REBusinessOnline

Royal Palm Buys Parcel at Miami Worldcenter for $33.9M, Plans to Develop Mixed-Use Tower

MIAMI — Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset will feature a business lounge, pool, a one-acre pool deck and a 100,000-square-foot wellness center. A timeline for completion …

Market Cap of Airbnb Skyrockets to $86.5B in First Day of Trading on Nasdaq Exchange

SAN FRANCISCO — Yesterday, Airbnb (NASDAQ: ABNB) soared in valuation during its first day of trading with initial shares priced at $68 for the San Francisco-based home-rental platform. The company’s shares skyrocketed to 113 percent above the initial offering, closing at $144.47.The company’s market capitalization reached $86.5 billion, with its offering raising $3.5 billion — making it the biggest IPO year-to-date.“Airbnb’s strong debut come as little surprise in view of …

Blossom Holding Group Nears Completion of 267-Room Hotel in Houston

HOUSTON — Blossom Holding Group is nearing completion of The Blossom Hotel, a 267-room hospitality property that will be located at 7118 Bertner Ave. near the Texas Medical Center in Houston. The 16-story hotel will feature a fitness center, lobby library, outdoor pool, karaoke room and multiple meeting and event spaces. Construction began in August 2018 and is expected to be complete during the first quarter of

Sunstone Hotel Investors Sells Renaissance Los Angeles Airport Hotel for $91.5M

LOS ANGELES — Sunstone Hotel Investors has completed the disposition of Renaissance Los Angeles Airport Hotel, located at 9620 Airport Blvd. in Los Angeles. An undisclosed buyer acquired the asset for $91.5 million, or approximately $182,300 per room.Located less than one mile from Los Angeles International Airport, the hotel features 502 guest rooms, a rooftop pool, fitness center, Studio 12 restaurant and 18,000 square feet of newly renovated event

Tempe Hotel Group Sells 139-Room Arizona Days Inn to Elliot West Hospitality for $8M

TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million.Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years.The 139-room hotel features …

Midas Hospitality Opens $20M SpringHill Suites Hotel in Overland Park, Kansas

OVERLAND PARK, KAN. — Midas Hospitality has opened its first hotel property in Overland Park. Located at 4081 Indian Creek Parkway, the $20 million SpringHill Suites rises five stories with 128 suites. Amenities at the all-suite hotel include a fitness center, indoor swimming pool and meeting room. The property is situated near the Overland Park Arboretum & Botanical Gardens. Midas served as developer and Thomas Construction was the general contractor. Midas will manage the new hotel, …

Mirae Asset Global Investments Receives $150M Refinancing for Fairmont San Francisco Hotel

SAN FRANCISCO — An affiliate of Mirae Asset Global Investments has received a $150 million loan for the refinancing of the historic Fairmont San Francisco, located at 950 Mason St. in San Francisco. JLL Hotels & Hospitality arranged the five-year, non-recourse loan through United Overseas Bank for the borrower.The 606-key hotel first opened in 1907 and has undergone $16 million in renovations to public areas, guest rooms and infrastructure since 2015. The hotel features 62 suites; …

Airbnb Increases Expected IPO Valuation to $35B

SAN FRANCISCO — On Tuesday, Dec. 1, San Francisco-based Airbnb filed an updated S-1 with the U.S. Securities and Exchange Commission ahead of its planned initial public offering (IPO) filing on Dec. 9.The home-rental platform, along with some shareholders, plans to offer 51.9 million shares at $44 to $50 in its IPO, creating a valuation of up to $35 billion, an $4 billion increase from its private valuation of $31 billion.The 13-year-old company has experienced growth since its …

Oxford Capital Group Acquires Five Boutique Hotels in Downtown San Francisco, Silicon Valley

SAN FRANCISCO, PALO ALTO AND LOS GATOS, CALIF. — Oxford Capital Group LLC has acquired five boutique hotels in San Francisco and Silicon Valley from Greystone Hotels for an undisclosed price. The company plans to reposition many of the assets.The properties include King George Hotel, Hotel Griffon and The Inn at Union Square in San Francisco, as well as Creekside Inn in Palo Alto and Hotel Los Gatos in Los Gatos.Dating back to 1914, the 53-room King George Hotel includes a lobby bar …

Jenkins Organization Breaks Ground on 208-Site RV Resort in Elgin, Texas

ELGIN, TEXAS — Houston-based self-storage developer The Jenkins Organization has broken ground on a 208-site RV resort in Elgin, about 25 miles northwest of Austin. Jenkins will operate the new park under the Great Escapes brand. Amenities will include a clubhouse with a kitchen, a resort-style pool, fitness center, outdoor grilling areas and a dog park. The opening of the facility, which will be Jenkins’ fourth Great Escapes location, is scheduled for winter

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