Midas Construction, HDA Architects Complete 192-Room AC Hotel in St. Louis

ST. LOUIS — Midas Construction and HDA Architects have completed a new 192-room AC Hotel in the Central West End of St. Louis. The seven-story building, which spans 94,300 square feet, is the first AC Hotel within the St. Louis market. Amenities include a fitness center, meeting and event spaces and a curated food and beverage

January 4, 2022Development, Hospitality, Midwest, Missouri

Sterling Real Estate Buys Hotel Tucson City Center, Plans Multifamily Conversion

TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Hotel Tucson City Center in an off-market transaction for an undisclosed price. The company plans to convert the hotel into market-rate apartments.Originally built in the 1960s, the 278-room hotel will be transformed into a modern, 210-unit apartment complex. The seven-building, 10-acre site is located adjacent to the historic El Presidio neighborhood in downtown Tucson.Residences will consist of luxury studio …

January 4, 2022Arizona, Development, Hospitality, Multifamily, Western

Caspers Co. Buys Current Hotel in Tampa for $85M

TAMPA, FLA. — Current Rocky Point LLC, an affiliate of Tampa-based Caspers Co., has acquired The Current Hotel, an Autograph Collection hotel by Marriott in Tampa. The price was $85 million.Dave Weymer, Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia Hotels & Hospitality represented the seller, Rocky Point Holdings LLC, in the transaction. American Momentum Bank provided a $55 million loan to the buyer.Built in 2019, The Current Hotel features 180 rooms, the Julian …

January 3, 2022Acquisitions, Florida, Hospitality, Southeast

CV Properties Completes $55M Aloft Providence Downtown Hotel

PROVIDENCE, R.I. — Boston-based developer CV Properties has completed the $55 million Aloft Providence Downtown Hotel. The hotel consists of 175 rooms and meeting spaces, a fitness center, grab-and-go food market, a lobby bar with patio seating and a rooftop bar with views of the downtown skyline. Elkus Manfredi Architects designed the project, and Shawmut Design & Construction served as the construction manager. Construction began in January

January 3, 2022Development, Hospitality, Northeast, Rhode Island

Friedman Brokers Sale of Westin Book Cadillac Hotel in Downtown Detroit

DETROIT — Friedman Real Estate has brokered the sale of the Westin Book Cadillac hotel in downtown Detroit. A joint venture between Oxford Capital Group LLC and Taconic Capital Advisors LP assumed debt owed by the previous owner, which faced foreclosure. The joint venture assumed $77 million in commercial mortgage-backed securities debt owed by Cleveland-based Ferchill Group, according to Crain’s Detroit Business.Located at 1114 Washington Blvd. within the city’s Washington Boulevard …

December 20, 2021Acquisitions, Hospitality, Michigan, Midwest

Turnbridge Equities Breaks Ground on 344-Room CitizenM Hotel in Downtown Austin

AUSTIN, TEXAS — Development and investment firm Turnbridge Equities has broken ground on a 344-room hotel at 617 Colorado St. in downtown Austin that will be operated under the citizenM brand. Amenities will include a pool, fitness center and a rooftop bar. Baskervill is the architect of record for the project, and Dutch firm Concrete is handling interior design. Gilbane is the general contractor for the project, and Bank OZK provided construction financing. The opening is slated for late …

December 17, 2021Development, Hospitality, Texas

Songy Highroads Opens 15-Story Hyatt Centric Buckhead Atlanta Hotel

ATLANTA — Atlanta-based Songy Highroads (SHR) has opened the Hyatt Centric Hotel in the Buckhead neighborhood of Atlanta. Construction on the 15-story hotel started in early 2020 and finished this month. SHR developed the hotel in a joint venture with Chicago-based Hyatt Hotels Corp.Designed by New York-based Sawyer & Co., the Hyatt Centric Buckhead Atlanta hotel features 218 guestrooms (including seven suites), two dining concepts and more than 3,700 square feet of meeting and event …

December 15, 2021Development, Georgia, Hospitality, Southeast

Hard Rock Agrees to Acquire The Mirage in Las Vegas for $1B, Plans Guitar-Shaped Hotel

LAS VEGAS — Hard Rock International has agreed to acquire the operations of The Mirage Hotel and Casino in Las Vegas for more than $1 billion. The transaction is expected to close in the second half of 2022.Hard Rock also revealed that it plans to build a guitar-shaped hotel, which will be located on the Las Vegas Strip. When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests across its nearly 80-acre location, according …

December 15, 2021Acquisitions, Hospitality, Nevada, Top Stories, Western

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

MIAMI — Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter Associates.Legacy will offer 310 for-sale residential units on top of a 219-room hotel. The project’s residential units all sold …

December 14, 2021Development, Florida, Hospitality, Loans, Mixed-Use, Multifamily, Southeast

New Orleans Lays Ground Work for a Return to a ‘Wonderful World’

“I see friends shaking hands, saying how do you do…”Like many urban city centers, New Orleans has faced unprecedented challenges from COVID-19 over the past 19 months. The metro area lost more than 85,000 jobs between second-quarter 2019 and second-quarter 2020. In an economy heavily reliant on tourism, Orleans Parish was the most impacted with over 41,000 jobs lost, predominantly in the hospitality sector.Retailers — and their employees — depend on the large boosts of …

December 14, 2021Hospitality, Louisiana, Market Reports, Retail, Southeast, Southeast Market Reports