WEST CHESTER, OHIO — Marcus & Millichap has brokered the $6.2 million sale of a Comfort Inn & Suites in West Chester, about 20 miles north of Cincinnati. The 92-room hotel is located at 5944 W. Chester Road. Alexandre Duong and Andrew Bankhurst of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a limited liability company.
WARWICK, R.I. — MCR Development has acquired the Hilton Garden Inn Providence Airport/Warwick in Warwick. The price was not disclosed. The 160-room hotel opened in 2005 and is located at Rhode Island’s T.F. Green International Airport, which serves 4 million passengers annually. Amenities at the hotel include a fitness center, indoor pool, 24-hour convenience store, free airport shuttle and a connection to the Iron Works Tavern, a community bar housed in the historic 1867 R.I. Malleable Iron Works Factory building. The seller was not disclosed.
NEW YORK — New York-based PMZ Realty Capital LLC has arranged a $32 million loan for the refinancing of a three-property hotel portfolio located throughout Georgia. The portfolio includes the 150-room Hyatt Place Airport North in Atlanta, the 132-room Hampton Inn Atlanta/Norcross in Norcross and the 80-room Fairfield Inn & Suites in Commerce. The 10-year loan was arranged on behalf of the borrower, Elite Hotel Management Group LLC. The loan features a fixed interest rate below 4.85 percent.
GOODYEAR, ARIZ. — Byrd Hotel Group has completed the sale-leaseback of four hotel properties in Goodyear. Florida-based Kawa Capital Management acquired the properties for $20 million. The properties are the 90-room Red Lion Inn & Suites at 1313 N. Litchfield Road, the 110-guestroom Hampton Inn & Suites at 2000 N. Litchfield Road, the 100-key Holiday Inn & Suites at 1188 N. Dysart Road and the 78-suite Residence Inn at 2020 N. Litchfield Road. The four limited- and full-service hotels contain a total of 441,967 square feet of space on approximately 10.1 acres. Jon Grantham and James Meng of Colliers International’s Greater Phoenix office represented the seller, while Kawa Capital was self-represented in the transaction.
NAPA, CALIF. — Mani Brothers Real Estate Group has purchased the Embassy Suites by Hilton Napa Valley, located at 1075 California Blvd. in Napa, for an undisclosed price. The seller was RLJ Lodging Trust. The buyer plans to convert the 205-room hotel into a Curio Collection property, complete with a refurbishment and overall renovation of the existing property. Upgrades will include a redesign of all guest rooms and restaurant spaces, addition of a full-service space, new pools and a 54-room expansion. Situated on more than eight acres, the property features over 10,000 square feet of indoor and outdoor event space, including a rose garden, chef’s garden, fire pits, mill pond with resident swans and year-round pool.
CHICAGO — Summit Design + Build has begun to renovate a portion of the Swissôtel Chicago, a 44-story hotel located at 323 E. Wacker Drive in Chicago. The company is renovating the amenity spaces on the 42nd and 43rd floors for a total project size of 13,200 square feet. The hotel will remain operational throughout renovations. Summit’s work includes relocating the fitness center, building a new ballroom and meeting space, installing new windows, replacing doors and renovating lobby bathrooms. The ballroom will feature a 150-foot chandelier. The fitness center will feature new bathrooms, a crossfit studio and juice bar. AccorHotels operates the hotel. JLL is the owner’s representative, while Design One Studio is the project architect and Gettys Group is the interior designer. Swissôtel Chicago was built in 1989.
NEW YORK — Atalaya Capital Management, a private credit and alternative investment advisory firm, has recently closed $315 million in construction financing for The Ritz-Carlton’s new flagship hotel in Manhattan. Situated at the corner of 28th Street and Broadway, the 266-room hotel will span more than 50 stories and include 16 branded residences, 6,000 square feet of meeting space and high-end food and beverage options. This project will be the first ground-up hotel construction in New York City completed by Flag Luxury Group, which has developed several upscale hotels and resorts, including four Ritz-Carlton properties in Florida. Atalaya Capital partnered with CapitalSource, a division of Pacific West Bank, to provide a $250 million senior construction loan to Flag. Atalaya also closed a $65 million preferred equity investment to finance the hotel, which is set for a late 2021 completion. “We are excited to be working with Atalaya, which worked diligently to structure a creative and comprehensive capital solution to facilitate the development of an iconic brand’s new flagship New York City location,” said Paul Kanavos, CEO and chairman of Flag Luxury Group. The project team includes general contractor Lend Lease, interior designer Yabu Pushelberg and architect Rafael Vinoly. Founded in …
LAUGHLIN, NEV. — Golden Entertainment Inc. (NASDAQ: GDEN), an owner-operator of casino resorts, has agreed to acquire two properties in Nevada for more than $168 million. Golden will acquire Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort, both of which are located about 100 miles south of Las Vegas in Laughlin. The seller is Marnell Gaming LLC, which is also based in Nevada. The deal is expected to close during the first quarter of 2019. Combined, Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort feature more than 1,400 slot machines, 40 table games and 2,150 hotel rooms. The casino resorts also offer 11 restaurants and dedicated entertainment venues, including the 12,000-seat Laughlin Event Center. The properties are situated adjacent to Aquarius Casino Resort, an asset owned by Golden Entertainment that features 1,200 slot machines, 30-plus game tables and roughly 2,000 hotel rooms. “Over the past several years, Marnell Gaming has taken their expertise and created a significant hotel, casino and entertainment presence in Laughlin,” says Blake Sartini, chairman and CEO of Golden Entertainment. “We are excited to solidify our presence in this growing and attractive game market.” The exact sales price has …
ORLANDO, FLA. — Hilton Hotels, in partnership with Epelboim Development Group, has broken ground on a new Tru by Hilton property in Orlando. The 259-room, eight-story hotel is located along Westwood Boulevard and will be the largest Tru property to date upon completion in the fourth quarter of 2019. Tru by Hilton hotels feature 24/7 markets, workspaces, game rooms, fitness centers, complimentary breakfast and digital keys. Epelboim is currently in the final stages of building an EVEN hotel in Miami, and is developing two EVEN hotels in Georgia.
NEW YORK CITY — New York REIT (NYSE: NYRT) has entered into a contract to sell the Viceroy Hotel in Manhattan for $41 million. The buyer is Arden Group. After the sale of the Viceroy Hotel, New York REIT, which is in the process of liquidating, will have sold all properties aside from a remaining 50.1 percent interest in Worldwide Plaza in Manhattan. Located at 120 W. 57th St., the 29-story, 240-room hotel features a rooftop lounge and bar, fitness center and restaurant. The transaction is expected to close by the end of the third quarter.
