Hospitality

Avison Young Arranges $19.2M Construction Loan for Hotel on North Carolina Coast

by Camren Skelton July 27, 2017

BEAUFORT, N.C. — Avison Young has arranged a $19.2 million construction loan for the development of a 133-unit Ascend Collection hotel in Beaufort. The hotel will be situated within the Front Street Village development on the coast of North Carolina. Bruce Whipple, Justin Piasecki and Ethan Blum of Avison Young structured the 18-month construction loan with interest-only payments and an interest rate of 5.5 percent. Following construction completion, the loan will convert to a three-year, fixed-rate, mini-permanent loan. At the end of the term, the loan will remain in place with a 25-year amortization schedule and the same interest rate of approximately 5.5 percent. Front Street Village is a 31-acre mixed-use property developed by Charles Oliver II, founder of Jetcraft. The three-story Ascend Collection hotel will feature an adjacent conference and special events space, bistro structure on the Front Street Village development, waterfront suites and 30,000 square feet of meeting space.

July 27, 2017

California Hospitality Western

InfiniPower Hospitality Group Receives $19M Loan to Develop San Jose Hotel

by Nellie Day July 27, 2017

SAN JOSE, CALIF. — InfiniPower Hospitality Group has received $19 million in financing to develop a 261-room hotel in San Jose. The project will include a 147-room Residence Inn and a 114-room Fairfield Inn & Suites by Marriott. The 166,340-square-foot, four-story building will include an outdoor pool and patio area with a fire pit, enhanced fitness center, bar, complimentary breakfast area, guest laundry facilities and a 24/7 sundry shop, as well as 1,200 square feet of meeting space and a business center. The project is located in America Center, a 30-acre mixed use development located along the South Bay Freeway (Highway 237) in northern San Jose. Canyon Partners Real Estate provided the loan.

July 27, 2017

Florida Hospitality Southeast Top Stories

Sunstone Acquires New Hotel, Marina in Key West for $175M

by John Nelson July 27, 2017

KEY WEST, FLA. — Sunstone Hotel Investors Inc. (NYSE: SHO) has purchased the 175-room Oceans Edge Hotel & Marina in Key West for $175 million. The newly constructed, oceanfront hotel and marina complex is situated across 20 land and water acres on Stock Island and is the largest purpose-built luxury resort and marina in Key West. Sunstone purchased the asset from the developer, Singh Resorts, a hotel development and management firm headed by Pritam Singh. The hotel, which opened in January, will operate as an independent property and be managed by Singh Hospitality. Oceans Edge has 86 suites, all of which have private balconies and views of the Atlantic Ocean. The hotel’s rooms are spread across four buildings and have an average size of 470 square feet, which are among the largest hotel rooms available in the Key West market, according to Sunstone. The hotel also features six swimming pools, a full-service restaurant, waterfront bar, on-site water sports and paddle shop and a fitness facility. As part of the transaction, Sunstone also acquired a combined 52 wet and dry boat slips and amenities in the attached marina, which offers direct deep channel access to popular fishing spots off the coast. …

July 27, 2017

Hospitality Multifamily New Jersey Northeast

Korman Communities, Rockefeller Group Open 256-Unit Flexible-Stay Residences in New Jersey

by Amy Works July 26, 2017

FLORHAM PARK, N.J. — Korman Communities and Rockefeller Group have opened AVE Florham Park, a flexible-stay residential community located at 90 Park Ave. in Florham Park. The 256-unit community is designed for extended-stay business travelers and individuals in transition. AVE Florham Park features 65,000 square feet of indoor and outdoor amenity space, including courtyards, a pool, fire pits, 24-hour business center, conference room, media theatre, spa room, a 3,600-square-foot fitness center and a 24-hour resident service team. The property is located within The Green at Florham Park, Rockefeller Group’s 268-acre master-planned development.

July 26, 2017

Hospitality Texas

Buccini/Pollin Acquires 302-Room Hotel in Irving for $46M

by Taylor Williams July 26, 2017

IRVING, TEXAS — The Buccini/Pollin Group, a hospitality and management firm with offices throughout the Mid-Atlantic, has acquired the 302-room Sheraton DFW Airport Hotel in Irving for $46 million. The hotel recently received $7 million in upgrades to its common areas, meeting rooms and guestrooms. Additional features include 25,000 square feet of meeting space in addition to a pool, exercise facility and business center. The seller was not disclosed.

July 26, 2017

Georgia Hospitality Southeast

Woodbine Legacy Investments Purchases W Atlanta-Buckhead for $73M

by Camren Skelton July 26, 2017

ATLANTA — Woodbine Legacy Investments (WLI) has acquired W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The sales price was not disclosed, but the Atlanta Business Chronicle reports the Texas-based private real estate fund, created by Woodbine Development Corp. in June, acquired the asset for $73 million. Mark Elliott and Todd Ratliff of Hodges Ward Elliott brokered the transaction. W Atlanta-Buckhead is home to Whiskey Blue, a rooftop bar and Cook Hall restaurant. The hotel also features a 24-hour fitness center, yoga and barre classes, an infinity pool and 11,000 square feet of flexible indoor and outdoor meeting and event space. W-Atlanta Buckhead marks the second acquisition for WLI.

July 26, 2017

Hospitality Loans Massachusetts Northeast

HREC Capital Markets Arranges $6.2M in Refinancing for 208-Room La Quinta Inn & Suites in Massachusetts

by Amy Works July 25, 2017

SPRINGFIELD, MASS. — HREC Capital Markets Group has arranged a $6.2 million senior loan for the refinancing of a La Quinta Inn & Suites, located at 100 Congress St. in Springfield. The hotel features 208 guestrooms. John Siska of HREC’s Boston office negotiated the loan for the borrower, a private owner-operator. A local community bank provided the financing.

July 25, 2017

California Hospitality Western

Rodeway Inn San Diego Sells for $7.5M

by Nellie Day July 25, 2017

SAN DIEGO — An undisclosed buyer has acquired the 63-room Rodeway Inn San Diego for $7.5 million. The hotel is located at 5399 Adobe Falls Road, near Qualcomm Stadium. Joshua Yammer, Sarhan Mheni and Walter Brauer of Marcus & Millichap represented the seller, a partnership, in this transaction.

July 25, 2017

Hospitality New York Northeast

Sun Moon Develops 192-Room Marriott Fairfield in Lower Manhattan

by Amy Works July 24, 2017

NEW YORK CITY — Sun Moon LLC is developing a Marriott Fairfield at 100 Greenwich St. in Lower Manhattan. Slated to open this summer, the 75,000-square-foot hotel will feature 192 rooms and 2,400 square feet of ground-floor restaurant and bar space. Gene Kaufman Architect designed the hotel, which features a five-story black granite base. The hotel’s 25-story tower uses air rights that were part of a zoning lot assemblage. The assemblage includes a previously completed 50-story Holiday Inn, located at 99 Washington St. VLDG designed the interior of the hotel.

July 24, 2017

Hospitality Texas

HH&S Acquires 80-Room Hotel in Houston

by Taylor Williams July 24, 2017

HOUSTON — HH&S Hospitality LLC has purchased Candlewood Suites Houston Medical Center, an 80-room hotel located at 10025 Main St. in Houston. The Houston-based lodging investment firm will spend an unspecified amount in renovations to the hotel’s common areas and rooms. Friendwood, Texas-based Pika Hotel Group sold the property to HH&S for an undisclosed price.

July 24, 2017

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