Hospitality

Colliers Brokers $16M Sale of Best Western in Yuma, Arizona

by Amy Works October 26, 2018

YUMA, ARIZ. — Colliers International has arranged the sale of Best Western Inn & Suites, located at 1450 S. Castle Dome Ave. in Yuma. Palm Springs Inn LLC acquired the hotel from Yuma Hospitality Properties for $16 million. James Meng and Jon Grantham of Colliers in Greater Phoenix represented the seller, while Steve Usher of Titan Hospitality and Susan Lee of Ocean 5 Investments represented the buyer in the deal. Built in 1998, the hotel features 166 rooms and suites spread across six buildings.

October 26, 2018

Development Hospitality Midwest Missouri

Midas Opens Dual-Branded Marriott Hotel in Western Suburb of St. Louis

by Kristin Harlow October 26, 2018

WEST COUNTY, MO. — Midas Hospitality has opened a dual-branded Residence Inn and Courtyard by Marriott in West County near St Louis. Midas will manage both the 101-room Residence Inn and the 110-room Courtyard by Marriott. The four-story, 136,000-square-foot hotel is located at the intersection of Manchester Road and I-270. Developer Commercial Development Co. Inc. will own the property. MC Hotel Construction built the hotel. Amenities include a fitness center, indoor pool, meeting rooms and outdoor gathering space. The Courtyard Bistro features a variety of dining options.

October 26, 2018

Acquisitions Hospitality Texas

HFF Negotiates Sale of 198-Room Hotel in Dallas

by Taylor Williams October 23, 2018

DALLAS — HFF has negotiated the sale of The Highland Dallas Curio, a 198-room hotel in Dallas. The property has undergone $6.2 million in renovations since 2014 and currently features a pool, fitness center, salon and 1,400 square feet of meeting space. John Bourret and Austin Brooks of HFF represented the undisclosed seller in the transaction. Pete Fehlman of HFF arranged acquisition financing for the sale on behalf of the buyer, St. Louis-based Lennox Capital Partners. The hotel is located at 5300 E. Mockingbird Lane near Southern Methodist University.

October 23, 2018

Acquisitions Development Hawaii Hospitality Western

Garn Development Co. Acquires Land Parcel for Hotel Development in Kapolei, Hawaii

by Amy Works October 23, 2018

KAPOLEI, HAWAII — Garn Development Co. has purchased a 2.6-acre land parcel on Manawai Street in Kapolei on the island of Oahu for an undisclosed price. Garn Development plans to construct a limited-service hotel on the site, which is located within the 40-acre Leihano development. An affiliate of Kisco Senior Living is master developer for Leihano, a mixed-use development situated in the urban core of Kapolei. Slated to open in fall 2019, the four-story, extended-stay hotel will feature 183 suites with full kitchens, complimentary breakfast and family-friendly amenities. Garn Development is a managing partner of the existing 180-room Embassy Suites by Hilton and Residence Inn by Marriott, which is currently under construction at Leihano. In 2016, Kisco opened Ilima at Leihano, its 84-unit assisted living community within Leihano. Additional tenants within Leihano include St. Jude Catholic Church, First Hawaiian Bank, C.S. Wo, National Kidney Foundation, Lili’uokalani Trust, Hele Gas and Starbucks Coffee. Currently the master-planned community has only two land parcels remaining for sale. Nathan Fong of Colliers International handled the transaction.

October 23, 2018

Development Hospitality Mixed-Use North Carolina Office Restaurant Retail Southeast

Spectrum, Invesco to Develop Five-Acre Mixed-Use Project in Charlotte

by Amy Works October 22, 2018

CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.

October 22, 2018

Acquisitions Hospitality Midwest Ohio Wisconsin

HREC Arranges Sales of Red Roof Inn Hotels in Ohio, Wisconsin

by Kristin Harlow October 22, 2018

POLAND, OHIO AND MADISON, WIS. — HREC Investment Advisors has arranged the sale of the 117-room Red Roof Inn in Poland, Ohio, and the 108-room Red Roof Inn in Madison, Wis. The properties were sold separately to different investors for undisclosed prices. Each hotel will undergo renovations. Herb Warmbrodt, Zane Varvel, Lewis Thompson, Tom Sommer and Jim Merkel of HREC represented the seller.

October 22, 2018

Acquisitions District of Columbia Hospitality Southeast Top Stories

Queensgate Investments Acquires Marriott in Washington, D.C. for $54.1M, Plans Rebrand

by Taylor Williams October 22, 2018

WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development. The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in Miami in September. The hotel is located near Dupont Circle and offers amenities such as an outdoor pool, rooftop terrace and an onsite restaurant. Crestline will continue to manage the asset through 2019 as the rebranding effort unfolds. “The acquisition of the Washington D.C. asset marks the next step in Queensgate’s U.S. ambitions as we look to acquire both additional hotel assets to expand Generator as well as work on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, head of acquisitions of QI. Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator in the transaction. — Taylor Williams

October 22, 2018

Hospitality Loans New York Northeast

S3 Capital Partners Arranges $76M Construction Loan for 21-Story Hotel in Manhattan

by David Cohen October 18, 2018

NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an upscale boutique hotel brand.

October 18, 2018

Acquisitions Hospitality Midwest Missouri

Springfield Hospitality Purchases Holiday Inn & Suites in Springfield, Missouri

by Kristin Harlow October 16, 2018

SPRINGFIELD, MO. — Springfield Hospitality Inc. has purchased the 188-room Holiday Inn & Suites in Springfield for an undisclosed price. Located at 2720 N. Glenstone Ave., the hotel features amenities such as a heated indoor pool, fitness center, complimentary Wi-Fi and the Peppertree Restaurant and Cocktail Lounge. Nate Sahn, Pravin Boteju, James Foxx and Tom Adamson of CBRE Hotels represented the undisclosed seller in the sale.

October 16, 2018

Development Hospitality Midwest Ohio

98-Room Fairfield Inn & Suites Opens in Dayton, Ohio

by Kristin Harlow October 15, 2018

DAYTON, OHIO — Shaner Hotels has opened the 98-room Fairfield Inn & Suites in Dayton. Shaner operates and co-owns the select-service hotel in conjunction with Crawford Hoying. Located at 305 E. Monument Ave., the six-story hotel is situated between Fifth Third Field, home of the Class A minor league the Dayton Dragons, and Riverscape Metro Park. Hotel amenities include a fitness center, business center, on-site laundry facilities and complimentary Wi-Fi. Dining options include complimentary breakfast, a lobby bar and The Market, which offers snacks and drinks.

October 15, 2018

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