Hospitality

Condor Hospitality Trust, Three Wall Capital Acquire Aloft Atlanta Downtown for $43.6M

by John Nelson August 3, 2016

ATLANTA — Condor Hospitality Trust, a hospitality REIT based in Bethesda, Md., and Three Wall Capital have entered into a joint venture agreement to acquire Aloft Atlanta Downtown, a 254-room hotel located at 300 Spring St. N.W. in downtown Atlanta. The joint venture purchased the hotel for $43.6 million. The property includes dry cleaning services, a splash outdoor pool, fitness center, valet and self-parking and free Wi-Fi access. Aloft Atlanta Downtown is within walking distance to Centennial Olympic Park, World of Coca-Cola, the Georgia Aquarium and the Children’s Museum of Atlanta. Condor Hospitality will own 80 percent of the joint venture and Three Wall Capital will own the remaining 20 percent. The joint venture has selected Boast Hotel Management Co. LLC, an affiliate of Three Wall Capital, to manage Aloft Atlanta Downtown once the off-market transaction is finalized, which is expected to occur in the third quarter.

August 3, 2016

Hospitality Texas

Hilton Worldwide Opens Home2 Suites Hotel in Metro Houston

by Haisten Willis August 2, 2016

STAFFORD, TEXAS — Hilton Worldwide has opened the 91-room Home2 Suites by Hilton Houston Stafford at 11121 Fountain Lake Drive in the Houston suburb of Stafford. The hotel is situated near downtown Houston, Sugar Land Town Square, Fountains Shopping Center and First Colony Mall. Owned and managed by Everwood Stafford LLC, Home2 Suites by Hilton Houston Stafford offers fully equipped kitchens and modular furniture. The pet-friendly hotel also features a pool, free internet access, complimentary breakfast and Spin2 Cycle, a combined laundry and fitness area. The hotel also features an outdoor saline pool and patio with grill area.

August 2, 2016

Hospitality Texas

MCR Development Completes Renovation of Fairfield Inn & Suites in Houston

by Haisten Willis August 1, 2016

HOUSTON — MCR Development has completed a renovation of the Fairfield Inn & Suites by Marriott Houston Intercontinental Airport, a 131-room select-service hotel in Houston. Located between I-45 and I-69, the hotel features an updated lobby and guestrooms with new furniture, lighting and carpet. Additional improvements include new exercise equipment in the fitness center and lounge furniture on the patio. The hotel’s meeting center and 2,585-square-foot ballroom were modernized as well.

August 1, 2016

Hospitality Massachusetts Northeast

Hersha Hospitality Trust Acquires The Envoy Hotel in Boston’s Seaport District for $112.5M

by Amy Works July 29, 2016

BOSTON — Hersha Hospitality Trust has acquired the Envoy Hotel, located at 70 Sleeper St. in Boston’s Seaport District, on a fee simple basis. Norwich Partners sold the 136-room boutique hotel for $112.5 million. Completed in June 2015, the full-service hotel features two food and beverage outlets, Outlook Kitchen + Bar and Lookout Rooftop Bar. The AAA-rated hotel is part of Marriott’s Autograph Collection. The acquisition was funded with 1031 exchange proceeds from Hersha’s sale of seven limited-service assets in Manhattan to the company’s joint venture with an affiliate of Cindat Capital Management Limited. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.

July 29, 2016

Hospitality Loans Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Related, Oxford Complete $2B Capitalization of 35 Hudson Yards in NYC

by Amy Works July 29, 2016

NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.

July 29, 2016

Hospitality Market Reports Michigan Midwest Midwest Market Reports

I-94 Corridor From Detroit to Ann Arbor Piques Hotel Investors’ Interest

by Christina Cannon July 28, 2016

Even as hotel operators continue to report steady gains in revenue per available room (RevPAR) nationally, Wall Street execs have begun to downgrade the lodging outlook, painting an entirely different picture. This disconnect is rooted in fears that the year-over-year growth in RevPAR is not sustainable in the current climate and that a spate of high-profile mergers and acquisitions among national operators must dictate a lower assessment of the industry. In spite of these concerns, demand continues to outpace new supply, both of which are occurring at a strong clip. Though industry observers may point to tepid occupancy as a concern, robust increases in average daily rates are leading to continued growth in RevPAR nationwide. How does Detroit stack up? Similar to the national hotel industry, Detroit is registering these same trends. On one hand, the market has recorded an increase in supply and a decrease in occupancy. On the other hand, average daily rates are steadily rising and RevPAR is growing overall, a sign of a strong hotel market. STR’s April 2016 report on the U.S. hotel pipeline indicated 1,046 rooms under construction in metro Detroit, or approximately 2 percent of the existing supply. This supply increase is at …

July 28, 2016

Connecticut Hospitality Northeast

O,R&L Commercial Arranges $1.2M Sale of 165-Room Hotel in Connecticut

by Amy Works July 27, 2016

WINDSOR LOCKS, CONN. — O,R&L Commercial has arranged the sale of a bank-owned hotel and conference center located at 383 S. Center St. in Windsor Locks. Praas WL LLC acquired the 112,420-square-foot, 165-room hotel from MCC Bradley LLC for $1.2 million. The sale included ongoing business, liquor license and all equipment. Jay Morris and Carol Kennedy of O,R&L Commercial represented the seller and buyer in the transaction.

July 27, 2016

California Hospitality Western

R.D. Olson Breaks Ground on Lido House Hotel in Newport Beach

by Nellie Day July 27, 2016

NEWPORT BEACH, CALIF. — R.D. Olson Construction has started construction of the 130-room Lido House Hotel in Newport Beach. It will be situated next to Lido Marina Village at the gateway to the Balboa Peninsula. The property will be part of Marriott International’s Autograph Collection. The hotel will feature 4,000 square feet of meeting rooms, a ballroom, events lawn, saltwater pool with television- and data-equipped private cabanas and a brick monument fireplace, high-end fitness center, and Boost, the hotel’s luxury spa. Lido House Hotel’s exterior amenities will also include an exterior courtyard along Newport Boulevard. The hotel will feature upscale called Mayor’s Table, and a rooftop deck and lounge named Top Side. Construction on the hotel should be complete in summer 2017.

July 27, 2016

District of Columbia Hospitality Loans Southeast

New York Life Real Estate Investors Originates $140M Loan for The Apartments at CityCenterDC

by John Nelson July 27, 2016

WASHINGTON, D.C. — New York Life Real Estate Investors has originated a $140 million, 10-year loan for the leasehold interest in The Apartments at CityCenterDC in downtown Washington, D.C. The 458-unit, Class A apartment community is the multifamily component of CityCenterDC, a 10-acre mixed-use development under construction by Hines and Qatari Diar. The development will be located on the site of the former Washington Convention Center.

July 27, 2016

Hospitality Oregon Western

Inn at the Shore Hotel in Seaside Sells for $3.1M

by Nellie Day July 26, 2016

SEASIDE, ORE. — An unnamed buyer has acquired the 18-room Inn at the Shore hotel for $3.1 million. The hotel is located at 2275 S. Prom in Seaside, approximately 80 miles northwest of metro Portland. Joseph Kennedy of Crystal Investment Property, a member of Hotel Brokers International, represented the unnamed seller in the transaction.

July 26, 2016

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