Hospitality

CBRE|Martin Arranges Sale of 66,603 SF Hospitality Asset near Kalamazoo, Michigan

by Jeff Shaw May 14, 2018

AUGUSTA, MICHIGAN — CBRE|Martin has arranged the $950,000 sale of Brook Lodge, a 66,603-square-foot hotel and conference center in Augusta, about 15 miles east of Kalamazoo. Situated on 82.6 acres, the property consists of eight cottages totaling 48 guestrooms. CBRE|Martin represented the seller, Michigan State University (MSU), which acquired the property in 2000, in the transaction. The buyer was not disclosed. Prior to MSU’s acquisition of Brook Lodge, the property served as a conference center for employees of Upjohn Co., a pharmaceutical manufacturing firm that was established in Kalamazoo in the late 19th century. In the early 2000s, pharmaceutical giant Pfizer acquired Upjohn, which had previously merged with Sweden-based Pharmacia in 1995.

May 14, 2018

Acquisitions Florida Hospitality Southeast

Ashford Trust Sells 109-Room Hotel in Downtown Tampa for $24M

by Camren Skelton May 14, 2018

TAMPA, FLA. — Ashford Hospitality Trust Inc. has sold the 109-room Residence Inn Tampa Downtown in Tampa for $24 million. The name of the buyer was not disclosed. The hotel achieved RevPAR of $122 over the 12-month period ending on March 31, and had an average occupancy of 76 percent. The hotel features a fitness center, outdoor pool and a sports court.

May 14, 2018

Development Hospitality Texas

Sam Moon Group Breaks Ground on 303-Room Hyatt-Branded Hotel in Frisco

by Taylor Williams May 10, 2018

FRISCO, TEXAS — Dallas-based hospitality developer Sam Moon Group has broken ground on The Hyatt Regency Stonebriar, a 303-room hotel in the northern Dallas metro of Frisco. The 18-story property will be attached to the Stonebriar Centre mall, which owner GGP is currently redeveloping. The new hotel will include a 54,585-square-foot conference room, an 800-space parking garage and a 3,000-square-foot library that will connect to the mall. Architecture firm HKS Inc. is designing the hotel and Brasfield & Gorrie is serving as general contractor. Completion is scheduled for the first quarter of 2020.

May 10, 2018

Hospitality Loans Southeast Virginia

Phillips Realty Capital Arranges $30M Loan for Hotel Near Dulles International Airport

by Camren Skelton May 10, 2018

HERNDON, VA. — Phillips Realty Capital has arranged $30 million in permanent financing for the 324-room Crowne Plaza Dulles Airport Hotel in Herndon. Mark Remington of Phillips Realty Capital arranged the loan through Bank of America Merrill Lynch on behalf of the hotel owner, Rocks Engineering. The Virginia-based company originally developed the hotel in 1986 as a Days Inn. The company has since rebranded the property to Crowne Plaza, part of InterContinental Hotels Group’s (IHG) brand family. In 2016, Rocks Engineering invested $12 million to renovate the hotel, which now features 10,000 square feet of meeting space, a business center, 24-hour fitness center and an on-site restaurant. The hotel is located roughly two miles from Dulles International Airport.

May 10, 2018

Acquisitions Hospitality Midwest Ohio

MCR Acquires 84-Room Hilton Garden Inn Near Cincinnati

by Kristin Harlow May 10, 2018

LOVELAND, OHIO — MCR has acquired the 84-room Hilton Garden Inn Cincinnati Northeast in Loveland, about 20 miles northeast of Cincinnati. The purchase price was not disclosed. Located near I-275, the hotel features free Wi-Fi, a fitness center, indoor pool, business center, restaurant, convenience store and two meeting rooms. MCR will also manage the property.

May 10, 2018

Courtyard-by-Marriott-Generation-Park-Houston

Development Hospitality Texas

HDS Breaks Ground on 144-Room Courtyard by Marriott Hotel in Houston

by Taylor Williams May 9, 2018

HOUSTON — Hotel Development Services (HDS) has broken ground on a 144-room Courtyard by Marriott hotel in Houston. The property is being developed within Generation Park, a 4,000-acre master-planned community on the city’s northwest side. The five-story hotel will feature more than 2,000 square feet of meeting space, a 24-hour market, outdoor pool, fitness center, business center, bistro and a Starbucks Coffee. American Hospitality Management will manage the property upon completion in 2019.

May 9, 2018

Acquisitions Hospitality Mixed-Use Northeast Rhode Island

NKF Capital Markets Orchestrates $10.1M Sale of Newport Grand Casino in Rhode Island

by David Cohen May 8, 2018

NEWPORT, R.I. — NKF Capital Markets has orchestrated the sale of the Newport Grand Casino in Newport for $10.1 million. NKF represented the seller, Twin River Management Group, in the transaction. The buyer was Carpionato Group. Initially serving as an arena for jai alai, Newport Grand added slot machines in 1992 and was renovated in 2008 to add space for a full casino. The property will continue to operate as the Newport Grand Casino until the gaming facility relocates to Tiverton, Rhode Island later this year. The buyer plans to redevelop the 23.5-acre site into a mixed-use project.

May 8, 2018

Acquisitions Hospitality Southeast Virginia

HREC Secures Sale of 295-Room Hilton-Branded Hotel in Williamsburg, Virginia

by Camren Skelton May 8, 2018

WILLIAMSBURG, VA. — HREC Investment Advisors has brokered the sale of the 295-room DoubleTree by Hilton Hotel in Williamsburg. Ketan Patel and Monty Levy of HREC arranged the transaction on behalf of the seller, an affiliate of Waramaug Hospitality. An affiliate of Shamin Hotels, a Virginia-based hotel owner and operator, acquired the asset. The sales price was not disclosed. The DoubleTree by Hilton Hotel is located adjacent to the Busch Gardens theme park, a half-mile from Anheuser Busch’s Williamsburg Budweiser brewery and five miles from the Yorktown Naval Weapons Station.

May 8, 2018

Hospitality Illinois Loans Midwest

CBRE Arranges $32.9M Acquisition Financing for Hyatt Regency Hotel in Deerfield, Illinois

by Kristin Harlow May 8, 2018

DEERFIELD, ILL. — CBRE Capital Markets has arranged a $32.9 million loan for the acquisition of the Hyatt Regency Deerfield. The 301-room hotel is located at 1750 Lake Cook Road near I-94 and I-294. Bill Howe and Jonathan Rice of CBRE arranged the loan on behalf of the borrower, Phoenix Development Partners. A debt fund provided the loan.

May 8, 2018

Acquisitions California Hospitality Western

HFF Brokers Sale of 283-Room Hotel MdR in West Los Angeles

by Amy Works May 8, 2018

LOS ANGELES — HFF has arranged the sale of Hotel MdR – a DoubleTree by Hilton Hotel located at 13480 Maxella Ave. in West Los Angeles’ Marina del Rey submarket. Lubert-Adler, Channel West Group and Arris Investment sold the 283-room hotel to U.K.-based London & Regional Properties for an undisclosed price. Hotel MdR was renovated and repositioned as a soft-branded DoubleTree Hotel in 2014. The property features an outdoor heated pool and patio, fitness facility, 24/7 business center, market, energy room with ping-pong table, 5,429 square feet of indoor/outdoor event space and Barbianca Local Kitchen. Tony Malk, Scott Hall and Aaron Lapping of HFF represented the seller in the deal. Additionally, Brad Greenway, Kevin MacKenzie and Matthew Stewart of HFF arranged a five-year, floating-rate loan with a Germany-based lender for the buyer.

May 8, 2018

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