Tuesday, November 18, 2025
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Hospitality

DevelopmentHospitalityIndianaMidwest

Dora Hospitality Breaks Ground on 135-Room AC Hotel in Suburban Indianapolis

by Kristin Harlow

FISHERS, IND. — Dora Hospitality LLC has broken ground on Indiana’s first AC Hotels by Marriott. Slated to open in early 2027, the project is part of Thompson Thrift’s The Union at Fishers District in the Indianapolis suburb of Fishers. Dora will own the hotel in partnership with Fishers Hotel Partners LLC. Seated atop 15,500 square feet of retail space, the 135-room hotel will feature meeting space, fitness equipment and European-inspired food-and-beverage offerings in the AC Lounge and AC Kitchen. The Union is one of five developments within the master plan of the $750 million Fishers District. The mixed-use project offers 60,000 square feet of retail, restaurant and entertainment space along with 251 luxury apartment units and 70,000 square feet of office space. Only one 1,250-square-foot retail space remains available for lease at The Union. Signed tenants include Piedra, Cunningham Restaurant Group, Niku Sushi, Kitchen Social, Everbowl and Racha Thai.

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District of ColumbiaHealthcareHospitalityIndustrialLoansMultifamilyOfficeRetailSoutheast

MBA: Commercial, Multifamily Loan Originations Increased 36 Percent in Third Quarter from 2024

by John Nelson

WASHINGTON, D.C. — The volume for commercial and multifamily mortgage loan originations closed in the third quarter of 2025 was 36 percent higher compared to a year earlier, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations report. The third-quarter production also represents an 18 percent increase from the previous quarter. The MBA reports that loan originations have now risen for five consecutive quarters on both a quarterly and annual basis. Among property types, there was an 181 percent year-over-year increase in the dollar volume of loans for office properties, 100 percent increase for retail properties, 66 percent increase for hotels, 27 percent increase for multifamily properties and a 5 percent increase for industrial properties. Originations for healthcare properties decreased 43 percent compared to the third quarter of 2024. “While some sectors, such as healthcare and industrial, saw slower activity, overall volumes reflected improving sentiment as property values stabilized and loans reaching maturity were refinanced,” says Reggie Booker, MBA’s associate vice president of commercial/multifamily research. Among capital sources, there was a 52 percent year-over-year increase in loans by depositories lenders (i.e. banks), 40 percent increase in loans by government sponsored enterprises (Fannie Mae and Freddie Mac) …

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DevelopmentHospitalityMixed-UseRestaurantRetailSoutheastTennesseeTop Stories

Simon to Develop 100-Acre Sagefield Mixed-Use Center in South Nashville

by John Nelson

NASHVILLE, TENN. — Simon Property Group (NYSE: SPG) plans to develop Sagefield, a 100-acre mixed-use destination that will be located on the south side of Nashville. The construction timeline for the project was not released. Situated in the hills of Williamson County, the planned project will feature lifestyle shops, restaurants and service retail spaces, as well as a landmark hotel by Author & Edit Hospitality, a hotel brand helmed by restaurateur and hotelier Sam Fox of Fox Restaurant Concepts. “This exciting new development will set a new standard for quiet luxury in metro Nashville and beyond,” says Eric Sadi, co-president of Simon’s North American real estate division. Simon is collaborating on Sagefield with Adventurous Journeys Capital Partners (AJ Capital), a Nashville-based firm that specializes in mixed-use and adaptive reuse development. Simon and AJ Capital are currently collaborating on Nashville Premium Outlets, a 325,000-square-foot outlet mall that will break ground next year in Thompson’s Station, Tenn.  Plans for Sagefield also call for first-to-market boutique retailers, household-name operators, farm-to-table restaurants and cafés, an organic market, entertainment venues and health and wellness concepts. The development’s planned hotel will offer signature restaurants, a high-end spa, sports and a social members club. Simon says that …

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DevelopmentHospitalityMidwestMissouri

Midas Hospitality, Bryan Properties Open 123-Room Element Hotel in Branson, Missouri

by Kristin Harlow

BRANSON, MO. — Midas Hospitality and Bryan Properties have opened a 123-room Element Hotel by Westin in Branson. The asset is owned by Bryan Properties and managed by Midas Hospitality. Located at 511 Pat Nash Drive, the hotel is situated near Ballparks of America and the adjacent Branson Theater District. The 73,637-square-foot property offers a fitness center, outdoor saline pool, fire pits and complimentary breakfast.

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AcquisitionsCompany NewsHospitalitySoutheastTop StoriesVirginia

Joint Venture to Purchase Sotherly Hotels REIT in All-Cash Transaction

by John Nelson

WILLIAMSBURG, VA. — A joint venture between Kemmons Wilson Hospitality Partners LP and Ascendant Capital Partners LP, doing business jointly as KW Kingfisher LLC, has entered into a definitive merger agreement with Sotherly Hotels Inc. (NASDAQ: SOHO), a hospitality REIT based in Williamsburg. Sotherly owns 10 upscale hotels in the Sun Belt and Mid-Atlantic totaling 2,786 hotel rooms, as well as interests in two condominium hotels and their associated rental programs. Sotherly’s portfolio includes:– The Georgian Terrace in Atlanta– The Whitehall in Houston– The DeSoto in Savannah, Ga.– Lyfe Resort & Residences in Hollywood, Fla.– Hyde Beach House in Hollywood, Fla.– DoubleTree by Hilton Hollywood Beach Resort in Hollywood, Fla.– Hotel Ballast in Wilmington, N.C.– Hotel Alba in Tampa, Fla.– Hyatt Centric Arlington in Arlington, Va.– DoubleTree Jacksonville Riverfront in Jacksonville, Fla.– DoubleTree by Hilton Laurel in Laurel, Md.– DoubleTree by Hilton Philadelphia Airport “This transaction is a testament to the high-quality portfolio that Sotherly has built over the past 20-plus years as a publicly traded company, and we are confident this will pave a path toward future success for our hotels and the associates and guests who enjoy them every day,” says David Folsom, CEO of Sotherly. Under terms …

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DevelopmentHospitalityTexas

Fertitta Hospitality Completes Renovation of 180-Room Hotel in Galveston, Texas

by Taylor Williams

GALVESTON, TEXAS — Fertitta Hospitality, which is part of the entertainment empire of Houston Rockets owner Tillman Fertitta, has completed the multimillion-dollar renovation of the 180-room Holiday Inn Resort Galveston – On the Beach hotel in southeast Texas. The renovation delivered upgraded guestrooms, redesigned common spaces and new food-and-beverage offerings, as well as new promotional packages for guests. Specifically, guestrooms received new lighting, artwork and bathroom fixtures, while the lobby, ballroom, game room and lounge were all refreshed.

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HospitalityIllinoisLoansMidwest

Walker & Dunlop Arranges $92M Refinancing for Hiltons at McCormick Place Hotel in Chicago

by Kristin Harlow

CHICAGO — Walker & Dunlop Inc. has arranged a $92 million loan for the refinancing of the Hiltons at McCormick Place, a tri-branded hotel connected to the McCormick Place Convention Center in Chicago. The 23-story, 466-room property is the first and only tri-branded Hilton select-service hotel in the United States, combining Hilton Garden Inn, Hampton Inn and Home2 Suites offerings. The concept unites two of Hilton’s upscale select-service brands with an extended-stay concept. Guests have access to two hotel-operated food and beverage outlets, three ground-floor food and beverage offerings, an indoor pool, fitness center and attached skybridge. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Jordan Casella and Cole Grims of Walker & Dunlop arranged the loan on behalf of McHugh Enterprises Inc. and First Investors LLC. Access Point Financial Inc. provided the floating-rate loan, which features interest-only payments.

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HospitalityMarket ReportsTexasTexas Market Reports

Untangling Hotel Valuation for Texas Property Taxes

by Taylor Williams

By Oliver Gray, Esq., of Gray Winston & Hart Valuing hotels for property taxation is one of the most complex and contested areas in real estate appraisal. And unfortunately for hotel owners, improper assessment is common and costly. Unlike office buildings or warehouses, hotels are not just physical assets — they are operating businesses. This distinction requires appraisers to carefully separate the taxable real estate, which is land and improvements, from the nontaxable business enterprise and intangible assets. Failing to do so risks unlawfully taxing the business itself, a critical concern for Texas hotel owners and property tax professionals. Texas law mandates that assessors appraise property at its fee-simple market value, excluding exempt intangibles and business value. For hotels, this means appraisers cannot simply capitalize the income of the operating business. Rather, they must make adjustments to remove components tied to franchise affiliation, management expertise, brand recognition and other intangibles. The challenge is clear: How can assessors, taxpayers and their appraisers correctly isolate the real property value from the going concern? What follows are several common approaches and their inherent weaknesses, which can skew an assessor’s conclusions or provide bases to challenge inflated assessments. Management Fee Method One widely used — …

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DevelopmentHospitalityTexas

Kintetsu Group Begins Construction on 217-Room Hotel in Plano, Texas

by Taylor Williams

PLANO, TEXAS — Kintetsu Group Holdings Co. has begun construction on a 217-room hotel in Plano, located northeast of Dallas, that will be operated under the Japanese conglomerate’s Miyako Hotels & Resorts brand. Designed by Gensler with interiors by Looney & Associates, the Miyako Hybrid Hotel Plano will be a 12-story building that will house a traditional Japanese restaurant, lobby bar, Japanese bakery, banquet and meeting space and a rooftop bar and outdoor pool. The Beck Group is the general contractor for the project, which is expected to be complete in fall 2027.

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Aplin-Center-Texas-A&M-University
DevelopmentHospitalityTexas

Manhattan Construction Breaks Ground on 211,000 SF Academic Project at Texas A&M University

by Taylor Williams

COLLEGE STATION, TEXAS — General contractor Manhattan Construction Co. has broken ground on a 211,000-square-foot academic project on the campus of Texas A&M University in College Station. The Aplin Center, named after Arch “Beaver” Aplin III, the founder of truck stop and convenience store chain Buc-ees, will house immersive learning labs for students enrolled in the College of Agriculture and Life Sciences and the Mays Business School. DLR Group and Pickard-Chilton co-designed The Aplin Center, which is expected to open in 2028.

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