WHITE RIVER JUNCTION, VT. — CBRE has brokered the $19 million sale of two adjacent hotels in White River Junction, located along the Vermont-New Hampshire border. The 77-room Holiday Inn Express & Suites and the 110-room White River Inn & Suites are both located at the intersection of Interstates 89 and 91. The Larkin Family Partnership sold the properties to Giri Hotel Management LLC. Dave McElroy, Scott Hutchinson and Tyler Black of CBRE brokered the deal on behalf of both parties.
NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …
HOUSTON — Locally based developer Midway is underway on renovations of a 244-room hotel located within its CITYCENTRE mixed-use development in West Houston. The Moran CITYCENTRE was originally built in 2009. The renovation will deliver updated furnishings, premium bedding, contemporary lighting fixtures and technology enhancements to all rooms. In addition, the lobby, meeting and event spaces and amenity areas, including the fitness center and onsite bar, will all be upgraded. Work began at the beginning of the year and is expected to be complete this summer.
PHOENIX — Texas-based Jackson-Shaw and Arizona-based Holualoa Cos. are developing a dual-branded AC Hotel by Marriott North Phoenix at Norterra and Element by Westin North Phoenix at Norterra in Phoenix. Construction is slated to begin in May 2024 for completion in late 2025. The four-story development will feature a total of 274 guest rooms, with AC Hotel by Marriot North Phoenix offering 179 guest rooms and Element by Westin North Phoenix offering 95 rooms. The property will feature 8,000 square feet of flexible meeting space, two deluxe suites, two group communal rooms, a fitness center, and resort-style courtyard with a saline pool, heated spa and lawn. Situated on three acres, the property will total 160,133 square feet. Simmons Bank is providing construction financing, Layton Construction is serving as general contractor, Cooper Cary is serving as architect and DiLeonardo as interior designer.
CHATTANOOGA, TENN. — Developer 3H Group has broken ground on a new, 123-room Hyatt-branded hotel in Chattanooga. Dubbed the Caption by Hyatt Chattanooga, the property is being developed under a franchise agreement between 3H and Hyatt Hotels Corp. The Caption brand reflects Hyatt’s aim for the hotel to cater to “sociable travelers who want to work, eat, or socialize in communal spaces that encourage meaningful conversations.” Upon completion, the hotel will feature a 24-hour market, workspaces, a rooftop bar, meeting space and food-and-beverage concept Talk Shop. This will mark the second Caption by Hyatt hotel in Tennessee. A construction timeline for Caption by Hyatt Chattanooga was not disclosed.
SAN ANTONIO — Sunstone Hotel Investors Inc. (NYSE: SHO) has agreed to acquire the 630-room Hyatt Regency San Antonio Riverwalk in San Antonio. An affiliate of Hyatt Hotels Corp. is selling the asset for $230 million. The hotel is located centrally on San Antonio’s River Walk, a 15-mile pedestrian street that runs alongside the San Antonio River and is lined by restaurants, shops, museums and theaters. The site is adjacent to the $500 million Alamo Visitor Center and Museum development, which is currently under construction. The hotel recently underwent $37 million in guest room renovations and offers amenities including a fitness center, swimming pool, spa and a 40,000-square-foot event space. The property is also home to a number of onsite restaurants, bars and shops. The acquisition includes nearly two acres of riverfront land and a 516-space parking garage. The buyer expects to complete the transaction in late April. Sunstone is funding the transaction through cash on hand, using a portion of the proceeds from the company’s $370 million disposition of the Boston Park Plaza hotel last October. Hyatt will continue to manage the hotel under its Hyatt Regency banner and will pay approximately $8 million in advance to secure …
IRVING, TEXAS — Sonnenblick-Eichner Co., a California-based financial intermediary, has arranged a $19.5 million loan for the refinancing of the Texican Court Hotel in Irving. The 152-room hotel was built in 2019 in the Las Colinas district and offers amenities such as a pool, fitness center, indoor and outdoor event space and an onsite restaurant. Sonnenblick-Eichner arranged the nonrecourse, five-year loan, which featured a 7.74 percent interest rate, through an undisclosed investment bank. The borrower was Valencia Hotel Group.
MOUNT LAUREL, N.J. — JLL has arranged the sale of a 117-room, Marriott-branded hotel located outside of Philadelphia in Mount Laurel. The SpringHill Suites by Marriott Voorhees Mt. Laurel/Cherry Hill hotel is a four-story building that offers amenities such as a pool, fitness center, business center and 375 square feet of meeting and event space. Ketan Patel, Phil White and Vasilis Halakos of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
OXON HILL, MD. — JLL’s Hotels & Hospitality group has brokered the sale of Hampton Inn & Suites National Harbor/Alexandria Area, a 154-room hotel located at 250 Waterfront St. in Oxon Hill. The sales price was not disclosed, but Washington Business Journal reports the asset traded for $47 million. Situated along the Potomac River about 11.5 miles south of Washington, D.C., the 11-story hotel is located across the street from The Gaylord National Resort and Convention Center. The hotel features a business center, fitness center, complimentary breakfast, indoor pool and meeting space. Ketan Patel, Phil White and Vasilis Halakos of JLL represented the seller and procured the buyer. Both parties requested anonymity.
PITTSBURGH — JLL has brokered the sale of the 127-room Hyatt Place Pittsburgh Airport Robinson Mall hotel. The hotel offers an indoor pool, fitness center and onsite dining options, as well as proximity to destinations such as Acrisure Stadium, the Pittsburgh Zoo, Settlers Cabin Park, S&T Bank Music Park, PPG Arena and the Pittsburgh Botanical Gardens. Philip White led the JLL team that represented the seller and procured the buyer, both of which requested anonymity, in the transaction.