Hospitality

Civitas to Develop Three Hotels Totaling 320 Rooms Near DFW Airport

by Taylor Williams June 28, 2019

IRVING, TEXAS — Civitas Capital Group will develop three hotels totaling 320 rooms at Avion Business Park, a 50-acre development located near Dallas-Fort Worth (DFW) International Airport in Irving that is owned by Dallas-based KDC. The three hotels will be situated within the same building and will carry the brands EVEN (110 rooms), Staybridge Suites (115 rooms) and Avid (95 rooms), a new brand by Intercontinental Hotel Group. Construction of the building is scheduled to begin during the first quarter of 2020, with completion slated for the fourth quarter of 2021.

June 28, 2019

Development Florida Hospitality Southeast

Urban Commons Completes $27.5M Renovation, Rebranding of Holiday Inn in Orlando

by Alex Tostado June 28, 2019

ORLANDO, FLA. — Urban Commons has completed the renovation and rebranding of the former Nickelodeon Suites Resort in Orlando into the Holiday Inn Resort Orlando Suites and Waterpark. The $27.5 million renovation took three years to complete. Urban Commons updated the 777 guest rooms, the lobby, café, lounge, meeting rooms and restrooms, which included renovations with new finishes, fixtures, furniture and other interiors, along with enhancing the waterpark with new pool surfacing, cabanas, outdoor furniture and a designated yoga area. Club Candy, a colorful sweet escape featuring treats and drinks; The Hideaway Lounge, a full-service bar offering appetizers and snacks; Hershey’s Ice Cream, a parlor serving hand-dipped ice cream and fresh-brewed coffee; and a Subway were added, bringing the total of food and beverage outlets within the hotel to eight. The Lagoon Waterpark is in the center of the resort and offers a splash zone, kids’ play area, a four-story water tower, a 400-gallon water dump tank, interactive water toys, climbing nets and water jets, two whirlpools, a basketball court and a nine-hole miniature golf course.

June 28, 2019

Acquisitions Connecticut Hospitality Northeast

Emerald Hospitality Buys 139-Room Hilton Garden Inn Near New Haven, Connecticut

by Taylor Williams June 27, 2019

WALLINGFORD, CONN. — Emerald Hospitality Associates, an Ohio-based hotel development and management firm, has purchased Hilton Garden Inn Wallingford/Meriden, a 139-room hotel in Wallingford, about 14 miles northeast of New Haven. The property offers a lobby bar and restaurant, as well as a 24-hour fitness center, pool, business center and 4,400 square feet of meeting space. Emerald plans to implement a capital improvement program to enhance the outdoor spaces, lobby and other features. This acquisition was executed in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality and Core Real Estate Capital. The seller was not disclosed.

June 27, 2019

Development Georgia Hospitality Southeast

Columbia Ventures to Convert Municipal Building in Savannah into $19M Boutique Hotel

by Alex Tostado June 27, 2019

SAVANNAH, GA. — Columbia Ventures has acquired Broughton Municipal Building from the City of Savannah with plans to convert the property into a 43-room boutique hotel. The developer plans to put a restaurant on the ground floor, a bar on the rooftop and an entertainment space in the basement. Columbia Ventures expects to break ground on the hotel in the first quarter of 2020. Construction, which is expected to cost $19 million, will last one year. The developer will restore key exterior and interior elements during the renovation. The design team is led by Lynch & Associates. The sales price of the building was not disclosed.

June 27, 2019

Acquisitions Hospitality Southeast Virginia

Park Hotels & Resorts Sells Three Assets in Southeast, New Jersey for $166M

by Alex Tostado June 26, 2019

TYSONS, VA. — Park Hotels & Resorts Inc. has sold three assets for a total of $166 million, or $151,000 per room. The sold hotels include the 507-room Hilton Atlanta Airport; the 317-room Hilton New Orleans Airport; and the 274-room Embassy Suites Parsippany in Parsippany, N.J. The three properties had a combined $109 million RevPAR in 2018, which was 37 percent less than Tysons-based Park Hotels’ 2018 portfolio average. The buyer(s) was not disclosed.

June 26, 2019

Doubletree-by-Hilton-Dallas-Farmers-Branch

Acquisitions Hospitality Texas

Berkadia Negotiates Sale of 160-Room DoubleTree Hotel in Dallas

by Taylor Williams June 26, 2019

DALLAS — Berkadia has negotiated the sale of the 160-room Doubletree Dallas-Farmers Branch hotel. The property, which offers amenities such as a pool, fitness center and a business center, recently underwent an $8 million renovation program. The buyer was an undisclosed 1031 exchange investor. This was the first sale from the 15-property portfolio Berkadia exclusively listed throughout the West and Southwest. The entire portfolio could fetch a sales price of $375 million.

June 26, 2019

Acquisitions District of Columbia Hospitality Southeast

Pebblebrook Hotel Trust to Sell Hotel in Downtown D.C. for $42M

by Alex Tostado June 25, 2019

WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into an agreement to sell Kimpton Rouge Hotel, a 137-room hotel in downtown Washington, D.C., for $42 million. The hotel offers a 24-hour fitness center, in-room spa services, a yoga mat in every room, bicycles for rent and an on-site bar. The seller expects the sale to close in the third quarter of this year. The buyer was not disclosed.

June 25, 2019

Acquisitions Company News Hospitality Nevada Retail Top Stories Western

Eldorado Resorts to Acquire Caesars Entertainment for $17.3B, Creating World’s Largest Gaming Company

by John Nelson June 25, 2019

RENO AND LAS VEGAS, NEV. — Eldorado Resorts Inc. (NASDAQ: ERI) and Caesars Entertainment Corp. (NASDAQ: CZR) have agreed to merge operations in a cash and stock deal valued at $17.3 billion. Eldorado plans to purchase the assets and operations of Caesars, creating the world’s largest gaming company. If approved and executed, the combined company would operate under the Caesars name and continue to trade on the Nasdaq Global Select Market. The combined company would own and operate approximately 60 casino-resorts and gaming facilities across 16 states. The combined company will also oversee the completion of the $1.2 billion room remodeling program of Caesars’ Las Vegas Strip assets. Eldorado will acquire all the outstanding shares of Caesars using $7.2 billion in cash, approximately 77 million Eldorado common shares and the assumption of Caesars outstanding net debt, excluding face value of the existing convertible note (i.e. short-term debt that converts to equity). Eldorado and Caesars shareholders will hold approximately 51 percent and 49 percent of the combined company’s outstanding shares, respectively. The combined company’s board of directors will consist of 11 members, six from Eldorado’s board of directors and five from Caesars’ board of directors. The board of directors for both …

June 25, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Negotiates $2.5M Sale of Super 8 Hotel in Peru, Illinois

by Kristin Harlow June 24, 2019

PERU, ILL. — Marcus & Millichap has negotiated the $2.5 million sale of a 61-room Super 8 hotel in Peru, which is located in central Illinois. The property is situated at 1851 May Road. Ebrahim Valliani, Michael Klar and Chris Gomes of Marcus & Millichap brokered the transaction on behalf of the undisclosed buyer and seller. The hotel caters to leisure and business clientele.

June 24, 2019

Acquisitions Hospitality Texas

Banyan Acquires 110-Room Marriott-Branded Hotel in Metro Houston

by Taylor Williams June 24, 2019

PEARLAND, TEXAS — Hospitality owner-operator Banyan Investment Group has acquired the 110-room Courtyard by Marriott Houston Pearland, located on the city’s southwestern outskirts. Banyan will assume operations of the property, which is situated within Pearland Town Center, a mixed-use development with 140 retail stores and restaurants, a 234-unit apartment complex and 50,000 square feet of office space. The hotel’s rooms were renovated in 2016 and its amenities include a fitness center, pool, coffee shop and meeting space for up to 60 people.

June 24, 2019

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