Hospitality

Five Star Development Receives $282M Construction Financing for Ritz-Carlton Near Phoenix

by Kristin Harlow October 11, 2017

PARADISE VALLEY, ARIZ. — Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley, located 15 miles northeast of Phoenix. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie. The Ritz-Carlton resort will feature a 400-foot pool, spa, fitness center, event space, citrus orchard, herb garden, walking paths and lawn. Bryan Clark and Zack Holderman of HFF arranged the financing. Bank of the Ozarks provided a $210 million senior loan and Starwood Property Trust Inc. provided a $72 million mezzanine loan. Loan proceeds will be used to refinance an existing land loan and construct the hotel and residences. Scottsdale, Ariz.-based Five Star owns and develops projects in multiple real estate asset classes in Arizona, California, Texas and New Mexico. — Kristin Hiller

October 11, 2017

Hospitality Loans Texas

RealtyShares Closes $2.4M Equity Financing for Sheraton Hotel in Irving

by Taylor Williams October 10, 2017

IRVING, TEXAS — RealtyShares, a San Francisco-based financial intermediary, has closed a $2.4 million equity investment for the Sheraton DFW Airport Hotel, a 302-room hotel located at 4440 W. John Carpenter Freeway in Irving. The company arranged the funds on behalf of The Buccini/Pollin Group, a Delaware-based investment and management firm. The property, which is located about eight miles from the Dallas-Fort Worth International Airport, features three restaurants, 23 banquet and meeting rooms and 25,000 square feet of meeting space.

October 10, 2017

Holiday-Inn-Boston-Bunker-Hill-Area-Somerville-MA

Hospitality Loans Massachusetts Northeast

HFF Secures Refinancing for 623-Room Hotel Portfolio in Boston Suburbs

by Amy Works October 10, 2017

NATICK AND SOMERVILLE, MASS. — HFF has arranged refinancing for a three-property hotel portfolio in the Boston suburbs of Natick and Somerville. Distinctive Hospitality Group received the 10-year, fixed-rate loan, which was provided by Bank of America’s CMBS Group. The portfolio comprises the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick as well as the 184-room Holiday Inn Boston Bunker Hill Area in Somerville. Located at 1360 Worcester St., VERVE-Crowne Plaza Boston-Natick underwent a renovation in 2012 and features a fitness center, a business center, 17,000 square feet of event space and a full-service restaurant. Hampton Inn Boston-Natick, located at 318 Speen St., was completed in 1976 and renovated in 2008. The hotel features a fitness center, a business center, 12,000 square feet of meeting space and a restaurant. Located at 30 Washington St. in Somerville, Holiday Inn Boston Bunker Hill Area was most recently renovated in 2013 and features a fitness center, a basketball court, an indoor pool, a business center, 9,700 square feet of meeting and event space, and a restaurant and lounge. Mark Remington, Alan Suzuki and Evan Parker of HFF secured the financing for the borrower.

October 10, 2017

Hospitality Texas

Gatehouse Capital Opens 132-Room Hotel on Baylor University’s Dallas Medical Campus

by Taylor Williams October 9, 2017

DALLAS — Gatehouse Capital, a Dallas-based hospitality development firm, has opened Home2 Suites by Hilton Dallas Downtown at Baylor Scott & White. The 132-room hotel is located at 3301 Gaston Ave. on the campus of Baylor University Medical Center Dallas. The land is owned by Baylor Health Care System and has been leased to Gatehouse Capital. Aimbridge Hospitality manages the hotel.

October 9, 2017

Hospitality Loans Massachusetts Northeast

HFF Arranges $205M in Financing for Mixed-Use Development in Burlington, Massachusetts

by Amy Works October 6, 2017

BURLINGTON, MASS. — HFF has arranged $205 million in financing for The District Burlington, a more than 1 million-square-foot mixed-use development in Burlington. Fred Wittman, Greg LaBine and Robyn King of HFF secured the seven-year, fixed-rate permanent loan through a major institutional life insurance company for the borrower, affiliates of Charles River Realty Investors, National Development and AEW Capital Management. Recently repositioned and rebranded, the property includes a 30,000-square-foot retail cluster anchored by Island Creek Oyster Bar, Tuscan Kitchen and Market and TD Bank; a 350-space parking garage; a Residence Inn by Marriott; an 8,000-square-foot fitness center and OMMMSpace, a yoga and meditation studio. The District Burlington is 85 percent leased to a roster of more than 40 regional, national and global tenants, including BAE Systems, Black Duck Software, Charles River Development (no affiliation with Charles River Realty Investors) and Decision Resources.

October 6, 2017

Florida Hospitality Loans Southeast Tennessee

Sonnenblick–Eichner Arranges $135.8M Refinancing of 11 Hilton-Branded Hotels in Southeast, Midwest

by Camren Skelton October 6, 2017

BEVERLY HILLS, CALIF. — Sonnenblick-Eichner Co. has arranged a $135.8 million loan for the refinancing of 11 Hilton-branded hotels located in Florida, Tennessee and Michigan. The California-based company arranged the five-year, floating rate loan on behalf of Memphis, Tenn.-based Cooper Hotels. The portfolio includes the following Southeast properties: Hilton Naples in Naples, Fla.; Hilton Orlando/Altamonte Springs in Orlando, Fla.; Homewood Suites by Hilton Fort Myers Airport in Fort Myers, Fla.; DoubleTree by Hilton Memphis in Memphis; DoubleTree by Hilton Murfreesboro in Murfreesboro, Tenn.; DoubleTree by Hilton Oak Ridge in Knoxville, Tenn.; DoubleTree by Hilton Johnson City in Johnson City, Tenn.; and DoubleTree by Hilton Jackson in Jackson, Tenn. The Michigan hotels in the portfolio include Embassy Suites by Hilton Detroit Metro Airport, Hilton Garden Inn Detroit Metro Airport and Hampton Inn & Suites Detroit/Airport-Romulus, all of which are located in the Detroit suburb of Romulus.

October 6, 2017

Florida Hospitality Southeast

Woodbine, IMG Academy Break Ground on 150-Room Hotel South of Tampa

by Camren Skelton October 6, 2017

BRADENTON, FLA. — Woodbine Development Corp. and IMG Academy have broken ground on The Legacy Hotel at IMG Academy, a 150-room hotel located on IMG’s 500-acre campus in Bradenton. Dallas-based Woodbine is developing the five-story hotel for IMG, a multi-sport training and educational institution. The hotel will serve guests and clients of IMG, including visiting teams, coaches, student-athletes, staff and parents, as well as visitors to the surrounding community. Amenities will include an elevated lobby lounge and bar, three-meal restaurant, massage and fitness facility, 5,060 square feet of meeting space and a swimming pool. Tandem Construction is the project’s general contractor, and other members of the development team include architect 5G Studio, interior design firm Edge ID and landscape design firm SWA. Whitney Bank (d.b.a. Hancock Bank) is the lender. The Legacy Hotel is slated to open in fall 2018.

October 6, 2017

Florida Hospitality Southeast

Hunter Hotel Advisors Closes $20.5M Sale of Comfort Inn Hotel in Orlando

by Camren Skelton October 5, 2017

ORLANDO, FLA. — Hunter Hotel Advisors has arranged the $20.5 million sale of Comfort Inn Orlando Lake Buena Vista, a 200-room hotel situated a half-mile east of Walt Disney World in Orlando. Hunter Hotel Advisors represented the seller, Sun Vista Hotels, in the transaction. AD1 Global acquired the hotel, along with adjacent land that is entitled to build an additional 150 rooms. The hotel features an outdoor pool with a water slide, fitness center and complimentary shuttle service to Walt Disney World.

October 5, 2017

Hospitality Texas

Hilton Opens 162-Room Embassy Suites Hotel in College Station

by Taylor Williams October 4, 2017

COLLEGE STATION, TEXAS — Hilton Worldwide has opened Embassy Suites by Hilton College Station, a 162-room hotel located at 201 University Drive E in College Station, less than a mile from Texas A&M University’s campus. Managed by Aimbridge Hospitality, the hotel offers 4,500 square feet of meeting and banquet space, as well as a pool, fitness center and on-site bar and grill.

October 4, 2017

Hospitality Southeast Tennessee

North Point Hospitality Tops Off $140M Tri-Branded Marriott Hotel in Nashville

by Camren Skelton October 4, 2017

NASHVILLE, TENN. — Atlanta-based North Point Hospitality Group has topped off construction of a 21-story, tri-branded Marriott hotel in Nashville’s SoBro neighborhood. The $140 million hotel, located at 410 5th Ave. S., includes a 125-room SpringHill Suites, a 136-room Residence Inn and a 209-room AC Hotel. The development is the country’s first tri-branded Marriott hotel. Guests of the three hotels will have access to the shared amenities, which will include an indoor/outdoor pool, pool bar, fitness center, 11,000 square feet of ground floor retail and restaurant space, 9,000 square feet of flexible meeting space and a top floor bar and patio with panoramic views of the Nashville skyline. North Point Hospitality will manage the property, and other project team members include architect Lindsay Pope Brayfield & Associates, interior designer Design Continuum Inc., general contractor JE Dunn Construction and construction management services provided by Acumen Development Partners. SunTrust Commercial Real Estate provided construction financing for the project. The hotel is slated to open to the public in the third quarter of 2018.

October 4, 2017

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