CRESTON, IOWA — Condor Hospitality Trust Inc. is under contract to sell its 121-room Super 8 hotel in Creston, about 70 miles southwest of Des Moines, for $5.1 million. The transaction is expected to close in the third quarter. Condor is a REIT based in Maryland that specializes in the investment and ownership of select-service, extended stay and limited-service hotels. The company currently owns 17 hotels in nine states.
NEW YORK CITY — Westgate Resorts has acquired the Hilton New York Grand Central, a 23-story, 300-room hotel in Midtown Manhattan. The sales price was not disclosed. Westgate will rebrand the two-tower hotel as the Westgate New York City. The hotel first opened in 1931 and was formerly known as the Hotel Tudor and Hilton Manhattan East. The property features gothic-revival architecture blended with modern luxuries. Amenities include a business center, 24-hour fitness center and 3,500 square feet of flexible meeting space. Westgate will continue to operate the resort as a hotel while it undergoes an extensive renovation. The company will also explore opportunities to add timeshare vill
NORWALK, CONN. — Queens Plaza West has acquired the 120-room Dolce Norwalk hotel in Norwalk. The sales price was not disclosed. Lakota Hotels & Resorts will operate the 66-acre facility after renovations and upgrades, which will include updates to the 240-seat ballroom, amenity areas and guest rooms. Situated in the center of Fairfield County, the hotel offers views of outdoor terraces, wide green lawns, wooded areas and ponds. The property features a 10,500-square-foot event space, lap pool, full-sized basketball court, racquetball courts and a fitness center. Dolce Norwalk was acquired for $24.9 million in 2007 by Broadreach Capital Partners.
WEST PALM BEACH, FLA. — Aztec Group has arranged a $42 million construction loan for a 208-room Marriott Autograph Collection Hotel located in downtown West Palm Beach. Boaz Ashbel of Aztec Group originated the financing through Florida Community Bank N.A. on behalf of the hotel owner and operator, Concord Hospitality Enterprises Co. The hotel will be located at 201 N. Flagler Drive, within a 435,000-square-foot mixed-use project under development by Navarro Lowery Properties. In addition to the new hotel, the site will feature 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multi-level parking structure. The hotel is scheduled to open in fall 2019 and will feature a full-service restaurant, fitness center, 4,000 square feet of meeting space and a rooftop swimming pool and lounge.
NEW YORK CITY — Pendry Hotels, in collaboration with Brookfield Properties, will open its first New York City location at Brookfield’s Manhattan West development in the Hudson Yards district. Pendry Manhattan West will be a 164-room hotel with a restaurant, lounge and open-air terrace bar, as well as meeting and event space. Construction of the hotel is scheduled to begin during the third quarter of 2018, with an estimated completion date of 2021. Manhattan West is a 7 million-square-foot development with more than 6 million square feet of office space and 250,000 square feet of retail anchored by a 35,000-square-foot Peloton Studios location and a 60,000-square-foot Whole Foods. Pendry Manhattan West was designed by architectural firm, Skidmore, Owings & Merrill with interiors by Gachot Studios.
ORLANDO, FLA. — Tishman Select Partners, an affiliate of New York-based Tishman, has acquired three hotels in Orlando from developer Kalson’s Hospitality. The portfolio sold for $81 million, according to local media reports. The sold portfolio adds 400 rooms to Tishman’s portfolio and includes Homewood Suites Orlando Theme Parks, located at 6940 Westwood Blvd.; Homewood Suites Lake Buena Vista, located at 11428 Palm Parkway; and Hilton Garden Inn Lake Buena Vista, located adjacent to Homewood Suites Lake Buena Vista. All three properties are situated less than five miles from Walt Disney World. Tishman currently owns the nearby Walt Disney World Swan and Walt Disney World Dolphin Resorts.
TAMPA, FLA. — Braemar Hotels & Resorts Inc. has sold the 293-room Renaissance Tampa International Plaza Hotel in Tampa for $68 million, or $232,000 per room. Newport Beach, Calif.-based Clearview Hotel Capital and funds managed by Oaktree Capital Management LP acquired the asset. According to Braemar, the Renaissance Tampa hotel achieved RevPAR of $158 with occupancy of 83 percent and an average daily rate (ADR) of $191 in the 12-month period ended March 31, 2018. The Marriott-branded property features a fitness center, rooftop hydroponic garden, outdoor pool, onsite dining and an onsite wine bar. Lou Plasencia, Joe Corcoran, Chris Plasencia and Nick Plasencia of The Plasencia Group arranged the transaction on behalf of Braemar.
YONKERS, N.Y. — MGM Resorts International and MGM Growth Properties LLC have announced plans to acquire the property and operations associated with the Empire City Casino’s race track and casino for $850 million. MGM Resorts will buy the property, then transfer it to its real estate subsidiary, MGM Growth Properties, and execute a sale-leaseback transaction to make MGM Resorts the tenant on the 97-acre site. The transactions are expected to close in the first quarter. MGM Resorts will pay $850 million, including the refinancing of Empire City’s outstanding debt, which is expected to be $245 million. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024. Empire City serves approximately 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan. The casino offers gaming, dining, and entertainment as well as slots, electronic table games and live horse racing.
WILMINGTON, DEL. — The Buccini/Pollin Group has received a $36.5 million loan to refinance the Westin Wilmington, a 180-room, full-service hotel located at 818 Shipyard Drive in Wilmington. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loan on behalf of Buccini/Pollin through Goldman Sachs and Quadrant Real Estate Advisors. The hotel is connected to the Chase Center, which is the largest special event facility in the Brandywine Valley with more than 87,000 square feet of meeting space. The property was built in 2014 and features 5,780 square feet of meeting space as well as a restaurant, lounge, indoor pool and fitness center.
LINTHICUM HEIGHTS, MD. — Cronheim Hotel Capital (CHC) has secured a $29.2 million loan for the acquisition and repositioning of the Westin Baltimore Washington Airport — BWI. The 260-room hotel is located two miles from Baltimore/Washington International Thurgood Marshall Airport. CHC arranged the three-year, non-recourse bridge loan on behalf of the borrower, Washington, D.C.-based Frontier Development. Crestline Hotels & Resorts — Frontier’s third party management company — is managing the property. The hotel was constructed in 2007 and features a complimentary airport shuttle, fitness center, 10,850 square feet of meeting space and an indoor swimming pool.