Hospitality

Tavistock Purchases Pier Sixty-Six Marina and Hyatt Regency Hotel in Fort Lauderdale for $163.3M

by John Nelson December 8, 2016

FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million. Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina. Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space. “When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group. CBRE Group Inc. facilitated the deal between …

December 8, 2016

Hospitality New York Northeast

Four Seasons Hotel New York Unveils $120M Transformation

by Amy Works December 7, 2016

NEW YORK CITY — Four Seasons Hotel New York has unveiled its $120 million transformation. Designed by hotelier and design innovator Ty Warner, the renovation includes king-sized, lighted pedestal beds with custom linens, handcrafted furnishings, English Sycamore wood paneling, 100 percent wool carpets and hand-knotted rugs. Additionally, each of the newly designed 368 studio and suite rooms feature oversized windows, panoramic views of Manhattan, oversized deep-soaking bathtubs, remote-controlled mirrored televisions and state-of-the-art entertainment components, including curved televisions.

December 7, 2016

California Hospitality Western

Hersha Hospitality Trust Buys Ambrose Hotel in Santa Monica for $47.5M

by Nellie Day December 6, 2016

SANTA MONICA, CALIF. — Hersha Hospitality Trust has purchased the 77-room Ambrose Hotel in Santa Monica for $47.5 million. The hotel is located at 1255 20th St. The Ambrose Hotel is situated within Santa Monica’s 7.9 million-square-foot office market. It is also near Silicon Beach, which includes notable employers like Google, Facebook, Apple, IMAX, Hulu and Riot Games. Hersha utilized 1031 exchange proceeds from the recent sale of two suburban Boston hotels to fund the Ambrose acquisition.

December 6, 2016

Hospitality Texas

HFF Facilitates Sale of 350-Room DoubleTree by Hilton in Downtown Houston

by Amy Works December 6, 2016

HOUSTON — HFF has closed the sale of DoubleTree by Hilton Houston Downtown, a full-service hotel located at 400 Dallas St. within Allen Center in downtown Houston. The hotel features 350 guest rooms, 18,000 square feet of function space, Trofi Restaurant & Bar, Atrium Lobby Lounge and 24-hour fitness and business centers. John Bourret, Austin Brooks, Colby Mueck and Daniel Peek of HFF represented the undisclosed seller. The name of the buyer and acquisition price were not released.

December 6, 2016

Hospitality New York Northeast

Hilton Hotels & Resorts Opens 196-Key Hilton Brooklyn New York

by Amy Works December 2, 2016

NEW YORK CITY — Hilton Hotels & Resorts has opened Hilton Brooklyn New York, a 196-key hotel located at 140 Schermerhorn St. in Brooklyn’s Boerum Hill neighborhood. Designed by Stonehill & Taylor, the 19-story hotel features 2,300 square feet of function space, accommodating up to 140 attendees for meetings and social events, a 24-hour fitness center, a business center, grab-and-go pantry and concierge services. The hotel is owned by Flank and managed by Urgo Hotels & Resorts.

December 2, 2016

Florida Hospitality Loans Southeast

HKS Capital Partners Arranges $45M Refinancing of Sagamore Hotel in South Beach

by John Nelson December 2, 2016

MIAMI BEACH, FLA. — New York-based HKS Capital Partners has arranged the $45 million refinancing of the Sagamore Hotel, a 94-suite upscale hotel situated at the crossroads of the Lincoln Road Mall and Collins Avenue in South Beach’s historic Art Deco District. The borrower, The Ben Josef Group, will use the loan to partially recapture $35 million of equity and put $10 million toward renovations. John Harrington of HKS Capital arranged the five-year loan with 30 months of interest-only payments during the renovation period through Bank Hapoalim B.M., one of Israel’s largest banks. The Ben Josef Group and the Insite Group, a South Florida-based development firm, paid $63 million in cash for the five-story hotel in March 2016. The new owners plan to renovate and reposition a portion of the floor plan to yield an additional 48 guest rooms, which will result in 142 guest suites, including oceanfront penthouses and two-story oceanfront bungalows.

December 2, 2016

Hospitality Texas

The Stella Hotel to Open in March 2017 in Bryan, Texas

by Amy Works December 2, 2016

BRYAN, TEXAS — Managed by Trust Hospitality, The Stella is slated to open in March 2017 in Bryan. Located at the Texas A&M Biocorridor, the hotel will feature 176 guest rooms and suites, 10,000 square feet of indoor event space, 12,000 square feet of outdoor space and a restaurant. The hotel was designed by FAB Studio with interiors by Design DMU.

December 2, 2016

Colorado Hospitality Top Stories Western

CBRE Arranges $121M Sale of Four Seasons Resorts and Residences in Vail, Colorado

by Kristin Harlow December 2, 2016

VAIL, COLO. — CBRE Hotels has arranged the sale of the Four Seasons Resort and Residences in Vail for $121 million. The 134-room resort is located at 1 Vail Road, and includes 121 hotel guestrooms and 13 condominiums. The resort offers slope-side ski-valet facilities located adjacent to Gondola One in Vail Village. Additional amenities include a 14,935-square-foot spa, over 7,000 square feet of flexible meeting and event space, dining and retail space. Bernard Van der Lande of CBRE Capital Advisors, along with Mark Darrington and Larry Kaplan of CBRE Hotels, represented the seller, Barclays. Barclays acquired the property out of bankruptcy when it was under construction in 2009. New York City-based Extell Development Co. was the buyer. — Kristin Hiller

December 2, 2016

Florida Hospitality Southeast

Helm Equities to Bring 21c Museum Hotel to HELM Miami Development

by John Nelson December 1, 2016

MIAMI — New York-based developer Helm Equities plans to bring a 21c Museum Hotel to HELM Miami, a mixed-use development in Miami’s Design District. The boutique hotel will feature 135 rooms, an art museum free of charge to the public, restaurant, rooftop pool terrace, bar and lounge and meeting spaces. Deborah Berke Partners will lead the design team for the new hotel. In addition to the hotel, HELM Miami will feature a sculpture garden, green space and 325,000 square feet of retail, dining and workspace for artists, as well as on-site parking. Thomas Citron and Mitchell Friedel of NGKF will lease HELM Miami’s retail component. Paul Faver of JB Real Estate Investment Group LLC advised Helm Equities on the transaction with Louisville, Ky.-based 21c Museum Hotels.

December 1, 2016

Features Hospitality Top Stories

Group Bookings Brighten Hotel Outlook for 2017

by Kristin Harlow December 1, 2016

NEW YORK CITY — Committed occupancy and average daily rates (ADR) for the first quarter of 2017 are showing major signs of growth in the hotel sector. Group travel is leading the way despite the continuing lag in transient booking pace in the fourth quarter of 2016, according to new data from TravelClick’s November 2016 North American Hospitality Review (NAHR). TravelClick defines a transient traveler as an individual business or leisure traveler. Transient booking pace is the rate by which these travelers book their reservations. Committed occupancy is defined as the sum of transient rooms and group rooms committed divided by capacity. The November NAHR looks at group sales commitments and individual reservations in the 25 major North American markets for hotel stays that are booked by Nov. 1, 2016, from the period of November 2016 to October 2017. Across all travel segments in the first quarter of 2017, occupancy and ADR are up 6.7 percent and 2.7 percent, respectively. Occupancy for the group segment is up 6.8 percent. “Even with the slowing transient reservation pace this month, especially within the business segment, hoteliers should look to the New Year for a promising outlook,” said John Hach, TravelClick’s senior industry …

December 1, 2016

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