Hospitality

Dougherty Provides $12M Loan for Renovation, Expansion of Casino Hotel in South Dakota

by Kristin Harlow April 24, 2017

FLANDREAU, S.D. — Dougherty Funding has provided a $12 million loan for the second phase of the renovation and expansion of Royal River Casino and Hotel in Flandreau, located in eastern South Dakota. The funds will be used to renovate the bingo hall into a VIP lounge, as well as make improvements to the gaming and poker room. Plans also include the addition of an administrative building that will connect directly to the casino. Dougherty arranged the financing for the Flandreau Santee Sioux Tribe of South Dakota, which has owned and operated the property since 1990.

April 24, 2017

Hospitality Top Stories

RLJ Lodging, FelCor Merge to Create $7B REIT

by Taylor Williams April 24, 2017

BETHESDA, MD. — RLJ Lodging Trust (NYSE: RLJ) has entered into an agreement to acquire Texas-based FelCor Lodging Trust Inc. (NYSE: FCH), creating a REIT with a pro forma equity market capitalization of $4.2 billion and an enterprise value of about $7 billion. The all-stock transaction, which will make RLJ the third largest pure-play lodging REIT, is expected to close by the end of 2017. The newly combined entity will own 160 Marriott, Hilton, Hyatt and Wyndham hotels totaling 31,467 rooms across 26 states and Washington, D.C. At 41 percent and 36 percent, respectively, Marriott- and Hilton-branded hotels comprise the majority of the rooms in the portfolio. Under the terms of the transaction, the newly formed entity will continue to trade under the “RLJ” stock symbol. The Bethesda-based firm will also assume FelCor’s debt and preferred stock upon closing, with its shareholders expected to own approximately 71 percent of the FelCor’s diluted equity. Felcor’s current shareholders are expected to retain ownership of the remaining 29 percent. In addition, each share of FelCor common stock will be converted into 0.36 shares of RLJ common stock. The acquired company’s operating units will be exchanged for limited partnership units in RLJ’s operating partnership …

April 24, 2017

Hospitality Indiana Midwest

Sun Development Breaks Ground on Indianapolis Area Hotel

by Kristin Harlow April 21, 2017

PLAINFIELD, IND. — Sun Development & Management has broken ground on a new Embassy Suites by Hilton hotel in Plainfield near the Indianapolis International Airport. The 175-suite hotel is located at 6089 Clarks Creek Road and is slated for completion in spring 2018. Amenities will include complimentary breakfast, an indoor pool, on-site restaurant and convention center.

April 21, 2017

Hospitality Texas

Aimbridge Releases Plans for Eight-Acre Craig Ranch Resort and Conference Center in McKinney

by Taylor Williams April 20, 2017

MCKINNEY, TEXAS — Aimbridge Hospitality, a Texas-based hotel investment and management firm, has released plans for the Craig Ranch Resort and Conference Center, a hospitality development that will be situated on eight acres at the corner of Collin McKinney Parkway and Weiskopf Avenue in McKinney. The property, which will feature 285 rooms and 33,000 square feet of meeting space, will be part of the 2,200-acre, master-planned Craig Ranch development.

April 20, 2017

Features Hospitality Top Stories

M&M: Job Growth Fuels Bright Outlook for Hotels in 2017

by Taylor Williams April 20, 2017

Hoteliers are poised to see higher revenues in 2017, thanks in large part to the shrinking national unemployment rate, according to a new report from Marcus & Millichap titled “U.S. Hospitality Investment Forecast.” The unemployment rate, which the Bureau of Labor Statistics (BLS) reports fell 20 basis points to 4.5 percent in March, is powering hospitality forecasts in several ways. Most fundamentally, as the economy expands and more jobs are created, wages begin to increase, leaving consumers with more disposable income for leisure and travel. Economic expansion also breeds more interstate commerce between businesses, driving up levels of work-related travel. In March 2017, the country added 56,000 jobs in the professional and business services sector, according to the BLS. Furthermore, since 2011, the U.S. has added between two and three million jobs per year. This growth has enabled workers to hold jobs for longer periods of time, giving them more accrued vacation days. Finally, as the workforce grows, younger employees gradually phase out older ones, leading to a growing segment of retirement-age consumers. These job-growth trends all point to increased consumer traveling and spending in 2017. As such, the hospitality sector is projecting a 1.4 percent growth in room demand …

April 20, 2017

Hospitality Industrial Mixed-Use Multifamily New York Northeast

M&M Negotiates $12M Sale of Land Tract in NYC

by Haisten Willis April 19, 2017

NEW YORK CITY — Marcus & Millichap has negotiated the $12 million sale of two vacant lots and a third lot with a warehouse building totaling 12,725 square feet at 814-826 Bedford Ave. in Brooklyn. Jakub Nowak and Jason Grunberg of Marcus & Millichap’s Brooklyn office represented the seller, Prezant Auto Glass, and procured the buyer, a private developer. The site is located near the Myrtle Avenue retail corridor, the Pratt Institute and G train subway stops. The three lots include 132 feet of frontage on Bedford Avenue and 100 feet of frontage on Park Avenue, and all are zoned for mixed-use development. The buyer plans to build a synagogue with a hotel or apartments above it.

April 19, 2017

Hospitality Midwest South Dakota

Home2 Suites by Hilton Opens in Rapid City, South Dakota

by Kristin Harlow April 19, 2017

RAPID CITY, S.D. — Home2 Suites by Hilton Rapid City has opened near Interstate 90 at 621 WaTiki Way. The hotel features 107 suites with fully equipped kitchens. Amenities include complimentary Internet, laundry, fitness area and daily breakfast. Liv Hospitality LLC owns and manages the hotel.

April 19, 2017

Hospitality Texas

NewcrestImage Breaks Ground on Two Hotels in North Dallas

by Taylor Williams April 13, 2017

FRISCO, TEXAS — NewcrestImage, a Dallas-based developer, has broken ground on two hotels as part of a larger hotel campus project at Frisco Station, a 242-acre, mixed-use development in north Texas. The first two Marriott-branded hotels, an eight-story AC Hotel and a seven-story Residence Inn, will share a building, total 300 rooms and offer amenities such as an indoor pool, two lounge areas and free grocery delivery service. Both properties are expected to open mid-2018. The second phase of the project, which will break ground later this year, will deliver a 150-room Canopy Hotel by Hilton and a 150-room Hyatt Place.

April 13, 2017

Hospitality Midwest Missouri

Homewood Suites by Hilton St. Louis Westport Opens in Maryland Heights, Missouri

by Kristin Harlow April 13, 2017

MARYLAND HEIGHTS, MO. — Homewood Suites by Hilton St. Louis Westport has opened in Maryland Heights, a suburb of St. Louis. Developed and owned by Lodging Hospitality Management, the hotel consists of 121 suites. Amenities include complimentary breakfast, Wi-Fi, a grocery shopping service, outdoor patio, fitness center, indoor pool and putting green. The hotel is located at 2434 Old Dorsett Road and offers convenient access to Lambert-St. Louis International Airport.

April 13, 2017

California Hospitality Western

New Hyatt Place Emeryville/San Francisco Opens in East Bay

by Nellie Day April 12, 2017

EMERYVILLE, CALIF. — The 175-room Hyatt Place Emeryville/San Francisco hotel has opened in East Bay. The hotel is located at 5700 Bay St. in Emeryville. The new Hyatt has been a part of Emeryville’s ongoing downtown expansion and restoration initiative. It serves as the flagship hotel in Bay Street Emeryville, a three-block-long development. The retail mega-center features 65 stores, 10 restaurants, a movie theater and 400 residential units. Ensemble Real Estate Investments led the hotel’s development.

April 12, 2017

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