Hospitality

Crystal Investment Property Directs Sale 69-Key Howard Johnson in Oregon

by Amy Works February 25, 2019

SALEM, ORE. — Crystal Investment Property has arranged the sale of Howard Johnson by Wyndham Salem, located at 2250 Mission St. SE in Salem. Terms of the sale were not released. The interior-corridor hotel features 69 guest rooms and a one-bedroom/one-bath owner’s quarters unit. On-site amenities include an outdoor pool, breakfast area, exercise room, guest laundry facilities, truck/bus/RV parking and a business center. Joseph Kennedy of Crystal Investment Property handled the transaction for undisclosed seller and buyer.

February 25, 2019

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TD Bank: Construction Delays have Bolstered the Multifamily Market

by Jaime Lackey February 23, 2019

It may sound counterintuitive, but Gregg Gerken, head of U.S. commercial real estate at TD Bank, believes some of the challenges the multifamily development market has faced have actually benefited the market. He specifically references labor shortages and construction delays. There were concerns in some areas that too much product might come online too fast, hampering absorption and rent growth. But the recent speedbumps have allowed the pipeline to even out a bit, staggering the delivery of new units and preventing overbuilding. Demand still outpaces supply in many markets, which has led to average vacancy rates of around 5 percent and healthy rent growth. Both developers and renters can look forward to new product delivering at a steady pace in 2019. Watch the video to hear takeaways from MBA CREF and 2019 predictions from Gerken.

February 23, 2019

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers $2.3M Sale of Super 8 Hotel in Eau Claire, Wisconsin

by Kristin Harlow February 22, 2019

EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a 56-room Super 8 hotel in Eau Claire for $2.3 million. The two-story property is located at 1151 W. MacArthur Ave. Ebrahim Valliani, John Yurich, Michael Klar, Allan Miller and Chris Gomes marketed the property on behalf of the seller. Todd Lindblom assisted in closing this transaction as the broker of record in Wisconsin.

February 22, 2019

Development Hospitality Texas

Proper Hospitality to Open 244-Room Hotel in Downtown Austin

by Taylor Williams February 21, 2019

AUSTIN, TEXAS — Proper Hospitality will open Austin Proper Hotel & Residences, a 244-room hotel that will be located at 600 W. 2nd St. in downtown Austin. The property will also house 99 for-sale residences, as well as three restaurants, two bars, an outdoor lounge, two pools, a spa and wellness facility and 10,000 square feet of meeting space. The opening is scheduled for June.

February 21, 2019

Acquisitions Hospitality Multifamily New York Northeast Seniors Housing

Capital Senior Housing Buys Hotel on Long Island for Seniors Housing Conversion

by David Cohen February 21, 2019

PLAINVIEW, N.Y. — Capital Senior Housing has acquired the Plainview Residence Inn by Marriott in Plainview, with plans to convert the property into seniors housing. Metropolis Property Group LLC represented the seller, Greenbriar Associates LLC, in the $20.3 million sale. Metropolis collaborated with Avison Young’s hospitality group to negotiate the sale. The 150,000-square-foot property houses 170 rooms. Capital plans to spend another $12 million to convert the hotel into a 111-unit seniors housing community.

February 21, 2019

Acquisitions Hospitality New Jersey Northeast Uncategorized

Marcus & Millichap Negotiates $13.5M Sale of Crowne Plaza Hotel in Englewood, New Jersey

by David Cohen February 20, 2019

ENGLEWOOD, N.J. — Marcus & Millichap has negotiated the $13.5 million sale of the Crowne Plaza Hotel in Englewood. Located at 401 South Van Brunt St., the 113,202-square-foot hotel is set on more than five acres. Alan Cafiero, Ben Sgambati and Michael DeVita of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 20, 2019

Hospitality Illinois Loans Midwest

Cohen Financial Arranges $16.8M Acquisition Loan for Boutique Hotel in Chicago’s Streeterville Neighborhood

by Kristin Harlow February 20, 2019

CHICAGO — Cohen Financial, a division of SunTrust Bank, has arranged a $16.8 million loan for the acquisition of the Ivy Hotel in Chicago’s Streeterville neighborhood. The 16-story boutique hotel is located at 233 E. Ontario St., adjacent to the Magnificent Mile. The hotel offers 63 rooms and a rooftop bar. Cohen Financial arranged a two-year, floating-rate loan with Prime Finance. The borrower, a joint venture between Avantgarde Capital and Anderson Hospitality Holdings, plans to make capital improvements to the property.

February 20, 2019

Acquisitions Florida Hospitality Southeast Top Stories

HST Purchases South Beach Hotel for $610M

by John Nelson February 20, 2019

MIAMI BEACH, FLA. — Host Hotels & Resorts Inc. (NYSE: HST) has purchased 1 Hotel South Beach, a 429-room hotel and resort in Miami’s South Beach neighborhood. A partnership between Starwood Capital Group and LeFrak sold the property for $610 million, or a little over $1.4 million per room. Hodges Ward Elliot represented Starwood Capital and LeFrak in the sale. The property features 600 linear feet of ocean frontage and has direct beach access, as well as four pools with elevated decks that provide ocean views. SH Hotels & Resorts, an affiliate of Starwood Capital, will continue to operate and manage the 1.1 million-square-foot property as 1 Hotel South Beach. “We are excited about the opportunity to acquire one of the absolute best luxury hotels in the country and partner with SH Hotels & Resorts as our operator,” says James Risoleo, president and CEO of HST. “1 Hotels is redefining the luxury hotel industry and we could not be more proud to own its flagship hotel. We look forward to being a big part of the brand’s future growth.” Starwood Capital acquired the 1970s-era beachfront hotel in 2012 and executed a $300 million overhaul, including adding 155 condominiums and updating the …

February 20, 2019

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Alliant: Communication is a Commodity in Today’s Lending Environment

by Jaime Lackey February 19, 2019

Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.

February 19, 2019

Development Hospitality Texas

HR Construction Nears Completion of 1,002-Room Renovation Project at JW Marriott Hotel in San Antonio

by Taylor Williams February 19, 2019

SAN ANTONIO — HR Construction is nearing completion of upgrades to the 1,002 guest resort suites at the JW Marriott San Antonio Hill Country Resort & Spa. Rooms at the property, which opened in 2010 as the largest JW Marriott resort in the world, feature new furnishings and light fixtures, as well as redesigned bathrooms and 65-inch TVs. Seifert Murphy handled design of the project, which is slated to be fully complete in early March.

February 19, 2019

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