Hospitality

Hampton-Inn-Artesia-NM

ARTESIA, N.M. — Marcus & Millichap Capital Corp. (MMCC) has arranged $8.8 million in financing for the acquisition of Hampton Inn & Suites Artesia, a hotel located at 2501 S. Permian Pavilion Ave. in Artesia, located in the southeast corner of the state. Tyler Waller of MMCC’s Phoenix office secured the 10-year loan, which includes three years of fixed interest with a 25-year amortization schedule and 70 percent loan-to-value ratio, on behalf of a private client. Josh Tammen of Marcus & Millichap represented the both the buyer and seller in the transaction. Built in 2016, the Hampton Inn & Suites Artesia features 81 guest rooms and provides direct access to downtown Artesia and Artesia Municipal Airport.

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WASHINGTON, D.C. — Apple Hospitality REIT has acquired the AC Hotel by Marriott Washington D.C. Convention Center in Washington, D.C., for $116.8 million. Opened in 2020, the property features 234 rooms at 601 K Street NW. Amenities at the hotel include a 1,500-square-foot fitness center, rooftop bar and restaurant and ground-floor retail space. The seller was not disclosed.

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ATLANTA — Centennial Yards Co., a development entity owned by Los Angeles-based CIM Group, has unveiled plans for the next phase of its $5 billion mixed-use destination in downtown Atlanta. Spanning eight acres adjacent to Mercedes-Benz Stadium and State Farm Arena, the new phase of Centennial Yards will create a mixed-use entertainment district spanning 480,000 square feet across four buildings, as well as a fan gathering area that the developer says will be heavily utilized during the games held in Atlanta during the 2026 FIFA World Cup. Designed by Gensler, the new phase will comprise a three-story, 70,000-square-foot building housing an unspecified “eatertainment” concept; a four-story, 160,000-square-foot building hosting a single-tenant entertainment venue; a two-story, 50,000-square-foot building with restaurants and shops; and a 14-story, 233-room hotel. Centennial Yards represents the transformation of the city’s Gulch district, a 50-acre site that has primarily served as subterranean parking for Atlanta Falcons games in years past. Including the new entertainment district, Centennial Yards at full build-out will span 8 million square feet of new and converted offices, apartments, hotels, shops, entertainment venues and restaurants, including Wild Leap Brewery. Centennial Yards Co. plans to deliver two-thirds of the overall development by summer 2026.

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Springhill-Suites-Chula-Vista-CA

CHULA VISTA, CALIF. — R.D. Olson Construction has completed the construction of Eastlake’s Springhill Suites by Marriott in Chula Vista, nestled between San Diego and the Mexico border. Delivered in 18.5 months, the 127,628-square-foot hotel features 179 guest suites, 1,900 square feet of meeting and conference space, a pool and a 1,095-square-foot fitness center. The hotel lobby features computers and printers for guest use at the business center with flexible workspace and free Wi-Fi, as well as a media and TV lounge with a fireplace. The property also offers a 930-square-foot dining space with complimentary breakfast; a full-service bar and lounge with 1,800 square feet of interior seating and nearly 1,500 square feet of covered patio seating; a 24/7 in-house market; a courtyard with two barbecues; and an event lawn with three fire tables for lounging. Additionally, several 700-square-foot suites bordering the courtyard pool have private patios and host ground-floor pool access. The property also has 10 electric vehicle charging stations. Project partners include Lee & Sakahara Architects and The Design Studio.

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Roost-Kelly-Drive-Philadelphia

PHILADELPHIA — Method Co., a development and management firm specializing in apartment hotels, has opened Roost Kelly Drive, a 33-room hotel in Philadelphia’s East Falls neighborhood. The complex is located within The Driftway, a 133-unit residential building. Rooms come in studio, one- and two-bedroom floor plans. Morris Adjmi Architects designed Roost Kelly Drive in conjunction with Method’s in-house team. The company developed the property in partnership with Mexican investment firm Cimbra Partners.

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SAVANNAH, GA. — The Savannah Georgia Convention Center Authority has selected a joint venture between Songy Highroads and Matthews Southwest Hospitality to develop a 400-room hotel at The Savannah Convention Center. The authority also named Atlanta-based Cooper Carry as the lead architect for the project. Songy Highroads is starting a one-year design, engineering and pricing period for the hotel’s development, and will assist the Savannah Georgia Convention Center Authority with the financing for the hotel. The Savannah Convention Center is undergoing a $271 million expansion that will double the current exhibit hall space to 200,000 square feet, add a 40,000-square-foot ballroom and create 15 new meeting rooms. The new hotel is a direct result of the expansion and will double the number of hotel rooms at the Savannah Convention Center.

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DULUTH, GA. — Concord Hospitality plans to open The Westin Atlanta Gwinnett, a 348-room hotel in the Atlanta suburb of Duluth, on Thursday, March 21. The hotel will serve as the flagship lodging option for Gas South District, a 118-acre multipurpose campus off Sugarloaf Parkway that is anchored by the Gas South Convention Center and Arena (formerly known as Infinite Energy Center). The Westin Atlanta Gwinnett features 27,000 square feet of meeting space with 16 event facilities, as well as a signature restaurant, SweetSong Kitchen & Bar, and a rooftop bar known as Overstory. The hotel also offers a presidential suite featuring a private terrace, two hospitality suites with outdoor terraces and four executive level and six standard suites. In July 2022, ACRES Capital Corp. originated a $74.8 million construction loan for Raleigh-based Concord Hospitality.

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MCLEAN, VA. — Hilton plans to acquire Graduate Hotels, a hospitality brand with hotels in college towns such as Ann Arbor, Mich., and Chapel Hill, N.C. The brand was founded in 2014 and has grown to include hotels across the country, as well as in Oxford and Cambridge, United Kingdom. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipeline Graduate Hotels, and become responsible for the brand’s future development and growth. Adventurous Journey Capital Partners (AJ Capital) will remain the owner of the more than 35 operating and pipeline Graduate properties, each of which will be operated under long-term Hilton franchise agreements. Hilton expects the deal to close in the second quarter, subject to customary closing conditions.

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NIAGARA FALLS, N.Y. — Locally based financial intermediary Largo Capital has arranged a $4 million loan for the refinancing of a 110-room Wingate by Wyndham hotel in Niagara Falls. An undisclosed life insurance company provided the loan, which was structured with a 10-year term, fixed interest rate and a 25-year amortization schedule. Katie Vivian of Largo Capital arranged the debt. The borrower was also not disclosed.

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MIDLAND, MICH. — Marcus & Millichap has arranged the sale of the SpringHill Suites by Marriott Midland for an undisclosed price. The 96-room, three-story hotel is located just off US Highway 10 in Midland, a city in central Wisconsin. The asset is set to undergo a full renovation to the newest Marriott brand standards. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investor groups. Chris Gomes and Allan Miller of the brokerage firm were also listed on the deal as supporting brokers.

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