Hospitality

JLL Negotiates $123M Sale of Marriott-Branded Hotel in Downtown Boston

by Taylor Williams January 27, 2025

BOSTON — JLL has negotiated the $123 million sale of a Marriott-branded hotel in downtown Boston. The Courtyard Boston Downtown is a 13-story, 315-room hotel that was originally built in 1925 as the headquarters for Boston’s Lodge No. 10 of the Benevolent and Protective Order of the Elks. The hotel offers amenities such as an onsite bar and restaurant that pays homage to the building’s original function, as well as a fitness center, business center and 12,684 square feet of meeting and event space. The building also houses approximately 46,000 square feet of retail space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, Ashford Hospitality Trust, in the transaction. The buyer was not disclosed.

January 27, 2025

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers Sale of 320-Room Hotel Portfolio in Syracuse

by Taylor Williams January 27, 2025

SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of a portfolio of two hotels totaling 320 units in Syracuse. The portfolio consists of the 197-room former Holiday Inn Syracuse Liverpool and the 123-room Staybridge Suites Syracuse Liverpool. Hotel amenities include indoor pools, business centers, fitness centers and complimentary airport shuttles. Jerry Swon and Eric Anton of Marcus & Millichap represented the seller in the transaction, and Swon also procured the buyer. Both parties requested anonymity.

January 27, 2025

Development Hospitality Michigan Midwest

Azul Hospitality Opens 154-Room AC Hotel Detroit

by Kristin Harlow January 24, 2025

DETROIT — Azul Hospitality has opened the AC Hotel Detroit, a 154-room hotel in the Brush Park neighborhood of Detroit. The 10-story property marks the first AC Hotel in southeast Michigan. Developed by the Roxbury Group in partnership with Peachtree Group, the hotel features a glass-enclosed lobby bar named The Conservatory, a rooftop venue and the restoration of the historic Bonstelle Playhouse. The Bonstelle, which is separately managed but connected to the hotel, will be used for live performances as well as civic, corporate and private events. Additionally, Azul has converted the Cadillac House, an historic property in Lexington, Mich., into the Tapestry Collection by Hilton. The 23-room hotel underwent an extensive renovation and expansion. The property also features the Hidden Cavern event venue and the Cadillac House Tavern & Bar.

January 24, 2025

Hospitality Loans Texas

KKR Provides $95M in Financing for Marriott Uptown Dallas Hotel

by Taylor Williams January 22, 2025

DALLAS — Global private equity firm KKR has provided $95 million in financing for the 255-room Marriott Uptown Dallas hotel. The financing consists of $87.5 million in initial loan proceeds used to replace the property’s outstanding debt, as well as two future-funded earnout facilities that provide potential access to $7.5 million in additional capital. Completed in early 2021, the 14-story hotel is located at 3033 Fairmount St. and features a rooftop pool, lounge, ground-floor restaurant and 13,000 square feet of meeting and event space. A partnership between NexPoint Diversified Real Estate Trust (NYSE: NXDT) and Alamo Manhattan owns the hotel.

January 22, 2025

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 70-Room Hotel in Sulphur Springs, Texas

by Taylor Williams January 22, 2025

SULPHUR SPRINGS, TEXAS — Marcus & Millichap has brokered the sale of the 70-room Hampton Inn Sulphur Springs hotel, located about 90 miles northeast of Dallas. Built on 2.5 acres in 2010, the hotel features an outdoor pool, fitness and business centers, onsite retail space, a breakfast area and 600 square feet of meeting and event space. Skyler Cooper of Marcus & Millichap represented the seller, Cox Hospitality Group, in the transaction. Cooper also procured the buyer, a Texas-based private investor, in conjunction with Allan Miller and Chris Gomes of Marcus & Millichap.

January 22, 2025

Acquisitions Colorado Hospitality Mixed-Use Multifamily Restaurant Retail Western

DPC Cos., Ogilvie Partners Acquire 220,000 SF Englewood CityCenter in Colorado

by Amy Works January 21, 2025

ENGLEWOOD, COLO. — A joint venture between DPC Cos. and Ogilvie Partners has acquired Englewood CityCenter for an undisclosed price. Brad Lyons of CBRE handled the transaction. Englewood CityCenter offers 220,000 square feet of office, retail and multifamily space. The joint venture is working with the City of Englewood on a master redevelopment plan to transform Englewood CityCenter into a community center with multifamily housing, open space for community gathering and a walkable live/work/shop area with retail, services, restaurants and a hotel within the 12-acre site. At the time of sale, the property was 40 percent leased. Current tenants include Harbor Freight, Ross Dress for Less, Petco, Tokyo Joe’s, Jersey Mike’s Subs and Einstein Bros.

January 21, 2025

Hospitality Loans New York Northeast Top Stories

Benefit Street Partners Provides $135M in Financing for Empire Hotel in Manhattan

by Kristin Harlow January 20, 2025

NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed. The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc. Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts. The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center. “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP. BSP, a wholly owned subsidiary of Franklin Templeton, …

January 20, 2025

Hospitality Loans Northeast Pennsylvania

Driftwood Capital Receives $34M CMBS Loan for Refinancing of Pittsburgh Hotel

by Taylor Williams January 20, 2025

PITTSBURGH — Florida-based investment firm Driftwood Capital has received a $34 million CMBS loan for the refinancing of the 399-room Sheraton Pittsburgh Hotel at Station Square. The full-service hotel is located along the Monongahela River in the Mount Washington area and includes 29,000 square feet of meeting and event space, as well as an onsite restaurant. Starwood Mortgage Capital and Greystone Commercial Mortgage Capital provided the financing. Driftwood purchased the asset several years ago and renovated it.

January 20, 2025

Acquisitions Arizona Development Hospitality Western

LaPour Partners, Holualoa Cos. to Develop 240-Room Dual-Branded Hotel in North Phoenix

by Amy Works January 17, 2025

PHOENIX — LaPour Partners and Holualoa Cos. have acquired land and secured planned approval for a dual-branded AC Hotel by Marriott and Element by Westin hotel within the 100-acre CityNorth master-planned community in north Phoenix. Groundbreaking for the project is planned for this year, with completion slated for January 2027. The eight-story development will feature 240 guest rooms with 5,700 square feet of flexible indoor-outdoor meeting space. The AC Hotel by Marriott will offer 142 guest rooms, and Element by Westin will offer 98 extended-stay guest rooms. Amenities will include a saline pool, AC lounge, Element Rise, outdoor fireplaces, an outdoor barbecue area, suites with balconies, a sundry market, AC Kitchen, guest laundry and EV chargers. LaPour Partners and Holualoa previously partnered on the Marriott AC Biltmore in 2018, which is located on Camelback Road in the Phoenix Biltmore Corridor. Terms of the land acquisition were not released.

January 17, 2025

Acquisitions Development Hawaii Hospitality Mixed-Use Multifamily Restaurant Retail Western

New Age Ko Olina Buys Two Oceanfront Development Lots in Kapolei, Hawaii

by Amy Works January 16, 2025

KAPOLEI, HAWAII — Los Angeles-based New Age Ko Olina has acquired two oceanfront lots near the Ko Olina master-planned development in Honolulu from Oceanwide Resort HI LLC for an undisclosed price. CBRE’s Matt Bittick and Henry Bose represented the seller, while Powell & Aucello represented the buyer in the deal. The first lot, adjacent to Aulani Resort, is entitled for up to 1.5 million square feet of developable area and up to 1,400 units. The seller had proposed a 1,383-key Atlantis Resort & Residence Ko Olina (subject to design review), which would feature 37,500 square feet of retail space, 1,200-seating restaurant options, an aquarium and pools, and open to two of Ko Olina’s beach lagoons. The second lot is entitled for up to 990,000 square feet of developable area with no more than 850 units and opens to two beach lagoons and the Pacific Ocean. The approvals for the lot provide for a hotel, branded residential and timeshare. Ko Olina is an oceanfront master-planned development on the west coast of Oahu. Situated on more than 642 acres, the property offers four beach lagoons connected by more than a mile-and-a-half of seaside paths, the Ko Olina Golf Club and Ko Olina Marina, …

January 16, 2025

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