Hospitality

Peachtree Hotel Group Opens 98-Room Hilton Garden Inn in Jackson, Tennessee

by Camren Skelton February 22, 2018

JACKSON, TENN. — Peachtree Hotel Group (PHG) has opened the 98-room Hilton Garden Inn Jackson, located at 1324 Vann Drive in Jackson. The city serves as a regional hub for five major transportation companies, including FedEx, UPS and Old Dominion. The hotel features a heated outdoor swimming pool, 24-hour fitness center, complimentary breakfast, convenience store and hotel dining at the Garden Grille & Bar. In addition, the hotel includes 2,300 square feet of flexible event space and a boardroom for smaller meetings of up to 12 people.

February 22, 2018

Hospitality Illinois Loans Midwest

Sterling Bay Receives $64M Refinancing for Ace Hotel Chicago

by Kristin Harlow February 21, 2018

CHICAGO — Developer Sterling Bay has received a $64 million bridge loan to refinance construction financing for the Ace Hotel Chicago. Opened in 2017, the 159-room hotel is located at 311 N. Morgan St. in Chicago’s Fulton Market district. The boutique property features a lobby restaurant and bar, outdoor terrace, rooftop bar, private dining area, fitness center and nearly 4,000 square feet of retail space. Timothy Joyce, Tony Malk, Jeff Bucaro and Nicole Aguiar of HFF arranged the five-year loan through LoanCore Capital and Ohana Real Estate Investors.

February 21, 2018

Hospitality Loans Midwest Wisconsin

Dougherty Provides $8.8M Construction Loan for Hotel in Hudson, Wisconsin

by Kristin Harlow February 19, 2018

HUDSON, WIS. — Dougherty Funding has provided Express Hospitality LLC with an $8.8 million loan for the construction of a Holiday Inn Express hotel in Hudson, located in western Wisconsin along the Minnesota border. The 100-room hotel will be situated immediately adjacent to a new conference center that is currently under construction. The hotel and the independently owned conference center are slated to open in late summer 2018. Dougherty’s Minneapolis office provided the loan.

February 19, 2018

Hospitality Loans New York Northeast

Madison Realty Capital Provides $16.5M Loan for Hotel Development in Long Island City

by Amy Works February 16, 2018

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $16.5 million acquisition and construction financing package collateralized by a partially constructed hotel development in Long Island City in Queens. The borrower, an affiliate of Sam Chang’s McSam Hotel Group, purchased 38-04 11th St. and plans to construct a 148-key hotel comprising 55,630 square feet on the site. McSam Hotel Group acquired the site with approvals and a completely built foundation. The borrower plans to complete construction of the building within approximately 15 to 18 months. MRC funded $4 million at closing for the site acquisition, and the company has committed to fund an additional $12.5 million to complete construction of the project. The $16.5 million financing package represents approximately 70 percent of the total project cost.

February 16, 2018

Florida Hospitality Southeast Top Stories

Ashford Prime to Acquire Ritz-Carlton Sarasota in Florida for $171M

by Kristin Harlow February 16, 2018

SARASOTA, FLA. — Ashford Hospitality Prime Inc. (NYSE: AHP) has agreed to acquire the 266-room Ritz-Carlton Sarasota, located approximately 60 miles south of Tampa, for $171 million. The transaction equates to $643,000 per room. Ashford Prime is also acquiring a 22-acre plot of vacant land adjacent to the hotel for $9.7 million with plans for residential development adjacent to a golf course. The acquisitions are expected to close in early April. Built in 2001, Ritz-Carlton Sarasota features 31 suites. Amenities include a 26,000-square-foot beach club, private golf club, 15,000-square-foot spa, eight food and beverage outlets, 29,000 square feet of meeting space, two outdoor pools, fitness club, tennis courts and kids club. The property has received over $21 million in capital improvements during recent years. Ritz-Carlton will continue to manage the hotel after the sale. The seller was not disclosed. Ashford Prime expects a stabilized, unleveraged annual yield of approximately 8 percent on its investment. On a 12-month basis as of Dec. 31, 2017, the property achieved revenue per available room (RevPAR) of $284.38, occupancy of 78.1 percent and an average daily rate (ADR) of $364.04. Dallas-based Ashford Prime is a real estate investment trust focused on investing in luxury hotels …

February 16, 2018

Hospitality Nevada Western

Sandpiper Purchases 117-Room Courtyard by Marriott in Reno

by Nellie Day February 15, 2018

RENO, NEV. — An affiliate of Sandpiper LLC has acquired the 117-room Courtyard by Marriott in Reno for an undisclosed sum. The hotel is located at 6855 S. Virginia St. The LLC plans an extensive renovation, which will start this fall. It will include upgrades to the exterior façade, guestrooms, lobby and bistro. Sandpiper was attracted to the hotel’s in-place cash flow and location. Teague Hunter, Danny Givertz and Trey Scott of Hunter Hotel Advisors executed the transaction.

February 15, 2018

Connecticut Hospitality Loans Northeast

Money360 Funds $7.5M Loan for 215-Room Hotel in Cromwell, Connecticut

by Amy Works February 15, 2018

CROMWELL, CONN. — Money360 has funded a $7.5 million bridge loan for a hotel in Cromwell. The financing allows the undisclosed borrower to utilize the cash-out loan proceeds for additional hospitality acquisitions. The 24-month loan features a fixed rate and interest-only payment options. The full-service hotel features 215 guest rooms.

February 15, 2018

Hospitality Loans Texas

BBVA Compass Provides $28.1M Refinancing for 312-Room Hotel in Houston

by Taylor Williams February 15, 2018

HOUSTON — BBVA Compass, a Birmingham, Ala.-based bank, has provided a $28.1 million loan for the refinancing of Hotel Derek, a 312-room hotel located in Houston’s Galleria neighborhood. The hotel features a 24-hour fitness center, outdoor pool, more than 10,000 square feet of meeting space and an outdoor movie theater. Colby Mueck and Scott Hall of HFF arranged the loan on behalf of the borrower, Lowe Enterprises Investors, a Los Angeles-based advisory and management firm. Lowe has invested more than $8.8 million in upgrades into the property since 2012.

February 15, 2018

Florida Hospitality Southeast

Tavistock Launches Hotel Collection, Announces New Resort Within Orlando’s Lake Nona District

by Camren Skelton February 15, 2018

ORLANDO, FLA. — Tavistock Development Co. has launched the Tavistock Hotel Collection, a hospitality portfolio that will include the previously announced Tavistock Town Center Hotel at Lake Nona Town Center and the newly announced Tavistock Lake Nona Resort. Both properties will be located at Lake Nona, the firm’s 7,000-acre master-planned community in Orlando. Tavistock Lake Nona Resort will be situated between the Lake Nona Golf & Country Club and the USTA National Campus. The hotel will feature a manmade crystal lagoon, rooftop lounge and a fitness and spa campus. Miami-based architecture firm Arquitectonica is leading the design of Tavistock Lake Nona Resort. Construction is expected to begin this year, with an anticipated opening date for 2020.

February 15, 2018

Hospitality Iowa Loans Midwest

Dougherty Provides $5.3M Construction Loan for Hotel in Davenport, Iowa

by Kristin Harlow February 14, 2018

DAVENPORT, IOWA — Dougherty Funding LLC has provided a $5.3 million loan for the construction of a Candlewood Suites in Davenport, part of the Quad Cities. The extended-stay hotel will include 71 rooms. Amenities will include a fitness room, business center, market pantry, guest laundry room, outdoor patio and barbecue area. Completion is slated for late summer 2018. CW Davenport LLC was the borrower. Loan terms were not disclosed.

February 14, 2018

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