Hospitality

Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville

by Camren Skelton August 24, 2018

GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.

August 24, 2018

Acquisitions Hospitality Texas

Driftwood Hospitality Sells 116-Room, Hyatt-Branded Hotel in Houston

by Taylor Williams August 22, 2018

HOUSTON — Florida-based Driftwood Hospitality has sold Hyatt House Houston Energy Corridor, a 116-room hotel located at 15405 Katy Freeway in Houston. The buyer was Houston-based Energy Corridor Hotels LLC, which acquired the asset for an undisclosed price. Michael Yu, Rahul Bijlani and Agrama Mannapperuma of CBRE, in conjunction with Ten-X Commercial through a managed bid process, represented the seller and buyer in the transaction.

August 22, 2018

Acquisitions Hospitality Northeast Pennsylvania

MCR Acquires 107-Room TownePlace Suites Harrisburg Hershey in Pennsylvania

by David Cohen August 22, 2018

HARRISBURG, PA. — Hotel owner-operator MCR has acquired the 107-room TownePlace Suites Harrisburg Hersey in Harrisburg. The price was undisclosed. The property is 10 miles from the 121-acre Hersheypark theme park in Hershey. Located at 450 Friendship Road, the hotel features free daily buffet-style breakfast, 24-hour fitness center, on-site laundry service and an indoor pool as well as a whirlpool.

August 22, 2018

Development Hospitality Illinois Midwest

Summit Design + Build Completes Renovation, Rebranding of Former Hotel Indigo Chicago

by Kristin Harlow August 22, 2018

CHICAGO — Summit Design + Build LLC has completed the renovation and rebranding of the former Hotel Indigo Chicago Downtown. The 13-story property is now known as Claridge House Hotel. The building, originally constructed in 1923, had operated as Hotel Indigo since 2005. Interwest Capital purchased the asset in 2016 with plans to rebrand. Summit updated the lobby and restaurant and installed a new bar. The hotel’s 165 guest rooms received upgrades including new paint, carpet, light fixtures, shower fixtures and lighted mirrors. The renovation project totaled 59,000 square feet. Hirsch Associates served as the project architect and The Gettys Group served as interior designer. Oxford Capital Group operates the hotel.

August 22, 2018

Acquisitions Hospitality Iowa Midwest

CBRE Arranges Sale of 63-Room Hampton Inn Hotel in Iowa

by Kristin Harlow August 22, 2018

KEOKUK, IOWA — CBRE Hotels has arranged the sale of the Hampton Inn in Keokuk, the southernmost city in Iowa near the border of Illinois. The sales price was not disclosed. The 63-room hotel is located at 3201 Main St. Hotel amenities include an indoor pool, business center, fitness facilities and small meeting space. Douglas Johnson of CBRE represented the undisclosed seller. H K Corp. was the buyer.

August 22, 2018

Acquisitions California Hospitality Western

Alagem Capital Group, Cain International Partner for Ownership of Waldorf Astoria Beverly Hills, Beverly Hilton

by Amy Works August 22, 2018

BEVERLY HILLS, CALIF. — Alagem Capital Group has joined with Cain International as part of an investment partnership to own the Waldorf Astoria Beverly Hills and The Beverly Hilton, two luxury hotels in Los Angeles. As the first of its kind between Alagem and Cain International, the partnership will support the success of the 170-guest room Waldorf Astoria Beverly Hills, located at 9850 Wilshire Blvd., and the future revitalization of the 596-guest room Beverly Hilton, located at 9876 Wilshire Blvd. The partnership values the combined properties at over $1 billion. Specific terms of the partnership were not disclosed.

August 22, 2018

Acquisitions Arizona Hospitality Western

Trimark Property Group Acquires Two Hotels in Metro Phoenix for $22M

by Amy Works August 22, 2018

GLENDALE, ARIZ. — Pacific, Wash.-based Trimark Property Group has purchased two hotels located in Glendale for $22 million. The properties are a Staybridge Suites at 9340 W. Cabela Drive and a Holiday Inn Express & Suites at 9310 W. Cabela Drive. Constructed in 2007 and 2008, the two properties are situated on 4.5 acres and feature a total of 212 guest rooms. James Meng and Jon Grantham of Colliers International Greater Phoenix represented the buyer in the deal. The seller was Columbus, Ohio-based Rockbridge Capital.

August 22, 2018

Florida Hospitality Loans Southeast

Mission Capital Arranges $53M Refinancing of Waterfront Hotel in Tampa

by Camren Skelton August 21, 2018

TAMPA, FLA. — Mission Capital Advisors has arranged a $53 million loan for the refinancing of The Godfrey Hotel and Cabanas Tampa, a 276-room hotel located at 7700 W. Courtney Campbell Causeway in Tampa. The waterfront property was once owned by the New York Yankees and served as the team’s spring training home for several decades. Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Marathon Asset Management on behalf of the borrower, an affiliate of Oxford Capital Group. Oxford acquired the hotel in 2015 and transformed the property with the addition of 15 guestrooms, complete renovations of guestrooms and the lobby and the addition of the WTR Pool & Grill. WTR includes a pool, cabana club, bar and corporate event space overlooking Tampa Bay.

August 21, 2018

District of Columbia Florida Hospitality Loans New York Northeast Southeast Top Stories

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

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