Hospitality

Best Practices for Structuring Nevada Hotel, Casino Deals

by Taylor Williams October 9, 2018

One of the first questions clients ask when considering a hotel casino acquisition or the development of a new hotel casino project in Nevada is whether they have to obtain a gaming license. Since applying for a gaming license requires the disclosure of extensive, private personal information — and obtaining a gaming license can take several months — buyers and developers often want to learn about alternatives to the license. Those alternatives are briefly summarized below. Sale-Leaseback: The sale-leaseback structure involves the current hotel casino owner and/or operator selling substantially all of the assets to the buyer. The buyer, in turn, then leases all of such assets back to the seller. The seller retains the gaming assets and liabilities, utilizes the other assets per the lease and continues to operate the hotel casino for the lease term. The advantage of this structure is that the sale transaction can be closed quickly since the parties do not have to wait for the buyer to obtain its gaming license. A potential disadvantage to the seller is that it still has to operate the property. Possible disadvantages to the buyer are that the buyer assumes the future licensing risk and, generally speaking, cannot …

October 9, 2018

Development Florida Hospitality Southeast

Emerald Hospitality, Nimbus Investment Fund Open 124-Room Hilton Garden Inn in Metro Tampa

by Amy Works October 8, 2018

WESLEY CHAPEL, FLA. — Westlake, Ohio-based Emerald Hospitality Associates has acquired and opened Hilton Garden Inn Tampa-Wesley Chapel, located at 26640 Silver Maple Parkway in Wesley Chapel. Emerald Hospitality Associates will manage the property, which it purchased in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality. The hotel features 124 guestrooms each with a microwave and refrigerator, 3,712 square feet of flexible meeting space, and an extensive lobby and outdoor patio featuring the Garden Grille & Bar. Additional amenities include complimentary Wi-Fi, a 24-hour business station, state-of-the-art fitness center, Keurig coffee maker and a full-service restaurant and bar.

October 8, 2018

Hospitality Loans New York Northeast

NKF Capital Markets Arranges $57M Construction Financing for Walker Hotel Tribeca

by David Cohen October 8, 2018

NEW YORK CITY — NKF Capital Markets has arranged a $57 million construction loan for the Walker Hotel Tribeca, a 171-room hotel in the Tribeca neighborhood of Manhattan. The borrower, Bridgeton Holdings, is converting the 10-story former office building into a hotel. The lender was BoI Federal. The property will be Bridgeton’s second Walker Hotel in New York City, with the first in Greenwich Village. The hotel will include a Blue Bottle Coffee on the ground floor as well as a speakeasy bar in the cellar.

October 8, 2018

Holiday-Inn-Express-Suites-Missouri-City

Acquisitions Hospitality Texas

CBRE Negotiates Sale of 84-Room Holiday Inn Express in Metro Houston

by Taylor Williams October 5, 2018

MISSOURI CITY, TEXAS — CBRE has negotiated the sale of Holiday Inn Express & Suites Missouri City West, an 84-room hotel in Missouri City, a southwestern suburb of Houston. Illinois-based Yeluh, LLC purchased the asset from MC Hotels LLC for an undisclosed price. Michael Yu, Rahul Bijlani and Agrama Mannapperuma of CBRE brokered the transaction, which is the seventh Houston-area hotel sold by CBRE’s South Central Hotel team this year.

October 5, 2018

Development Hospitality Loans Southeast Tennessee

Goldman Sachs, Lionheart Strategic Management Provide $133M Construction Financing for W Hotel in Nashville’s Gulch District

by Amy Works October 5, 2018

NASHVILLE, TENN. — Goldman Sachs and Lionheart Strategic Management have provided senior and mezzanine financing totaling $133 million for the ground-up construction of a W-branded hotel in Nashville’s Gulch neighborhood. Magellan Development, Corner Partnership and Hospitality Gaming Advisors are developing the 346-room hotel. The senior and mezzanine financing will have co-terminus initial terms of three years. The financing closed in mid-September.

October 5, 2018

Acquisitions Hospitality Northeast Vermont

RLJ Lodging Trust Sells DoubleTree Burlington Vermont for $35M

by David Cohen October 4, 2018

BURLINGTON, VT. — RLJ Lodging Trust (NYSE: RLJ) has sold the 309-room DoubleTree by Hilton Burlington Vermont in Burlington for $35 million. The sales price represents a 4.5 percent capitalization rate. The buyer was not disclosed. Located at 870 Williston Road, the property features a fitness room, indoor pool, business center and meeting rooms. The hotel is located nearby the University of Vermont and Champlain College.

October 4, 2018

Hospitality Loans Midwest Minnesota

Alliant Provides $23M Refinancing for Hewing Hotel in Minneapolis

by Kristin Harlow October 4, 2018

MINNEAPOLIS — Alliant Credit Union has provided a $23 million loan for the refinancing of The Hewing Hotel in the North Loop market of Minneapolis. The 124-room boutique hotel features a restaurant called Tullibee as well as a rooftop, social club and ballroom. Ben Greazel of NKF Capital arranged the four-year loan. The borrower was not disclosed.

October 4, 2018

Acquisitions Hospitality Northeast Pennsylvania

Marcus & Millichap Brokers $9.7M Sale of Holiday Inn Allentown I-78

by David Cohen October 2, 2018

BREINIGSVILLE, PA. — Marcus & Millichap has brokered the $9.7 million sale of the Holiday Inn Allentown I-78 (Lehigh Valley), a 175-room hotel in Breinigsville. The three-story property is located approximately 11 miles southwest of Allentown. Jerry Swon, Tim McCaffrey, Dan Zagoria and Brian Whelan of Marcus & Millichap represented the seller, Meyer Jabara Hotels, in the transaction. A local buyer purchased the property.

October 2, 2018

Hospitality Loans Massachusetts Northeast

HFF Secures $9.8M Acquisition Loan for Crowne Plaza Boston Newton Hotel

by David Cohen October 1, 2018

NEWTON, MASS. — HFF has secured a $9.8 million acquisition loan for the leasehold interest in the Crowne Plaza Boston Newton, a 270-room hotel in Newton. HFF arranged a long-term, non-recourse loan through UniBank on behalf of the undisclosed borrower. Loan proceeds are being used to both acquire and renovate the hotel. The property is located approximately five miles west of Boston and features a restaurant and bar, indoor pool, fitness facility, on-site parking, room service and 15,000 square feet of meeting and event space.

October 1, 2018

Development Hospitality Illinois Midwest

Broughton Hotels Completes Renovation of Three Historic Hotels in Chicago

by Kristin Harlow October 1, 2018

CHICAGO — Broughton Hotels has completed the renovation of its three historic boutique hotels in Chicago, including The Majestic Hotel, The Willows Hotel and City Suites Chicago. Initially built during the 1920s, each property now features new lobby furnishings, enhanced lighting, window treatments, linens, carpeting and artwork. City Suites also features new guestrooms. Anthony Laurino of California-based design firm ALD Designs created the concepts for each hotel’s renovation. The Majestic Hotel, which includes 52 rooms, features a baseball theme. The property is within walking distance of Wrigley Field. The Willows Hotel, which is home to 55 rooms, features a new lobby inspired by Lincoln Park Zoo. The 45-room City Suites Chicago features vibrant décor and urban art. The guestrooms are reminiscent of modern Chicago apartments.

October 1, 2018

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