Hospitality

PCCP Provides $53.5M Recapitalization Loan for Hotel in Tampa

by Alex Tostado March 6, 2019

TAMPA, FLA. — PCCP LLC has provided a $53.5 million senior loan for the recapitalization of The Westshore Grand, a 325-room hotel in Tampa’s Westshore Business district. The borrower, a joint venture between Crescent Real Estate and affiliates of the Arden Group, has been conducting capital improvements to the hotel since 2015 and will use the loan to pay off existing debt. Built in 1984, The Westshore Grand is located at 4860 W. Kennedy Blvd. and is part of the Urban Centre mixed-use project, which offers 550,000 square feet of office space that Starwood owns. Hotel amenities include 14,321 square feet of meeting and event space, Shula’s Steakhouse, a lounge, lobby bar, Illy Café, fitness and business centers, attached parking garage and a rooftop swimming pool.

March 6, 2019

Acquisitions Hospitality Texas

CBRE Arranges Sale of 56-Room La Quinta Hotel Near Southwest Houston

by Taylor Williams March 6, 2019

ROSENBERG, TEXAS — CBRE has arranged the sale of La Quinta Inn & Suites, a 56-room hotel located at 28332 Southwest Freeway in Rosenberg on the southwestern outskirts of Houston. Illinois-based Imeri Enterprises Inc. purchased the asset from Houston-based Gayatri International LLC. Michael Yu, Rahul Bijlani, Tyler Bean, Dennis Drake and Manasvini Sridhar of CBRE handled the transaction.

March 6, 2019

Acquisitions Hospitality Midwest Minnesota

Apple Hospitality REIT Acquires Hampton Inn & Suites Hotel in St. Paul for $31.7M

by Kristin Harlow March 6, 2019

ST. PAUL, MINN. — Apple Hospitality REIT Inc. has acquired the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul for $31.7 million. The property, which opened in November 2016, is located across the street from Xcel Energy Center and within five miles of the recently opened Allianz Field. Apple Hospitality acquired the asset from a subsidiary of Vista Host.

March 6, 2019

Hospitality Loans Midwest Ohio

PMZ Realty Capital Secures $35M Refinancing for Ohio Hospitality Portfolio

by Kristin Harlow March 5, 2019

BEAVERCREEK, DAYTON AND WESTCHESTER, OHIO — PMZ Realty Capital LLC has secured $35 million for the refinancing of a three-property hotel portfolio in Ohio. The assets include the 118-room Springhill Suites by Marriott in Beavercreek, the 130-room Holiday Inn North Cincinnati in West Chester and the 111-room Holiday Inn Express & Suites in Dayton. Middletown Management was the borrower. PMZ arranged 10-year, nonrecourse CMBS loans for the Beavercreek and West Chester properties, and a fixed-rate loan for the Dayton asset.

March 5, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Negotiates $6.3M Sale of Comfort Inn & Suites Hotel in Geneva, Illinois

by Kristin Harlow March 5, 2019

GENEVA, ILL. — Marcus & Millichap has negotiated the sale of the Comfort Inn & Suites in Geneva for $6.3 million. The 90-room hotel, built in 2000, is located at 1555 E. Fabyan Parkway in Kane County. Ebrahim Valliani, Michael Klar, Scott Harris, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller. Valliani, Klar, Miller and Gomes represented the buyer.

March 5, 2019

Country-Inn-Suites-Fond-du-Lac-Wisconsin

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers Sale of 65-Room Country Inn & Suites Hotel in Fond du Lac, Wisconsin

by Taylor Williams March 1, 2019

FOND DU LAC, WIS. — Marcus & Millichap has brokered the sale of Country Inn & Suites Fond du Lac, a 65-room hotel located about 65 miles north of Milwaukee. The property recently underwent a series of renovations. Jon Ruzicka, Jake Erickson and Jared Plamann of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Minneapolis-based Country Inn & Suites is part of the Carlson Rezidor Hotel Group, a privately owned hotel firm with more than 1,370 properties in operation and under development in more than 110 countries.

March 1, 2019

Acquisitions Hospitality New York Northeast

Marcus & Millichap Negotiates $7.3M Sale of Comfort Inn University in Amherst, New York

by David Cohen February 28, 2019

AMHERST, N.Y. — Marcus & Millichap has negotiated the $7.3 million sale of the Comfort Inn University in Amherst. Located at 1 Flint Road, the four-story property includes 102 rooms. Among the amenities are a fitness center, laundry facility, indoor swimming pool and business center. Jerry Swon, Dan Zagoria and Cameron Peirce of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.

February 28, 2019

Acquisitions California Hospitality Western

Ashford Hospitality Trust Buys 178-Key Hilton Santa Cruz/Scotts Valley for $50M

by Amy Works February 28, 2019

SANTA CRUZ, CALIF. — Ashford Hospitality Trust has acquired the Hilton Santa Cruz/Scotts Valley in Santa Cruz from The Arden Group for $50 million. Located at 6001 La Madrona Drive, Hilton Santa Cruz/Scotts Valley features 178 guest rooms, including 21 suites. The hotel, which opened in 1999, also features a full-service Stonehouse Bar & Grill, 7,900 square feet of flexible meeting space, an outdoor pool, fitness center, business center, gift shop and guest laundry facility. To fund the acquisition, the company used cash on its balance sheet and issued as consideration to the seller approximately 1.5 million Operating Partnership Units valued at $7.00 per unit, a premium of approximately 31 percent yesterday’s closing price. The company also assumed a non-recourse mortgage loan at closing with a current balance of approximately $25.3 million. The loan matures in March 2025 and has a fixed interest rate of 4.7 percent. Mark Fraioli and Melvin Chu of JLL represented the seller in transaction.

February 28, 2019

Development Florida Hospitality Loans Southeast

Meridian Capital Arranges $41.8M Construction Loan for Dual Hotel Project in Orlando

by John Nelson February 27, 2019

ORLANDO, FLA. — Meridian Capital Group has arranged $41.8 million in construction financing to AD1 Global for a two-hotel, 284-room project in Orlando. The two hotels are Aloft Hotel and Element Hotel. Located at 5730 Central Florida Parkway on the corner of International Drive, Aloft Hotel will have 140 rooms, while Element Hotel will have 144 rooms. A balance sheet lender provided the 36-month loan that features a LIBOR-based floating interest rate, two one-year extension options and full-term, interest-only payments. Shared amenities will include a saltwater swimming pool, laundry and valet services and fitness and business centers. The property will be located approximately one mile from Sea World and Aquatica and less than 10 miles from Disney Springs, Ripley’s Believe It or Not and Epcot. A timeline for construction was not released. Noam Kaminetzky of Meridian Capital Group represented the borrower in the transaction.

February 27, 2019

Hospitality Loans New York Northeast

CapStack Partners Secures $19M Refinancing for Ravel Hotel in Long Island City

by David Cohen February 26, 2019

NEW YORK CITY — CapStack Partners has arranged a $19 million loan to refinance The Ravel Hotel in Long Island City. Located at 8-08 Queens Plaza, the 113-room hotel also includes 17,000 square feet of event space, a redesigned rooftop restaurant, pool club and outdoor beer garden. CapStack’s investment banking group worked on behalf of the undisclosed borrower to secure the 10-year, fixed-rate loan through an undisclosed lender. Loan proceeds were used to refinance construction costs

February 26, 2019

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