Hospitality

Atalaya Capital Closes $315M Construction Financing for New Ritz-Carlton Hotel in Manhattan

by John Nelson July 17, 2018

NEW YORK — Atalaya Capital Management, a private credit and alternative investment advisory firm, has recently closed $315 million in construction financing for The Ritz-Carlton’s new flagship hotel in Manhattan. Situated at the corner of 28th Street and Broadway, the 266-room hotel will span more than 50 stories and include 16 branded residences, 6,000 square feet of meeting space and high-end food and beverage options. This project will be the first ground-up hotel construction in New York City completed by Flag Luxury Group, which has developed several upscale hotels and resorts, including four Ritz-Carlton properties in Florida. Atalaya Capital partnered with CapitalSource, a division of Pacific West Bank, to provide a $250 million senior construction loan to Flag. Atalaya also closed a $65 million preferred equity investment to finance the hotel, which is set for a late 2021 completion. “We are excited to be working with Atalaya, which worked diligently to structure a creative and comprehensive capital solution to facilitate the development of an iconic brand’s new flagship New York City location,” said Paul Kanavos, CEO and chairman of Flag Luxury Group. The project team includes general contractor Lend Lease, interior designer Yabu Pushelberg and architect Rafael Vinoly. Founded in …

July 17, 2018

Edgewater-Hotel-&-Casino-Resort-Laughlin-Nevada

Acquisitions Hospitality Nevada Top Stories Western

Golden Entertainment to Acquire Two Casino Resorts in Nevada for More Than $168M

by Taylor Williams July 16, 2018

LAUGHLIN, NEV. — Golden Entertainment Inc. (NASDAQ: GDEN), an owner-operator of casino resorts, has agreed to acquire two properties in Nevada for more than $168 million. Golden will acquire Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort, both of which are located about 100 miles south of Las Vegas in Laughlin. The seller is Marnell Gaming LLC, which is also based in Nevada. The deal is expected to close during the first quarter of 2019. Combined, Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort feature more than 1,400 slot machines, 40 table games and 2,150 hotel rooms. The casino resorts also offer 11 restaurants and dedicated entertainment venues, including the 12,000-seat Laughlin Event Center. The properties are situated adjacent to Aquarius Casino Resort, an asset owned by Golden Entertainment that features 1,200 slot machines, 30-plus game tables and roughly 2,000 hotel rooms. “Over the past several years, Marnell Gaming has taken their expertise and created a significant hotel, casino and entertainment presence in Laughlin,” says Blake Sartini, chairman and CEO of Golden Entertainment. “We are excited to solidify our presence in this growing and attractive game market.” The exact sales price has …

July 16, 2018

Development Florida Hospitality Southeast

Hilton, Epelboim Break Ground on 259-Room Tru Hotel in Orlando

by Camren Skelton July 16, 2018

ORLANDO, FLA. — Hilton Hotels, in partnership with Epelboim Development Group, has broken ground on a new Tru by Hilton property in Orlando. The 259-room, eight-story hotel is located along Westwood Boulevard and will be the largest Tru property to date upon completion in the fourth quarter of 2019. Tru by Hilton hotels feature 24/7 markets, workspaces, game rooms, fitness centers, complimentary breakfast and digital keys. Epelboim is currently in the final stages of building an EVEN hotel in Miami, and is developing two EVEN hotels in Georgia.

July 16, 2018

Acquisitions Hospitality New York

New York REIT to Sell Viceroy Hotel in Manhattan for $41M

by David Cohen July 16, 2018

NEW YORK CITY — New York REIT (NYSE: NYRT) has entered into a contract to sell the Viceroy Hotel in Manhattan for $41 million. The buyer is Arden Group. After the sale of the Viceroy Hotel, New York REIT, which is in the process of liquidating, will have sold all properties aside from a remaining 50.1 percent interest in Worldwide Plaza in Manhattan. Located at 120 W. 57th St., the 29-story, 240-room hotel features a rooftop lounge and bar, fitness center and restaurant. The transaction is expected to close by the end of the third quarter.

July 16, 2018

California Development Hospitality Loans Western

George Smith Partners Arranges $32.4M Development Financing for 250-Room Hotel in Southern California

by Amy Works July 13, 2018

COACHELLA, CALIF. — George Smith Partners has arranged $32.4 million in financing for the ground-up development of a IHG Hotel Indigo in Coachella. The borrower and developer is Glenroy Coachella. Steven Bram, David Pascale and Huber Bongolan Jr. of George Smith Partners arranged a $24.4 million senior construction loan and $8 million PACE funding for the hotel. The hotel will be the first new construction hotel project financed by PACE in California. The PACE equity, essentially an energy loan, finances the energy-efficient HVAC, lighting, windows, water systems and seismic strengthening. Situated on 35 acres, the casitas-style resort hotel will feature 250 guest rooms with private entrances and en-suite bathrooms; 13,000-square-foot convention center; 10,000-square-foot salt water pool with a summer cooling system and a DJ booth/catwalk; and an 11-acre playground to host music-related events, wellness retreats and corporate/private events. Many of the guest rooms are located in two-, four- and six-bedrooms casitas with living rooms and social areas for entertaining. Additionally, the hotel will feature a restaurant, spa, gym and yoga/Pilates studio. A timeline for construction was not disclosed.

July 13, 2018

Development Hospitality Midwest Missouri

Cordish, Cardinals Break Ground on $65M Loews Hotel in St. Louis

by Kristin Harlow July 12, 2018

ST. LOUIS — The Cordish Companies, the St. Louis Cardinals and Loews Hotels & Co. have broken ground on the new $65 million Live! by Loews hotel in St. Louis. The hotel will be located inside the second phase of Ballpark Village, a mixed-use development surrounding the Cardinals’ Busch Stadium. The eight-story hotel will feature 216 rooms, including 19 suites. An outdoor terrace will feature a bar called “Gashouse Gang,” a nickname given to the Cardinals baseball team that ultimately won the World Series in 1934. The hotel will also include a wine bar, bourbon bar, second-level terrace bar and open display kitchen. The second level will include 17,000 square feet of meeting and event space. HKS Architects Hospitality Studio designed the hotel. The $260 million second phase of Ballpark Village also features a 29-story apartment tower, a Class A office tower anchored by PricewaterhouseCoopers and a three-story retail pavilion anchored by Onelife Fitness.

July 12, 2018

Development Georgia Hospitality Southeast

Dream Hotel Group, Cartel Properties to Develop 200-Room Hotel in Atlanta’s Buckhead District

by Camren Skelton July 12, 2018

ATLANTA — Hotel and brand management company Dream Hotel Group, in partnership with Atlanta-based Cartel Properties, has unveiled plans to develop Dream Atlanta, Buckhead. The 200-room hotel will be located near the intersection of Peachtree, Roswell and East Paces Ferry roads in Buckhead Village. In addition to guest suites, Dream Atlanta, Buckhead will feature 90 private residences, a spa and wellness concept and five dining and nightlife venues, including a 17,000-square-foot rooftop pool, bar and lounge. The dual-tower development will also include 80,000 square feet of additional office and retail space. New York-based Dream Hotel Group currently operates 18 hotels, with more than 20 others in various stages of development. Atlanta-based architecture firm Cooper Cary is designing Dream Atlanta, Buckhead, which is scheduled to open in 2021.

July 12, 2018

Acquisitions Hospitality Nevada Retail Top Stories Western

VICI Properties Closes $507.5M Sale-Leaseback of Octavius Tower at Caesars Palace

by Camren Skelton July 12, 2018

LAS VEGAS — VICI Properties has acquired the 23-story Octavius Tower at Caesars Palace Las Vegas for $507.5 million in cash. Under the terms of an existing ground lease, the REIT will lease the 668-room hotel back to the seller, Caesars Entertainment Corp., which currently operates the property. Caesars’ annual rent payment to VICI will be $35 million. Constructed in 2012, the hotel spans 1.2 million square feet and is located on the Flamingo Avenue side of Caesars Palace Las Vegas. At the time of closing, VICI announced that it will also acquire Harrah’s Philadelphia from Caesars. The original purchase price of $241.5 million will be reduced to $82.5 million to reflect modifications to VICI’s existing leases with Caesars. “These agreements with VICI unlock more than $500 million in value from our real estate assets to support value-adding growth opportunities and reduce the volatility of our future rent payments, demonstrating our commitment to create value for our shareholders while maintaining financial discipline,” says Mark Frissora, president and CEO of Caesars Entertainment. Constructed in 2006, Harrah’s Philadelphia underwent a renovation in 2017. The property spans 2 million square feet and includes 2,450 slot machines, live table games, and several bars, restaurants and parking garages. …

July 12, 2018

Development Hospitality New York Northeast

Hilton Opens First Tapestry Collection Property in New York City

by David Cohen July 11, 2018

NEW YORK CITY — Hilton has opened its first tapestry collection property in New York City. The Bernic Hotel New York City, Tapestry Collection by Hilton is now open in the Midtown East neighborhood of Manhattan at 145E 47th St. The 96-room hotel features floor-to-ceiling windows in every room, heated bathroom floors and walk-in rain showers as well as a rooftop lounge, open from May through October with 180-degree, panoramic views of the city. Hilton launched the tapestry collection brand in 2017 as a lineup of original upscale hotels.

July 11, 2018

California Development Hospitality Loans Office Western

HFF Arranges $250M Development Financing for Bay Area Office, Hotel Project

by Amy Works July 11, 2018

MOUNTAIN VIEW, CALIF. — HFF has arranged the $250 million capitalization of Ameswell Mountain View, a fully entitled mixed-use project under development in Mountain View. Bruce Ganong, Michael Leggett, Ben Bullock, Thomas Foley, Austin White and Bercut Smith of HFF arranged the joint venture equity partnership with Rockwood Capital for the borrower, Broadreach Capital. Additionally, the HFF team worked on behalf of both parties to secure $140 million in construction financing with Wells Fargo Bank. Ameswall will feature a 255-room independent hotel and a 216,700-square-foot Class A office building. The Ameswall Hotel will feature a creative, local design with a strong emphasis on art and technology; 6,258 square feet of meeting and events space; food and beverage offerings, including a destination bar and restaurant and a grab-and-go market; and outdoor gathering spaces with a swimming pool, fire pits, bocce ball court and a lawn. Aiming for LEED Platinum certification, the five-story creative office building will feature floor-to-ceiling glass lines to provide natural light, 14-foot ceilings and 47,000-square-foot floorplates. Amenities for the property include a 2.5-acre park, terraces, break-out areas to merge workspace and nature, dedicated bike and pedestrian trails, and electric vehicle charging stations. The development will also feature a …

July 11, 2018

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