Hospitality

Hodges Ward Elliot Negotiates $87M Sale of 234-Bed Hotel in Bellevue, Washington

by Amy Works March 23, 2018

BELLEVUE, WASH. — Hodges Ward Elliott has arranged the sale of AC Hotel Seattle Bellevue/Downtown, a hotel located at 208 106th Place NE in downtown Bellevue. Ishin Aju Hotel Bellevue LLC acquired the hotel from WPPI Bellevue AC LLC for $87 million. The seven-story property, which opened in August 2017, features 234 rooms, two levels of underground parking, 1,487 square feet of meeting space, the AC Lounge, the AC Kitchen, the AC Store, the AC Library and a fitness center. Mark Elliott, John Sonnier, Michael DiPrima and Rick Rush of Hodges Ward Elliott represented the seller in the transaction.

March 23, 2018

Acquisitions Hospitality Oregon Western

Crystal Investment Property Negotiates Sale of 43-Room Hotel in Newport, Oregon

by Amy Works March 22, 2018

NEWPORT, ORE. — Crystal Investment Property (CIP), a member of Hotel Brokers International, has brokered the sale of the Econo Lodge in Newport. The property features 43 rooms, which have been updated with new granite and tilework throughout. Joseph Kennedy of CIP represented the undisclosed seller and undisclosed buyer in the deal. The acquisition price was not released.

March 22, 2018

Features Georgia Hospitality Property Type Southeast Southeast Feature Archive

Battle for Market Share: Leading Hotel Companies Expand Via Acquisitions, New Brands

by John Nelson March 22, 2018

ATLANTA — The world’s largest hotel company, Wyndham Hotel Group, made a splash in January when parent company Wyndham Worldwide Corp. purchased La Quinta’s franchise and management business for nearly $2 billion. Speaking at the 30th annual Hunter Hotel Conference in Atlanta Wednesday, Geoff Ballotti, president and CEO of Wyndham Hotel Group, spoke about how the acquisition has helped expand the company’s platform. “It is our 21st brand. We’re the company that operates more hotels than any other company today at 9,100 hotels,” says Ballotti at the three-day conference, which is drawing 1,700 attendees. “La Quinta is a brand that franchises well — 85 percent of La Quinta’s franchisees score four stars or above on TripAdvisor. It’s a great value for our shareholders.” The past few years have seen mega transactions like this, none bigger than Marriott International’s $13 billion acquisition of Starwood Hotels & Resorts in 2016. Joining Ballotti on the stage during the President’s Panel, held at the Atlanta Marriott Marquis in downtown Atlanta, was Patrick Pacious, president and CEO of Choice Hotels International Inc. The Rockville, Maryland-based company is the second-largest hotel group by property count at 6,800 hotels in 40 countries. Similar to Wyndham, Choice Hotels …

March 22, 2018

Acquisitions Hospitality New York Northeast

HREC Arranges Sale of 81-Room Hampton Inn in Upstate New York

by David Cohen March 21, 2018

SENECA FALLS, N.Y. — HREC Investment Advisors has arranged the sale of an 81-room Hampton Inn located in Seneca Falls. The sales price was undisclosed. The buyer was SF Hotel Group. Seneca Falls, located between Syracuse and Rochester, is a popular tourist destination due to the close proximity of vineyards, outdoor recreation and the Finger Lakes. Ketan Patel, Mark von Dwingelo and Peter Dolan of HREC negotiated the deal for seller Seneca Hospitality.

March 21, 2018

Development Georgia Hospitality Loans Southeast

Songy Highroads, Hyatt Close $32.9M Construction Loan for Hyatt Place Centennial Park in Downtown Atlanta

by Camren Skelton March 21, 2018

ATLANTA — Atlanta-based developer Songy Highroads LLC and Hyatt Hotels Corp. have closed on a $32.9 million construction loan for Hyatt Place Centennial Park, a 175-room hotel that will be located at 300 Luckie St. in downtown Atlanta. Designed by Wakefield Beasley, the 11-story hotel will be situated directly across the street from the Georgia Aquarium and one block from Centennial Olympic Park. Ed Coco led HFF’s team in arranging the loan through HSBC on behalf of the Songy Highroads-Hyatt joint venture. Set to open in August 2019, the hotel will feature a parking garage, pool, fitness center, 2,100 square feet of meeting space and retail facing Luckie and Marietta streets. General contractor Reeves Young is underway on construction, which included razing an existing two-story building at the site. Hyatt Place Centennial Park will mark Songy Highroads’ sixth Hyatt-branded development since 2014.

March 21, 2018

Hospitality Loans Massachusetts Northeast

Square Mile, JPMorgan Chase Provide $75M in Financing for Acquisition of Boston Marriott Quincy

by David Cohen March 20, 2018

QUINCY, MASS. — Square Mile Capital Management and JPMorgan Chase have provided $75 million in financing to Columbia Sussex Corp. for the acquisition and renovation of the 466-room Boston Marriott Quincy in Quincy. The hotel is located in South Boston’s Quincy market, 12 miles from downtown Boston and sits atop a hill overlooking the city skyline and Massachusetts coastline. Amenities at the hotel include a fitness center, indoor swimming pool, business center and 16,000 square feet of renovated meeting space. Lawrence Britvasn and Matt Jacobs of Hodges Ward Elliot in New York arranged the financing. The Columbia Sussex Corp. is a privately owned hotel owner and operator based in Crestview Hills, Ky., with a portfolio of more than 13,000 rooms.

March 20, 2018

Acquisitions Hospitality New York Northeast

Hersha Hospitality Trust Sells 81-Key Manhattan Hotel for $32M

by David Cohen March 19, 2018

NEW YORK CITY — Hersha Hospitality Trust has completed the disposition of its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Virginia-based Shamin Hotels was the buyer. Located at 32 Pearl St. in the heart of the financial district, the 81-key hotel includes a business center, lounge and fitness center and is in close proximity to Wall Street, Battery Park and the 9/11 Memorial Museum. Hersha acquired the property in 2011 for $28 million and spent $4.5 million to convert and expand the 1930’s Art Deco apartment building into a hotel.

March 19, 2018

Development Hospitality Multifamily Texas

Renaissance to Develop Mixed-Use Project in Metro Fort Worth

by Taylor Williams March 19, 2018

HURST, TEXAS — Renaissance Development will develop Quarry Falls, a mixed-use project at the site of an abandoned limestone quarry in Hurst, a northeastern suburb of Fort Worth. The project will be situated on an 80-acre site and is expected to feature multifamily, hospitality and entertainment components. According to the Fort Worth Star-Telegram, construction could begin this year and span three to four years with costs as high as $280 million.

March 19, 2018

Acquisitions Hospitality Midwest Ohio

Huff, Niehaus Brokers Sale of 42-Room Hotel in Lebanon, Ohio

by Kristin Harlow March 19, 2018

LEBANON, OHIO — Huff, Niehaus & Associates Inc. has brokered the sale of the Carefree Inn in Lebanon, about 35 miles northeast of Cincinnati. The sales price and seller were not disclosed. The 42-room hotel is located at 674 N. Broadway St. near the Lebanon Raceway. Complimentary Wi-Fi and breakfast are available for hotel guests. A first-time hotel owner purchased the asset. Brandt Niehaus of Huff, Niehaus & Associates marketed the property for sale.

March 19, 2018

Hospitality Midwest Missouri

Salina Hotel Group Begins Construction of 83-Room Hotel in Belton, Missouri

by Kristin Harlow March 16, 2018

BELTON, MO. — Salina Hotel Group has begun construction of an 83-room Fairfield Inn & Suites in Belton, about 20 miles south of Kansas City. The four-story, 48,000-square-foot hotel will be located just north of Highway 58 between Mullen Road and Interstate 49. Completion is slated for early 2019. Additional project partners include the City of Belton and Belton Economic Development.

March 16, 2018

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