Hospitality

George Smith Partners Arranges $32.4M Development Financing for 250-Room Hotel in Southern California

by Amy Works July 13, 2018

COACHELLA, CALIF. — George Smith Partners has arranged $32.4 million in financing for the ground-up development of a IHG Hotel Indigo in Coachella. The borrower and developer is Glenroy Coachella. Steven Bram, David Pascale and Huber Bongolan Jr. of George Smith Partners arranged a $24.4 million senior construction loan and $8 million PACE funding for the hotel. The hotel will be the first new construction hotel project financed by PACE in California. The PACE equity, essentially an energy loan, finances the energy-efficient HVAC, lighting, windows, water systems and seismic strengthening. Situated on 35 acres, the casitas-style resort hotel will feature 250 guest rooms with private entrances and en-suite bathrooms; 13,000-square-foot convention center; 10,000-square-foot salt water pool with a summer cooling system and a DJ booth/catwalk; and an 11-acre playground to host music-related events, wellness retreats and corporate/private events. Many of the guest rooms are located in two-, four- and six-bedrooms casitas with living rooms and social areas for entertaining. Additionally, the hotel will feature a restaurant, spa, gym and yoga/Pilates studio. A timeline for construction was not disclosed.

July 13, 2018

Development Hospitality Midwest Missouri

Cordish, Cardinals Break Ground on $65M Loews Hotel in St. Louis

by Kristin Harlow July 12, 2018

ST. LOUIS — The Cordish Companies, the St. Louis Cardinals and Loews Hotels & Co. have broken ground on the new $65 million Live! by Loews hotel in St. Louis. The hotel will be located inside the second phase of Ballpark Village, a mixed-use development surrounding the Cardinals’ Busch Stadium. The eight-story hotel will feature 216 rooms, including 19 suites. An outdoor terrace will feature a bar called “Gashouse Gang,” a nickname given to the Cardinals baseball team that ultimately won the World Series in 1934. The hotel will also include a wine bar, bourbon bar, second-level terrace bar and open display kitchen. The second level will include 17,000 square feet of meeting and event space. HKS Architects Hospitality Studio designed the hotel. The $260 million second phase of Ballpark Village also features a 29-story apartment tower, a Class A office tower anchored by PricewaterhouseCoopers and a three-story retail pavilion anchored by Onelife Fitness.

July 12, 2018

Development Georgia Hospitality Southeast

Dream Hotel Group, Cartel Properties to Develop 200-Room Hotel in Atlanta’s Buckhead District

by Camren Skelton July 12, 2018

ATLANTA — Hotel and brand management company Dream Hotel Group, in partnership with Atlanta-based Cartel Properties, has unveiled plans to develop Dream Atlanta, Buckhead. The 200-room hotel will be located near the intersection of Peachtree, Roswell and East Paces Ferry roads in Buckhead Village. In addition to guest suites, Dream Atlanta, Buckhead will feature 90 private residences, a spa and wellness concept and five dining and nightlife venues, including a 17,000-square-foot rooftop pool, bar and lounge. The dual-tower development will also include 80,000 square feet of additional office and retail space. New York-based Dream Hotel Group currently operates 18 hotels, with more than 20 others in various stages of development. Atlanta-based architecture firm Cooper Cary is designing Dream Atlanta, Buckhead, which is scheduled to open in 2021.

July 12, 2018

Acquisitions Hospitality Nevada Retail Top Stories Western

VICI Properties Closes $507.5M Sale-Leaseback of Octavius Tower at Caesars Palace

by Camren Skelton July 12, 2018

LAS VEGAS — VICI Properties has acquired the 23-story Octavius Tower at Caesars Palace Las Vegas for $507.5 million in cash. Under the terms of an existing ground lease, the REIT will lease the 668-room hotel back to the seller, Caesars Entertainment Corp., which currently operates the property. Caesars’ annual rent payment to VICI will be $35 million. Constructed in 2012, the hotel spans 1.2 million square feet and is located on the Flamingo Avenue side of Caesars Palace Las Vegas. At the time of closing, VICI announced that it will also acquire Harrah’s Philadelphia from Caesars. The original purchase price of $241.5 million will be reduced to $82.5 million to reflect modifications to VICI’s existing leases with Caesars. “These agreements with VICI unlock more than $500 million in value from our real estate assets to support value-adding growth opportunities and reduce the volatility of our future rent payments, demonstrating our commitment to create value for our shareholders while maintaining financial discipline,” says Mark Frissora, president and CEO of Caesars Entertainment. Constructed in 2006, Harrah’s Philadelphia underwent a renovation in 2017. The property spans 2 million square feet and includes 2,450 slot machines, live table games, and several bars, restaurants and parking garages. …

July 12, 2018

Development Hospitality New York Northeast

Hilton Opens First Tapestry Collection Property in New York City

by David Cohen July 11, 2018

NEW YORK CITY — Hilton has opened its first tapestry collection property in New York City. The Bernic Hotel New York City, Tapestry Collection by Hilton is now open in the Midtown East neighborhood of Manhattan at 145E 47th St. The 96-room hotel features floor-to-ceiling windows in every room, heated bathroom floors and walk-in rain showers as well as a rooftop lounge, open from May through October with 180-degree, panoramic views of the city. Hilton launched the tapestry collection brand in 2017 as a lineup of original upscale hotels.

July 11, 2018

California Development Hospitality Loans Office Western

HFF Arranges $250M Development Financing for Bay Area Office, Hotel Project

by Amy Works July 11, 2018

MOUNTAIN VIEW, CALIF. — HFF has arranged the $250 million capitalization of Ameswell Mountain View, a fully entitled mixed-use project under development in Mountain View. Bruce Ganong, Michael Leggett, Ben Bullock, Thomas Foley, Austin White and Bercut Smith of HFF arranged the joint venture equity partnership with Rockwood Capital for the borrower, Broadreach Capital. Additionally, the HFF team worked on behalf of both parties to secure $140 million in construction financing with Wells Fargo Bank. Ameswall will feature a 255-room independent hotel and a 216,700-square-foot Class A office building. The Ameswall Hotel will feature a creative, local design with a strong emphasis on art and technology; 6,258 square feet of meeting and events space; food and beverage offerings, including a destination bar and restaurant and a grab-and-go market; and outdoor gathering spaces with a swimming pool, fire pits, bocce ball court and a lawn. Aiming for LEED Platinum certification, the five-story creative office building will feature floor-to-ceiling glass lines to provide natural light, 14-foot ceilings and 47,000-square-foot floorplates. Amenities for the property include a 2.5-acre park, terraces, break-out areas to merge workspace and nature, dedicated bike and pedestrian trails, and electric vehicle charging stations. The development will also feature a …

July 11, 2018

Acquisitions Hospitality Midwest Wisconsin

Cambridge Landmark Purchases Hyatt Regency Hotel in Milwaukee, Plans Renovation

by Kristin Harlow July 10, 2018

MILWAUKEE — Cambridge Landmark has purchased the Hyatt Regency hotel in downtown Milwaukee. The sales price was $37.3 million, according to the Milwaukee Business Journal. The 481-room, full-service hotel is connected to the Wisconsin Convention Center. The hotel will undergo a multi-million dollar renovation focused on upgrading the rooms, lobby, meeting space and other new amenities. The seller was not disclosed. Cambridge Landmark is a Miami-based investor.

July 10, 2018

Acquisitions Connecticut Hospitality Northeast

Marcus & Millichap Negotiates $11M Sale of Fairfield Inn & Suites in Connecticut

by David Cohen July 9, 2018

UNCASVILLE, CONN. — Marcus & Millichap has negotiated the sale of the Fairfield Inn & Suites in Uncasville. The recently renovated four-story, 105-room hotel sold for $11 million. The property was recently repositioned from a Best Western to a Fairfield Inn & Suites by Marriot. Jonathan S. Ruprai of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was not disclosed.

July 9, 2018

Hospitality Loans North Carolina Southeast

NorthMarq Secures $28M Construction Loan for EVEN Hotel in Charlotte’s CBD

by Camren Skelton July 9, 2018

CHARLOTTE, N.C. — NorthMarq Capital has secured a $28 million construction loan for a new EVEN Hotel in Charlotte’s Central Business District. Mark Ebersold of NorthMarq arranged the financing through a local bank and a New York-based mezzanine lender on behalf of the borrower. According to local media reports, Mayfair Street Partners acquired the hotel site in 2017 with plans to develop the 176-room property. The hotel is part of Stonewall Station, a mixed-use project under development by Crescent Communities. The development includes a Whole Foods, 458 multifamily units, a 1,350-space parking deck and a 180-room Home2Suites hotel. A construction timeline for the EVEN Hotel was not disclosed. EVEN Hotels is an InterContinental Hotels Group brand.

July 9, 2018

Acquisitions Arizona Hospitality Western

TLG Investment Partners, Concord Wilshire Acquire Sheraton Grand Hotel in Phoenix for $255M

by Amy Works July 6, 2018

PHOENIX — TLG Investment Partners and Concord Wilshire Capital, through an affiliate of TLG Phoenix, have purchased Sheraton Grand Hotel in Phoenix. An undisclosed seller sold the property for $255 million. Marriott International is the majority capital partner with TLG and Concord Wilshire, and will manage the asset. Situated in downtown Phoenix, the hotel features 1,000 guest rooms and 114,000 square feet of indoor and outdoor meeting space.

July 6, 2018

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