Hospitality

Sonnenblick-Eichner Arranges $29.2M Loan for Refinancing of Historic Hotel in New Orleans

by Camren Skelton September 27, 2018

NEW ORLEANS, LA. — Sonnenblick-Eichner Co. has arranged a $29.2 million loan for the refinancing of the Old No. 77 Hotel & Chandlery, a historic, 167-room hotel in New Orleans’ Warehouse Arts District. The five-year, floating-rate loan was priced at a spread in the mid-300s over LIBOR. The name of the borrower was not disclosed. The hotel underwent a $14 million renovation in 2015 that included the renovation of guest rooms, bathrooms, public spaces and a build-out of the ground floor retail space. The hotel is home to Compère Lapin, an upscale restaurant and bar helmed by James Beard Award-winning chef Nina Compton. The Old No. 77 Hotel was originally constructed in 1854 as a warehouse building. The facility was used as a chandlery, and traded in goods used for sailing voyages.

September 27, 2018

Development Hospitality Texas

Trinity Bluff Hospitality Acquires Land in Downtown Fort Worth to Develop 100-Room Hotel

by Camren Skelton September 26, 2018

FORT WORTH, TEXAS — Trinity Bluff Hospitality LLC has acquired 1.5 acres in downtown Fort Worth’s Trinity Uptown neighborhood with plans to construct a 100-room Avid hotel. Austin Reilly of Land Advisors Organization arranged the transaction on behalf of the seller, Trinity Bluff Development Ltd. Avid is a newer concept from InterContinental Hotels Group (IHG). These hotels feature 24-hour coffee bars, breakfast on the go and a 24-hour market. A construction timeline for the new location was not disclosed.

September 26, 2018

Development Hawaii Hospitality Top Stories Western

Hilton Grand Vacations to Develop 32-Story Resort in Honolulu’s Waikiki

by Kristin Harlow September 26, 2018

HONOLULU — Hilton Grand Vacations Inc. (NYSE: HGV) has purchased a one-acre site in Honolulu’s Waikiki neighborhood with plans to develop a 32-story timeshare resort. The site currently houses King’s Village shopping center, Hale Waikiki Hotel and Prince Edward Apartments. Construction is slated to begin in the second quarter of 2019, with project completion in the first quarter of 2022. The property will include 191 timeshare apartment units, comprised of studios, one-, two- and three-bedroom suites. Resort amenities will include a fitness center, pool, business center and owners’ lounge. The project will be HGV’s sixth resort on the island of Oahu, increasing the total count to 1,429 units. “Building on our local development history that started with the Lagoon Tower in 2000, our latest project in Waikiki will assure that HGV continues to offer lifetime vacation experiences to our next generation of owners,” says Mark Wang, president and CEO of HGV. Orlando-based HGV is a global timeshare company that develops, markets and operates vacation ownership resorts in select vacation destinations. The company’s stock price closed at $32.58 per share on Tuesday, Sept. 25, down from $38.57 per share one year ago. BSC KVSC LLC, a partnership that includes BlackSand Capital, …

September 26, 2018

Hospitality Loans New York Northeast

Mission Capital Arranges $137M Refinancing for Holiday Inn Manhattan-Financial District

by David Cohen September 25, 2018

NEW YORK CITY — Mission Capital Advisors has arranged a $137 million refinancing for the Holiday Inn Manhattan-Financial District, a 50-story, 492-room hotel in Manhattan. Located at 99 Washington St., the property was built in 2014 and is the tallest Holiday Inn in the world. Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital represented the borrower, real estate development firm Golden Seahorse, in securing the 10-year, interest-only loan at a fixed rate through lender Ladder Capital. The property also includes the St. George Tavern, a full-service restaurant and event space. Proceeds from the loan were used to refinance an existing first mortgage and return capital to the borrower.

September 25, 2018

Georgia Hospitality Loans Southeast

Trinity Street Capital Provides $28.5M Construction Loan for AC Marriott Hotel Near Atlanta Airport

by Camren Skelton September 24, 2018

COLLEGE PARK, GA. — Trinity Street Capital Partners (TSCP) has provided a $28.5 million construction loan for the development of a 222-room AC Marriott hotel in College Park, roughly 10 miles south of downtown Atlanta . The three-year loan featured a 75 percent loan-to-cost ratio, with two, one-year extension options. The hotel will be located along Roosevelt Highway within walking distance to the Georgia International Convention Center and the ATL Skytrain, with a two-minute ride to Hartsfield-Jackson Atlanta International Airport. AC Hotels by Marriott, part of Marriott International, owns and operates a chain of hotels worldwide. Amenities include onsite dining, corporate programs, meeting and conference rooms and facilities for weddings.

September 24, 2018

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Negotiates $12.6M Sale of Hampton Inn in Tampa

by Camren Skelton September 24, 2018

TAMPA, FLA. — Marcus & Millichap has arranged the $12.6 million sale of the 86-room Hampton Inn Tampa-Airport North. Jonathan Ruprai of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and procured the buyer, a Canadian investment group. The five-story hotel, located seven miles from Tampa International Airport, features complimentary breakfast, a business center, meeting space, fitness center and a free airport shuttle.

September 24, 2018

Development Hospitality Midwest Minnesota

Noble, Simon Open Homewood Suites by Hilton Hotel in Edina, Minnesota

by Kristin Harlow September 19, 2018

EDINA, MINN. — Noble Investment Group and Simon Property Group have opened a Homewood Suites by Hilton hotel in Edina. The 146-room hotel is located within the Southdale Center mixed-use project. The property features a business center, fitness center, pool, lobby bar and outdoor courtyard. Southdale Center is also home to a luxury apartment development. Shake Shack is slated to open this fall followed by home furnishing retailer RH next year.

September 19, 2018

Acquisitions Florida Hospitality Southeast

DSH Hotel Advisors Brokers $7M Sale of Hotel in Port Charlotte, Florida

by Camren Skelton September 18, 2018

PORT CHARLOTTE, FLA. — DSH Hotel Advisors has arranged the $7 million sale of a Microtel Inn & Suites by Wyndham in Port Charlotte. Dennis Hopper of DSH Hotel Advisors represented both the seller, Interdevco, and the buyer, Maingate East Development, in the transaction. The Microtel Inn & Suites features a business center, fitness center, complimentary breakfast, free Wi-Fi, outdoor pool and meeting rooms. The hotel is located near the Charlotte County Historical Center, Bayshore Park Fishing Pier and the Cultural Center of Charlotte County.

September 18, 2018

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers $1.9M Sale of 225-Room Hotel in Wausau, Wisconsin

by Kristin Harlow September 18, 2018

WAUSAU, WIS. — Marcus & Millichap has brokered the $1.9 million sale of The Plaza hotel in Wausau. The 225-room hotel is located at 201 N. 17th Ave. The five-story property includes 23,000 square feet of banquet and conference space as well as a restaurant and lounge. Allan Miller, Chris Gomes, Ebrahim Valliani and Michael Klar of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a partnership. Wausau is located in central Wisconsin.

September 18, 2018

Alabama Development Hospitality Southeast

Marshall Hotels & Resorts Opens 63-Room Hotel Indigo in Birmingham

by Camren Skelton September 14, 2018

BIRMINGHAM, ALA. — Marshall Hotels & Resorts has opened the 63-room Hotel Indigo Birmingham Five Points S-UAB. Located in the Five Points South area, Birmingham’s arts, entertainment and dining district, the hotel is near attractions including the Birmingham Botanical Gardens, McWane Science Center and the Birmingham Civil Rights Museum. In addition, the property is a half-mile from University of Alabama at Birmingham (UAB). The building was originally designed in the 1930s for medical offices and was converted into a hotel in the 1980s. Marshall Hotels completed a $5 million renovation to convert the hotel from the Hotel Highland Downtown to a Hotel Indigo, a chain of boutique hotels under the InterContinental Hotels Group umbrella. The hotel features the Rx lounge, a themed bar and restaurant that captures the building’s medical arts origins.

September 14, 2018

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