Hospitality

Trinity Investments, Elliott Management Acquire Grande Lakes Orlando Resort for $900M

by Kristin Harlow December 7, 2018

ORLANDO, FLA. — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the Grande Lakes Orlando Resort. Blackstone Group sold the property for $900 million, according to local media reports. The 409-acre development includes two hotels, a 582-room Ritz-Carlton and a 998-room JW Marriott. The resort also features an 18-hole golf course designed by Greg Norman, an Australian professional golfer and entrepreneur. The Grande Lakes Orlando Resort includes 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, swimming pools, sporting facilities and a 40,000-square-foot spa. Since 2015, both hotels have undergone multi-million-dollar renovation projects. Trinity and Elliott plan to implement a multi-year capital improvement plan to further enhance the resort’s offerings. In addition to guestroom renovations, plans call for upgrades to the resort’s ballroom, meeting spaces, water features and food offerings. The buyers are hoping to capitalize on Orlando’s booming tourism industry. In 2017, Orlando set a record and became the first ever U.S. destination to surpass 70 million visitors in a year, according to the city’s tourism association, Visit Orlando. Honolulu-based Trinity is a private real estate investment firm that has completed more than $4 …

December 7, 2018

Embassy-Suites-Hilton-Anaheim-Garden-Grove-CA

California Hospitality Loans Western

CBRE Hotels Secures $71M Refinancing for Embassy Suites by Hilton Anaheim Near Disneyland Resort

by Amy Works December 6, 2018

GARDEN GROVE, CALIF. — CBRE Hotels has arranged $71 million loan for the Embassy Suites by Hilton Anaheim South, located at 11767 Harbor Blvd. in Garden Grove. Landmark Cos. is the borrower. Marc Sallette, Olga Lepow, Cara Leonard and Charlie Ryan of CBRE Hotel’s Debt & Structured Finance facilitated the 10-year, fixed-rate, interest-only loan to refinance existing debt. The debt is split into a $56 million senior mortgage to be securitized by Deutsche Bank, while Artemis Real Estate Partners provided a $15 million junior mezzanine loan to be held on book. The majority of the new mortgage is extinguishing existing loans. Additionally, Landmark is undertaking a five-year, $16 million renovation of the hotel in conjunction with the financing. Landmark developed the 375-room hotel, which is located near Disneyland Resort, in 2001.

December 6, 2018

Acquisitions Hospitality Midwest Ohio

AWH Partners, Opterra Capital Acquire 321-Room Hotel in Cincinnati

by Kristin Harlow December 3, 2018

CINCINNATI — AWH Partners LLC and Opterra Capital LLC have acquired the Cincinnati Marriott at RiverCenter for an undisclosed price. The 321-room hotel is connected to the Northern Kentucky Convention Center and includes 30 event rooms. Amenities include a fitness center, indoor pool and the 10 West restaurant. Spire Hospitality manages the hotel.

December 3, 2018

Acquisitions District of Columbia Hospitality Southeast

Xenia Hotels Sells Hilton Garden Inn in Downtown D.C. for $128M

by Alex Tostado November 30, 2018

WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One Arena.

November 30, 2018

Florida Hospitality Loans Southeast

Thorofare Capital Provides $17M Loan to Refinance Historic Hotel in Downtown Miami

by Alex Tostado November 30, 2018

MIAMI — Thorofare Capital has provided a $17 million loan to Langford Partners LLC to help stabilize The Langford Hotel, a building constructed in 1926 and added to the National Register of Historic Places in 1989. It was originally a bank and has housed several banks, an insurance company and other commercial entities over the years. Langford Partners, an affiliate of Stambul USA, purchased the building in 2013, and in 2016, opened it as a 126-room boutique hotel. Thorofare provided the sponsor with a two-year, interest-only bridge loan to refinance an existing construction loan, and repatriate preferred equity through an “earn-out” facility based on hotel performance. Neil Freeman and Brandon Perdeck of Chicago-based Aries Capital LLC arranged the financing.

November 30, 2018

The-Magdalena-Hotel-&-Condominiums-Austin

Development Hospitality Multifamily Texas

MYCON Begins Construction of Hotel, Condo Project in Austin

by Taylor Williams November 30, 2018

AUSTIN, TEXAS — MYCON General Contractors has begun construction of The Magdalena Hotel & Condominiums, a project in Austin that will deliver a 95-room hotel and seven condominium units. Located just off South Congress Avenue, the five-story property will also include event and restaurant space. Lake Flato Architects designed the project, which is slated for a fall 2019 completion. Woodbine Development Corp. is leading development of the project.

November 30, 2018

Hospitality Leasing Activity Texas

JLL Arranges $60M Loan for Refinancing of Hyatt-Branded Hotel in Houston

by Taylor Williams November 29, 2018

HOUSTON — JLL has arranged a $60 million loan for the refinancing of Hyatt Regency Houston Galleria, a 325-room hotel in Houston. The property features more than 19,000 square feet of meeting and event space, two food and beverage outlets, an outdoor pool and a fitness center. Jeffrey Davis, Mike Melody, Kevin Davis, Paul House, Matt Nowaczyk and John Ream of JLL arranged the loan through MetLife on behalf of the undisclosed borrower.

November 29, 2018

California Hospitality Loans Mixed-Use Retail Western

Meridian Capital Arranges $5.5M in Financing for The Covell Building in Los Angeles

by Amy Works November 29, 2018

LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.

November 29, 2018

Georgia Hospitality Loans Southeast

F10 Hotels Arranges $48.5M Loan to Refinance TWELVE Midtown, Downtown Hotels in Atlanta

by Alex Tostado November 28, 2018

ATLANTA — F10 Hotels has arranged $48.5 million of interim first mortgage financing to refinance the TWELVE Midtown and TWELVE Downtown Marriott Autograph hotels in Atlanta. The TWELVE hotels were purchased in 2015 by Global Management & Investment, and after undergoing a $10 million renovation, joined the Marriot Autograph collection earlier this year. Collateral for the loan included the hotels, ground-floor retail and parking. The floating-rate loan was priced at LIBOR plus 250 basis points. The proceeds were used to refinance Global’s existing acquisition loan.

November 28, 2018

Acquisitions Delaware Hospitality Northeast

Excel Group Acquires Residence Inn Wilmington Downtown in Delaware

by David Cohen November 28, 2018

WILMINGTON, DEL. —Real estate investment firm Excel Group has acquired the 96-room Residence Inn Wilmington Downtown in Wilmington. The sales price was undisclosed. Located at 1300 N. Market St., the property opened this year and is the first new hotel in downtown Wilmington in more than 20 years. The purchase is the fourth major transaction for Excel Group in 2018, representing a total transaction volume of more than $100 million. The property is an all-suite hotel that offers studio and one-bedroom suites.

November 28, 2018

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