $608,000 per key; $8.4 million for the adjacent development parcel; and $8.2 million for capital reserves. The acquisition is expected to close by Jan. 15, 2019. Built in 2009, the property features 170 guest rooms, including 17 suites; ski-in/ski-out access to Northstar Ski Mountain; Lake Club on the shore of Lake Tahoe, a 17,000-square-foot full-service spa; six food and beverage outlets; more than 37,000 square feet of flexible indoor/outdoor meeting space; two outdoor pools; a fitness club and yoga studio; and the Ritz Kids Club. Ritz-Carlton will continue to manage the property following the acquisition.

November 14, 2018

Hospitality Loans New York Northeast Top Stories

MCR, BLT Secure $647.5M Refinancing for 53-Property Hotel Portfolio

by David Cohen November 14, 2018

NEW YORK CITY — A joint venture between hotel owner-operator MCR and real estate developer and manager Building and Land Technology has secured a $647.5M refinancing for a 53-property hotel portfolio spanning 15 states and 31 markets. The 5,958-room portfolio includes 33 Marriot-branded properties and 20 Hilton-branded properties. The assets are 12 years old on average. Bank of America led the financing, which also included Wells Fargo and two mezzanine lenders. The proceeds will go towards repaying current loans as well as returning capital to the joint venture. Terms of the financing were not disclosed. MCR has offices in New York City and Dallas and is the sixth-largest hotel owner-operator in the United States. MCR’s hotels are operated under 11 different brands. Stamford, Connecticut-based BLT was founded in 1982 and has invested in more than 25 million square feet of commercial, hotel and residential properties across 26 states. — David Cohen

November 14, 2018

Development Georgia Hospitality Southeast

Songy Highroads, Hyatt Hotels Underway on 175-Room Hotel in Downtown Atlanta

by Amy Works November 12, 2018

ATLANTA — Atlanta-based Songy Highroads LLC, in partnership with Hyatt Hotels Corp., is developing Hyatt Place Centennial Park, located at 300 Luckie St. in downtown Atlanta. Construction has reached the fifth floor of the 11-story hotel, which is slated to open in August 2019. Situated one block north of Centennial Olympic Park and adjacent to the Georgia Aquarium, the hotel will feature 175 guestrooms, a pool, fitness center, on-site food service, parking deck, 2,100 square feet of meeting space and retail space fronting Luckie and Marietta streets. Reeves Young is serving as general contractor, and Wakefield Beasley is providing architectural services for the project.

November 12, 2018

Development Hospitality Texas

Northland Properties Opens 233-Room Sandman Hotel in Metro Dallas

by Taylor Williams November 9, 2018

PLANO, TEXAS — Northland Properties Corp., a Canadian firm that owns hotel chains, restaurants and sports teams, has opened Sandman Signature Plano-Frisco, a 233-room hotel located on the northern outskirts of Dallas. The property is situated near Dr. Pepper Arena, home of the Dallas Stars hockey team, as well as The Star, the Dallas Cowboys’ headquarters in Frisco. The hotel’s amenities include a pool, fitness center and multiple onsite bars and restaurants.

November 9, 2018

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