Hospitality

Marcus & Millichap Brokers Sale of Former Embassy Suites Pittsburgh Airport for $25M

by David Cohen May 7, 2018

PITTSBURGH — Marcus & Millichap has brokered the sale of the former 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis for $25 million. Coraopolis is located about five miles north of Pittsburgh International Airport. The hotel, which was built in 1990, closed in early 2018. Jerry Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, in the transaction. The buyer was a private developer. The Pittsburgh Post Gazettehas reported that the building will be repurposed into a 220-unit assisted living and memory care facility called Tapestry Senior Living at Moon Township. The property is located on a hilltop and is highly visible from the intersection of Coraopolis Heights Road and Cherrington Parkway.

May 7, 2018

Acquisitions Hospitality Illinois Midwest

HREC Arranges Sale of Embassy Suites Hotel in Schaumburg, Illinois

by Kristin Harlow May 4, 2018

SCHAUMBURG, ILL. — HREC Investment Advisors has arranged the sale of the 209-room Embassy Suites by Hilton Chicago in Schaumburg. The sales price was not disclosed. The hotel is located nine miles from Chicago O’Hare International Airport. Scott Kaniewski of HREC represented the seller, a joint venture between Hotel Capital and ORIX Real Estate Americas. Pearlshire Capital Group purchased the asset.

May 4, 2018

Acquisitions Arizona Hospitality Western

Mortenson Sells 210-Key Hampton Inn & Suites in Downtown Phoenix for $44M

by Amy Works May 4, 2018

PHOENIX — Mortenson, a U.S.-based construction and real estate development company, has completed the construction of a Hampton Inn & Suites by Hilton in downtown Phoenix. Located at 77 E. Polk St., the 11-story hotel features 210 guest rooms. Apple Hospitality REIT acquired the newly completed hotel for $44 million, or $210,000 per key. The 123,900-square-foot property offers a bar and lounge, business center, meeting space, fitness center and breakfast room. North Central Group will manage the hotel, which is the first Hampton Inn & Suites hotel in downtown Phoenix. Mortenson served as developer and general contractor, PK Architects provided architectural services, Design Force served as interior designer, and PK Associates, Peterson Associates Consulting Inc. Dibble Engineering provided engineering services for the project.

May 4, 2018

Acquisitions Arizona Hospitality Multifamily Western

Orion Investment Negotiates $3.3M Sale of Motel Property in Phoenix

by Amy Works May 4, 2018

PHOENIX — Orion Investment Real Estate has arranged the sale of a motel property located at 3547 E. Van Buren St. in Phoenix. Risi Cos. acquired the short-stay motel, formerly known as Best Inn Suites, from Rudra Investment for $3.3 million, or $50,000 per unit. The buyer plans to convert the 66-room motel into an apartment property. At the time of sale, the motel was 97 percent occupied under daily, weekly and monthly terms. Zach Mishkin of Orion represented the buyer, while Joseph Dietz and Bob Farrell of Orion represented the seller in the deal.

May 4, 2018

California Development Hospitality Retail Western

Chula Vista, Port of San Diego Approve 535-Acre Convention Center Development in Chula Vista

by Amy Works May 3, 2018

CHULA VISTA, CALIF. — The City of Chula Vista and the Port of San Diego have approved key agreements to advance the Chula Vista Bayfront resort hotel and convention center project on San Diego Bay. The Board of Port Commissioners and the Chula Vista City Council unanimously approved a disposition and development agreement between the public-private partnership of port, the city and RIDA Development Corp. Construction is slated to begin in late 2019. Gaylord Hotels, the large convention hotel brand of Marriott International, will operate the 535-acre project. Located west of Marina Parkway between H and G streets, the waterfront development will include 1,600 hotel rooms and a 415,000-square-foot convention with 275,000 usable square feet of convention and meeting space. Additionally, the project will feature associated retail and resort-style amenities, including restaurant, bar and lounge facilities, recreational facilities, spa, pool with a lazy river, bike and boat rentals, more than 250 acres of protected wildlife habitat, and 46 acres of new parks, trails and bike paths. Public infrastructure improvements are planned to start by 2019, which includes site preparation, building access roads and new public streets, providing utility services and developing the new Harbor Park. Sun Communities Inc. is developing …

May 3, 2018

Acquisitions Hospitality New Mexico Western

Marcus & Millichap Arranges Sale of Motel 6 in Albuquerque

by Amy Works May 2, 2018

ALBUQUERQUE — Marcus & Millichap has brokered the sale of a Motel 6, located at 1701 University Blvd. NE in Albuquerque. The 117-room property, which was renovated in 2015, sold for an undisclosed price. Allan Miller, Chris Gomes and Joseph Jaques of Marcus & Millichap’s Dallas office represented the seller, a limited liability company, and buyer, another limited liability company. Matthew Reeves of Marcus & Millichap was the broker of record in New Mexico.

May 2, 2018

Acquisitions Hospitality Midwest Wisconsin

MCR Purchases 169-Room Courtyard by Marriott Hotel in Downtown Milwaukee

by Kristin Harlow April 27, 2018

MILWAUKEE — MCR has purchased the 169-room Courtyard by Marriott Milwaukee Downtown for an undisclosed price. MCR will also manage the property, which is located at 300 W. Michigan St. Hotel features include Wi-Fi, a fitness center, indoor pool, convenience store, restaurant and bar and four event spaces. MCR is a hotel owner-operator that has invested in 103 hotel properties with more than 12,000 rooms in 27 states.

April 27, 2018

Development Florida Hospitality Southeast

Strategic Property Partners Breaks Ground on JW Marriott Hotel at Water Street Tampa Development

by Camren Skelton April 27, 2018

TAMPA, FLA. — Strategic Property Partners (SPP) has broken ground on the 519-room JW Marriott Tampa hotel within its planned Water Street Tampa development. The $3 billion mixed-use project is a multi-phase, 50-acre development that at full build-out will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space. JW Marriott Tampa represents the first of 10 buildings that SPP plans to begin building over the next year. Designed by Florida-based architecture firm Nichols Brosch Wurst Wolfe & Associates, JW Marriott Tampa will feature 100,000 square feet of meeting and event space, including the largest hotel ballroom in Tampa Bay at approximately 30,000 square feet. The hotel will also feature a full-service spa and fitness center, pool and sun terrace, ground-floor restaurant with indoor and outdoor seating and a rooftop lounge and terrace on the 26th floor. The hotel is located adjacent to the Tampa Convention Center and Amalie Arena, home to the National Hockey League’s Tampa Bay Lightning, which is owned by SPP head Jeff Vinik. JW Marriott Tampa will be one of three hotels within the Water Street Tampa development. Earlier this month, SPP unveiled plans to develop the 173-room EDITION …

April 27, 2018

AC-Hotel-&-Residence-Inn-by-the-Galleria-Dallas

Acquisitions Hospitality Texas

Pacific Hospitality Acquires Dual-Branded Hotel Totaling 256 Rooms in Dallas

by Taylor Williams April 26, 2018

DALLAS — An affiliate of California-based Pacific Hospitality Group Ventures Inc. has acquired AC Hotel and Residence Inn Dallas by the Galleria, a dual-branded hotel property totaling 256 rooms in Dallas. The two hotels share a five-story building that is located within the Dallas Midtown mixed-use development. The 140-room AC Hotel and the 116-room Residence Inn feature shared amenities such as a fitness center, outdoor pool and nighttime lounge. Atlantic Hotels Group sold the property for an undisclosed price.

April 26, 2018

Development Hospitality Indiana Midwest

$13M TownePlace Suites Opens Near Louisville Airport in Jeffersonville, Indiana

by Kristin Harlow April 26, 2018

JEFFERSONVILLE, IND. — TownePlace Suites Louisville North has opened at 301 W. Maple St. in Jeffersonville. The project was a joint venture between Dora Hotel Co. LLC and Arc Construction Management LLC and cost an estimated $13 million to build. TownePlace Suites, an extended-stay hotel, is part of Marriott International. The 93-suite, three-floor property features a BridgeHouse Bar & Restaurant in addition to an indoor pool, hot tub, fitness center and guest laundry services. The hotel is located eight miles from Louisville International Airport.

April 26, 2018

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