Hospitality

R.D. Olson Breaks Ground on Dual-Branded Hilton Near Disneyland

by Amy Works March 20, 2019

ANAHEIM, CALIF. — R.D. Olson Construction has broken ground on a 223-room, dual-branded hotel located at 1441 S. Manchester Ave. in Anaheim. Situated two blocks from Disneyland Resort, the 220,000-square-foot property will comprise a 123-room Hilton Garden Inn and a 100-room Home2 Suites. Home2 Suites offers an extended-stay experience for guests, including a full-sized sleeper sofa, workspace and in-suite kitchen complete with a refrigerator, cooktop, dishwasher, dishes and glassware. Additionally, the dual-branded property will also include a laundry, fitness center and 24-hour marketplace. Both hotels will also have access to a restaurant, bar, pool, hot tub, kids splash pad and shared lobby. Guests at both hotels will also have access to 1,000 square feet of meeting space, 1,500 square feet of retail space and two levels of underground valet parking. Completion is slated for the fourth quarter of 2020. The project team includes BRR Architecture and Studio 11 Design.

March 20, 2019

Acquisitions Hospitality Iowa Midwest Wisconsin

HREC Brokers Sale of Three-Property Hampton Inn Portfolio in Iowa, Wisconsin

by Kristin Harlow March 18, 2019

IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.

March 18, 2019

Development Hospitality Midwest Minnesota

Midas Hospitality Opens Second Hotel in Brooklyn Park, Minnesota

by Kristin Harlow March 15, 2019

BROOKLYN PARK, MINN. — Midas Hospitality has opened a 107-room Home2 Suites by Hilton hotel in Brooklyn Park, its second hotel within the city. The nearly 58,000-square-foot hotel is part of a $28 million development. The property includes suites with fully equipped kitchens designed for extended-stay use. Amenities include an indoor pool, meeting room, fitness area and patio. MC Hotel Construction served as the general contractor.

March 15, 2019

Hospitality Loans New York Northeast

Madison Realty Capital Provides $30.5M Refinancing for GEM Hotel in Chelsea

by David Cohen March 14, 2019

NEW YORK CITY — Madison Realty Capital has provided a $30.5 million loan to refinance the GEM Hotel, a luxury boutique hotel in Manhattan’s Chelsea neighborhood. Located at 300 W. 22nd St., the five-story building was originally constructed in 1912 as a residential property and converted to a hotel in 2007. Aaron Appel of JLL arranged the financing on behalf of the borrower, Icon Realty Management, which plans to reposition the hotel with an expanded marketing strategy and updated branding.

March 14, 2019

Georgia Hospitality Loans Southeast

HFF Arranges $31M Refinancing of Hotel in Atlanta’s Cumberland/Galleria District

by Alex Tostado March 13, 2019

ATLANTA — HFF has arranged a $31 million refinancing loan for Sheraton Suites Galleria-Atlanta, a 278-room hotel in Atlanta’s Cumberland/Galleria submarket. Danny Kaufman, Jeff Bucaro Nicole Aguiar and Matt Casey of HFF represented the borrower, Olshan Properties, in the loan transaction. Loan proceeds will be used to retire the existing loan, repatriate sponsor equity and cover closing costs and financing fees. Olshan Properties acquired the asset in August 2013 and has since invested more than $11 million into renovating guestrooms, corridors and the lobby; adding a Sheraton Club Lounge and Grab-and-Go outlet; and modernizing elevators. The owners plan to use the loan to make further improvements by upgrading meeting space, building exterior and the food and beverage outlets, The Grill and Martini’s Bar. The asset is situated at 2844 Cobb Parkway in northwest Atlanta, about a mile south of SunTrust Park, home of the Atlanta Braves.

March 13, 2019

Development Hospitality Illinois Midwest

Akara Partners Completes Home2 Suites Hotel in Chicago

by Kristin Harlow March 13, 2019

CHICAGO — Akara Partners has completed the Home2 Suites by Hilton Chicago River North. The 17-story extended-stay hotel is located at 110 W. Huron St. The 206-suite property features complimentary Wi-Fi, sleeper sofas, full kitchens and dishwashers. On-site amenities include a business center, snack bar, outdoor fire pit and combined fitness and laundry facility. The development also includes 5,000 square feet of retail space on two levels. David Goldberg of GoldStreet Partners is marketing the retail space for lease. A grand opening celebration for the property will take place on Tuesday, March 19.

March 13, 2019

Acquisitions Hospitality Michigan Midwest

Linchris Acquires 225-Room Hotel Near University of Michigan

by Kristin Harlow March 13, 2019

ANN ARBOR, MICH. — An affiliate of Linchris Hotel Corp. has acquired the Holiday Inn Ann Abor near the University of Michigan for an undisclosed price. The 225-room, full-service hotel was developed in 1980 and renovated in 2012. The property features more than 6,800 square feet of meeting space, a full-service restaurant, fitness center, video arcade, business center, salon, pool and tennis and basketball courts. Greg LaBine, Jeff Bucaro, Nicole Aguiar and Matthew Schoenfeldt of HFF arranged a five-year, fixed-rate loan for the acquisition. Loan proceeds will also be used to execute a property improvement plan that will include modernizing the guestrooms, bathrooms and building envelope.

March 13, 2019

Acquisitions Hospitality Midwest Ohio

Glenmont Acquires Downtown Cleveland Hotel, Plans Hotel Indigo Rebrand After $7M Renovation

by Kristin Harlow March 12, 2019

CLEVELAND — Glenmont Capital Management LLC has acquired the Radisson Hotel Cleveland-Gateway for an undisclosed price. The 143-room hotel features a business center, fitness center, 3,500 square feet of meeting space and the Gateway Bar and Grill. The property will undergo a $7 million renovation, including guest rooms, meeting space and public areas. Upon completion, the hotel will be rebranded as a Hotel Indigo, an upscale boutique hotel within the Intercontinental Hotel Group system. Pyramid Hotel Group will manage the hotel, which will stay open during the renovation.

March 12, 2019

Acquisitions Hospitality New Jersey Northeast

HREC Negotiates Sale of Best Western Hotel Portfolio in New Jersey

by David Cohen March 8, 2019

MORRISTOWN, WESTFIELD AND MURRAY HILL, N.J. — HREC has negotiated the sale of a three-property hotel portfolio in New Jersey. The sales price was undisclosed. The properties include the 60-room Best Western Plus Morristown, the 40-room Best Western Westfield, and the 76-room Best Western Plus Murray Hill. Mike Cahill and Ketan Patel of HREC represented the seller, Boyle Hotels, in the transaction. The buyer was undisclosed.

March 8, 2019

California Hospitality Top Stories Western

Airbnb Agrees to Acquire HotelTonight in Effort to Expand Booking Options

by Kristin Harlow March 8, 2019

SAN FRANCISCO — Airbnb has signed an agreement to acquire HotelTonight, a hotel-booking service focused on making last-minute trips for boutique and independent hotels. The deal will expand Airbnb’s ability to offer hotel listings. Terms of the deal were not disclosed, but The Wall Street Journal reports that HotelTonight was last valued at $463 million in March 2017. Airbnb expects the transaction to close in approximately 30 days. San Francisco-based Airbnb, an online lodging company, says the acquisition is part of its mission to create “an end-to-end travel platform that combines where you stay, what you do and how you get there, all in one place.” More than 400,000 companies are using Airbnb to help manage their travel, and same-day bookings are now growing twofold year over year, according to Airbnb. “Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests the authentic, local experience they have come to expect on every trip,” wrote Airbnb in a press release. In 2018, Airbnb more than doubled the number of rooms available on its platform in properties that hosts categorized as boutique hotels, bed and breakfasts and other hospitality venues like …

March 8, 2019

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