Hospitality

MJM Group to Develop $20M Marriott-Branded Hotel in Charlotte

by John Nelson July 18, 2016

CHARLOTTE, N.C. — MJM Group plans to develop a new Residence Inn by Marriott-Charlotte/Steele Creek in Charlotte. The $20 million hotel will be situated at the intersection of Dixie River Road and Trojan Drive in Charlotte’s Steele Creek submarket. The 82,000-square-foot property will span 120 rooms and feature an outdoor swimming pool, outdoor living area, meeting space and a fitness center. The project team includes St. Louis-based architect Gray Design and civil engineer Stimmel Associates. Raleigh-based MJM Group has selected St. Louis-based Midas Hospitality to manage the hotel upon completion, which is set for late 2017. Chris Thomas of Childress Klein represented the seller in the land transaction. Kurt Schoenhoff of Selwyn Property Group represented MJM Group, which has developed several Marriott-branded hotels in North Carolina including the dual-branded Residence Inn and Fairfield Inn & Suites by Marriott Charlotte Airport and the Courtyard by Marriott at Triangle Town Center-North Raleigh.

July 18, 2016

Hospitality Southeast Tennessee Top Stories

North Point Hospitality Breaks Ground on $137M Marriott Hotel in Nashville

by Katie Sloan July 15, 2016

NASHVILLE, TENN. — Atlanta-based North Point Hospitality has broken ground on a $137 million Marriott Hotel in Nashville. The 470-room Marriott property will consist of a 209-room AC Hotel, a 136-room Residence Inn and a 125-room SpringHill Suites. Visitors to the hotel will enter through one main entrance. Once inside, the property will be divided amongst the three distinct brands. All guests of the hotels will have access to a wide variety of shared amenities, including a fitness center and six food and beverage options, including major restaurants at street level and an indoor/outdoor pool bar. A rooftop bar and patio will offer panoramic views of the Nashville skyline. The property will also feature 4,000 square feet of meeting space located on the top floor. North Point recently unveiled an original 300-pound model of the hotel made with 63,636 LEGO bricks. Award-winning artist Sean Kenney designed the model. The property, located next to the Music City Center convention facility, is scheduled for completion in mid-2018. North Point Hospitality is a hotel development and operations company. Currently, the company owns and operates seven Hilton- and Marriott-branded hotels in the Southeast, with an additional nine under construction or in active development, resulting …

July 15, 2016

California Hospitality Loans Western

Continental Funding Group Secures $19M Refinancing for Courtyard by Marriott in Baldwin Park

by Nellie Day July 14, 2016

BALDWIN PARK, CALIF. — Continental Funding Group has secured a $19 million loan to refinance the 195-room Courtyard by Marriott in Baldwin Park. The hotel is located at 14635 Baldwin Park Towne Center. Hilton originally built the Courtyard by Marriott, which was later affiliated with Radisson. It was franchised as part of the Marriott chain in 2004. The sponsor received a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a cash-out component. Mitch Paskover of Continental Funding Group secured the loan from a major U.S. investment bank. The 10-year loan was priced at 4.98 percent, with a loan-to-value ratio of 68 percent and a 25-year amortization.

July 14, 2016

Hospitality Massachusetts Northeast

Consortium Acquires 273-Room Taj Boston Hotel in Boston’s Back Bay

by Amy Works July 14, 2016

BOSTON — A consortium comprising New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and Highgate has acquired Taj Boston, a historic hotel located at 15 Arlington St. in Boston’s Back Bay neighborhood. Taj Hotels Resorts and Palaces sold the property for an undisclosed price. As part of the transaction, New England Development, Eastern Real Estate and Highgate will serve as asset managers, working closely with the Taj Hotels Resorts and Palaces team, Rockpoint Group and Lubert-Adler. The 90-year-old hotel comprises 273 guestrooms, including 44 spacious suites featuring classic décor and wood-burning fireplaces. The hotel will retain the Taj Hotels Resorts and Palaces brand through a long-term management services agreement. Sentinel Advisors Pte. Ltd. worked closely with Eastern Real Estate in advising the buyers on strategy for the transaction.

July 14, 2016

Hospitality Midwest Wisconsin

M&M Arranges $4.6M Sale of 228-Room Resort in Wisconsin

by Haisten Willis July 14, 2016

WISCONSIN DELLS, WIS. — Marcus & Millichap has arranged the sale of Amber’s Resort & Conference Center Wisconsin Dells, a 228-room resort hotel in the Wisconsin Dells, approximately 120 miles northwest of Milwaukee. An undisclosed limited liability company purchased the property for $4.6 million. The seller also was an unnamed limited liability company. Jon Ruzicka, Gordon Allred and Chris Gomes of Marcus & Millichap represented the seller. Jon Ruzicka, also with Marcus & Millichap, represented the buyer. Todd Lindblom assisted in the transaction.

July 14, 2016

Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

The Village Mixed-Use Development Proposed in McKinney

by Haisten Willis July 14, 2016

MCKINNEY, TEXAS — A private institutional partnership has proposed The Village at McKinney, a mixed-use development on 76.2 acres in the city of McKinney in Collin County. Chris Burrow and Dillon Cook with Henry S. Miller, a commercial real estate firm based in Dallas, are marketing a proposal for the large mixed-use project, which would be known as The Village at McKinney, to developers. The out-of-state institutional partnership currently owns the property. “We have been working very closely with the City of McKinney and our clients on The Village at McKinney and we are very excited to bring this new development opportunity onto the market,” says Burrow. The final project could include a mix of retail, restaurant, office, hospitality and multifamily uses. The Village at McKinney would be located at the corner of U.S. Highway 75 and Laud Howell Parkway. The 76.2-acre site has been divided into four separate parcels ranging in size from 8.9 acres to 34 acres, but can also be sold to a single developer. On-site utilities are scheduled to be in place by 2018. “The City of McKinney recognizes the area around U.S. 75 and Laud Howell as a prime location for a range of commercial opportunities …

July 14, 2016

Florida Hospitality Loans Southeast

Madison Realty Capital Provides $70M Construction Loan for Resort in Broward County

by John Nelson July 14, 2016

HOLLYWOOD, FLA. — Madison Realty Capital has provided $70 million in construction financing for the Melia Costa Hollywood Beach Resort, a six-story, 307-unit hotel and condominium property located on Hollywood Beach. The resort will be located at 777 N. Ocean Drive in Hollywood, a city in Broward County fronting the Atlantic Ocean. C.J. Danziger and Meir Kessner of Eastern Union Funding arranged the financing through Madison Realty on behalf of developer Moses Bensusan’s Liberty Grande LLC. The financing will be used to complete the construction of the $180 million project. The Meliá Costa Hollywood Beach Resort will feature studio, one-, two- and three-bedroom units. Amenities will include a fitness center and holistic spa, boutique stores and restaurants, a rooftop infinity-edge pool, sun deck, reflection pool, rooftop and lobby lounges and an open courtyard. The asset was 85 percent pre-sold at the time of financing. The property topped out last year and completion is expected by year’s end.

July 14, 2016

California Hospitality Top Stories Western

Carey Watermark Investors 2 Purchases San Jose Marriott in Silicon Valley for $154M

by John Nelson July 14, 2016

SAN JOSE, CALIF. — Carey Watermark Investors 2 Inc. (CWI 2), a non-traded lodging REIT, has acquired the San Jose Marriott for $154 million. The recently renovated hotel includes 510 guestrooms and is located in downtown San Jose, one of Silicon Valley’s strongest lodging markets. CWI 2 financed the acquisition using $88 million of senior debt. Built in 2004, the San Jose Marriott features 23,000 square feet of meeting and event space, three food and beverage outlets, a concierge lounge, business center, fitness center and an outdoor swimming pool. “Given the limited supply of institutional-quality assets in the Silicon Valley market, the San Jose Marriott represented a unique investment opportunity,” says Michael Medzigian, CEO of CWI 2. “The property is the newest hotel in downtown San Jose and the acquisition adds a top-performing, well-located asset in a high growth market with high barriers to entry to CWI 2’s portfolio.” The hotel is connected to the newly renovated and expanded San Jose McEnery Convention Center and is in close proximity to San Jose State University and attractions such as the Tech Museum of Innovation, the San Jose Museum of Modern Art and the SAP Center, home of the NHL’s San Jose …

July 14, 2016

Hospitality Texas

M&M Arranges Sale of 100-Room Airport Inn & Suites in Tulsa

by Haisten Willis July 13, 2016

TULSA, OKLA. — Marcus & Millichap has arranged the sale of Airport Inn & Suites, a 100-room hotel located in Tulsa. Chris Gomes, Allan Miller and Skyler Cooper of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Gordon Allred and Matt Monahan of Marcus & Millichap represented the buyer, a private investor from California. Airport Inn & Suites is located at 35 N. Sheridan Road, just off I-244. Constructed in 1974, the two-story, exterior corridor hotel was originally built as a La Quinta Inn and at the time of listing was independently operated. Amenities at the hotel include an outdoor swimming pool, business center and complimentary Wi-Fi.

July 13, 2016

Hospitality Loans Texas

PCCP Provides $73.1M Construction Loan for InterContinental Houston

by Haisten Willis July 12, 2016

HOUSTON — PCCP LLC has provided a $73.1 million senior construction loan to Houston-based Medistar Corp. for the development of the 21-story InterContinental Houston Medical Center in Houston. The hotel will include 353 rooms and a six-story parking garage, along with 11,800 square feet of meeting space and a 7,800-square-foot ballroom. Medistar has retained Houston-based TRC Capital Partners, a hotel development firm, to co-develop the project. Construction has begun and is scheduled for completion in late 2018. InterContinental Hotel Group (IHG) will provide management services as the full-service operator at the property. The hotel will be developed on a 60,000-square-foot site bordered by Main Street and Old Main Street and adjacent to the Texas Medical Center of Houston. The hotel’s ground floor will contain the lobby, reception area, restaurant, bar and lounge, with the parking garage directly above the ground-floor amenities. The remaining 13 floors will contain a fitness center, outdoor pool, guestrooms and suites.

July 12, 2016

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