Hospitality

PACE Loan Group Provides $17.7M C-PACE Loan for Hyatt House Hotel Project in West Chester, Ohio

by Kristin Harlow June 24, 2024

WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …

June 24, 2024

Acquisitions Hospitality Idaho Western

Obie Cos. Acquires 104-Room Residence Inn Boise Downtown University

by Amy Works June 20, 2024

BOISE, IDAHO — Obie Cos. has purchased Residence Inn Boise Downtown University from an institutional seller for an undisclosed price. Brian Embree of Hunter Hotel Advisors facilitated the transaction. Built in 1986, Residence Inn Boise Downtown University features 104 guest rooms with in-room kitchenettes and complimentary breakfast, as well as a fitness center, business center and an outdoor pool. Crystal Investment Property served as the Idaho licensed broker of record for the seller and assisted the buyer during the deal.

June 20, 2024

Acquisitions Hospitality New York Northeast Top Stories

EOS Hospitality Acquires The William Vale Luxury Hotel in Brooklyn for $177M in Bankruptcy Sale

by Katie Sloan June 20, 2024

NEW YORK CITY — EOS Hospitality has acquired The William Vale, a luxury hotel located at 111 N. 12th St. in the Williamsburg neighborhood of Brooklyn in New York City. The property was purchased for $177 million through a bankruptcy sale. The acquisition by stalking horse bidder EOS followed a three-year ownership restructuring and litigation process, which was led by Asaf Ravid of All Year Holdings Ltd. The transaction was approved by the U.S. Bankruptcy Court for the Southern District of New York in late May and resulted in the full payment of all outstanding secured bonds. Developed in 2016 by Riverside Developers, The William Vale rises 21 stories and offers 183 rooms. The property is one of four luxury hotels in Brooklyn and features eateries by restaurateur Andrew Carmellini, 7,300 square feet of indoor and outdoor function spaces, retail and office space. Eastdil Secured and A&G Real Estate Partners arranged the sale of the property. The partnership also secured the sale of the Williamsburg Hotel, a 147-room property also located in the Williamsburg neighborhood of Brooklyn, last summer. Manhattan-based EOS Hospitality is a full-service hospitality management company with a portfolio ranging from budget-conscious to five-star luxury properties. —Katie Sloan

June 20, 2024

Florida Hospitality Loans Southeast

Joint Venture Receives $575M Refinancing for Diplomat Beach Resort in Hollywood, Florida

by Hayden Spiess June 18, 2024

HOLLYWOOD, FLA. — JLL’s Hotel & Hospitality group has arranged $575 in refinancing for the Diplomat Beach Resort, a 1,000-room beachfront resort located in Hollywood, roughly 10 miles south of Fort Lauderdale and 20 miles north of Miami. Kevin Davis and Mike Huth of JLL secured the financing on behalf of the borrower, a joint venture between funds managed by Trinity Investments and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business that acquired the property in 2023. Citi and Deutsche Bank provided the five-year, floating-rate loan, which also included mezzanine financing provided by Ohana Real Estate Investors and the Canadian Pension Plan Investment Board (CPPIB). Comprising a 36-story tower, the property features 200,000 square feet of meeting and events space in addition to the guest rooms and suites. Amenities at the resort include a 15,000-square-foot spa, six restaurants and bars, multiple swimming pools and waterfalls. The resort, which Hilton Hotels and Resorts currently manages under its Curio Collection by Hilton brand, underwent a $90 million renovation and repositioning in 2018.

June 18, 2024

Development Florida Hospitality Southeast

Driftwood Capital Delivers 130-Room Element by Westin Hotel on Florida’s Space Coast

by John Nelson June 17, 2024

MELBOURNE, FLA. — Driftwood Capital has delivered Element by Westin Melbourne Oceanfront, a 130-room beachfront hotel located at 2655 N. Highway A1A on Florida’s Space Coast. The hotel represents the first beachfront hotel to open in Brevard County since 2020 and the first beachfront property for the Element by Westin brand. Driftwood Hospitality Management operates the hotel, which features complimentary breakfast for guests, a fitness center, complimentary bike rentals, saline pool and pool deck overlooking the beach and restaurant Ebb & Flow. The hotel is situated within a short drive of Patrick Space Force Base, Cape Canaveral Space Force Station and the John F. Kennedy Space Center.

June 17, 2024

Development Hospitality Kentucky Southeast

Choice Opens 114-Room Everhome Suites Hotel in Lexington

by John Nelson June 17, 2024

LEXINGTON, KY. — Choice Hotels International Inc. has opened a 114-room Everhome Suites hotel in Lexington, the brand’s first in Kentucky. Situated off I-64, the four-story property is owned by the developer, New Circle Investments, and managed by H&W Hotels. Every room at the extended stay hotel features a fully equipped kitchen with a full-sized refrigerator, dishwasher, stovetop, microwave, flatware, cookware and counter space, and select rooms include washers and dryers. Amenities include complimentary Wi-Fi, a market, grills, fire pit, laundry facilities and a fitness center featuring Peloton bikes. With this opening, Choice Hotels has four Everhome Suites open, with more than 10 set to open over the next 12 months, 20 under construction and 60 in the planning stages.

June 17, 2024

Development Florida Hospitality Loans Multifamily Southeast Top Stories

PMG Receives $668M Construction Loan for Waldorf Astoria Hotel & Residences Miami

by Taylor Williams June 17, 2024

MIAMI — PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami. Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component will include Peacock Alley, a concept that is part of the Waldorf Astoria band. The Waldorf Astoria is part of the Hilton Hotels (NYSE: HLT) family of brands. Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo and Mateo Bolivar of JLL arranged the financing through Arkansas-based Bank OZK and New York City-based Related Fund Management on behalf of PMG. According to South Florida Business Journal, condo sales launched in 2021, and the formal groundbreaking took place in 2022. At the time of the loan closing, more than 90 percent of the residences had been pre-sold. Vertical construction of the property is slated for mid-2028 completion. Hotel guests and residents will have access to a shared suite of amenities. These will include: Residents of the Waldorf Astoria Hotel & Residences Miami can also utilize a …

June 17, 2024

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 50-Room Hotel in Canadian, Texas

by Jeff Shaw June 14, 2024

CANADIAN, TEXAS — Marcus & Millichap has brokered the sale of Canadian Courts Motel, a 50-room hospitality property located near Amarillo in northwest Texas. The motel offers complimentary breakfast and a meeting and event space that can accommodate up to 150 people. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

June 14, 2024

Development Hospitality New Hampshire New Jersey New York Northeast

Everhome Suites to Open Three New Hotels Totaling 334 Rooms in Northeast

by Taylor Williams June 14, 2024

ROCKVILLE, MD. — Everhome Suites, which is part of the family of brands of Maryland-based owner-operator Choice Hotels International Inc., will open three new hotels totaling 334 rooms in the Northeast. The properties include a 106-room hotel in Portsmouth, N.H.; a 114-room hotel in Somerset, N.J.; and a 114-room hotel in Rochester, N.Y. All rooms will feature fully equipped kitchens. Construction of the hotels is underway, and the openings are scheduled for 2025.

June 14, 2024

Element-Hotel-Mission-Valley-San-Diego-CA

California Development Hospitality Western

Driftwood Capital Breaks Ground on 150-Room Element Hotel by Marriott in San Diego

by Amy Works June 14, 2024

SAN DIEGO — Driftwood Capital, along with architect AO and general contractor R.D. Olson Construction, has broken ground on Element Hotel by Marriott in the Mission Valley submarket of San Diego. The seven-story, 150-room hotel will be located next to the existing full-service Marriott Hotel Mission Valley. The two hotels will share the pool amenity deck and restaurant space, while each maintaining its own entrance, lobby, lounge and other amenities. Slated for completion in winter 2026, the 98,000-square-foot hotel will feature a 5,300-square-foot conference and ballroom space, a fitness center, meeting rooms and a lobby/lounge, as well as shared exterior main and lounge area. Once completed, the hotel will comply with Title 24 energy and water use criteria, which is similar to LEED’s silver level. Additional project partners include Ficcadenti Waggoner and Castle as structural engineer, Kimley-Horn as civil engineer, RTM Engineering as MEP engineer and Linda Snyder Associates as interior designer.

June 14, 2024

Newer Posts

Older Posts