AMARILLO, TEXAS — NewcrestImage has begun construction on a hotel campus at the intersection of Interstate 40 Frontage Road and South Soucy Road in Amarillo. The project will deliver three hotels totaling approximately 300 rooms. The first property, a 94-room Tru by Hilton hotel, is expected to open in mid-2018. Construction of a Hyatt-branded hotel and Marriott-branded hotel is slated to begin by the end of the year.
BROOKLYN PARK, MINN. — Midas Hospitality has broken ground on two Hilton hotels in Brooklyn Park, about 12 miles north of Minneapolis. The $28 million development is slated to open in summer 2018. A 100-room Hampton Inn will be located at 9470 W. Broadway Ave. The 63,301-square-foot hotel will feature an indoor pool, meeting room and fitness center. A 107-room Home2 Suites will be located at 9490 W. Broadway Ave. The 57,977-square-foot hotel will feature a fitness center, indoor pool and laundry facilities. Midas Hospitality will develop and manage the hotels, while sister company MC Hotel Construction will serve as general contractor. Gray Design Group is providing architectural services. CFSB is financing the construction of Hampton Inn, while Flagship Bank is financing Home2 Suites.
LOS ANGELES — Waldorf Astoria Hotels & Resorts has opened the Waldorf Astoria Beverly Hills. The hotel is situated at the intersection of Wilshire and Santa Monica boulevards. The 12-story hotel is the Waldorf Astoria Hotels & Resorts’ first new build on the West Coast and second California property. Owned by Alagem Capital Group and clients of Guggenheim Partners, Waldorf Astoria Beverly Hills features 119 rooms and 51 suites. Architects Gensler and PYR designed the hotel, which features a rooftop gathering area with VIP cabanas, a lounge area with panoramic views and a swimming pool. The hotel also features 6,300 square feet of meeting spaces, including two ballrooms, as well as a private Rolls Royce shuttle service within two miles of the hotel, world-class dining, the only La Prairie Spa in Los Angeles and the Tracey Cunningham Salon.
CHARLOTTE, N.C. — Carey Watermark Investors 2 Inc. (CWI 2) has purchased Charlotte Marriott City Center, a 19-story, 446-room hotel located in Uptown Charlotte. The sales price and seller were not disclosed, but Charlotte Business Journal reports that Marriott Hotel Services Inc. sold the hotel to CWI 2 for $152.2 million. The hotel underwent more than $40 million of capital improvements in 2016, including the addition of eight guest rooms, five food and beverage outlets and a fitness center, as well as updates to M Club Lounge and the lobby. Other hotel amenities include a business center and 20,000 square feet of meeting space, including 13 breakout rooms and a 9,100-square-foot ballroom.
FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel’s guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the hotel’s outdoor experience. Over the past 12 months, the hotel had revenue per available room (RevPAR) of $155, which represents a 36 percent premium over the Summit’s pro forma RevPAR for the comparable period. The seller was not disclosed.
AUSTIN, TEXAS — Summit Hotel Properties Inc. (NYSE: INN) has agreed to acquire a portfolio of five hotels totaling 812 guestrooms across four markets from Xenia Hotels & Resorts Inc. (NYSE: XHR). The purchase price is approximately $163 million, or $201,000 per room. The purchase, which will be made through an undisclosed Summit affiliate, is expected to close within the next 30 days. The portfolio includes the 203-room Courtyard Fort Worth Downtown/Blackstone; 123-room Courtyard Kansas City Country Club Plaza; 182-room Courtyard Pittsburgh Downtown; 116-room Hampton Inn & Suites Baltimore Inner Harbor; and 188-room Residence Inn Baltimore Downtown/Inner Harbor. As of April 2017, the average evenue per available room (RevPar) across the portfolio was $115.52. The year-to-date RevPar industry average for April 2017 was $78.26, a 3 percent increase from average RevPar of $76.02 in April 2016, according to hospitality research firm STR. “This transaction will represent the continued execution of our strategy of acquiring premium-branded hotels with efficient operating models,” says Daniel Hansen, Summit’s chairman, president and CEO. “All five of these hotels are in prime locations in strong markets and exhibit many of the upside characteristics that are important to our investment criteria.” Coming on the heels of Xenia’s …
CONSHOHOCKEN, PA. — Keystone Property Group has received zoning approvals for the development of SORA West a transit-oriented mixed-use development in the Philadelphia suburb of Conshohocken. Upon completion, SORA West will include a central plaza surrounded by a 250,000-square-foot office building, retail and dining space, a 171-key hotel, the existing Conshohocken Firehouse and a 950-space parking structure. The project will be located adjacent to the Conshohocken SEPTA train station, near Route 76 and Route 476. Keystone is now in the process of finalizing the plans and pursuing land development approvals. In addition to office, retail, hotel and community uses, the developer is assessing the viability of adding a residential component to the property. Keystone is headquartered in SORA East, which is located one block away from SORA West.
HOUSTON — HREC Investment Advisors has arranged the sale of Marriott TownePlace Suites Houston Northwest, a 127-room hotel located at 11040 Louetta Road in Houston. A California-based hotel investor purchased the property for an undisclosed price. Hank Wolpert of HREC represented the seller, a private equity fund that acquired the property in 2012.
ORLANDO, FLA. — Xenia Hotels & Resorts Inc. has purchased the 815-room Hyatt Regency Grand Cypress in Orlando for $205.5 million. An affiliate of Hyatt Hotels Corp. sold the hotel, which features six food and beverage outlets, more than 65,000 square feet of indoor and outdoor meeting and event space, a full-service spa and access to 45 holes of Jack Nicklaus signature-designed golf courses. The hotel has received roughly $32 million in capital investment over the past five years, including major improvements to the public spaces and food and beverage outlets. Xenia Hotels plans to renovate the guestrooms and existing meeting space, as well as add a new ballroom.
DALLAS — Rosebriar Properties has arranged the sale of 4.3 acres within the Stemmons Crossroads, a 50-acre development in Dallas, for the future construction of a Marriott-branded hotel. The new hotel will be the second hospitality development within Stemmons Crossroads this year, the other project being a 103-room Holiday Inn Express. Rob Adams and Bill Hanks of Rosebriar Properties represented the undisclosed buyer in the transaction.
