ALBUQUERQUE — Marcus & Millichap has brokered the sale of a Motel 6, located at 1701 University Blvd. NE in Albuquerque. The 117-room property, which was renovated in 2015, sold for an undisclosed price. Allan Miller, Chris Gomes and Joseph Jaques of Marcus & Millichap’s Dallas office represented the seller, a limited liability company, and buyer, another limited liability company. Matthew Reeves of Marcus & Millichap was the broker of record in New Mexico.
MILWAUKEE — MCR has purchased the 169-room Courtyard by Marriott Milwaukee Downtown for an undisclosed price. MCR will also manage the property, which is located at 300 W. Michigan St. Hotel features include Wi-Fi, a fitness center, indoor pool, convenience store, restaurant and bar and four event spaces. MCR is a hotel owner-operator that has invested in 103 hotel properties with more than 12,000 rooms in 27 states.
TAMPA, FLA. — Strategic Property Partners (SPP) has broken ground on the 519-room JW Marriott Tampa hotel within its planned Water Street Tampa development. The $3 billion mixed-use project is a multi-phase, 50-acre development that at full build-out will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space. JW Marriott Tampa represents the first of 10 buildings that SPP plans to begin building over the next year. Designed by Florida-based architecture firm Nichols Brosch Wurst Wolfe & Associates, JW Marriott Tampa will feature 100,000 square feet of meeting and event space, including the largest hotel ballroom in Tampa Bay at approximately 30,000 square feet. The hotel will also feature a full-service spa and fitness center, pool and sun terrace, ground-floor restaurant with indoor and outdoor seating and a rooftop lounge and terrace on the 26th floor. The hotel is located adjacent to the Tampa Convention Center and Amalie Arena, home to the National Hockey League’s Tampa Bay Lightning, which is owned by SPP head Jeff Vinik. JW Marriott Tampa will be one of three hotels within the Water Street Tampa development. Earlier this month, SPP unveiled plans to develop the 173-room EDITION …
DALLAS — An affiliate of California-based Pacific Hospitality Group Ventures Inc. has acquired AC Hotel and Residence Inn Dallas by the Galleria, a dual-branded hotel property totaling 256 rooms in Dallas. The two hotels share a five-story building that is located within the Dallas Midtown mixed-use development. The 140-room AC Hotel and the 116-room Residence Inn feature shared amenities such as a fitness center, outdoor pool and nighttime lounge. Atlantic Hotels Group sold the property for an undisclosed price.
JEFFERSONVILLE, IND. — TownePlace Suites Louisville North has opened at 301 W. Maple St. in Jeffersonville. The project was a joint venture between Dora Hotel Co. LLC and Arc Construction Management LLC and cost an estimated $13 million to build. TownePlace Suites, an extended-stay hotel, is part of Marriott International. The 93-suite, three-floor property features a BridgeHouse Bar & Restaurant in addition to an indoor pool, hot tub, fitness center and guest laundry services. The hotel is located eight miles from Louisville International Airport.
CHICAGO — Construction firm Skender has broken ground on a 14-story Hyatt House hotel in Chicago’s Fulton Market district. The 167,000-square-foot, 200-room development is located at 105 N. May St. The Hyatt House will be the first hotel in the Fulton Market district to cater to extended-stay corporate travelers. Amenities will include an indoor pool, green roof, fitness center and bar and lounge. Sterling Bay is the project developer, and Eckenhoff Saunders Architects is the architect. Completion is slated for summer 2019.
NEW YORK CITY — Margaritaville Holdings has unveiled its plans for a 29-story Margaritaville resort in the heart of Manhattan’s Times Square. Development costs are estimated at $300 million. Located at 560 Seventh Ave., the property will feature a 234-room hotel, several Margaritaville-branded food and beverage concepts, a rooftop bar, pool, spa/lounge and retail space. The project is slated for completion in late 2020. International Meal Company will operate the food and beverage options, which will include a Margaritaville Restaurant, LandShark Bar & Grill, 5 o’Clock Somewhere Bar, Floridays Airstream Café and an all-new concept, Chill Bar. Retail space is planned for the lobby. The developers of the project are Sharif El-Gamal’s Soho Properties working in partnership with Chip and Andrew Weiss and MHP Real Estate Services. Margaritaville is a global lifestyle brand inspired by the lyrics and lifestyle of singer, songwriter and author Jimmy Buffett. The brand features 12 existing lodging locations with 20 additional projects currently under development, as well as four gaming properties and 60 food and beverage venues. — Jeff Shaw
GRAPEVINE, TEXAS — HFF has secured approximately $23.3 million in acquisition financing for two hotels in Grapevine, a suburb of Dallas located near Dallas-Fort Worth (DFW) International Airport. The 94-room Hampton Inn & Suites Dallas-DFW Airport North-Grapevine was built in 2000 and the 96-room Comfort Suites DFW Airport North Grapevine was completed in 2005. Both hotels feature a business center, fitness center, meeting rooms and a pool. Pete Felhman of HFF led the debt placement team on behalf of the borrower, Dallas-based Atlantic Hotels Group. The loan features a three-year term, a fixed interest rate and two one-year extensions.
MIAMI — Aztec Group Inc. has arranged a $21.3 million construction loan for the development of the AC Marriott Hotel in Midtown Miami. Boaz Ashbel of Aztec Group arranged the loan through Florida Community Bank NA on behalf of the project developer, Midtown Lodging 2 LLC. The 153-room hotel will be located at the corner of N.E. 34th Street and Biscayne Boulevard and will feature a modern glass façade. Hotel amenities will include a restaurant and bar/lounge, business center, fitness center, meeting space, swimming pool, guess laundry and valet parking. 3H Hospitality will manage the AC Marriott Hotel upon opening in mid-2019.
GLEN ALLEN, VA. — MCR has acquired the 136-room SpringHill Suites by Marriott Richmond North Glen Allen for $10.9 million. The hotel is located at the intersection of Interstates 295 and 95 in Glen Allen, roughly 13 miles north of Richmond. The hotel features an indoor pool, fitness center, complimentary Wi-Fi, 300 square feet of meeting space, a 24-hour business center and a 24-hour market. MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 102 hotel properties in 26 states spanning more than 12,000 rooms.