Hospitality

Hay Creek to Build First Metro Atlanta Hotel in Pinewood Forrest Development

by John Nelson October 17, 2016

FAYETTEVILLE, GA. — Hay Creek Hotels, an Exeter, N.H.-based developer and manager of boutique hotels, plans to build its first hotel in the metro Atlanta area in Pinewood Forrest, a 234-acre master-planned development situated adjacent to Pinewood Atlanta Studios in Fayetteville. Scheduled to open in 2018, the 95-room hotel will feature meeting and function space, an upscale restaurant, bar, spa, pool and special suites for celebrity guests of Pinewood Atlanta Studios. HCH Pinewood Forrest LLC will develop the hotel, and Hay Creek will operate the property upon completion. Led by Chick-fil-A CEO Dan Cathy, the development team behind Pinewood Forrest has also selected the metro Atlanta real estate brokerage firm Ansley Atlanta to provide residential sales and marketing for the development’s single-family homes. The first home sites will be available for reservation in the coming months.

October 17, 2016

Hospitality Loans Michigan Midwest

Vista Capital Closes $16M in Refinancing for Homewood Suites in Troy, Michigan

by Amy Works October 14, 2016

TROY, MICH. — Vista Capital Co. has closed $16 million in refinancing for the Homewood Suites located in Troy, a northern Detroit suburb. Part of the 10-year loan will be used to fund renovations over the next five years. The financing was awarded to a European-based investment bank. Opened in 2002, the Homewood Suites in Troy features 150 suites, an indoor heated pool, fitness center, executive business center and approximately 1,200 square feet of meeting space.

October 14, 2016

Hospitality Texas

Hunter Hotel Advisors Brokers Sale of Two Hotels in Northwest Austin

by Katie Sloan October 13, 2016

AUSTIN, TEXAS — Hunter Hotel Advisors has arranged the sale of two hotels in Austin: the 80-room StayBridge Suites Austin Northwest, and the 82-room Fairfield Inn & Suites Austin Northwest. Hunter Hotel’s Los Angeles office represented the seller, Excel Hotel Group, in both transactions. The buyer of both assets was an unnamed opportunity fund based in New York. The buyer plans to invest $1 million in the Staybridge Suites hotel, which was built in 2009. The Fairfield Inn was built in 2014. Hunter’s Los Angeles office arranged the sale of six hotels in the third quarter and has at least five sales scheduled to close this quarter.

October 13, 2016

Hospitality Washington Western

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

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