BOCA RATON, FLA. — MSD Partners LP, an investment firm with offices in New York, Santa Monica and West Palm Beach, has acquired Boca Raton Resort & Club, a 337-acre hospitality property. The seller was an affiliate of real estate giant Blackstone, which invested more than $300 million in the property during its ownership period. Originally built in 1926, Boca Raton Resort & Club comprises 1,047 hotel rooms, two 18-hole golf courses, a 50,000-square-foot spa, seven pools, 32 tennis courts, a 32-slip marina, 13 restaurants and bars and 200,000 square feet of meeting space. The property fronts both the Intracoastal Waterway and the Atlantic Ocean, where its beach extends for a half-mile. Jeffrey Davis and Gregory Rumpel of JLL led the marketing efforts on behalf of the seller.
TEMPE, ARIZ. — A partnership between Catellus Development Corp. and Mortenson will bring a dual-branded hotel to the Novus Innovation Corridor in Tempe. Groundbreaking occurred this week, with completion slated for summer 2020. Situated at the corner of East Veterans Way and East Sixth Street, the eight-story hotel will feature 259 rooms under the Hyatt Place and Hyatt House flags. The LEED-certified hotel will feature rooftop amenities, including a pool, bar, outdoor gathering area and fitness center. Additional amenities will include an open lobby, shaded patio spaces and banquet, meeting and outdoor event spaces. The property will be within walking distance of Arizona State University’s Sun Devil Stadium, as well as adjacent to Wells Fargo Arena and the planned multi-purpose arena. The project team include PK Architects, ESG Architects and Design Force Corp.
NASHVILLE, TENN. — A partnership between Boston-based developer The Congress Group Inc. and AECOM Capital will develop the Four Seasons Hotel and Private Residences, a $360 million project in Nashville. The property will comprise 232 hotel rooms, an undisclosed number of for-sale residential units, 10,000 square feet of retail space and a 368-space parking garage. Construction is slated to begin sometime during the second quarter of 2019. Located at 151 First Ave. South, the hotel will overlook the Cumberland River and offer immediate proximity to the Broadway entertainment district, as well as Nissan Stadium, home of the NFL’s Tennessee Titans. In addition, the hubs of four of the five largest employers in Nashville — including Pinnacle Financial Partners and Bridgestone — are located in close proximity to the hotel. Riaz Cassum, Danny Kaufman, Robyn King, Andrew Gray and Mary Dooley of HFF worked on behalf of the development team to arrange $360 million in debt and equity financing for the project. The lender and loan terms were not disclosed. “This transaction garnered strong interest from both lenders and equity investors via the strength of the sponsors and their vision for a world-class development on the best site in Nashville,” says …
DAYTON, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Dayton-Huber Heights for $5.9 million. The 65-room hotel is located at 5610 Merily Way in Dayton. Andrew Bankhurst and Alexandre Duong of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.
TAMPA, FLA. — Bromley Cos. has partnered with Concord Hospitality to build the dual-branded Aloft and Element hotel within the $500 million Midtown Tampa development. The seven-story Marriott hotel will share 226 rooms, a rooftop terrace and swimming pool. Additionally, the hotel will feature meeting space on the seventh floor, a 1,000-square-foot fitness center and 24,000 square feet of street-level retail space. The joint venture plans to break ground this summer with anticipated completion slated for 2021. The Bromley Cos. and Concord Hospitality are teaming with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co. and Crescent Communities to develop Midtown Tampa, a 1.8 million-square-foot mixed-use project that will feature office, hotel, residential and retail space, including a new Whole Foods Market, True Food Kitchen and REI.
COMMACK, N.Y. — The commercial real estate group of community bank Washington Trust has provided a $13.5 million loan for the refinancing of a 143-room Hampton Inn hotel located in Commack, a city on Long Island. The five-story hotel, which was built in 1988, is situated near the Long Island Expressway and offers standard amenities such as a pool, fitness center, a business center and meeting space. The borrower, an affiliate of hospitality owner-operator Chartwell Hotels, will use part of the proceeds to upgrade the lobby, refurnish the guestrooms and expand the exercise room. Specific loan terms were not disclosed.
CANANDAIGUA, N.Y. — Acres Capital Corp. has provided a $37 million bridge loan to complete the construction and stabilization of the Canandaigua Finger Lakes Resort, a Hilton-branded resort in Canandaigua. Located at 205 Lakeshore Drive, the property will include 109 guest rooms, 44 residential condominium units, a restaurant and a 13,000-square-foot conference space. Mark Fogel of Acres provided the financing to developers Robert Murphy and David Genecco. Hospitality management firm Hay Creek Hotels and Restaurants will handle the design, development and operations of the resort.
WAILEA, HAWAII — Ike Place Hotels and R.D. Olson Construction have started the ground-up construction of AC Hotel Wailea, a four-story estate hotel located at the corner of Wailea Ike Place and Wailea Ike Drive in Wailea. Situated on three acres, the 70,000-square-foot property will feature 110 guestrooms including one-bedroom suites and studio options, a business center, fitness area and infinity-edge pool with a poolside tiki bar and cabanas. The property will features a Polynesian design with modern flare and offer guests ocean-view and mountain-view room options with private lanais. Additionally, the property will feature indoor/outdoor lounge spaces and an 85-car parking lot. The project team includes R.D. Olson Development, Architects Hawaii Limited and SAND Design. Completion is slated for fall 2020.
AUSTIN, TEXAS — Cadence McShane Construction Co. has completed an 86-room, dual-branded Best Western Plus and Executive Residency by Best Western hotel in Austin. The four-story property is located near the downtown area and features kitchenettes for extended-stay experiences in select rooms. Shared amenities among the two brands include a pool, fitness center and a gaming lawn. Local firm TAG International served as the project architect, and 28 Hospitality LLC will operate the hotel.
BRASELTON, GA. — Chateau Elan Winery & Resort will undergo a $25 million renovation, which is scheduled for completion in November. Atlanta-based Blur Workshop will lead the transformation, which will introduce a modern design while delivering a Southern concept with French undertones. The renovation will overhaul 251 guestrooms, 24 suites, the resort lobby, winery and four new food and beverage vendors. An affiliate of Connecticut-based Wheelock Street Capital bought the winery in January 2018. Chateau Elan is situated 46 miles northeast of Atlanta and offers guests 40,000 square feet of meeting space, a 35,000-square-foot spa, 45 holes of golf and a tennis center.