Hospitality

CBRE Hotels Brokers Sale of 129-Room Quality Inn Near Milwaukee

by Kristin Harlow March 12, 2018

BROOKFIELD, WIS. — CBRE Hotels has brokered the sale of a Quality Inn in Brookfield, a western suburb of Milwaukee. The 129-room hotel is located at 20150 W. Bluemound Road across from The Corners, a $220 million mixed-use redevelopment project by IM Properties and Bradford Real Estate. The hotel is also near Brookfield Square Mall and the Milwaukee County Zoo. Brian Silberman, Scott Miller and Paul DeLucia of CBRE Hotels represented the seller, ABP Real Estate Holdings LLC. Neither the sales price nor the buyer were disclosed.

March 12, 2018

California Hospitality Western

Kairos Ventures Sells Lake Tahoe Resort for $42M

by Nellie Day March 9, 2018

SOUTH LAKE TAHOE, CALIF. — DiamondRock Hospitality Company has purchased the 77-room Landing Tahoe Resort & Spa in South Lake Tahoe for $42 million. The hotel is located at 4101 Lakeshore Blvd. just steps from the lake. The luxury hotel underwent a multi-million-dollar redevelopment and rebranding by the seller and reopened as The Landing Resort & Spa in December 2013. The hotel features 10,300 square feet of indoor and outdoor function space; Jimmy’s Restaurant; a wine cellar and lounge; full-service spa; heated outdoor pool and hot tub; lakeview patio with fire pits; rooftop deck with fireplace; and fitness center with sauna. HFF’s represented the seller, an affiliate of Kairos Ventures, in this transaction.

March 9, 2018

Georgia Hospitality Loans Southeast

Arriba Capital Provides $40.7M Construction Loan for Dual-Branded Hotel in Midtown Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Arriba Capital has provided a $40.7 million construction loan for the development of a 194-room, dual-branded Marriott Fairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The two-year, non-recourse loan features three six-month extension options for the borrower, a privately held hospitality management and development company. The seven-story hotel will be located atop a 220-space, five-story parking deck. Hotel amenities will include a market pantry, meeting space, fitness center and business center. The two hotels will share a common front-of-house area, including registration and a breakfast area. The property is located across the street from Emory University Hospital and within walking distance to attractions including the World of Coca-Cola, Georgia Aquarium, Fox Theatre, College Football Hall of Fame and the Mercedes-Benz Stadium. The project is slated for completion in May 2020.

March 9, 2018

Hospitality Kentucky Mixed-Use Southeast

Omni Hotels & Resorts Opens Hotel Portion of $300M Mixed-Use Project in Downtown Louisville

by Camren Skelton March 8, 2018

LOUISVILLE, KY. — Omni Hotels & Resorts has opened the 612-room Omni Louisville Hotel in downtown Louisville. The project created roughly 400 permanent jobs and represents a $300 million investment by Omni Hotels & Resorts and the metro Louisville government. The hotel features dining concepts including the Library Bar, The Water Co. and Texas-based Bob’s Steak & Chop House. The hotel is also home to Falls City Market, an urban market and food hall that offers food, beverages and grocery staples; Pin + Proof, a speakeasy with four professional bowling lanes; and Lewis + Louis, a bourbon retail and tasting room. Hotel amenities include a rooftop pool, fitness center, spa, local art gallery and 70,000 square feet of meeting and event space. Atop the hotel, 225 one- and two-bedroom apartment units are available for preleasing and are expected to open in May.

March 8, 2018

Hospitality Loans South Carolina Southeast

PMZ Realty Capital Arranges $19.5M Construction Loan for New Hotel Near Charleston

by Camren Skelton March 7, 2018

MOUNT PLEASANT, S.C. — PMZ Realty Capital LLC has arranged a $19.5 million construction loan for the Hotel Indigo – Charleston, a 158-room hotel under construction in Mount Pleasant, roughly 10 miles northeast of Charleston. The name of the borrower was not disclosed. The hotel is located next to the Arthur Ravenel Jr. Bridge and four miles from historic Charleston sites including The Market and The Battery. The hotel is scheduled to open later this year and will feature an onsite restaurant and bar, a resort-style pool and meeting and event spaces. The new hotel will be the first Hotel Indigo in the Charleston area.

March 7, 2018

Hospitality Oregon Top Stories Western

Union Investment Acquires The Porter Hotel in Downtown Portland for $148.8M

by Nellie Day March 7, 2018

PORTLAND, ORE. — Union Investment Real Estate GmbH has acquired The Porter, a 294-room boutique hotel in downtown Portland, for $148.8 million. The 16-story hotel is located at 1355 SW 2nd Ave. in the city’s Central Business District. The asset is part of the Curio Collection by Hilton brand. Syracuse, N.Y.-based Widewaters Hotels is the hotel’s developer, vendor and operator. Union Investment purchased the property from Widewaters via its open-ended real estate fund Unilmmo: Global. “The Porter is the ideal addition to our U.S. portfolio, which is set to grow at a similar pace going forward as in recent years,” says Andreas Löcher, head of investment management hospitality at Union Investment. The Porter, which opened this past January, features an upmarket restaurant on the ground floor, a coffee bar and a grab-and-go market, as well as a rooftop restaurant and lounge. The hotel also provides about 1,200 square feet of conference space, in addition to a heated indoor pool and a fitness center, which offers individual meditation and yoga rooms. Portland is Union Investment’s sixth targeted hotel location in the U.S. and its second on the West Coast. The Hamburg, Germany-based real estate investment manager acquired the Hilton Garden Inn …

March 7, 2018

Colorado Hospitality Western

Best Western Hotel in Colorado Sells for $11.5M

by Nellie Day March 6, 2018

LONGMONT, COLO. — A limited liability company has acquired the 210-room Best Western Plus Plaza Hotel Longmont for $11.5 million. The hotel is located at 1900 Ken Pratt Blvd. It was opened in 1982. The buyer will retain the current operations and staff. The hotel and conference space will undergo a renovation. Gordon Allred, Brandon Kramer and Bob Kaplan of Marcus & Millichap represented the seller, also an LLC.

March 6, 2018

Hospitality New York Northeast

Westbridge Realty Brokers Sale of Development Site in Brooklyn, 92-Room Hotel Planned

by Amy Works March 5, 2018

NEW YORK CITY — Westbridge Realty has arranged the sale of a vacant lot located at 187 Cook St. in Brooklyn’s Williamsburg neighborhood. Nehalkumar Gandhi, a New Jersey-based developer, purchased a 99-year ground lease at the site for $1.3 million from Loketch Group and Joyland Group. The developer plans to build a more than 26,000-square-foot, 92-key hotel on the site. The brand of the hotel has not been announced. Hen Vaknin of Westbridge Realty represented the buyer and seller in the off-market transaction.

March 5, 2018

Hospitality Loans Texas

MCA Arranges $11.7M Financing for Purchase of 101-Room Hotel in Plano

by Taylor Williams March 2, 2018

PLANO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged an $11.7 million loan for the acquisition of a 101-room Staybridge Suites hotel in Plano. Sunny Sajnani of MCA arranged the loan, which features a 75 percent loan-to-cost (LTC) ratio, on behalf of hospitality investment and development firm Ascend Growth Partners. Alliance Bank originated the loan, other terms of which were not disclosed.

March 2, 2018

Hospitality Illinois Loans Midwest

Ladder Capital Provides $38.7M Acquisition Loan for Chicago Marriott Schaumburg

by Kristin Harlow March 1, 2018

SCHAUMBURG, ILL. — Ladder Capital has provided a $38.7 million loan for the acquisition and renovation of Chicago Marriott Schaumburg. The 398-room hotel is located at 50 N. Martingale Road in suburban Chicago. The 13-story property is situated within the Woodfield Corporate Center, an office complex spanning more than 3 million square feet. Completed in 1983 and renovated in 2007, the hotel features a fitness center, business center, indoor and outdoor pools, two restaurants and 18,536 square feet of meeting space. Jeff Bucaro, Nicole Aguiar, Tony Malk, Matt Enright and Bryan Rosenberg of HFF arranged the three-year loan on behalf of the borrower, Arbor Lodging Partners. The Chicago-based company is planning significant upgrades to the property, including a full renovation of the lobby, meeting space, common areas and guest rooms. Arbor Lodging Management manages the hotel.

March 1, 2018

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