Hospitality

Atlanta Hawks Break Ground on $192.5M Renovation of Philips Arena in Downtown Atlanta

by Camren Skelton June 30, 2017

ATLANTA — The Atlanta Hawks Basketball Club has broken ground on the transformation of Philips Arena, the NBA team’s home venue in downtown Atlanta. The $192.5 million renovation will include a new center-hung scoreboard, concourses with 360-degree connectivity, 250-seat master conference room with four additional breakout rooms and added dining and beverage options. Zac Brown, Atlanta native and lead singer of Zac Brown Band, will open Zac Brown’s Social Club, a Southern gourmet-style restaurant with a live music stage. Sports entertainment company Topgolf will offer Swing Suites to be rented by the hour for groups of up to 15, featuring two Topgolf simulators, HDTVs, lounge seating, food and beverage service and a view into the arena. Rapper, actor and activist Killer Mike will open one of his signature SWAG Shop barbershops, giving fans the opportunity for full hair service while watching the game. HOK is the leading architect on the project. Construction on the city-owned arena is slated for completion during the 2018-2019 NBA season. The Hawks committed to an 18-year lease extension to remain in downtown Atlanta through 2046.

June 30, 2017

Hospitality New York Northeast

MCR Sells 18 Marriott and Hilton Hotels for $407.4M

by Amy Works June 29, 2017

NEW YORK CITY — MCR has sold 18 Marriott and Hilton assets to American Hotel Income Properties REIT for $407.4 million. The sale encompassed 2,187 rooms, which sold for roughly $186,000 each. The assets are in Maryland, New Jersey, New York, Connecticut and Pennsylvania. MCR is the seventh largest hotel owner-operator in the country and operates hotels under 10 brands.

June 29, 2017

California Hospitality Loans Western

The Yucaipa Companies Receives $93M Loan for Line Hotel in Los Angeles

by Nellie Day June 28, 2017

LOS ANGELES — The Yucaipa Companies has received a $93 million loan for the 384-room Line Hotel in Los Angeles. The newly renovated lifestyle hotel is located in the Koreatown neighborhood. The 12-story, full-service boutique hotel opened in 2014. The Line is a new lifestyle hotel brand owned by Ron Burkle’s Yucaipa Companies and managed by Sydell Group, a hotel management company co-founded by Burkle and Andrew Zobler. The funds were used to refinance an existing renovation loan after recent multi-million-dollar improvements at the property. The new loan will also provide additional funding for minor ongoing property renovations. The sponsors plan to reposition the first-floor lobby and restaurant areas, as well as upgrade the grand ballroom. Natixis provided the loan.

June 28, 2017

Hospitality Mississippi Southeast

Home2 Suites by Hilton Meridian Opens in Meridian, Mississippi

by Camren Skelton June 28, 2017

MERIDIAN, MISS. — Home2 Suites by Hilton Meridian, part of Hilton’s All Suites portfolio, has opened at 201 N. Frontage Road in Meridian. The 97-room hotel is designed for travelers who want to maintain their normal routine, and features fully equipped kitchens, modular furniture, a fitness center, pool, fire pit and grill area, market for grab-and-go items and complimentary daily breakfast. Inn Alliance LLC owns the property and Lala Enterprises handles management.

June 28, 2017

Florida Hospitality Southeast

Cambridge Landmark Acquires Hotel Near Orlando for $31.2M

by Camren Skelton June 28, 2017

MAITLAND, FLA. — Cambridge Landmark has purchased the Sheraton Orlando North Hotel, a 389-room hotel located at 600 N. Lake Destiny Road in Maitland, roughly eight miles north of Orlando. Michael Weinberg and Preston Reid of HFF brokered the $31.2 million transaction on behalf of the seller, a partnership between Värde Partners, Interstate Hotels Corp. and Waramaug Hospitality Asset Management. The hotel features approximately 15,000 square feet of meeting space, an outdoor pool with a hot tub, fitness center, business center, on-site rental care services, lounge and a café.

June 28, 2017

Hospitality Michigan Midwest

CBRE Arranges Sale of 90-Room Courtyard by Marriott in Brighton, Michigan

by Kristin Harlow June 28, 2017

BRIGHTON, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Detroit Brighton located about 45 miles northwest of Detroit. The sales price was not disclosed. The 90-room hotel, located at 7799 Conference Center Drive, was recently renovated. Nate Sahn and Drew Noecker of CBRE represented the undisclosed seller in the transaction. Bright Lodge Inc. purchased the hotel.

June 28, 2017

Hospitality Kansas Midwest

Marcus & Millichap Brokers Sale of 130-Room Hotel in Wichita, Kansas

by Kristin Harlow June 27, 2017

WICHITA, KAN. — Marcus & Millichap has brokered the sale of Best Western Airport Inn & Conference Center in Wichita for an undisclosed price. The 130-room hotel is located at 6815 W. Kellogg Drive near the Dwight D. Eisenhower National Airport. Steve Swenholt, Allan Miller, Chris Gomes and Greg Bates of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.

June 27, 2017

Hospitality Midwest Missouri

Mumford Co. Arranges Sale of 62-Room Hotel in West Plains, Missouri

by Kristin Harlow June 27, 2017

WEST PLAINS, MO. — Mumford Co. has arranged the sale of a 62-room Ozark Hills Inn in West Plains, located in southern Missouri. The sales price was not disclosed. The property, located at 1605 Imperial Road, features a swimming pool and outside picnic area. George Arvanitis of Mumford Co. represented the seller, a local hotel and commercial real estate owner/developer, and procured the buyer, a Missouri-based hotel owner. The buyer plans to operate the hotel as a Baymont Inn under the Wyndham brand.

June 27, 2017

Hospitality Massachusetts Northeast Top Stories

Pebblebrook Hotel Trust Sells Parking Garage at Boston Hotel for $95M

by Taylor Williams June 26, 2017

BOSTON — Pebblebrook Hotel Trust (NYSE: PEB), a hospitality REIT, has sold an 826-space parking garage at Revere Hotel Boston Common, located at 200 Stuart St. in downtown Boston, for $95 million. The buyer was not disclosed. The sale, which closed on June 23, also includes 10,500 square feet of vacant space on the ground floor. Pebblebrook will utilize the proceeds from the sale for general business purposes, such as paying off outstanding debt or repurchasing some of its shares of common stock. The company expects the acquisition to generate approximately $11.7 million in additional net income across the second, third and fourth quarters, and to reduce funds from operations (FFO) by $1.3 million during that period. Since initiating a strategic disposition plan in 2016, the REIT has sold five hotels and two non-hotel assets that have generated $676.8 million in gross proceeds. “This sale generates significant value for our shareholders at a very favorable price and overall capitalization rate,” says Jon Bortz, CEO and president of Pebblebrook, based in Bethesda, Md. “These property sales continue to allow us to take advantage of the value differential between the higher private market prices and values and the lower public market valuation …

June 26, 2017

California Hospitality Western

Lone Oak Lodge in Monterey Changes Hands

by Nellie Day June 23, 2017

MONTEREY, CALIF. — A local, private investor has acquired the 46-room Lone Oak Lodge in Monterey for an undisclosed sum. The hotel is located at 2221 N. Fremont St. The boutique property is near the Monterey Bay Aquarium, Cannery Row, Fisherman’s Wharf and Pebble Beach. Joshua Miehl and Oliver Shah of Atlas Hospitality Group represented the seller.

June 23, 2017

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