Hospitality

Peak Completes Construction of Marriott Residence Inn in Bolingbrook, Illinois

by Kristin Harlow July 21, 2017

BOLINGBROOK, ILL. — Peak Construction Corp. has completed the Marriott Residence Inn located in Bolingbrook, a southwest suburb of Chicago. Peak provided design-build services for the 103-room extended-stay hotel. Amenities at the four-story, 77,000-square-foot property include a swimming pool, outdoor patio and multi-purpose sport court. Norr Architects served as the project architect, while Manhard Consulting Ltd. provided civil engineering services. Love Hotel Management Co. will manage the property.

July 21, 2017

Hospitality Market Reports Michigan Midwest Midwest Market Reports

Bedrock Is a Major Force in Motor City

by Kristin Harlow July 20, 2017

You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have invested more than $3.5 billion in acquiring, renovating and developing slightly more than 100 properties totaling about 16 million square feet in downtown Detroit and Cleveland. Bedrock is commonly referred to as the real estate arm of billionaire businessman Dan Gilbert’s Rock Ventures. Gilbert is the chairman and founder of Rock Ventures and Quicken Loans Inc., the mortgage lending giant headquartered in Detroit. Diverse project portfolio In January, a joint venture between Shinola/Detroit LLC and Bedrock broke ground on the eight-story, 130-room Shinola Hotel. Located at 1400 Woodward Ave., the boutique hotel is scheduled to open in fall 2018. (Shinola, a Detroit-based company, is best known as a manufacturer of watches, bicycles and leather goods.) Chef Andrew Carmellini and Noho Hospitality are developing the food and beverage offerings to ensure …

July 20, 2017

Hospitality Texas

Sigma Hospitality Opens 96-Room, Hilton-Branded Hotel in Metro Houston

by Taylor Williams July 19, 2017

BAYTOWN, TEXAS — Pennsylvania-based investment firm Sigma Hospitality has opened Home2 Suites by Hilton Baytown, a 96-room hotel located off Interstate 10 at 7512 Garth Road in the Houston metro of Baytown. The hotel will offer amenities such as a combined laundry and fitness center, outdoor pool and meeting space that can accommodate up to 61 people. The property is also pet-friendly.

July 19, 2017

Hospitality Loans Midwest Minnesota

CBRE Arranges $26.9M Construction Loan for 168-Room Hotel in Minneapolis

by Kristin Harlow July 19, 2017

MINNEAPOLIS — CBRE has arranged a $26.9 million loan for the construction of The Elliot Park Hotel in downtown Minneapolis. The 168-room Autograph Collection hotel by Marriott will be located on the northeast corner of 5th Avenue South and South 9th Street. The boutique hotel, slated to open in summer 2018, is part of a block redevelopment by Kraus–Anderson. The redevelopment will include a new corporate office for Kraus-Anderson, a 17-story apartment tower and a microbrewery. Jason Brown, Dan Gable, Joel Torborg and Jonathan Rice of CBRE arranged the loan on behalf of the Wilkinson Corp. Bank of the Ozarks provided the three-year loan.

July 19, 2017

Hospitality Loans Texas

Mission Capital Arranges $15.2M Acquisition Loan for 120-Room Hotel in Houston

by Taylor Williams July 18, 2017

HOUSTON — Mission Capital Advisors has arranged a $15.2 million acquisition loan for Staybridge Suites Houston — Medical Center, a newly constructed, 120-room hotel located at 9000 S. Main St. in Houston. Philip Justiss, Alex Draganiuk and Lexington Henn of Mission Capital arranged the recourse loan through IberiaBank Corp. on behalf of the borrower, St. Louis-based Midas Hospitality.

July 18, 2017

Alabama Hospitality Southeast

Hotel Equities Opens 161-Room Hotel on Alabama’s Gulf Coast

by Camren Skelton July 17, 2017

ORANGE BEACH, ALA. — Hotel Equities has opened Island House Hotel Orange Beach — a DoubleTree by Hilton hotel, located at 26650 Perdido Beach Blvd. in Orange Beach. The Atlanta-based company completed a multimillion-dollar renovation prior to opening. The 10-story, 161-room hotel features 6,000 square feet of meeting, ballroom and banquet space and is located on a private beach on Alabama’s Gulf Coast.

July 17, 2017

Hospitality Texas

DC Partners to Develop $116M, 167-Room Hotel in San Antonio

by Taylor Williams July 17, 2017

SAN ANTONIO — Houston-based DC Partners will develop The Thompson Riverwalk Hotel & Condos, a 167-room hotel in San Antonio that will feature 66 residential units in floors 12 through 19 known as The Arts Residences. San Antonio-based Universal Service Group will co-develop the 20-story property, which has an estimated cost of $116 million, according to local publication The Rivard Report. Amenities will include a rooftop bar and lounge and more than 6,900 square feet of meeting space.

July 17, 2017

Hospitality Indiana Loans Midwest

Aries/Conlon Capital Arranges $7.2M Loan for Refinancing of 171-Room Hotel Property in West Lafayette, Indiana

by Kristin Harlow July 14, 2017

WEST LAFAYETTE, IND. — Aries/Conlon Capital has arranged a $7.2 million loan for the refinancing of Four Points by Sheraton in West Lafayette, about 65 miles northwest of Indianapolis. The 171-room hotel is located at 600 Cumberland Ave. near Purdue University. Rushi Shah of Aries/Conlon Capital arranged the CMBS loan, which features a 10-year term and a 25-year amortization schedule. Pandey Hotel Corp. was the borrower.

July 14, 2017

Hospitality Illinois Midwest

MDG Sells Hyatt Centric Hotel in Chicago for $110M

by Kristin Harlow July 13, 2017

CHICAGO — Murphy Development Group (MDG) has sold its Hyatt Centric the Loop Chicago Hotel to Germany-based Deka Immobilien for $110 million in a long-term sale-leaseback agreement. The four-star Hyatt Centric is a full-service lifestyle brand designed for business and leisure travelers. MDG developed the 257-room hotel in 2015, which includes French restaurant Cochon Volant and rooftop bar AIRE. Integrated Clark Monroe, an affiliate of MDG, will maintain a long-term franchise agreement with Hyatt Hotels Corp. Jaime Fink and Jeff Bramson of HFF brokered the transaction, which amounts to $428,000 per room.

July 13, 2017

Hospitality Retail Texas

Mansour Group Brokers Sale of Net Leased Hotel, Retail Condos in San Antonio

by Taylor Williams July 13, 2017

SAN ANTONIO — The Mansour Group at Marcus & Millichap has brokered the sale of Hotel Valencia and Retail Net Leased Condos in the River Walk area of San Antonio. The hotel property and accompanying retail condos are located at 150 E. Houston St. The property was leased to The Valencia Group on a long-term NNN lease. The Mansour Group represented the seller, GrayStreet Partners, in the transaction. An out-of-state private investor purchased the asset.

July 13, 2017

Newer Posts

Older Posts