By David Vincent, investment products specialist, CadreAsset selection in the hospitality investment market will be critical through the remainder of 2021, as particular hotels in select locations could thrive from new sources of growth and revenue, while others may sit on the wrong side of shifting demand.But investors shouldn’t completely write off the sector. Instead, they should keep their eyes wide open about specific opportunities with solid information that could support a …
BLOOMINGTON, ILL. — The Chateau Hotel and Conference Center in Bloomington has sold for $3.2 million. Located at 1621 Jumer Drive, the property includes 180 rooms. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial Real Estate Group represented the buyer, Adidev Developers Real Estate LLC. The buyer intends to continue operating the property as a hotel and convention center under the agreed lease terms. Seller information was not
TEXARKANA, TEXAS — Phoenix-based Tower Capital has arranged two acquisition loans totaling roughly $10.3 million for a pair of Marriott-branded hotels totaling 175 rooms in Texarkana. In the first deal, Tower Capital arranged $5.1 million for the purchase of the 85-room TownePlace Suites by Marriott hotel. In the second transaction, the firm placed a $5.1 million loan for the adjacent 90-room Courtyard by Marriott hotel. Both loans were structured with three-year terms, fixed interest rates …
ATHENS, TEXAS — Dallas-based Profectus Multifamily Capital has purchased a vacant Quality Inn & Suites hotel in Athens, located southeast of Dallas, with plans to convert the property into a 122-unit apartment community. The complex will offer a fitness center, business center, dog park, outdoor recreational areas and a restaurant or coffee shop. Greg Miller of locally based brokerage firm The Multifamily Group represented Profectus in its acquisition of the property, which was originally …
CHARLESTON, S.C. AND AUGUSTA, GA. — PMZ Realty Capital LLC has arranged $70 million in joint venture equity and debt financing to recapitalize two hotels in Charleston and Augusta. The properties include the Holiday Inn Express Charleston Downtown – Medical Center in Charleston and The Partridge Inn Augusta Curio Collection by Hilton in Augusta. Rio Partners is the owner of the properties, and the firm plans to use the proceeds from the two separate transactions to pay off existing debt and …
KISSIMMEE, FLA. — Encore Capital Management has received a $98.4 million loan for the refinancing and expansion of Margaritaville Resort Orlando. Concord Summit Capital LLC arranged the loan with Starwood Property Trust. The loan refinances the existing construction senior and mezzanine debt and provides additional capital for the resort expansion.Encore plans to build 75 additional hotel rooms on the east wing of the resort, which is located in Kissimmee, just south of Orlando. …
BRANSON, MO. — Drever Atelier Partners has acquired Angel Inn by the Strip in southern Missouri’s Branson. The former 342-room hotel will be transformed into a workforce housing community named The Penleigh — Branson Row. In addition to 324 apartment units, the project will feature three resident lounges, a fitness center, playground, pool and pet park. The Penleigh will offer monthly rental rates around $600, along with incentives for early payment, free after-school tutoring and other …
BOSTON — Ashford Hospitality Trust (NYSE: AHT) has received a $98 million loan for the refinancing of the 309-room Hilton Boston Back Bay hotel. Located near Fenway Park, the hotel offers amenities such as an indoor pool, fitness center, business center, meeting rooms and onsite food and beverage options. The nonrecourse, floating-rate loan features a four-year initial term with a one-year extension option. An undisclosed balance sheet lender provided the loan. Robert Douglas, a real estate …
DETROIT — Bedrock’s Book Tower project in Detroit will be home to Roost Apartment Hotel. The project will include 118 studios, one- and two-bedroom extended-stay apartments across four floors. The Book Tower is currently undergoing an extensive restoration and is set to reopen in late 2022 with a mix of retail, office and residential space.The Roost brand is known for bridging a boutique hotel concept with apartment-style living, according to Bedrock. Amenities include a coffee program …
HAMMOND, IND. — A three-property, 257-room hotel portfolio has traded hands in Hammond, about 25 miles southeast of Chicago. The select-service hotels are all under the Marriott umbrella. The properties are within walking distance of each other and were sold in two separate transactions, prices of which were undisclosed. Nate Sahn and James Foxx of CBRE Hotels represented the
