Hospitality

JLL Arranges $58.5M Refinancing of Two Beachfront Hotels in Florida Panhandle

by Alex Tostado July 15, 2019

FORT WALTON BEACH, FLA. — JLL has arranged a $58.5 million refinancing loan for two neighboring hotels totaling 330 rooms in Fort Walton Beach. Ladder Capital Finance LLC provided the 10-year, fixed-rate loan to partners Innisfree Hotels and Band of Poarch Creek Indians. Loan proceeds will be used to pay off the original construction loan and provided the borrowers with $8.4 million. The hotels are on a ground lease with the U.S. Air Force that expires in 45 years. The portfolio comprises the 178-room Hilton Garden Inn Fort Walton Beach and the 152-room Holiday Inn Resort Fort Walton Beach, which are beachfront hotels on the Gulf Coast. The Hilton Garden Inn, located at 1297 Miracle Strip Parkway SE, was completed in 2017 and features 5,000 square feet of event space, an outdoor swimming pool, lazy river with rock waterfalls, Whirlpool spa, tiki bar, fire pits, indoor pool, fitness center, 24-hour business center and The Garden Grille & Bar restaurant. Situated at 1299 Miracle Strip Parkway SE, Holiday Inn Resort opened in 2014 and features 2,498 square feet of event space, an outdoor pool, lazy river, Whirlpool spa, pool bar, indoor pool, fitness center, game room, sundry shop, business center and …

July 15, 2019

Hilton-Garden-Inn-San-Diego-Mission-Valley-Stadium-CA

Acquisitions California Hospitality Loans Western

Meridian Capital Group Secures $23.1M in Acquisition Financing for Hilton Garden Inn San Diego

by Amy Works July 15, 2019

SAN DIEGO — Meridian Capital Group has arranged $23.1 million in financing for the acquisition of Hilton Garden Inn San Diego Mission Valley Stadium in San Diego. The name of the borrower was not released. Seth Grossman, Steven Adler and Jackie Tran of Meridian Capital Group secured the 10-year CMBS loan, which features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule. Located at 3805 Murphy Canyon Road, the four-story hotel features 178 guestrooms, including 17 upgraded suites. The property was converted from a Holiday Inn into a Hilton Garden Inn with a $10 million renovation, completed in July 2016. Renovations included upgrades to the guest rooms, guest bathrooms, lobby, front desk, 5,000 square feet of meeting space and on-site restaurant and bar. Additionally, the hotel offers a heated outdoor pool and spa, fitness center, business center and guest laundry.

July 15, 2019

California Development Hospitality Top Stories Western

Pebblebrook, Margaritaville to Open 462-Room Resort in San Diego

by Taylor Williams July 15, 2019

SAN DIEGO — A partnership between Pebblebrook Hotel Trust (NYSE: PEB) and Margaritaville Holdings will open a 462-room beachfront hotel and resort in San Diego. The Margartitaville Island Resort San Diego will be located on the 44-acre Vacation Island in the city’s Mission Bay area. The site is the current home of Paradise Point Resort & Spa, which will be renovated and converted to the Margaritaville hotel. Project costs are estimated at $35 million. The hotel will feature a mile of beachfront with views overlooking the marina and bay, as well Margaritaville food and beverage concepts. Other amenities will include five pools, tennis courts, a spa, fitness center and 80,000 square feet of meeting space. “Our island resort offers a unique San Diego beach experience in a secluded, yet centrally situated location to nearby downtown San Diego, SeaWorld, Balboa Park, Seaport Village and other top attractions,” says Jon Bortz, president and CEO of Pebblebrook. “The Margaritaville lifestyle brand is synonymous with fun and escapism and we expect a dramatic improvement in financial performance of Paradise Point upon reflagging.” Maryland-based Pebblebrook acquired Paradise Point Resort & Spa in 2018. The new Margaritaville hotel, which will be the brand’s first on the West …

July 15, 2019

Development Hospitality Texas

Greysteel Arranges Construction Financing for 71-Room Hotel Project in Austin

by Taylor Williams July 12, 2019

AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for a 71-room hotel project in Austin. The hotel will be located at the intersection of Tech Ridge Boulevard and East Yager Lane and will be operated under InterContinental Hotels Group’s Avid brand. Mitt Patel and Daniel Hartnett of Greysteel arranged the loan, which carries a seven-year term, on behalf of the undisclosed borrower. Construction is underway and expected to be complete by the end of 2020.

July 12, 2019

Hospitality Massachusetts Northeast

Knighthead Provides $37.7M Loan for Hotel Conversion Project Near Boston

by Alex Patton July 11, 2019

CAMBRIDGE, MASS. — Knighthead Funding LLC, a Connecticut-based private lender, has provided a $37.7 million construction loan for the completion of a hotel conversion project in Cambridge, located across the Charles River from Boston. The project involves the conversion of a four-story multifamily building into a 67-room hotel that will house ground-floor retail space and features a rooftop lounge. Hay Creek will manage the new hotel, which is slated to open in the first quarter of 2020. Knighthead provided the 24-month loan to a local partnership operating as Sean Casey LLC.

July 11, 2019

Hospitality Massachusetts Northeast

Related Beal Opens 65-Room Whitney Hotel in Boston’s Beacon Hill Area

by Alex Patton July 11, 2019

BOSTON — Locally based developer Related Beal has opened a 65-room Whitney hotel located at the corner of Charles and Cambridge streets in Boston’s Beacon Hill neighborhood. The luxury boutique hotel also houses four premium suites and is attached to a new Mediterranean-style restaurant called Peregrine. Other amenities include a fitness studio, outdoor courtyard and rentable sailboats and bikes. Boston-based Hacin + Associates was the project architect, and Harrisburg, Pa.-based Hersha Hospitality Management will operate the property.

July 11, 2019

Acquisitions Hospitality Massachusetts Northeast

Marcus & Millichap Arranges $5.8M Sale of Comfort Inn Hotel in Massachusetts

by Alex Patton July 10, 2019

PLYMOUTH, MASS. — Marcus & Millichap has arranged the $5.8 million sale of a three-story, 67-room Comfort Inn hotel in Plymouth, located south of Boston. Marcus & Millichap’s Jerry Swon, Daniel Zagoria and Cameron Pierce represented the seller, a family trust that owned the property for several decades, and the undisclosed buyer. The hotel, which is located off Route 3, is franchised under Choice Hotels, which operates more than 6,300 hotels across 35 countries and territories.

July 10, 2019

Development Georgia Hospitality Southeast

WRS to Bring 351-Room Yotel to Underground Atlanta

by Alex Tostado July 10, 2019

ATLANTA — WRS Inc. will bring a 351-room Yotel-branded hotel to Underground Atlanta, a four-block redevelopment in south downtown Atlanta. The hotel will offer 234 rooms for short-stay guests and 117 rooms, known as YotelPad, for long-stay guests. Construction is slated to begin in summer 2020 with delivery scheduled for fall 2022. The new Yotel will offer a grab-and-go café, swimming pool, rooftop terrace and bar, self-check-in kiosks and SmartBeds. When complete, Underground Atlanta will have more than 400,000 square feet of retail, restaurant, entertainment, office and residential space, according to WRS.

July 10, 2019

Development Hospitality Loans Mixed-Use Oregon Western

George Smith Partners Arranges $460M Construction Loan for Five-Star Portland Hotel

by Jeff Shaw July 9, 2019

PORTLAND, ORE. — George Smith Partners has secured a $460 million construction loan on behalf of BPM Real Estate Group (BPM) for Block 216, a planned 1.1 million-square-foot mixed-use project in downtown Portland. The project was announced in June. Ritz-Carlton will anchor the 35-story tower, offering the first five-star hotel in the state of Oregon. An affiliate of Mosaic Real Estate Investors funded the four-year loan. George Smith Partners’ Malcolm Davies and Zachary Streit, along with other members of the firm’s Los Angeles office, sourced the financing on behalf of BPM founder Walter Bowen. The Block 216 project will encompass a full city block. In addition to the 251-room hotel, the tower also will include138 branded Ritz-Carlton Residences, 140,000 square feet of office space and 7,800 square feet of ground-floor retail. Portland-based BPM will begin construction of Block 216 this summer and host a groundbreaking on July 12. Construction is scheduled for completion in 2023.

July 9, 2019

Development Hospitality New York Northeast

Eastern Consolidated Tops Out 531-Room, Dual-Branded Hotel in Manhattan

by Taylor Williams July 8, 2019

NEW YORK CITY — Eastern Consolidated has topped out a 531-room, dual-branded hotel in the Chelsea neighborhood of Manhattan that will include the by Springhill Suites and TownePlace Suites brands. Designed by Gene Kaufman Architects, the 46-story property will ultimately span 178,000 square feet upon completion, which is slated for the end of 2019, according to local media sources. The two hotels will have separate lobbies, but will share a 1,500-square-foot public arcade, fitness center, meeting rooms and dining rooms. The property will also be located near several public transit lines, as well as Madison Square Garden and the Hudson Yards mixed-use development.

July 8, 2019

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