Hospitality

Songy Highroads, Hyatt Close $32.9M Construction Loan for Hyatt Place Centennial Park in Downtown Atlanta

by Camren Skelton March 21, 2018

ATLANTA — Atlanta-based developer Songy Highroads LLC and Hyatt Hotels Corp. have closed on a $32.9 million construction loan for Hyatt Place Centennial Park, a 175-room hotel that will be located at 300 Luckie St. in downtown Atlanta. Designed by Wakefield Beasley, the 11-story hotel will be situated directly across the street from the Georgia Aquarium and one block from Centennial Olympic Park. Ed Coco led HFF’s team in arranging the loan through HSBC on behalf of the Songy Highroads-Hyatt joint venture. Set to open in August 2019, the hotel will feature a parking garage, pool, fitness center, 2,100 square feet of meeting space and retail facing Luckie and Marietta streets. General contractor Reeves Young is underway on construction, which included razing an existing two-story building at the site. Hyatt Place Centennial Park will mark Songy Highroads’ sixth Hyatt-branded development since 2014.

March 21, 2018

Hospitality Loans Massachusetts Northeast

Square Mile, JPMorgan Chase Provide $75M in Financing for Acquisition of Boston Marriott Quincy

by David Cohen March 20, 2018

QUINCY, MASS. — Square Mile Capital Management and JPMorgan Chase have provided $75 million in financing to Columbia Sussex Corp. for the acquisition and renovation of the 466-room Boston Marriott Quincy in Quincy. The hotel is located in South Boston’s Quincy market, 12 miles from downtown Boston and sits atop a hill overlooking the city skyline and Massachusetts coastline. Amenities at the hotel include a fitness center, indoor swimming pool, business center and 16,000 square feet of renovated meeting space. Lawrence Britvasn and Matt Jacobs of Hodges Ward Elliot in New York arranged the financing. The Columbia Sussex Corp. is a privately owned hotel owner and operator based in Crestview Hills, Ky., with a portfolio of more than 13,000 rooms.

March 20, 2018

Acquisitions Hospitality New York Northeast

Hersha Hospitality Trust Sells 81-Key Manhattan Hotel for $32M

by David Cohen March 19, 2018

NEW YORK CITY — Hersha Hospitality Trust has completed the disposition of its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Virginia-based Shamin Hotels was the buyer. Located at 32 Pearl St. in the heart of the financial district, the 81-key hotel includes a business center, lounge and fitness center and is in close proximity to Wall Street, Battery Park and the 9/11 Memorial Museum. Hersha acquired the property in 2011 for $28 million and spent $4.5 million to convert and expand the 1930’s Art Deco apartment building into a hotel.

March 19, 2018

Development Hospitality Multifamily Texas

Renaissance to Develop Mixed-Use Project in Metro Fort Worth

by Taylor Williams March 19, 2018

HURST, TEXAS — Renaissance Development will develop Quarry Falls, a mixed-use project at the site of an abandoned limestone quarry in Hurst, a northeastern suburb of Fort Worth. The project will be situated on an 80-acre site and is expected to feature multifamily, hospitality and entertainment components. According to the Fort Worth Star-Telegram, construction could begin this year and span three to four years with costs as high as $280 million.

March 19, 2018

Acquisitions Hospitality Midwest Ohio

Huff, Niehaus Brokers Sale of 42-Room Hotel in Lebanon, Ohio

by Kristin Harlow March 19, 2018

LEBANON, OHIO — Huff, Niehaus & Associates Inc. has brokered the sale of the Carefree Inn in Lebanon, about 35 miles northeast of Cincinnati. The sales price and seller were not disclosed. The 42-room hotel is located at 674 N. Broadway St. near the Lebanon Raceway. Complimentary Wi-Fi and breakfast are available for hotel guests. A first-time hotel owner purchased the asset. Brandt Niehaus of Huff, Niehaus & Associates marketed the property for sale.

March 19, 2018

Hospitality Midwest Missouri

Salina Hotel Group Begins Construction of 83-Room Hotel in Belton, Missouri

by Kristin Harlow March 16, 2018

BELTON, MO. — Salina Hotel Group has begun construction of an 83-room Fairfield Inn & Suites in Belton, about 20 miles south of Kansas City. The four-story, 48,000-square-foot hotel will be located just north of Highway 58 between Mullen Road and Interstate 49. Completion is slated for early 2019. Additional project partners include the City of Belton and Belton Economic Development.

March 16, 2018

Hospitality Top Stories

Mesirow Financial Acquires Three Gateway Casinos in Vancouver Area in Excess of $382M

by Kristin Harlow March 16, 2018

VANCOUVER, BRITISH COLUMBIA — Chicago-based Mesirow Financial has acquired three Gateway Casinos & Entertainment Limited properties in the Greater Vancouver Regional District for more than CA$500 million. Based on the exchange rate as of Friday, March 16, the purchase price equates to $382 million. The properties include the Grand Villa Casino Burnaby, Starlight Casino New Westminster and Cascades Casino Langley. Gateway was the seller under a sale-leaseback structure. Under the agreement, Mesirow Realty Sale-Leaseback Inc. (MRSL), the net lease real estate investment arm of Mesirow Financial, will become the landlord for the three properties. Gateway’s wholly owned subsidiaries have entered into long-term leases for each of the properties and will continue to operate the casinos. Garry Cohen and Douglas Barker of Mesirow Financial’s Sale-Leaseback Capital group led the acquisition. Stephen Jacobson and Nathaniel Sager of Mesirow’s Credit Tenant Lease and Structured Debt group led the structuring of the acquisition financing. Chicago-based law firm Goldberg Kohn and Canada-based Boughton Law Corp. represented MRSL in the transaction. Four Corners Advisors and David Solano served as the buyer’s advisors. Bennett Jones LLP and Latham & Watkins LLP served as legal counsel to Gateway. Colliers International also advised Gateway on the transaction. The Catalyst Capital …

March 16, 2018

Florida Georgia Hospitality Southeast Virginia

Hampton by Hilton Opens Three New Hotels in Southeast

by Camren Skelton March 15, 2018

MCLEAN, VA. — Hampton by Hilton has opened three new Hampton Inn hotels in the Southeast: Hampton Inn & Suites by Hilton Glenarden/Washington, D.C.; Hampton Inn by Hilton Forsyth in metro Atlanta; and Hampton Inn & Suites by Hilton Tallahassee Capitol-University. Each of the hotels feature complimentary breakfast, free Wi-Fi, a fitness center, business center, pool and laundry facilities. In addition to the new locations in the Southeast, McLean-based Hampton by Hilton recently opened a Hampton Inn & Suites by Hilton Chicago Burr Ridge near downtown Chicago and the Hampton Inn & Suites by Hilton Lafayette Medical in Lafayette, Colo., roughly 23 miles north of Denver. The new hotels join Hampton’s portfolio of more than 2,330 properties worldwide.

March 15, 2018

Hospitality Maine Northeast

AAM 15 Management Acquires 99-Room Hotel in Downtown Freeport, Maine

by Kristin Harlow March 12, 2018

FREEPORT, MAINE — AAM 15 Management LLC has purchased Hilton Garden Inn Freeport Downtown for an undisclosed price. HFF arranged the sale. The 99-room hotel, located at 5 Park St., is the only hotel in its competitive set within walking distance of downtown Freeport, according to HFF. Completed in 2005, the hotel offers 7,500 square feet of meeting space, a restaurant, fitness center, indoor pool and car charging stations. Freeport is 18 miles north of Portland, Maine. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF marketed the property on behalf of the private seller and procured the buyer. AAM 15 will manage the hotel.

March 12, 2018

Hospitality New York Northeast

Lightstone Tops Out 37-Story Hotel in Manhattan

by Kristin Harlow March 12, 2018

NEW YORK CITY — Developer Lightstone has topped out construction for its 37-story Moxy Chelsea hotel located at 105 W. 28th St. in Manhattan’s Chelsea neighborhood. The project is the second of four Moxy hotels that Lightstone is developing in New York City in partnership with Marriott. Lightstone broke ground on Moxy Chelsea in the summer of 2016, and the hotel is slated to open this fall. Designed in collaboration by Yabu Pushelberg and the Rockwell Group, the 349-room hotel will feature meeting studios, co-working space and a glass-enclosed rooftop bar with a retractable roof that features views of the Empire State Building and New York City skyline.

March 12, 2018

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