Hospitality

Mission Capital Arranges $80M Bridge Loan for Sister City Hotel in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — Mission Capital Advisors has arranged an $80 million bridge loan for the recently completed Sister City hotel, a 200-room hotel on the Lower East Side of Manhattan. Located at 225 Bowery, the 14-story property features a 234-seat café, ground-floor garden and a 150-seat rooftop bar with views of Manhattan. Jonathan More, Steve Buchwald, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing on behalf of a partnership between Omnia and Northwind Group. The lender was Bank Hapoalim. After purchasing the property, Omnia and Northwind commenced a major construction campaign, adding three floors and transforming the century-old building into a food-and-beverage-centric hotel. The property is the first Sister City-branded hotel and will be managed by hotel operator Ace Hotels.

April 4, 2019

Acquisitions Hospitality Texas

Extended Stay America Opens 115-Room Hotel in Houston

by Taylor Williams April 4, 2019

HOUSTON — Extended Stay America Inc. (NASDAQ: STAY) has opened Extended Stay America Houston IAH Airport, a 115-room hotel in Houston and the first franchise conversion in the brand’s history. The three-story property offers a business center, laundry facilities and in-suite kitchens and work desks. An affiliate of Dallas-based Provident Realty Advisors Inc., which recently purchased 16 Extended Stay America hotels, owns the all-suite property.

April 4, 2019

Development Hospitality Southeast Tennessee

Joint Venture to Develop Two Hotel Towers in Downtown Nashville Adjacent to Music City Center

by Alex Tostado April 2, 2019

NASHVILLE, TENN. — Starwood Capital Group, Crescent Real Estate LLC and High Street Capital Partners will develop a two-tower, dual-branded hotel situated on 1.3 acres directly across from Music City Center, a $625 million convention center in downtown Nashville that opened in 2013. The project will consist of a 506-room, 30-story Embassy Suites by Hilton and a 215-room, 18-story 1Hotel Tower, Starwood’s signature brand. The two hotel towers will be connected via a four-story lobby, conference center, public street-level dining and retail space and a rooftop bar. The joint venture will break ground on the hotels in the second quarter of this year.

April 2, 2019

Acquisitions Hospitality Southeast Virginia

Apple Hospitality REIT Sells Nine Hotels in Five States for $95M

by Alex Tostado April 2, 2019

RICHMOND, VA. — Apple Hospitality REIT has sold nine hotels in Florida, Louisiana, North Carolina, Virginia and Texas for $95 million. The hotels total 1,054 rooms. The sold hotels included two in Florida (Homewood Suites by Hilton Sarasota and TownePlace Suites by Marriott Tampa), one in Louisiana (SpringHill Suites by Marriott Baton Rouge), one in North Carolina (Hampton Inn & Suites by Hilton Holly Springs), two in Virginia (Courtyard by Marriott Bristol and Courtyard by Marriott Harrisonburg) and three in Texas. The buyer(s) was not disclosed. Richmond-based Apple Hospitality REIT is publicly traded and owns 234 hotels in 34 states.

April 2, 2019

Colorado Hospitality Loans Mixed-Use Office Retail Western

HFF Secures $165M in Financing for Mixed-Use Dairy Block Portfolio in Downtown Denver

by Amy Works April 2, 2019

DENVER — HFF has arranged $165 million in permanent financing for Dairy Block, a mixed-use asset in downtown Denver. The borrower is a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality. Eric Tupler and Brock Yaffe of HFF secured the long-term debt with MetLife Investment Management. The borrowers will use the loan proceeds to refinance the construction loan on the property. Diary Block consists of three components: Dairy Block, a newly built, six-story, 218,660-square-foot office space with 380-space subterranean parking garage. Firehouse Block, a historic 92,803-square-foot office and retail space along Blake Street. Maven Hotel, a 172-key boutique hotel. Operated by Sage Hospitality, the eight-story property features a 175-seat Kachina Cantina along with Poka Lola Social Club.

April 2, 2019

Acquisitions Hawaii Hospitality Western

Pacifica Hotels Sells 452-Room Marriott Courtyard on Hawaii’s Big Island

by Amy Works April 2, 2019

KAILUA-KONA, HAWAII — Pacific Hotels has completed the sale of Courtyard by Marriott King Kamehameha’s Kona Beach Hotel, a full-service beachfront hotel located at 75-5660 Palani Road in Kailua-Kona on Hawaii’s Big Island. Situated on 13 beachfront acres, the 452-room hotel comprises two connected six-story towers that feature more than 20,000 square feet of flexible indoor and outdoor meeting space; more than 18,000 square feet of retail space, including a full-service spa; a fitness center; yoga studio; 24-hour business center; outdoor pool and patio; tennis courts; and five food and beverage outlets, including Honu’s on the Beach Restaurant, Billfish Poolside Bar & Grill and The Island Breeze Hawaiian Lu’au. The hotel was renovated and converted into the Marriott Courtyard in 2011. Scott Hall, Tony Malk, Tracey Goo, Aaron Lapping and Blake Malecha of HFF represented the seller in the deal. The name of the buyer and acquisition price were not released.

April 2, 2019

Features Hospitality

Hotel Industry Growth Continues, Labor Shortage a Concern, Says Industry Researcher

by Taylor Williams April 2, 2019

ATLANTA — The hotel industry is still setting records. According to Jan Freitag, senior vice president of Tennessee-based STR, United States hotels in 2018 had the highest availability, most sales and the highest average daily rate (ADR) ever recorded. The total inventory of rooms available was up 2.1 percent in February year-over-year, the first time in history that the annual pace of supply growth has exceeded 2 percent, Freitag said. Freitag presented the research during the 31st annual Hunter Hotel Investment Conference, which was held from March 20 to 22 at the Atlanta Marriott Marquis in the city’s downtown area. The conference drew approximately 1,850 attendees. STR found that in 107 out of the past 108 months, the industry has posted an increase in revenue per available room (RevPAR). The lone exception was September 2018, a month Freitag called an anomaly. Although hotel revenue continues to grow, there is a large chunk of travelers around the world that the U.S. is missing out on due partially to the exchange rates that don’t favor travelers from developing countries, says Freitag. More people are traveling than ever before, backed by greater leisure spending among the emerging middle classes of India and China. …

April 2, 2019

Acquisitions Hospitality Maine Northeast

AAM 15 Acquires Embassy Suites Hotel in Portland, Maine

by David Cohen April 1, 2019

PORTLAND, MAINE — AAM 15 Management has acquired the Embassy Suites of Portland, Maine, a 119-room hotel in Portland. The price was undisclosed. Located nearby the Portland Jetport, the hotel includes a full-service restaurant and lobby bar, as well as 2,000 square feet of meeting and event space. The hotel’s lobby was recently renovated. AAM 15 plans to further improve the remaining public space, guest rooms, exterior, pool and fitness. The seller was not disclosed.

April 1, 2019

California Hospitality Loans Western

Berkadia Closes $170M in Financing for Great Wolf Lodge in Garden Grove, California

by Amy Works March 29, 2019

GARDEN GROVE, CALIF. — Berkadia has closed $170 million in financing for the Great Wolf Lodge in Garden Grove. Andrew Coleman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality Group facilitated the deal on behalf of Colorado-based McWhinney. Provided by Wells Fargo, the 10-year, fixed-rate, full-term loan features interest-only payments. The use of the funds was not disclosed. Situated on 12 acres, the nine-story, 105,000-square-foot water park resort features 603 rooms, a 30,000-square-foot conference venue and 18,000 square feet of retail and dining, including seven restaurants, a bowling alley, miniature golf course, kid’s spa and arcade

March 29, 2019

Development Hospitality Midwest Minnesota

Kraus-Anderson Completes Construction of Luxury Hilton Hotel in Rochester, Minnesota

by Kristin Harlow March 29, 2019

ROCHESTER, MINN. — Kraus-Anderson Construction has completed The Hilton Downtown Rochester. Avra Hospitality will manage the 264-room luxury hotel, which will welcome its first guests on April 16. The top floor features premier suites with concierge services. Amenities include a rooftop terrace, fitness center, pool, sauna, steam room and spa. Onsite dining options include Benedict’s and Pittsburgh Blue Steakhouse. Rochester-based Titan Development & Investments in partnership with Chicago-based Harbor Bay Real Estate Advisors developed the project. HGA Architects and Engineers designed the hotel. First National Bank of Omaha provided debt financing.

March 29, 2019

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