Hospitality

CitizenM Acquires Land in Downtown Miami, Plans to Break Ground on 348-Room Hotel

by Alex Tostado January 10, 2019

MIAMI — Netherlands-based citizenM has acquired 27 acres in downtown Miami to build a 348-room hotel. The land was purchased for $10.8 million from Miami Worldcenter Associates, the developers of Miami Worldcenter, a $2 billion mixed-use project that will include a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. Art Falcone and Nitin Motwani lead Miami Worldcenter Associates. citizenM plans to break ground on the 128,000-square-foot, 12-story hotel this year. San Francisco-based architecture firm Gensler is designing the building, which will include a 10th floor sun deck featuring a swimming pool and rooftop bar, along with a fitness center and gym on the 11th floor.

January 10, 2019

Acquisitions Hospitality Loans Southeast Virginia

Berkadia Arranges $18.8M Sale of Hotel in Northern Virginia

by Alex Tostado January 10, 2019

FREDERICKSBURG, VA. — Berkadia has arranged the $18.8 million sale of Courtyard by Marriott Fredericksburg, a newly renovated hotel located at 620 Caroline St. in Fredericksburg’s historic district. The hotel features an onsite restaurant and bar, indoor swimming pool and a fitness center. Kyle Stevenson and Matthew Bailly of Berkadia represented the seller, Inns of Historic Fredericksburg, an ownership affiliate of Vienna, Va.-based Palmer Gosnell Hospitality LLC. Adrienne Kautzman of Berkadia arranged $12 million in acquisition financing on behalf of the buyer, Utah-based Venture Hospitality Holdings LLC.

January 10, 2019

Acquisitions California Hospitality Western

Marcus & Millichap Directs $8.6M Sale of 82-Room Hotel in Patterson, California

by Amy Works January 10, 2019

PATTERSON, CALIF. — Marcus & Millichap has arranged the sale of Best Western Plus Villa Del Lago Inn, a hospitality property located at 2959 Speno Drive in Patterson. A limited liability company sold the property for $8.6 million. Built in 2000, the property features 82 interior corridor rooms and a restaurant, Francesca’s Restaurant and Lounge. Gordon Allred and Kelly Hansen of Marcus & Millichap represented the seller and the buyer, a limited liability company, in the deal.

January 10, 2019

Development Hospitality Midwest Ohio

26-Room River Bend Hotel to Open in Ashtabula, Ohio

by Kristin Harlow January 10, 2019

ASHTABULA, OHIO — The Ashtabula City Council has approved a 10-year, 75 percent tax abatement for the development of the city’s first hotel in almost 99 years. The 25,000-square-foot, 26-room River Bend Hotel will be located on a vacant strip of land at the corner of West 6th Street and Goodwill Drive. Erie Bank is providing a $3.1 million loan. The $5 million project will be further financed by public funds from the city and county as well as through funds from the Ashtabula County 503 Corp., whose mission is to promote job creation and economic development in the county. Ashtabula is known for its wineries, lake recreation and covered bridges. The property will include a first-floor wine bar, 500-square-foot conference room, fitness center and lobby with fireplace. Former resident Todd Canter proposed the hotel. Canter formerly served as Asia Pacific CEO for LaSalle Investment Management Securities. Local businesses such as Laurello Vineyards, Delta Railroad, Iten Industries and JCI Contractors are teaming with Canter on the hotel development. Architectural design firm Stephen Berry has been selected for the project. A third-party hotel management firm, yet to be selected, will manage the property. A timeline for completion was not disclosed.

January 10, 2019

Hospitality Loans Maryland Southeast

Stonehill Provides $16.5M Bridge Loan for Hotel in Downtown Baltimore

by John Nelson January 9, 2019

BALTIMORE — Stonehill has provided a $16.5 million bridge loan for an undisclosed borrower for Hotel Monaco in downtown Baltimore. The 202-room hotel is situated about one mile from the city’s Inner Harbor. Amenities include a fitness center, in-room yoga mats, free bike rentals, spa services, nightly social hour and complimentary coffee and tea services.

January 9, 2019

Acquisitions Hospitality Michigan Midwest

Greenwich Hospitality Group Acquires 179-Room Hotel in Traverse City, Michigan for $23.2M

by Kristin Harlow January 7, 2019

TRAVERSE CITY, MICH. — The Greenwich Hospitality Group (GHG) has acquired West Bay Beach Holiday Inn Resort in Traverse City for $23.2 million. The 179-room, full-service resort, originally built in 1968, is located on the West Bay. The hotel will be elevated to a four-star property and rebranded as Delamar Traverse City after undergoing a $10 million renovation over a two-year period. The hotel will remain open during the renovation. Delamar is the flagship brand of GHG. The hotel last changed hands in 2012, when Birmingham, Mich.-based private equity firm ValStone Partners LLC purchased it from TC Hotel LLC, according to the Traverse City Record Eagle.

January 7, 2019

Hospitality Loans Massachusetts Northeast

Cherrytree Group Arranges Bridge Loan for Preservation of Historic Hotel in Massachusetts

by David Cohen January 4, 2019

LOWELL, MASS. — Cherrytree Group has arranged an $825,000 bridge loan for the preservation of the Lowell Legacy Hotel, a registered historic landmark in Lowell. The five-story building, built between 1896 and 1905, was recently declared eligible to receive Federal tax credits for historic preservation. Warren Kirshenbaum of Cherrytree arranged the pre-development funding on behalf of the borrower, Madison Security Group. Hampton Financial Partners provided the loan, which will serve as a bridge leading to long-term financing by the Small Business Administration. The new Lowell Legacy Hotel will contain 52 guest rooms as well as banquet facilities.

January 4, 2019

California Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Joint Venture to Develop 131-Acre Mixed-Use Project in San Luis Obispo, California

by Amy Works January 4, 2019

SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …

January 4, 2019

Acquisitions Florida Hospitality Southeast Top Stories

Gencom-Led Venture Acquires Two Resort Hotels Near Tampa for $100M

by Kristin Harlow January 4, 2019

ST. PETE BEACH, FLA. — A venture led by Gencom has purchased the Grand Plaza Hotel and the Beachcomber Beach Resort and Hotel for $100 million. The hotels are located a quarter-mile apart from each other in St. Pete Beach, a barrier island on the Gulf of Mexico southwest of Tampa. Situated on 3.7 acres at 5250 Gulf Blvd., the 156-room Grand Plaza Resort opened in 1975 as a Hilton hotel and was most recently renovated between 2014 and 2016. The hotel is home to Spinners Rooftop Revolving Bistro & Lounge, the state of Florida’s only revolving rooftop restaurant. Other restaurants at the property include Bongos Beach Bar & Grille, Level 11 Rooftop Lounge and The Palm Room Restaurant. Additional hotel features for the Grand Plaza Resort include direct beach access, beach cabanas, private balconies, water sports rentals, 8,000 square feet of meeting space, a fitness center, swimming pool and business center. The Beachcomber Beach Resort and Hotel is a 102-room beachfront property situated on 6.2 acres at 6200 Gulf Blvd. Restaurants include Jimmy B’s Beach Bar and Grill and Players Sports Bar and Grill. Additional amenities include two outdoor swimming pools, a business center and a central courtyard. Daniel …

January 4, 2019

Acquisitions California Hospitality Western

Andy Investment Co. Sells 102-Room Good Nite Inn Near Los Angeles for $8M

by Amy Works January 3, 2019

WHITTIER, CALIF. — Andy Investment Co. has completed the disposition of Good Nite Inn, a hotel located at 10317 Whittier Blvd. in Whittier. Y&C Pacific acquired the property for $8 million. Situated on a 72,869-square-foot land parcel, the hotel features 102 rooms, a swimming pool and monument signage. Nearby amenities include Starbucks Coffee, Carl’s Jr., Dollar Tree and Wingstop Restaurant. Warren Berzack of Lee & Associates represented the buyer and seller in the transaction.

January 3, 2019

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