Hospitality

Woodbine Acquires 224-Room Hilton Dallas Park Cities Hotel

by Taylor Williams June 19, 2017

DALLAS — Woodbine Legacy Investments, a division of Dallas-based hospitality investment firm Woodbine Development Corp., has acquired the Hilton Dallas Park Cities, a 224-room hotel located in the University Park neighborhood in Dallas. The 11-story hotel, which was built in 2001 and renovated between 2012 and 2013, features a heated rooftop pool, business center, fitness center and 10,529 square feet of meeting and event space. John Bourret and Austin Brooks of HFF represented the undisclosed seller in the transaction.

June 19, 2017

Eastern Union Arranges $1.5M in Refinancing for 128-Room Hotel in Arlington

by Taylor Williams June 19, 2017

ARLINGTON, TEXAS — Eastern Union Funding, a New York-based mortgage brokerage firm, has arranged a $1.5 million loan for the refinancing of the Quality Inn at Arlington Highlands, a 128-room hotel located near AT&T Stadium in Arlington. Peter Blass of Eastern Union arranged the loan through Southwest National Bank on behalf of the borrower, RMG Hospitality. A portion of the funds will be used for renovating the property.

June 19, 2017

Hospitality Texas

Marcus & Millichap Brokers Sale of 65-Room Hotel in Beaumont

by Taylor Williams June 16, 2017

BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of La Quinta Inn & Suites Beaumont West, a 65-room hotel located at 5820 Walden Road in Beaumont. Skyler Cooper, Lisa Hankamer, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company. The asset had a list price of $6 million. Other terms of sale were not disclosed.

June 16, 2017

District of Columbia Hospitality Loans Southeast

Natixis Provides $39M Loan for Hyatt Place Hotel in D.C.

by John Nelson June 15, 2017

WASHINGTON, D.C. — Natixis has provided a $39 million floating-rate, first mortgage loan to Washington, D.C.-based Excel Group for the acquisition of the 200-room Hyatt Place hotel located in the NoMa neighborhood of Washington, D.C. The 14-story, LEED Silver-certified hotel was constructed in 2014. Designed by Cooper Carry Inc., the property features a restaurant and lounge, 1,600 square feet of meeting space, an outdoor pool, fitness center and a business center. Excel’s current portfolio consists of 18 hospitality assets totaling over 2,200 rooms located throughout the eastern United States.

June 15, 2017

Hospitality Loans Texas

iBorrow Provides $12M in Refinancing for Crowne Plaza in Oklahoma City

by Taylor Williams June 14, 2017

OKLAHOMA CITY — California-based lender iBorrow has provided $12 million for the refinancing of the Crowne Plaza Oklahoma City, a 218-room hotel located at 2945 Northwest Expressway in Oklahoma City. The undisclosed borrower, which purchased the property in 2016 and has since invested approximately $8.1 million in it, will rebrand the asset as a Wyndham hotel.

June 14, 2017

Hospitality Nevada Top Stories Western

Golden Entertainment to Acquire American Casino & Entertainment Properties for $850M

by Katie Sloan June 13, 2017

LAS VEGAS — Golden Entertainment Inc. (NASDAQ: GDEN) has agreed to acquire American Casino & Entertainment Properties LLC, which owns four gaming and entertainment properties in Nevada, for $850 million. American Casino & Entertainment’s portfolio features 3,879 slot machines, 89 table games and 4,895 hotel rooms in Las Vegas and Laughlin, Nevada. Properties include: The Stratosphere Casino, Hotel & Tower, featuring an 80,000-square-foot casino, 2,427 guestrooms and suites, 13 restaurants, nine bars, two pools, entertainment venues and a 1,149-foot observation tower located on the North Las Vegas Strip. Arizona Charlie’s Hotel & Casino – Decatur, located just off the Las Vegas Strip, which features 1,060 slot machines, seven table games and 259 hotel rooms. Arizona Charlie’s Hotel & Casino – Boulder, located on Boulder Highway in Las Vegas, which features 849 slot machines, seven table games and 303 hotel rooms. The Aquarius Casino Resort, located on the banks of the Colorado River in Laughlin, Nev. The property features a 57,000-square-foot casino, eight restaurants, three bars, 1,906 guestrooms and suites and an entertainment pavilion. The purchase consideration consists of $781 million cash plus approximately four million shares of Golden Entertainment stock issued to American Casino & Entertainment’s current owner, Whitehall Street …

June 13, 2017

Hospitality Texas

Home2 Suites by Hilton Opens New Hotel in Fort Worth

by Taylor Williams June 12, 2017

FORT WORTH, TEXAS — Home2 Suites by Hilton has opened a new, 93-suite hotel located at 5401 SW Loop 820 near the Interstate 20 exchange in Fort Worth. Branded Home2 Suites by Hilton Fort Worth Southwest Cityview, the property offers a heated saline pool, a combined fitness and laundry area and an outdoor patio with a grill area. Lotus Lodging Fort Worth LLC will manage the hotel.

June 12, 2017

Hospitality Texas

New 83-Room Arrive Hotel to Open in Austin in 2019

by Taylor Williams June 8, 2017

AUSTIN — Arrive Hotels & Restaurants will open an 83-room hotel at the corner of East Sixth and Chicon streets in Austin, the company’s second location in the state capital. The 58,600-square-foot property will feature 3,500 square feet of event and meeting space, including an outdoor courtyard, as well as restaurant and retail space. Construction is scheduled for an early 2019 completion. Austin-based hospitality firm Alexa Management has been named co-developer of the project. Burton Baldridge Architects, also based in Austin, will serve as project consultant.

June 8, 2017

California Hospitality Western

OTO Development Acquires Silicon Valley Redevelopment Site for $21M

by Nellie Day June 7, 2017

SUNNYVALE, CALIF. — A 3.4-acre redevelopment site located at 767-769 N. Mathilda Ave. in the Silicon Valley submarket of Sunnyvale has sold to OTO Development for $21 million. OTO Development plans to build a Hilton Garden Inn on the property, which is currently occupied by the Palladium nightclub, TL Beer Garden and a restaurant. Vince Schwab and Jeffrey Ida of Marcus & Millichap represented both the buyer and seller, Sinogap LLC, a locally based family office, in the transaction. Potential buyers worked with the City of Sunnyvale’s planning commission for the past two years to obtain the necessary approvals and complete the sale, which is part of a 1031 exchange. The replacement properties in the exchange are the Calaveras Park Professional Center, a 21,008-square-foot medical office park in Milpitas, and an apartment complex in San Jose.

June 7, 2017

Hospitality Loans Texas

PCCP Provides $63.5M Construction Loan for 268-Room Hotel in Dallas

by Taylor Williams June 7, 2017

DALLAS — PCCP LLC has provided development firm Dunhill Partners a $63.5 million loan for the construction of the Virgin Hotel Dallas, a 16-story, 268-room located at 1909 Hi Line Drive in the Dallas’ Design District. Scheduled to be complete in late 2019, the hotel will feature a lobby restaurant, poolside bar and a workplace lounge known as the Commons Club. Dallas-based Hamilton Realty Finance arranged the financing.

June 7, 2017

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