BARSTOW, CALIF. — Marcus & Millichap has arranged the sale of Comfort Suites Barstow, a hotel in the Mojave Desert city of Barstow. A limited liability company sold the asset to an individual trust for $11.5 million. Located at 2571 Fisher Blvd., Comfort Suites Barstow offers 83 guest rooms. Andy Patel and Gordon Allred of Marcus & Millichap represented the seller and procured the buyer in the transaction.
HEALDSBURG, CALIF. — Replay Destinations is developing a luxury hotel within Mill District, a master-planned neighborhood in downtown Healdsburg in Sonoma County. The company will redevelop a 10-acre former lumber site to construct the hotel. The hotel will offer 53 guest rooms; a spa and wellness center; an outdoor pool and spa deck; a restaurant and bar; and a vintners and wine program, as well as curated local guest experiences throughout Healdsburg and Sonoma County. Replay will retain ownership in the hotel “to ensure the realization of the company’s vision.” Dunnigan Sprinkle Architects will blend local agrarian influences and industrial inspiration from the site’s past with a contemporary wine-country aesthetic. The project is currently in the design review process with the City of Healdsburg, with construction expected to begin in spring 2025.
RICHMOND, VA. — Capital Square has launched a new opportunity zone fund, with plans to develop a multifamily and hospitality property at 1600 Roseneath Road in Richmond. Plans for the 2.2-acre development include 220 apartment units and 100 apartment-hotel rooms. Dubbed CSRA Opportunity Zone Fund IX LLC, the fund aims to raise $77 million in equity from accredited investors to fund the project. This marks the ninth opportunity zone fund for Capital Square and its sixth development in the Scott’s Addition neighborhood of Richmond. The unnamed property will be situated within walking distance of several restaurants, breweries and attractions, including the Virginia Museum of Fine Arts, Science Museum of Virginia and Virginia Museum of History and Culture.
WEST HOLLYWOOD, CALIF. — Priority Capital Advisory has arranged $35 million in debt financing to refinance Faring’s planned Robertson Lane, a 400,000-square-foot retail and hotel project in West Hollywood. Centennial Bank provided the financing, which Zachary Streit of Priority Capital Advisory arranged. Located at 645-681 N. Robertson Blvd., the 84,506-square-foot development site is an assemblage of eight contiguous lots. The assembled site was originally entitled for a 10-story, 237-room hotel with dining, nightclub, entertainment and retail space, a rooftop pool and a three-level, 750-car underground parking garage. In 2022, the ownership submitted a revised plan for a 123-room luxury hotel and seven-story office tower over ground-floor retail space and a subterranean garage. Current plans include the adaptive reuse and rehabilitation of the Factory Building, a historical building dating to 1929.
CHICAGO — McHugh Construction has completed a multimillion-dollar renovation of a 191-room, 14-story hotel in Chicago. The property opened in June as L7 Chicago and marks the first L7-branded property in North America from South Korea-based Lotte Hotels & Resorts. McHugh also completed the build-out of Perilla Korean American Steakhouse, the hotel’s anchor restaurant on the ground floor, as well as a new lobby. In late August 2023, McHugh began demolition of the restaurant and lobby of the former Kimpton Hotel Monaco at 225 N. Wabash Ave. and erected temporary walls so that the hotel remained in operation throughout the renovation. McHugh started renovating the top floor in November and worked its way down one floor at a time. The project included new carpet, wall coverings, finishes and furniture for hotel rooms, suites and corridors; reupholstered window seats in each room; and new tiles on the wall alongside each guest room door. The project team included interior designer AvroKo and Grec Architects. Located steps from the Chicago Riverwalk and the Magnificent Mile, the building was originally constructed in 1912 and served as a hat factory and headquarters of D.B. Fisk Co., the largest wholesale millinery in the country until 1932. …
NEW YORK CITY — Marcus & Millichap has brokered the $18.2 million sale of The Hudson River Hotel, a 15-story, 56-room hotel located at 442 W. 36th St. in Midtown Manhattan. According to LoopNet Inc., the hotel was originally constructed in 1999 and renovated in 2013. Jerry Swon, Robert Hunter and Leo Reilly of Marcus & Millichap represented the seller, an undisclosed institutional investment firm, in the transaction and procured the buyer, Hudson West Hospitality.
MADISON, WIS. — Apple Hospitality REIT Inc. has acquired the 262-room Embassy Suites by Hilton Madison Downtown hotel for $79.5 million. The seller was undisclosed. The newly built property is located at 231 S. Pinckney St. near Monona Terrace Community and Convention Center as well as the Wisconsin State Capitol. Apple’s portfolio includes 224 hotels with 30,066 guest rooms throughout 37 states and Washington, D.C.
WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …
BOISE, IDAHO — Obie Cos. has purchased Residence Inn Boise Downtown University from an institutional seller for an undisclosed price. Brian Embree of Hunter Hotel Advisors facilitated the transaction. Built in 1986, Residence Inn Boise Downtown University features 104 guest rooms with in-room kitchenettes and complimentary breakfast, as well as a fitness center, business center and an outdoor pool. Crystal Investment Property served as the Idaho licensed broker of record for the seller and assisted the buyer during the deal.
NEW YORK CITY — EOS Hospitality has acquired The William Vale, a luxury hotel located at 111 N. 12th St. in the Williamsburg neighborhood of Brooklyn in New York City. The property was purchased for $177 million through a bankruptcy sale. The acquisition by stalking horse bidder EOS followed a three-year ownership restructuring and litigation process, which was led by Asaf Ravid of All Year Holdings Ltd. The transaction was approved by the U.S. Bankruptcy Court for the Southern District of New York in late May and resulted in the full payment of all outstanding secured bonds. Developed in 2016 by Riverside Developers, The William Vale rises 21 stories and offers 183 rooms. The property is one of four luxury hotels in Brooklyn and features eateries by restaurateur Andrew Carmellini, 7,300 square feet of indoor and outdoor function spaces, retail and office space. Eastdil Secured and A&G Real Estate Partners arranged the sale of the property. The partnership also secured the sale of the Williamsburg Hotel, a 147-room property also located in the Williamsburg neighborhood of Brooklyn, last summer. Manhattan-based EOS Hospitality is a full-service hospitality management company with a portfolio ranging from budget-conscious to five-star luxury properties. —Katie Sloan
