Hospitality

Meridian Capital Arranges $23.5M in Refinancing for 130-Room Hotel in Brooklyn

by David Cohen April 3, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $23.5 million loan for the refinancing of the 130-room Box House Hotel in the Greenpoint neighborhood of Brooklyn. New York-based Ladder Capital provided the loan, which features interest-only payments. The borrower was undisclosed. Cary Pollack and Judah Neuman of Meridian negotiated the terms of the loan. The Box House Hotel is a former warehouse space at 77 Box St. that was redeveloped into a hotel in 2012. The four-story property also features a rooftop event space with views of the Manhattan skyline. Greenpoint is accessible from Manhattan via the G subway line and the East River ferry.

April 3, 2018

Acquisitions Hospitality Texas

Marcus & Millichap Closes Sale of Two Hotels Totaling 190 Rooms in Metro Dallas

by Taylor Williams April 2, 2018

GRAPEVINE, TEXAS — Marcus & Millichap has closed the sale of a 94-room Hampton Inn & Suites and a 96-room Comfort Suites, two hotels located in the Dallas metro of Grapevine. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Dallas-based Supreme Bright Grapevine II and IV LLC, in the transaction. The duo also procured the buyer. Other terms of sale were not disclosed.

April 2, 2018

Hospitality Loans Southeast Virginia

Mission Capital Secures $47M Refinancing for Hyatt-Branded Hotel in Metro D.C.

by Camren Skelton April 2, 2018

ARLINGTON, VA. — Mission Capital Advisors has arranged a $47 million bridge loan for the refinancing of Hyatt Place Arlington Courthouse Plaza, a 168-room hotel located at 2401 Wilson Blvd. in Arlington, roughly 5 miles southwest of Washington, D.C. The property is located adjacent to the Association of the United States Army (AUSA) Conference and Event Center. Jason Parker, Ari Hirt and Jamie Matheny of Mission Capital arranged the loan through EagleBank on behalf of the borrower, a partnership between The Schupp Cos. and LodgeWorks Partners. The eight-story hotel was constructed in 2016 and features a business center and indoor valet parking. In addition, the hotel is home to Verre Wine Bar on the ground level.

April 2, 2018

Acquisitions Hospitality Midwest Missouri

Mumford Co. Arranges Sale of 63-Room Hotel in Pevely, Missouri

by Kristin Harlow April 2, 2018

PEVELY, MO. — Mumford Co. has arranged the sale of a Super 8 hotel in Pevely, about 29 miles south of St. Louis. The sales price was not disclosed. The three-story hotel features an indoor pool. George Arvanitis and Justin Pinkard of Mumford Co. represented the seller, Faiz Awana LLC. Investment Property Exchange Services Inc. purchased the asset.

April 2, 2018

DoubleTree-by-Hilton-Austin-Northwest-Arboretum

Acquisitions Hospitality Texas

HFF Negotiates Sale of 194-Room Hilton-Branded Hotel in Austin

by Taylor Williams March 29, 2018

AUSTIN, TEXAS — HFF has negotiated the sale of the 194-room DoubleTree by Hilton Hotel Austin Northwest Arboretum on Austin’s north side. The property is situated adjacent to two mixed-use developments, The Domain and The Arboretum, and features a 24-hour business center, outdoor pool and 6,600 square feet of meeting and event space. John Bourret, Austin Brooks and Daniel Peek of HFF represented the seller, Florida-based Driftwood Hospitality Management, in the transaction. San Diego-based Pinnacle Hotels USA purchased the property for an undisclosed price.

March 29, 2018

Development Hospitality Texas

NewcrestImage Opens 134-Room Hyatt-Branded Hotel in Oklahoma City’s Bricktown District

by Taylor Williams March 29, 2018

OKLAHOMA CITY — Dallas-based hospitality development firm NewcrestImage has opened a 134-room Hyatt Place hotel in the Bricktown district of Oklahoma City. The five-story property features a 24-hour fitness center and 1,800 square feet of meeting space. The Hyatt Place is the third hotel operated by NewcrestImage in Oklahoma City.

March 29, 2018

Features Georgia Hospitality Southeast

Strong Economy Propels Hotel Industry Forward, But Construction Lenders Remain Cautious

by Camren Skelton March 29, 2018

ATLANTA — Despite possible headwinds from Capitol Hill, the hospitality industry is poised for a healthy 2018. The combination of a strong economy, tax cuts and rising consumer confidence is boosting demand for hotels across the country. Meanwhile, lenders are tightening their purse strings when it comes to new development, leaving hoteliers confident that the industry is on solid footing. Those points were among the big takeaways stemming from two separate panel discussions held last Friday morning, March 23, during the Hunter Hotel Conference. The 30th annual event drew 1,700 attendees to the famed Atlanta Marriott Marquis hotel downtown designed by the late John C. Portman. In February, the unemployment rate remained unchanged at 4.1 percent, a 17-year low. The Consumer Confidence Index is at its highest level since 2000. “Domestically, things are great,” said Chip Rogers, president and CEO of the Asian American Hotel Owners Association (AAHOA). “This past holiday season was the most traveled holiday season on record.” Rogers said some credit goes to the low cost of gasoline. The price per gallon has been under $3 for four consecutive years, he pointed out. “You can see a direct relationship between how willing people are to travel and the …

March 29, 2018

Development Hospitality Iowa Midwest

Weitz Delivers 330-Room Convention Center Hotel in Des Moines

by Kristin Harlow March 28, 2018

DES MOINES, IOWA — The Weitz Company has completed construction of the Hilton Des Moines Downtown. The 330-room convention center hotel spans 322,000 square feet. The $101 million project was financed with a mix of public and private money, according to the Des Moines Register. The Iowa Events Center Hotel Corp., a nonprofit established by Polk County in partnership with Bankers Trust, oversaw the project. The Waldinger Corp. and Baker Electric served as local subcontractors.

March 28, 2018

Acquisitions Hospitality Northeast Pennsylvania Top Stories

RLJ Lodging Sells 364-Room Hotel in Philadelphia for $95.5M

by David Cohen March 28, 2018

PHILADELPHIA — RLJ Lodging Trust (NYSE: RLJ) has sold Sheraton Society Hill, a 364-room hotel located in Philadelphia, for $95.5 million. The price represents a capitalization rate of 5.6 percent on the hotel’s net operating income (NOI) for 2017, as well as a price per room of approximately $262,000. Maryland-based RLJ has now generated $300 million from asset sales since merging with Texas-based FelCor Lodging Trust Inc. in September 2017. The company is planning to generate an additional $200 million to $400 million in proceeds this year, according to Ross H. Bierkan, president and CEO of RLJ. “The sale of another non-core asset at a highly accretive valuation highlights the meaningful progress we have achieved in realizing the embedded value from the FelCor merger,” says Bierkan. The Buccini/Pollin Group purchased the property and plans a multi-million dollar renovation and rebranding. PM Hotel Group, a national hotel management company, will manage the hotel. Located in the Old City district of Philadelphia at One Dock St., the hotel offers a close proximity to a number of historic attractions, including the National Constitution Center and Penn’s Landing. Amenities at the hotel include an indoor swimming pool, fitness center and onsite restaurant, as well …

March 28, 2018

Features Hospitality

This Will Be Record Year for Hotel RevPar, Occupancy, Says STR’s Freitag

by Taylor Williams March 27, 2018

ATLANTA — American hotels posted record levels of revenue per available room (RevPAR) and occupancy in 2017. According to one industry researcher who recently spoke at a national hotel conference, 2018 is shaping up to be even better. Jan Freitag, senior vice president of lodging insights at Tennessee-based research firm STR, was the first panelist to deliver a “state of the union” presentation at the Hunter Hotel Conference. The event drew 1,700 industry experts to downtown Atlanta on March 22. Freitag noted that the U.S. hotel sector closed 2017 with RevPAR of $84 and an occupancy rate of 66 percent. These figures represent year-over-year increases of 3.1 percent and 1 percent, respectively. Both of these metrics are functions of demand for hotel rooms, which rose by 3 percent from 2016 to 2017. STR’s data projects a 2.3 percent increase in demand for hotel rooms in 2018. Specifically, the company forecasts RevPAR growth of 2.7 percent and occupancy growth of 0.3 percent in 2018. What Happened in 2017 Freitag opened his discussion by noting that growth in demand for hotels in 2017 was tied to Hurricanes Irma and Harvey, which accounted for more than $130 billion in combined property damages. RevPAR for hotels in Florida …

March 27, 2018

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