Monday, March 3, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Hospitality

Courtyard-Airport-Tucson-AZ
AcquisitionsArizonaHospitalityWestern

Marcus & Millichap Brokers Sale of 149-Key Courtyard Airport Tucson in Arizona

by Amy Works

TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Courtyard by Marriott Airport Tucson, a hotel located at 25050 E. Executive Drive in Tucson. Terms of the transaction were not released. Built in 1988 and renovated in 2021, Courtyard Airport Tucson offers 149 guest rooms, an outdoor pool, a fitness center, business center, an on-site bistro and meeting space. The three-story hotel is located less than one mile from Tucson International Airport. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the undisclosed seller and secured the undisclosed buyer in the transaction. Allan Miller and Chris Gomes, also of Marcus & Millichap, assisted with the deal. Ryan Sarbinoff is the firm’s broker of record in Arizona.

Continue Reading
FacebookTwitterLinkedinEmail
One-Beverly
CaliforniaDevelopmentHospitalityMixed-UseRetailTop StoriesWestern

VICI Properties Provides $300M Financing for $5B One Beverly Hills Project in Metro Los Angeles

by Katie Sloan

BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills.  Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space.  One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces.  The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy. One Beverly Hills will also include curated luxury retail and dining space to …

Continue Reading
FacebookTwitterLinkedinEmail
The-Maxwell-Hotel-Seattle-WA
HospitalityLoansWashingtonWestern

Staypineapple Receives $29.5M in Refinancing for Maxwell Hotel in Seattle

by Amy Works

SEATTLE — Staypineapple has obtained $29.5 million in refinancing for The Maxwell Hotel, a 139-key boutique hotel in Seattle’s Queen Anne neighborhood. Adrienne Andrews and Jessica Mehra of JLL’s Hotels & Hospitality Group Debt Advisory team secured the 10-year, fixed-rate loan through a regional credit union for the borrower. Opened in 2010, the five-story property features spacious guest rooms with modern amenities, an indoor pool, fitness center and an onsite restaurant and bar, as well as 1,600 square feet of meeting space. The Maxwell Hotel is located at 300 Roy St., near the Seattle Center, Space Needle and Climate Pledge Arena.

Continue Reading
FacebookTwitterLinkedinEmail
HospitalityLoansNew YorkNortheast

Cronheim Mortgage Arranges $40M Loan for Refinancing of Manhattan Hotel

by Taylor Williams

NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $40 million loan for the refinancing of the 158-room Chelsean New York Hotel. The hotel is located at 160 W. 25th St. in Lower Manhattan and includes an onsite bar and restaurant known as The Rose. Beau Williams and Drew Gilligan of Cronheim arranged the debt through an undisclosed lender. The borrower, The Lam Group, will use a portion of the proceeds to fund capital improvements.

Continue Reading
FacebookTwitterLinkedinEmail
Hilton-Galveston-Island-Resort
DevelopmentHospitalityTexas

Fertitta Hospitality Completes Renovation of 241-Room Hotel Resort 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 241-room Hilton Galveston Island Resort in southeast Texas. The renovation upgraded the furniture, lighting fixtures, flooring and showers of all guestrooms. Meeting and event spaces received new carpets, chandeliers, wall coverings, lighting and seating fixtures, and the pool area and fitness center were also enhanced with new cabanas and equipment, respectively. Lastly, ownership introduced a new restaurant concept and remodeled and expanded the lobby bar.

Continue Reading
FacebookTwitterLinkedinEmail
HospitalityLoansTexas

Avatar Financial Provides $4.3M Bridge Loan for IHG-Branded Hotel in Portland, Texas

by Taylor Williams

PORTLAND, TEXAS — Seattle-based lender Avatar Financial Group has provided a $4.3 million bridge loan for the 95-room hotel Portland, located outside of Corpus Christi. The four-story, newly built hotel is operated by Avid, which is part of the InterContinental Hotel Group (IHG) family of brands. The sponsor is a joint venture between Viriginia-based Loudoun Hospitality Management and Atlanta-based fund manager Octave Acquisitions.

Continue Reading
FacebookTwitterLinkedinEmail
HospitalityLoansTexas

IPA Arranges $79M in Financing for Renovation of Historic San Antonio Hotel

by Taylor Williams

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $79 million in financing for the renovation of the historic El Tropicano Hotel in San Antonio. Originally built in 1962, the El Tropicano is located in the city’s River Walk area. Following the renovation, the property will feature 315 guestrooms, an 8,065-square-foot pool deck and more than 16,000 square feet of event space and food-and-beverage outlets. Jordan Ray, James Matheny, Steven Buchwald and Rachael Krawiecki of IPA arranged the financing through Fortress Investment Group on behalf of the owner, Trestle Studio.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHospitalityNew YorkNortheast

Marcus & Millichap Brokers Sale of 80-Room Hotel in Chester, New York

by Taylor Williams

CHESTER, N.Y. — Marcus & Millichap has brokered the sale of an 80-room hotel in Chester, located near the New York-New Jersey border. The Holiday Inn & Suites Chester-Monroe-Goshen, which sold for $10.5 million, offers amenities such as an indoor pool, fitness center and a business center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
HALL-Park-Hotel-Frisco
DevelopmentHospitalityTexas

HALL Group Opens 224-Room Hotel at Flagship Campus in Frisco

by Taylor Williams

FRISCO, TEXAS — HALL Group has opened a 224-room hotel at HALL Park, the locally based firm’s flagship campus in Frisco that is currently in the midst of a $7 billion redevelopment. The hotel, which is operated under Marriott’s Autograph Collection family of brands, features 164 traditional guestrooms and 60 suites. Amenities include a rooftop pool and bar, fitness center, restaurant and lounge, 4,000-square-foot ballroom, patio overlooking Kaleidoscope Park and a “sanctuary” space that was crafted by B2 Design Co. Construction of the hotel began in 2022.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaHospitalityLoansSoutheast

Hunter Hotel Advisors Arranges $35.5M Loan for Moxy Miami Wynwood Hotel

by John Nelson

MIAMI — Atlanta-based Hunter Hotel Advisors has arranged a $35.5 million loan for the recapitalization of the Moxy Miami Wynwood, a 120-room hotel that opened in October. The developer of the eight-story hotel was a 50/50 joint venture between Baywood Hotels and Dolphin Capital Partners. Charlie Ryan and Adeel Amin of Hunter’s capital markets team arranged the loan through Synovus Bank on behalf of Baywood Hotels. Moxy Miami Wynwood is located at 255 N.W. 25th St. in the city’s Wynwood district. The 110,000-square-foot property includes two signature restaurants (Sparrow Italia and Casa Madera), as well as fitness center, event space and 49 parking spaces.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts