Hospitality

Planned Hotel for Navy Pier to Operate Under Curio Collection by Hilton Brand

by Kristin Harlow December 12, 2017

CHICAGO — Developer First Hospitality Group Inc. (FHG) and Navy Pier have unveiled the brand for the first hotel on Navy Pier. Slated to open in summer 2019, the 222-room hotel will operate under the Curio Collection by Hilton brand. Construction is expected to begin in January 2018. Situated at the eastern end of Navy Pier, the hotel will feature floor-to-ceiling windows and a 30,000-square-foot rooftop restaurant bar. Acron, a Switzerland-based real estate company, is funding the project. Jackie Koo of KOO LLC is designing the project, and James McHugh Construction Co. is the builder. The project is expected to generate 600 construction jobs and create 300 permanent jobs, according to FHG. Hilton operates more than 40 Curio Collection independent hotels globally.

December 12, 2017

Hospitality North Carolina Southeast

Frampton Construction Completes Event Space at Omni Hotel in Asheville

by Camren Skelton December 12, 2017

ASHEVILLE, N.C. — Frampton Construction Co. LLC has completed construction on the 10,000-square-foot Seely Pavilion and event lawn at The Omni Grove Park Inn in Asheville. The hotel is located roughly four miles from the Biltmore Estate and less than three miles from downtown Asheville. The Seely Pavilion features a Douglas fir timber structure with indigenous dry-stack stone columns, polished concrete flooring, stone fireplace, full-height glass curtain walls and views of the Blue Ridge Mountains. The new space will be used for business and social events. Constructed in 1913, The Omni Grove Park Inn includes 513 rooms and features an 18-hole golf course, subterranean spa, indoor and outdoor tennis courts, fitness center and multiple casual and formal restaurants.

December 12, 2017

Hospitality Michigan Midwest

CBRE Arranges Sale of 129-Room Hotel in Lansing, Michigan

by Kristin Harlow December 11, 2017

LANSING, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Lansing for an undisclosed price. The 129-room hotel is located at 2710 Lake Lansing Road near the Michigan State University campus and Capital Region International Airport. Amenities include an indoor heated pool, fitness center and pet-friendly rooms. Nate Sahn of CBRE represented the seller, Lansing-based Wickens Group. Lansing Hotel Owners LLC, an affiliate of the Banyan Investment Group, purchased the property.

December 11, 2017

Hospitality Southeast Tennessee

Safe Harbor Breaks Ground on 217-Room Margaritaville Hotel in Nashville’s SoBro District

by Camren Skelton December 8, 2017

NASHVILLE, TENN. — Safe Harbor Development, in conjunction with Margaritaville Holdings, has broken ground on Margaritaville Nashville Hotel, a 217-room hotel in Nashville’s SoBro district. Inspired by the lyrics and lifestyle of singer/songwriter Jimmy Buffett, the hotel is located at the corner of 5th Avenue South and Peabody Street, steps from Music City Center. In addition to guest rooms, the hotel will feature 52 Margaritaville Vacation Club by Wyndham timeshare units; a rooftop area with a pool, sundeck, fire pits and live entertainment; fitness center; more than 10,000 square feet of function space; Starbucks Coffee shop; and two Margaritaville dining concepts: FINS Beach Bar and JWB Grill. Margaritaville Nashville Hotel is part of Margaritaville’s portfolio of hotels and resorts. To date, the portfolio includes 10 hotels across the Southeast and Caribbean and 23 additional locations under development. The Nashville location is expected to open in summer 2019.

December 8, 2017

California Hospitality Western

Brighton Management Acquires 50-Room Hyatt Place in Vista, California

by Nellie Day December 8, 2017

VISTA, CALIF. — Brighton Management has purchased the 50-room Hyatt Place hotel in the San Diego submarket of Vista for an undisclosed sum. The hotel is located at 2645 S. Melrose Drive. The four-story hotel opened in 2012. It offers 1,200 square feet of meeting space, a 24/7 guest kitchen, gallery market and bakery café. CBRE Hotels represented the seller, an affiliate of Irvine-based CoreCapital that purchased the hotel in 2014. Brighton Management represented itself in the transaction. The company will also manage the hotel.

December 8, 2017

Hospitality Loans Massachusetts Northeast

Colliers Arranges $53M in Joint Venture Equity Financing for Dual-Branded Hotel in Woburn, Massachusetts

by Amy Works December 8, 2017

WOBURN, MASS. — Colliers International-Boston has arranged $53 million in joint venture equity financing for the construction of a dual-branded Hilton Hotel at 369 Washington St. in Woburn. Thomas Welch, Adam Coppola, John Poole, Tonia Jenkins and Richard Lillis of Colliers arranged the joint venture equity for owner Boston-based Madison Properties. Whitman Peterson is the equity investor and Concord Hospitality Enterprises Cos. is the developer/operator partner for the project. Since acquiring the now remediated site, Madison Properties has received entitlements for the hotel and three retail pad sites, already leased to Red Robin and Chick-fil-A, which is slated to open in 2018. The developer will break ground for the dual-branded Homewood Suites and Hampton Inn & Suites this month.

December 8, 2017

Hospitality Southeast Virginia

Chatham Lodging Trust Acquires 219-Room Embassy Suites Hotel in Metro D.C. for $68M

by Camren Skelton December 7, 2017

SPRINGFIELD, VA. — Chatham Lodging Trust has acquired a 219-room Embassy Suites by Hilton hotel in Springfield, roughly 15 miles southwest of Washington, D.C., for $68 million. Other terms of the transaction were not disclosed. Opened in 2013, the LEED-certified hotel features steel and concrete construction and 26 extended-stay suites with full kitchens. The hotel is located less than two miles from Fort Belvoir, the nation’s fifth largest military base, and the new headquarters of the Transportation Security Administration, which is expected to open in August 2020.

December 7, 2017

Hospitality Iowa Midwest

CA Ventures, Janko Hospitality Top Off 151-Room Hotel in Iowa City, Iowa

by Kristin Harlow December 7, 2017

IOWA CITY, IOWA — CA Ventures and Janko Hospitality have topped off the Hyatt Place Iowa City. The 151-room hotel, currently under development, is located in one of two towers that comprise the venture’s RISE at Riverfront Crossings development. The 575,000-square-foot mixed-use development will also include a 332-unit apartment tower, retail and office space. Completion is slated for August 2018. Managed by Janko Hospitality, the hotel will feature guest suites with separate living and sleeping areas. Amenities will include an indoor pool, fitness center, business center and dining area.

December 7, 2017

Hospitality Market Reports Michigan Midwest Midwest Market Reports

Wave of New Hotel Supply in Metro Detroit Reflects Improved Economic Fortunes

by Kristin Harlow December 7, 2017

The Detroit metropolitan area has experienced significant economic growth in recent years, fueled by a strengthening auto industry as well as the continued diversification of the local employment landscape. The hotel sector is benefitting from existing employers expanding operations locally and new entrants to the market. The Big Three automakers continue to invest in the region, while companies like e-commerce giant Amazon.com Inc. are building large warehouse facilities. Revenue gains for hotels were accordingly robust during the 2010–2016 period. Revenue per available room (RevPAR) during that stretch grew nearly 71 percent, rising from a low of roughly $38 in 2009 at the depths of the Great Recession to over $64 by year-end 2016. Both the average daily rate (ADR) and occupancy have posted consistent gains since 2010. Moreover, hoteliers sold a record number of room nights in the city of Detroit in 2016, according to STR. Occupancy levels approached 70 percent by the end of 2016, with ADRs of nearly $150 in the central business district (CBD). The data for 2017 show a relatively stable occupancy level with robust gains in ADR. The record performance achieved in this expansionary period has spurred tremendous hotel development in the downtown core and …

December 7, 2017

Hospitality Loans New York Northeast

Valencia Realty Secures $6.1M Loan for 42-Room Hotel in Saratoga Springs, New York

by Amy Works December 5, 2017

SARATOGA SPRINGS, N.Y. — Valencia Realty Capital has arranged a $6.1 million acquisition and redevelopment loan for Lark Hotels. The borrower will use proceeds of the three-year loan to purchase and renovate Saratoga Downtowner, a 42-room hotel located at 413 Broadway in Saratoga Springs. Lark Hotels plans to redevelop the centrally located property as a high-end lifestyle boutique hotel. The company currently owns and manages 23 hotels and four restaurants. Alex Riccio and Stephen Smeke of Valencia Realty secured the financing for the borrower.

December 5, 2017

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