NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $41 million loan for the refinancing of the 175-room Aloft New York Brooklyn Hotel. The property is located in the borough’s downtown area and offers a fitness center and an onsite restaurant and bar. Beau Williams of Cronheim originated the financing on behalf of the borrower, locally based investment firm The Lam Group. The direct lender was not disclosed.
KANSAS CITY, MO. — Bentley Legacy Holdings (BLH) and Pendant Capital have acquired The Raphael Hotel, Autograph Collection, in Kansas City for an undisclosed price. Bentley Legacy Group, the management arm of BLH, has immediately assumed management of the hotel. Located just off Country Club Plaza, The Raphael Hotel has been a Kansas City fixture since 1928. The property originally served as an apartment building before being transformed into a hotel in 1975. The new owners plan to renovate the guest rooms and make enhancements to the lobby and other public spaces. Chaz on the Plaza, the onsite restaurant, will continue operating. The property is designated as a Historic Hotel of America through the National Trust for Preservation and is also listed on the National Register of Historic Places.
DUNWOODY, GA. — The Dunwoody City Council has approved the rezoning of Phase IV of Park Center, a 17-acre, transit-oriented office campus in metro Atlanta. The master developer of the project is KDC, a Dallas-based corporate development and investment firm. The amended zoning will allow KDC to change its plans from a standalone fourth office tower to a two-tower project that will comprise 175 hotel rooms, 300 residential units, 22,000 square feet of retail space and 300,000 square feet of office space. The plan includes two towers on a common podium with a 20-story apartment tower and a combined office and hotel tower, where six floors of hotel rooms will sit atop 12 levels of office space. Phase IV represents the final phase of Park Center and will occupy the last undeveloped portion of the development, which was originally conceived as a 2.2 million-square-foot East Coast hub for State Farm Insurance. The project team includes local architecture firm Cooper Carry. The current campus contains three office towers developed over the past 10 years: the 600,000-square-foot Park Center One, which is directly connected to the Dunwoody MARTA Station; the 621,000-square-foot Park Center Two with more than 39,000 square feet of retail …
TOMAH, WIS. — Marcus & Millichap has brokered the sale of the Clarion Pointe Tomah hotel, a 67-room property in the central Wisconsin town of Tomah. The two-story hotel is located at 2005 N. Superior Ave. Amenities include a hot tub, fitness center, laundry facility, gift shop, playground and gaming lounge. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the buyer and seller, both of which were private investors. Marcus & Millichap’s Chris Gomes and Allan Miller were also listed on the deal as supporting brokers, and Todd Lindblom assisted in closing the transaction.
LAKE BUENA VISTA, FLA. — JLL has arranged a $735 million CMBS loan for the refinancing of the 2,619-room Walt Disney World Swan & Dolphin Resort. The property comprises three Marriott-branded hotels: the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection). A consortium between Wells Fargo, Bank of America and Goldman Sachs provided the loan to the borrower, a joint venture between Tishman Hotel & Realty and MetLife Investment Management. The Swan & Dolphin Resort is situated adjacent to Walt Disney World’s Epcot and Hollywood Studios theme parks in Lake Buena Vista. The partnership between Tishman and MetLife completed the property in 1990. The property’s amenity package includes 16 restaurants, seven bars, three fitness centers, six outdoor pools and a 12,000-square-foot spa. In addition, the property offers 452,000 square feet of meeting and event space, including eight ballrooms, 99 meeting rooms and 100,000 square feet of outdoor space. Kevin Davis, Mark Fisher and Caleigh O’Connell led the debt placement efforts for JLL. “The Swan & Dolphin Resort CMBS loan [is] priced at the tightest pricing levels seen for hotels since 2021,” says Davis. “The market pricing was an affirmation of the strong in-place cash flows, …
LAKE LUZERNE, N.Y. — Locally based brokerage firm Muroff Hospitality Group has negotiated the sale of the Lamplight Inn Bed & Breakfast in Lake Luzerne, about 60 miles north of Albany. The property was built in 1890 and consists of 12 suites, a dining room and an owner’s apartment. Mitch Muroff of Muroff Hospitality Group represented the seller and procured the buyer, both of which were private investors, in the transaction. The sales price was approximately $1.2 million.
DURHAM, N.C. — Driftwood Capital has purchased Marriott Raleigh Durham Research Triangle Park, a 225-room hotel located in North Carolina’s Research Triangle area. Built in 1988 at 4700 Guardian Drive in Durham, the hotel marks Driftwood’s third acquisition in the state. Franklin BSP Realty Trust originated a two-year loan with three one-year extension options for the acquisition on behalf of Driftwood Capital. The buyer plans to implement $9 million of renovations at the property, with planned improvements including upgrades to the guest rooms, a new central air system and the introduction of amenities such as a lounge and expanded fitness center.
NEW YORK CITY — Walker & Dunlop has arranged a $155 million loan for the refinancing of The Lexington Hotel in Midtown Manhattan, which is part of the Marriott Autograph Collection family of brands. Hudson Bay Capital provided the loan. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop originated the loan on behalf of the borrower, a joint venture between MCR Hotels, Island Capital Group and Three Wall Capital. The joint venture first acquired the property in 2021. The 28-story building was originally constructed in 1929 and houses 725 rooms, including six specialty suites. One of those suites is known as the Norma Jeane Suite and once served as the residence of Marilyn Monroe and her then-husband, New York Yankees legend Joe DiMaggio. (Marilyn Monroe was born Norma Jeane Mortenson.) The hotel’s amenities include 3,000 square feet of meeting and event space and an onsite restaurant and bar. The property also houses retail space that is leased to Crunch Fitness and Starbucks. “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and …
NASHVILLE, TENN. — Host Hotels & Resorts Inc. has purchased the fee simple interest in a two-hotel complex in downtown Nashville. The properties in the $530 million acquisition include 1 Hotel Nashville, a 215-room hotel, and the 506-room Embassy Suites by Hilton Nashville Downtown. Affiliates of Starwood Capital Group, Crescent Real Estate LLC and High Street Real Estate Partners sold the hotels, which they built in 2022. Situated adjacent to Bridgestone Arena and across from the Music City Convention Center, the hotels feature a combined 721 rooms averaging approximately 500 square feet in size, as well as seven food-and-beverage options, including Harriott’s Rooftop. Amenities include a spa with six treatment rooms, two fitness centers, a yoga studio and 33,000 square feet of shared meeting space, including a 9,400-square-foot ballroom and 9,300 square feet of pre-function space.
HYDE PARK, N.Y. — Pennsylvania-based developer Shaner Hotel Group has completed a $55 million Marriott-branded hotel in Hyde Park, about 90 miles north of New York City. Marriott will operate the 137-room hotel, which will be located within the $1 billion Bellefield at Historic Hyde Park mixed-use development, under its Residence Inn brand. Amenities include a fitness center, onsite restaurant and a convenience mart. T-Rex Capital Group is the master developer of Bellefield at Historic Hyde Park.
