REBusinessOnline

North Park Ventures, MF Development Buy Chicago Land Site for $19M, Plan Hotel Project

CHICAGO — A partnership between North Park Ventures and MF Development has purchased a nearly 20,000-square-foot land site in Chicago’s Fulton Market district for $19 million. The partnership plans to redevelop the site into a hotel and retail project. The sale included three existing properties: a two-story restaurant building at 204 N. Halsted St., a three-story restaurant building at 804-808 W. Lake St., and a two-story retail building and adjacent parking lot at 810-816 W. Lake St. …

Acquisitions, Hospitality, Illinois, Midwest

AHLA Survey: 70 Percent of Hotel Workers Furloughed, Vacancy Rates Lowest Since Great Depression

WASHINGTON, D.C. — The outbreak of the novel coronavirus has continued to clobber the hotel sector as industry experts say 70 percent of workers have been furloughed and eight in 10 rooms are vacant, according to a survey conducted by the American Hotel & Lodging Association (AHLA). The data from the survey also leads the AHLA to project that vacancy rates in 2020 will be the lowest (38 percent) since the Great Depression. The vacancy rate was 66 percent from 2017 to 2019. “Hotels …

District of Columbia, Hospitality, Southeast

Mumford Co. Negotiates Sale of 60-Room Hotel in Missouri

KINGDOM CITY, MO. — Mumford Co. has negotiated the sale of a 60-room Super 8 hotel in Kingdom City, approximately 25 miles east of Columbia. The sales price was not disclosed. The three-story property is located near I-70. George Arvanitis of Mumford represented the seller, CapeInn LLC, and procured the buyer, Americas Value Inn LLC. The buyer intends to rebrand the property as Amerihost Inn &

Acquisitions, Hospitality, Midwest, Missouri

McMinnville Properties Acquires 285-Acre Entertainment Campus in Oregon’s Willamette Valley for $9.5M

MCMINNVILLE, ORE. — McMinnville Properties, which Bill Stoller of Stoller Wine Group owns, has purchased a 285-acre campus in McMinnville. The site houses Evergreen Aviation & Space Museum, Wings & Waves Waterpark, The Lodge event and wedding venue, 220 acres of established vineyards and farmland, and a development site designed to accommodate a 99,000-square-foot hotel. The campus is located at 500 NE Captain Michael King Smith Way, 23 miles southwest of Portland and 30 minutes north …

Acquisitions, Civic, Hospitality, Oregon, Retail, Western

Tarlton Completes Missouri’s First COVID-19 Alternate Care Facility

FLORISSANT, MO. — Tarlton Corp. has completed the conversion of a Quality Inn hotel in Florissant into the state’s first alternate care facility to treat non-acute COVID-19 patients. The facility, if needed, will serve as backup for patients referred by St. Louis-area hospitals. Members of the Missouri National Guard will staff the facility. Tarlton worked with the U.S. Army Corps of Engineers on the project, as well as Ross & Baruzzini, Rock Hill Mechanical Corp. and Guarantee …

Development, Healthcare, Hospitality, Midwest, Missouri

Marcus & Millichap Brokers $9M Sale of Motel 6 in North Hills, California

NORTH HILLS, CALIF. — Marcus & Millichap has brokered the sale of Motel 6 Los Angeles – Van Nuys – North Hills, located at 15711 Roscoe Blvd. in North Hills. A limited liability company sold the asset to a private investor for $9 million. The hotel features 131,412 square feet of space. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the

Acquisitions, California, Hospitality, Western

Eyzenberg & Co. Arranges $21.3M Construction Loan for Mixed-Use Development in Miami

MIAMI — Eyzenberg & Co. has arranged a $21.3 million construction loan for the Towers at Blue Lagoon, a planned mixed-use development featuring a multifamily community and hotel space. The borrower and developer, the Weiss Group of Cos., will build Phase I of the project to include 428 multifamily units across two buildings. The property will offer studio to three-bedroom floor plans. The master plan also includes two hotels. The site is located at 4865 NW 7th St., seven miles west of …

Development, Florida, Hospitality, Loans, Mixed-Use, Multifamily, Southeast

Hunter Hotel Investment Conference Canceled for 2020 Due to Coronavirus Pandemic

ATLANTA — The 32nd annual Hunter Hotel Investment Conference has been canceled for 2020 due to the coronavirus (COVID-19) pandemic. The conference, which brings together hotel investors, managers, developers, lenders and brokers, was originally scheduled for March 18-20 in downtown Atlanta, but was postponed indefinitely March 12 by Hunter Hotel Advisors. After much deliberation, the Atlanta-based organization decided to outright cancel the 2020 conference. "Through continually following …

Company News, Georgia, Hospitality, Southeast

Lodging Partners, HREC Arrange Sale of Residence Inn by Marriott Durango in Colorado

DURANGO, COLO. — Lodging Partners, a member of Hotel Brokers International, teamed up with HREC Investment Advisors to broker the sale of Residence Inn by Marriott Durango, a 66-room hotel located at 21691 US Highway 160 West in Durango. A regional owner/operator of premium-branded, select-service hotels acquired the property for an undisclosed price. The pet-friendly hotel features studio, one-bedroom suite and two-bedroom suite guest rooms that feature fully equipped kitchens with …

Acquisitions, Colorado, Hospitality, Western

Preston Hollow Capital Completes $38M Bond Financing for Sports, Entertainment Complex in Ohio

HAMILTON, OHIO — Preston Hollow Capital has completed a $38 million tax-exempt bond financing on behalf of the city of Hamilton, which is located 20 miles north of Cincinnati. The bonds will be used to support the redevelopment of the former Champion Paper Mill into a 20-acre sports and entertainment complex. The project will consist of a 650,000-square-foot sports complex and a 360,000-square-foot hotel, which will include convention, retail and commercial space in addition to the 235 hotel …

Hospitality, Loans, Midwest, Ohio, Retail
Content Partners
Lee & Associates
RED Mortgage Capital
Walker & Dunlop

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