Hospitality

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

by Kristin Harlow August 17, 2018

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …

August 17, 2018

Hospitality Illinois Loans Midwest

HFF Arranges $30.5M Refinancing for Chicago’s Kinzie Hotel

by Kristin Harlow August 15, 2018

CHICAGO — HFF has arranged a $30.5 million loan for the refinancing of Kinzie Hotel, a 215-room boutique hotel in Chicago’s River North. Constructed in 2003 as an Amalfi Hotel, the property was renovated and transformed into the Kinzie Hotel in 2014. The hotel, which occupies the first six floors of a 385,000-square-foot Class A office building, has its own lobby entrance and elevators on the first floor. Other hotel features include a lounge, fitness center and 2,300 square feet of meeting space. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the loan on behalf of the borrower, a joint venture between Bixby Bridge Capital LLC and Urbana Holdings LLC. Annaly Commercial Real Estate Group Inc. provided the three-year, floating-rate loan. Proceeds from the loan were used to refinance the existing mortgage in conjunction with installing Urbana Varro as the new hotel management company.

August 15, 2018

California Development Hospitality Mixed-Use Office Western

Broadreach, Rockwood Break Ground on $250M Bay Area Mixed-Use Project

by Amy Works August 15, 2018

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners and Rockwood Capital have broken ground on Ameswell Mountain View, a mixed-use development situated on one of last fully entitled development sites in Mountain View, just northwest of San Jose. Located at the convergence of U.S. 101 and State Route 85, the property is the culmination of four years of planning and land assemblage by Broadreach. Situated on 10 acres, the project will feature a 220,000-square-foot, Class A office building and The Ameswell Hotel, a 255-room luxury hotel. The office building will feature 47,000-square-foot floor plates, ceiling heights up to 16 feet and full-height windows. On-site amenities include a roof deck, terraces and breakout areas to connect tenant space with the outdoor environment. Additionally, parking is structured as three parking stalls per 1,000 square feet of office space. Broadreach has retained Newmark Cornish & Carey as leasing agents for the office building, which is slated for completion in November 2019. Set to open in July 2020, The Ameswell Hotel will feature creative, local design with a strong emphasis on art and technology. The hotel will include more than 6,000 square feet of meeting space, a fitness center, restaurant with outdoor dining, beer garden, …

August 15, 2018

Development Hospitality Texas

DDG to Build 157-Room Marriott-Branded Hotel Within Irving’s Las Colinas District

by Taylor Williams August 14, 2018

IRVING, TEXAS — Local general contractor DDG Construction will soon begin construction of a 157-room Element Hotel. The 12-story property will be part of the Marriott International’s family of hotels and will be located within the 12,000-acre Las Colinas business district. Amenities will include a 2,300-square-foot ballroom and an enlarged fitness area. Houston-based Lodgic Hospitality will own and operate the new hotel. Dallas-based Mayse & Associates Inc. provided design services.

August 14, 2018

Development Hospitality Massachusetts Northeast Top Stories

JLL Arranges $330.7M Construction Loan for 1,055-Room Hotel in Boston

by Taylor Williams August 13, 2018

BOSTON — JLL has arranged a $330.7 million loan for the construction of the Omni Boston Hotel at the Seaport, a 1,055-room luxury hotel being developed in Boston’s Seaport District. Completion is slated for early 2021. Omni Boston Hotel at the Seaport will be located across the street from the Boston Convention and Exhibition Center. The property will be the fourth-largest hotel in Massachusetts by room count and will also feature 111,700 square feet of meeting and convention space, including a 25,000-square-foot ballroom. Other amenities will include more than 47,000 square feet of retail space, a pool, event venue and a fitness center. JLL arranged the financing on behalf of New Boston Hospitality — an affiliate of Boston-based investment and development firm The Davis Cos. — and its development partner, Omni Hotels & Resorts. A syndicate led by U.S. Bank, Santander and M&T Bank originated the loan. Kevin Davis, Bob Webster and Jon Schneider of JLL led the debt placement effort. “Lodging supply growth in the Seaport District has been minimal,” said Schneider. “The addition of Omni Boston Hotel at the Seaport will really meet that demand and solidify Boston as a premier convention destination, both nationally and internationally.” “This …

August 13, 2018

Acquisitions Hospitality Pennsylvania

Neema Hospitality Acquires Fairfield Inn & Suites, Holiday Inn Express & Suites Near Pittsburgh

by David Cohen August 10, 2018

SLIPPERY ROCK AND CANONSBURG, PA. — Neema Hospitality has acquired the Fairfield Inn & Suites in Slippery Rock and the Holiday Inn Express & Suites in Canonsburg. The sales price was undisclosed. The 75-room Fairfield Inn & Suites is located north of Pittsburgh nearby Slippery Rock University. Amenities include complimentary hot breakfast, free Wi-Fi, in-room microwaves and an indoor pool. The 90-room Holiday Inn Express & Suites is located south of Pittsburgh in Canonsburg. The hotel’s rooms offer microwaves, refrigerators, 42-inch flat-screen TVs and free breakfast and Wi-Fi. The hotel also features a heated indoor pool and more than 1,600 square feet of meeting space.

August 10, 2018

Development Hospitality Massachusetts

Carpenter & Co. Tops Out 61-Story Hotel and Residential Tower in Boston

by David Cohen August 10, 2018

BOSTON — Cambridge-based developer Carpenter & Co. has topped out One Dalton, a 61-story hotel and residential tower in Boston. The tower will include a 215-room Four Seasons hotel and 160 residential condominiums. Carpenter & Co. is developing One Dalton, which was designed by Pei Cobb Freed & Partners and Cambridge Seven Associates. Suffolk is the builder. At 742 feet tall, One Dalton will be Boston’s third-tallest tower after the 790-foot tower at 200 Clarendon St. formerly known as the John Hancock Tower and the 749-foot Prudential Tower.

August 10, 2018

Development Hospitality Texas

AHIP Completes $5.2M Renovation of Embassy Suites Hotel in Irving

by Taylor Williams August 10, 2018

IRVING, TEXAS — American Hotel Income Properties REIT LP (AHIP) has completed the $5.2 million renovation of the Embassy Suites DFW South, a hotel located near Dallas-Fort Worth International Airport in Irving. The project delivered a rebuilt atrium with a new bar and breakfast restaurant, as well as new elevators and a fresh paint job on the building’s exterior.

August 10, 2018

Development Hospitality Retail Texas

Majestic, Hickman to Develop 200-Room Hotel Within Fort Worth Stockyards

by Taylor Williams August 9, 2018

FORT WORTH, TEXAS — Stockyards Heritage Development Co., a partnership between California-based Majestic Realty Co. and Fort Worth-based The Hickman Cos., will develop Hotel Drover, a 200-room boutique hotel that will be located within the Fort Worth Stockyards redevelopment. Operating under Marriott International’s Autograph Collection, the hotel will include an event barn, 15,000 square feet of meeting space, swimming pool, lounge with a fireplace and library, courtyard and a restaurant called 97 West Kitchen and Bar. The $175 million Fort Worth Stockyards project has already delivered retail, restaurant and office space, with new tenants such as Shake Shack, Second Rodeo Brewing Co., MB Mercantile & Supply, RFD-TV’s headquarters and studios and American Paint Horse Association having been confirmed. Fort Worth Stockyards is a public-private partnership between Stockyards Heritage Development, the City of Fort Worth and Tarrant County.

August 9, 2018

Development Georgia Hospitality Southeast

Braves Development, Encore to Build 140-Room Aloft Hotel at The Battery Atlanta

by Camren Skelton August 9, 2018

ATLANTA — Braves Development Co. (BDC), in partnership with Encore Hospitality LLC, has unveiled plans to construct a 140-room Aloft Hotel at The Battery Atlanta, a 1.5 million-square-foot mixed-use development in Cobb County. BDC owns and operates the development, which is home to retail, restaurants, an Omni Hotel, The Coca-Cola Roxy concert venue, multifamily residences and a Comcast office tower. The mixed-use village surrounds SunTrust Park, the new home ballpark of the Atlanta Braves. Aloft is a contemporary hotel brand that operates under the Marriott International Inc. flag. Construction on the new hotel should start this fall, with completion scheduled for third-quarter 2020, according to the Atlanta Business Chronicle. The hotel development comes on the heels of the recently announced Silverspot Cinema and Savi Provisions, a market that will be located on the ground floor of Aloft. In July, German elevator maker Thyssenkrupp announced plans to build its 420-foot-tall headquarters complex at The Battery. Combined, BDC and its partners have provided approximately $850 million in private investment across the total development.

August 9, 2018

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