CINCINNATI — AWH Partners LLC and Opterra Capital LLC have acquired the Cincinnati Marriott at RiverCenter for an undisclosed price. The 321-room hotel is connected to the Northern Kentucky Convention Center and includes 30 event rooms. Amenities include a fitness center, indoor pool and the 10 West restaurant. Spire Hospitality manages the hotel.
WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One Arena.
MIAMI — Thorofare Capital has provided a $17 million loan to Langford Partners LLC to help stabilize The Langford Hotel, a building constructed in 1926 and added to the National Register of Historic Places in 1989. It was originally a bank and has housed several banks, an insurance company and other commercial entities over the years. Langford Partners, an affiliate of Stambul USA, purchased the building in 2013, and in 2016, opened it as a 126-room boutique hotel. Thorofare provided the sponsor with a two-year, interest-only bridge loan to refinance an existing construction loan, and repatriate preferred equity through an “earn-out” facility based on hotel performance. Neil Freeman and Brandon Perdeck of Chicago-based Aries Capital LLC arranged the financing.
AUSTIN, TEXAS — MYCON General Contractors has begun construction of The Magdalena Hotel & Condominiums, a project in Austin that will deliver a 95-room hotel and seven condominium units. Located just off South Congress Avenue, the five-story property will also include event and restaurant space. Lake Flato Architects designed the project, which is slated for a fall 2019 completion. Woodbine Development Corp. is leading development of the project.
HOUSTON — JLL has arranged a $60 million loan for the refinancing of Hyatt Regency Houston Galleria, a 325-room hotel in Houston. The property features more than 19,000 square feet of meeting and event space, two food and beverage outlets, an outdoor pool and a fitness center. Jeffrey Davis, Mike Melody, Kevin Davis, Paul House, Matt Nowaczyk and John Ream of JLL arranged the loan through MetLife on behalf of the undisclosed borrower.
LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.
ATLANTA — F10 Hotels has arranged $48.5 million of interim first mortgage financing to refinance the TWELVE Midtown and TWELVE Downtown Marriott Autograph hotels in Atlanta. The TWELVE hotels were purchased in 2015 by Global Management & Investment, and after undergoing a $10 million renovation, joined the Marriot Autograph collection earlier this year. Collateral for the loan included the hotels, ground-floor retail and parking. The floating-rate loan was priced at LIBOR plus 250 basis points. The proceeds were used to refinance Global’s existing acquisition loan.
WILMINGTON, DEL. —Real estate investment firm Excel Group has acquired the 96-room Residence Inn Wilmington Downtown in Wilmington. The sales price was undisclosed. Located at 1300 N. Market St., the property opened this year and is the first new hotel in downtown Wilmington in more than 20 years. The purchase is the fourth major transaction for Excel Group in 2018, representing a total transaction volume of more than $100 million. The property is an all-suite hotel that offers studio and one-bedroom suites.
DENVER — CIT Group’s real estate finance business served as sole lead arranger of a $91 million senior secured loan. The funds will be used for the acquisition of the Sheraton Denver Hotel in downtown Denver. The borrower is a joint venture between High Street Real Estate Partners and Eagle Four Partners. Located on along the 16th Street pedestrian mall, the hotel features 1,231 guest rooms and 133,000 square feet of meeting space.
The face of Louisville is changing rapidly, but it has leveraged what the state of Kentucky is historically known for best, bourbon. Louisville is a short drive from most of the legendary distilleries in the Commonwealth. However, the downtown Urban Bourbon Trail is booming with tourism and many brands actually distilling their spirits onsite. Jim Beam’s Urban Stillhouse, the Evan Williams Bourbon Experience, Copper & Kings, Angel’s Envy Distillery and Rabbit Hole Distillery are locations where patrons can sample and buy their drink of choice and learn about the history of these companies and the evolution of the industry as a whole. Most recently in June, Brown-Forman Corp. opened its Old Forester Distilling Co. experience at the newly restored Whiskey Row on Main Street. The company is not only distilling and sharing its history at the site, but like others on the Urban Bourbon Trail there are areas to host receptions and parties. Duluth Trading opened next door on Whiskey Row late last year to begin to fill a growing need for retail space downtown. Convention Center, Hotels After two years being closed, earlier this month Louisville celebrated the reopening of the $207 million renovation and reconstruction of the Kentucky …