Hospitality

Hyatt, R.C. Hedreen to Develop 1,260-Room Hyatt Regency Hotel in Seattle

by Nellie Day October 12, 2016

SEATTLE — R.C. Hedreen Co. and an affiliate of Hyatt Hotels Corp. have entered into a management agreement to develop a 1,260-room Hyatt Regency hotel in Seattle. The hotel will be situated at 8th and 9th avenues, between Stewart and Howell streets, in the Denny Triangle neighborhood. The new Hyatt will include more than 100,000 square feet of flexible meeting and event facilities, multiple food and beverage outlets, and a Regency Club lounge. The hotel will be in close proximity to the Washington State Convention Center, Pike Place Market, the Space Needle and the Seattle Aquarium. The full-service hotel is expected to open in mid-2018. R.C. Hedreen Co. currently owns Grand Hyatt Seattle and Hyatt at Olive 8.

October 12, 2016

California Hospitality Western

Ashford Hospitality Trust Sells Two Palm Desert Hotels for $36M

by Nellie Day October 12, 2016

PALM DESERT, CALIF. — Ashford Hospitality Trust has sold a two-hotel portfolio in Palm Desert for $36 million. The transaction includes the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert. The portfolio achieved RevPAR (revenue per available room) of $92 with an occupancy rate of 74 percent and ADR (average daily rate) of $123. The portfolio also had an existing debt balance of about $24 million that was assumed by the buyer.

October 12, 2016

Hospitality Midwest Wisconsin

Ascendant Holdings, Central Properties to Develop Lifestyle Hotel in Madison, Wisconsin

by Amy Works October 12, 2016

MADISON, WIS. — Ascendant Holdings and Central Properties are developing a lifestyle hotel at 118 and 122 State St. in downtown Madison. The companies have tapped Portland, Ore.-based Provenance Hotels to manage the property. Slated to open in 2018, the hotel will feature a ground-floor food and beverage operation, meeting spaces and a rooftop lounge.

October 12, 2016

Hospitality Kentucky Loans Southeast

KeyBank Arranges $12.1M CMBS Loan for SpringHill Suites Hotel in Louisville

by John Nelson October 12, 2016

LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $12.1 million CMBS loan for SpringHill Suites Louisville Airport, a 75,000-square-foot hotel situated directly north of Louisville International Airport. Located at 820 Phillips Lane, the hotel features a market, meeting room, coffee station, business center, breakfast buffet, fitness center and an indoor swimming pool. Jake Proctor of KeyBank arranged the fixed-rate, non-recourse loan.

October 12, 2016

Hospitality New York Northeast Top Stories

BH Properties Buys Three Hotel Leases in Manhattan for $338.2M

by Nellie Day October 10, 2016

NEW YORK — BH Properties has purchased a portfolio of three New York City hotel leases for $338.2 million. Lexington Realty Trust sold the leased fee positions, which give the owner rights to the rent revenue without actually owning the property, similar to a ground lease. The acquisition is BH Properties’ first transaction in Manhattan and the largest transaction in the firm’s history. The deal was structured as a reverse 1031 exchange. BH Properties restructured its balance sheet to acquire the assets. The firm plans to divest up to 25 properties throughout the country in the next six months. Acquiring the leased fee positions in New York provided the firm with an opportunity to dispose of some properties that are either outside its target market or are no longer a focus for its investment strategy, according to Steve Gozini, the firm’s president. Ascott Residence Trust owns the Element, a 411-room hotel on 311 W. 39th St., and the 369-room Sheraton Tribeca at 370 Canal St. Magna Hospitality owns the 399-room Doubletree Hotel at 8 Stone St. Magna also manages all three assets. The three hotels were built in 2010, opened in 2011 and stabilized in 2012. Magna was the original developer of …

October 10, 2016

Hospitality Industrial New York Northeast Office Retail

NorthStar Income II Commits More Than $370M in Capital

by Amy Works October 7, 2016

NEW YORK CITY — NorthStar Real Estate Income II has closed on two portfolio transactions in which it committed approximately $370 million of equity capital, substantially investing all of the company’s current investable capital. Through subsidiaries of its operating partnership, NorthStar Income II originated a $98 million subordinate interest investment in a portfolio of 39 industrial properties in 17 states. The more than 6 million-square-foot portfolio is currently 100 percent leased with an average remaining lease term of 11 years. Additionally, NorthStar Income II acquired a diversified portfolio of limited partnership or similar equity interest in 41 private equity real estate funds, managed by 20 institutional-quality real estate managers from a company managed by NorthStar Income II’s sponsor. NorthStar Income II acquired the funds for $273 million, or a price equal to 92.25 percent of the record date net asset value. Twenty-five percent of the acquisition was funded at closing and the remaining will be funded on December 31. Located in 24 states as well as international locations, the properties include mixed-use, multifamily, office and hotel assets.

October 7, 2016

Georgia Hospitality Southeast

Noble, Simon Open AC Hotel Atlanta Buckhead at Phipps Plaza

by John Nelson October 7, 2016

ATLANTA — A joint venture between Noble Investment Group and Simon has opened the AC Hotel Atlanta Buckhead at Phipps Plaza in Atlanta’s Buckhead district. Designed by Atlanta-based architectural firm Cooper Carry, the 166-room hotel is situated at the corner of Peachtree Street and Wieuca Road adjacent to Phipps Plaza and Lenox Square Mall. The property is the first new hotel to open in Buckhead in the past eight years. The hotel’s windows will feature View Dynamic Glass technology to automatically tint based on the sun’s intensity, which will maximize natural light and reduce heat and glare. Amenities include the AC Library, AC Lounge, AC Kitchen, a 24-hour fitness center and a heated indoor whirlpool.

October 7, 2016

California Hospitality Western

The Concourse Hotel Transitions to Hyatt Regency at LAX with $75M Renovation

by Nellie Day October 6, 2016

LOS ANGELES — Hyatt Hotels Corporation has completed the transition of the Concourse Hotel at Los Angeles Airport to the Hyatt Regency Los Angeles International Airport. The 580-room hotel is undergoing an extensive $75 million renovation. The hotel is situated less than one block from the Los Angeles International Airport. It is the closest hotel to the airport, and the only airport hotel with direct shuttle service to LAX. The hotel offers more than 50,000 square feet of meeting space, including one of the largest ballrooms in the LAX market at 14,000 square feet. The Hyatt also features the only outdoor event lawns in the area, which can accommodate up to 750 guests. A newly built conference center includes more than 10,000 square feet of meeting space. Dining options include Open Market and Unity L.A. The Hyatt Regency Los Angeles International Airport is currently open and accepting guests.

October 6, 2016

Hospitality Loans Texas

Pioneer Realty Arranges $1M Refinancing Loan for Motel 6 in East Texas

by Haisten Willis October 6, 2016

CANTON, TEXAS — Pioneer Realty Capital LLC, a Texas-based commercial real estate lender, has closed a $1 million refinancing loan for a 40-room Motel 6 located along North Trade Days Boulevard in Canton. The Pioneer Realty Capital team provided the owners of Sandy MJ LLC with an expedited closing that enabled the client to avoid pre-payment expenses.

October 6, 2016

Hospitality New Mexico Western

Marriott International Opens First Tribute Hotel in Santa Fe

by Nellie Day October 5, 2016

SANTA FE, N.M. — Marriott International has opened the 157-room La Posada de Santa Fe in New Mexico, the first hotel within the company’s Tribute Portfolio of resorts and spas. The hotel is located at 330 E. Palace Ave. in Santa Fe. La Posada is situated on six acres, steps from the historic downtown plaza and Canyon Road. The hotel contains three food and beverage outlets, including Julia, a Spirited Restaurant & Bar, the Staab House and the Patio Restaurant. Signature features of the Tribute Portfolio include an homage to the area’s local history, which can be seen in the resort’s bright blue doors, the Patio’s twinkle lights, traditional Southwestern fireplaces, colorful gardens and tapestries. Marriot will open additional Tribute Portfolio hotels throughout the U.S., including Denver and San Diego.

October 5, 2016

Newer Posts

Older Posts