Novais Partners, Hanover Co. Plan 4.4 MSF Mixed-Use Project in Metro D.C.

ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn. The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million …

Olshan Properties Opens 136-Room Aloft Hotel at Easton Town Center in Columbus

COLUMBUS, OHIO — Olshan Properties, together with Easton’s master developer The Georgetown Co., has opened a 136-room Aloft Hotel at Easton Town Center in Columbus. The new hotel is the fourth to open at Easton, a shopping and entertainment destination, in recent years. The hotel features a 7,500-square-foot restaurant, a fitness center, pool and designated event space. The Aloft brand is a business boutique hotel concept from Marriott. There are 140 Aloft locations

Crystal Investment Property Brokers Sale of 68-Room La Quinta Inn in Sandpoint, Idaho

SANDPOINT, IDAHO — Crystal Investment Property (CIP) has arranged the sale of La Quinta Inn by Wyndham Sandpoint, a hotel located at 415 Cedar St. in Sandpoint. Terms of the transaction, including the seller, buyer and acquisition price, were not released.La Quinta Inn by Wyndham Sandpoint features 68 guest rooms, a lobby with fireplace, gift shop, fitness center, indoor spa and seasonal outdoor swimming pool. The guest room mix includes a selection of queen- and king-bed rooms; …

Evaluating the Volume of Distressed Properties in the Wake of COVID

Many in commercial real estate expected a tsunami of COVID-related distressed properties in 2020 and 2021. So far, the wave hasn’t materialized, says Jay Olshonsky, president and CEO of NAI Global. Businesses have been sustained by exogenous factors that may or may not keep them from foreclosure or receivership in the long term. In many cases, lender forbearances or flexible plans have simply extended the window in which distressed properties may eventually revert to …

JLL Negotiates Sale of 336-Room Gallivant Times Square Hotel in Manhattan

NEW YORK CITY — JLL has negotiated the sale of Gallivant Times Square, a 336-room hotel located at 234 W. 48th St. in Manhattan. The 16-story building spans 209,851 square feet and offers amenities such as a fitness center, business center and meeting space. In addition, the building houses two restaurant concepts. Jeff Davis, K.C. Patel, Michele Mahl and Nikhil Chuchra of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also

Crystal Investment Property Brokers Sale of Motel 6 in Moses Lake, Washington

MOSES LAKE, WASH. — Crystal Investment Property (CIP) has arranged the sale of a Motel 6 located at 2822 Driggs Drive in Moses Lake. Terms of the transaction were not released.Situated off Interstate 90 at exit 176, the motel features 89 guest rooms, an outdoor swimming pool, grassy courtyard area and ample parking for trucks, buses or RVs. Located in North Central Washington, the motel is approximately 100 miles west of Spokane and 180 miles east of Seattle.Joseph Kennedy of CIP …

MCR Acquires Dual-Branded Hotel in Metro Nashville

SMYRNA, TENN. — MCR, a hotel owner-operator with offices across the country, has acquired Tru by Hilton Smyrna Nashville and Home2 Suites by Hilton Smyrna Nashville, a dual-branded hotel in the Nashville suburb of Smyrna. The 167-room property is located less than 10 miles from the Nashville Superspeedway, a motor racing complex, and 20 miles from Nashville International Airport and downtown Nashville. The seller and sales price were not disclosed.The Tru by Hilton Smyrna Nashville …

Midas Construction Breaks Ground on $47M Residence Inn Hotel in Suburban St. Louis

CLAYTON, MO. — Midas Construction has broken ground on a $47 million Residence Inn by Marriott hotel in Clayton, a suburb of St. Louis. The extended-stay hotel will rise 12 stories with 170 rooms. Completion is slated for 2022. A street-level bar will include indoor and outdoor seating. There will also be 3,300 square feet of meeting space with an outdoor terrace and bar. Guests will enjoy complimentary breakfast and access to a 1,500-square-foot fitness center. Joining Midas on the project …

Partnership Nears Completion of 212-Room Thompson Austin Hotel

AUSTIN, TEXAS — A partnership between BLG Capital Advisors, Magellan Development Group, Geolo Capital and Wanxiang America Real Estate Group is nearing completion of Thompson Austin, a 212-room luxury hotel that will be located in the downtown area. The property is expected to open over the summer and will house several food and beverage concepts and amenities such as a pool, fitness center, game room and indoor and outdoor meeting spaces. Thompson, which is part of the Hyatt family of …

$100M Sable Hotel Opens at Chicago’s Navy Pier

CHICAGO — The Sable at Navy Pier, a 223-room, seven-story hotel, opened today at Chicago’s Navy Pier tourist attraction. James McHugh Construction Co. and Powers & Sons Construction Co. were the general contractors for the $100 million project. Developer ACRON USA owns the hotel, which is part of Hilton’s Curio brand. Maverick Hotels and Restaurants is the hotel operator.Every room at the hotel offers a waterfront view of the Chicago skyline. Construction involved integrating the …

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