WOODBRIDGE, N.J. — New Jersey-based Cronheim Mortgage has arranged an $11.2 million loan for the refinancing of a Residence Inn hotel located in the Northern New Jersey community of Woodbridge. The 107-room hotel originally opened in October 2012. David Turley led the Cronheim team that arranged the debt through an undisclosed bank. The borrower was also not disclosed.
CHICAGO — Chicago-based real estate investor and operator Waterton has launched its new Outbound Hotels brand, a collection of hotels for travelers seeking outdoor-inspired experiences in boutique settings. The vision for Outbound Hotels began with Waterton’s acquisition of The Virginian Lodge in Jackson Hole, Wyo. Waterton acquired the property in partnership with Wyoming-based Orion Cos. and has since rebranded it as The Virginian Lodge, an Outbound Hotel. The Outbound portfolio, operated by Springboard Hospitality, was expanded in 2021 with the acquisition of Outbound Mammoth (formerly the Sierra Nevada Resort) in Mammoth, Calif., and Towne and Country Stowe in Stowe, Vt., in March 2023. Most recently, Waterton partnered with Argosy Real Estate Partners to for a redevelopment project on a 17-acre Qualified Opportunity Zone site in Oakhurst, Calif., just south of the main gate to Yosemite National Park. The property will be developed as Outbound Yosemite Resort, a 135-key hotel consisting of 108 vacation rental cabins and 14 hotel rooms located above a 12,500-square-foot clubhouse in addition to a 13-key boutique hotel currently on the site.
LANSING, MICH. — Waramaug Hospitality has opened the DoubleTree by Hilton Lansing, a 256-room hotel in Lansing. Waramaug acquired the property in 2021 and decided to rebrand it and renovate all guestrooms and corridors, the lobby, Made Market, restaurants and bar, meeting rooms and pre-function spaces. The hotel also features a fitness center and two-story indoor pool. The second floor of the property connects to the Lansing Center, the city-owned 125,000-square-foot convention center. The property marks the eighth within Waramaug’s portfolio that is under the Hilton umbrella.
NORTH CHARLESTON, S.C. — New York City-based MCR has purchased Courtyard by Marriott North Charleston, a 138-room hotel located at 7465 Northside Drive in North Charleston. The four-story property represents MCR’s fourth hotel in South Carolina. The seller and sales price were not disclosed. Built in 2019, the hotel is situated near Charleston International Airport and features The Bistro restaurant and bar, a grab-and-go market, outdoor pool and fire pit, fitness center, 24-hour business center and 1,184 square feet of meeting space.
AUSTIN, TEXAS — CBRE has brokered the sale of the 128-rooom La Quinta Inn & Suites by Wyndham Austin Southwest hotel. The hotel offers an outdoor pool, fitness center, business center, meeting/event space and free shuttle service to Austin-Bergstrom International Airport. Michael Yu and Rahul Bijlani of CBRE represented the seller, Highgate, a hospitality investment and management firm with five offices across the country, in the transaction. Houston-based K&K Hotel Group purchased the asset for an undisclosed price and was self-represented.
TAMPA, FLA. — Newbond Holdings has acquired Aloft Tampa Downtown Hotel, a 130-room hotel located on the Riverwalk in downtown Tampa. Amenities at the property include a waterfront pool and gym, corporate meeting and event space and a bar and lounge. The acquisition brings Newbond’s footprint along the riverfront, which also includes the Hotel Tampa Riverwalk, to more than 700 hotel rooms. JLL arranged acquisition financing on behalf of Newbond, which plans to implement renovations to the guest rooms, public areas and pool deck. Plasencia Group represented the undisclosed seller in the transaction. The sales price was not disclosed.
CEDAR CITY, UTAH — The Mogharebi Group (TMG) has arranged the sale of a 156-room select-service hotel portfolio in Cedar City, located in the southwest portion of the state. A Utah-based private investor sold the portfolio to an undisclosed seller for $8.9 million. The portfolio consists of a 106-room Quality Inn, located at 250 N. 1100 West, and a 50-room America’s Best Value Inn, located at 333 N. 1100 West. Built in 1984 and renovated in 2014, the Quality Inn comprises two-story buildings on three parcels totaling 2 acres. The hotel features a fitness center, indoor heated swimming pool and business center. The America’s Best Value Inn comprises a two-story building on 1.7 acres with an outdoor swimming pool and indoor corridors. Adam Gatto of TMG, along with Kip Paul of Cushman & Wakefield, represented the seller in the deal.
WOODINVILLE, WASH. — Developer Woodinville Hotel Partners has received a $52 million loan for the construction of The Somm Hotel and Spa, Autograph Collection in Woodinville, approximately 20 miles northeast of Seattle. The 164-room resort will feature a 5,661-square-foot spa; full-service restaurant with a private dining room; 3,000-square-foot rooftop bar with view of Mount Rainier; meeting space; and 9,000 square feet of retail space. The hotel will be the centerpiece of Harvest Wine Village, a 20-acre, master-planned development with nearly 100,000 square feet of retail space and a variety of residential spaces. Dallas-based HALL Structured Finance originated the loan for the borrowers. Brian Holstein of US Hotel Advisors brokered the financing.
INGLEWOOD, CALIF. — Lee & Associates has arranged the sale of the Wingate by Wyndham Hotel located at 10300 La Cienega Blvd. in Inglewood, near Los Angeles International Airport. A family trust, which owned the hotel for 23 years, sold the asset to Irvine-based Greens Inc. for $23.7 million, or $159,932 per room. Although the number of rooms was not disclosed, the price per key equates to approximately 148 guest rooms. Matt Orville, Marshal Vogt and Jaimeson Hearne of Lee & Associates Orange, along with a referral from Vanessa Herzog of Lee & Associates Pacific Northwest, represented the seller in the deal.
DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …