Hospitality

Fantini & Gorga Arranges $5.7M Refinancing for Hospitality and Retail Center in Massachusetts

by Amy Works July 11, 2016

PLYMOUTH, MASS. — Fantini & Gorga has arranged $5.7 million in first mortgage financing for a hospitality and retail center located at 4, 6-20 Home Depot Drive in Plymouth. The borrower was FREJA LLC. The 18,250-square-foot property is 100 percent occupied. Tenants include a 130-room Hilton Garden Inn, New Tokyo Japanese restaurant, Sleepy’s Mattress, Hot Locks Spa and Salon and Massage Envy. Casimir Groblewski and Jason Cunnane of Fantini & Gorga arranged the financing for the Franklin, Mass.-based borrower.

July 11, 2016

District of Columbia Hospitality Southeast

Mast Capital Sells Graham Hotel Georgetown in D.C. for $37M

by John Nelson July 11, 2016

WASHINGTON, D.C. — Mast Capital has sold The Graham Hotel Georgetown, a 57-room upscale boutique hotel within Washington, D.C.’s Georgetown Historic District. The Miami-based real estate investment and development firm sold the asset to Legacy Hotel Group LLC for $37 million, or $649,000 per key, one of the highest price per key transactions ever in Washington, D.C. The hotel underwent a multimillion-dollar renovation in 2013, after which the hotel more than quadrupled its profitability, according to Mast Capital. Andy Wimsatt and Ian Banger of CBRE’s Washington, D.C., office, along with Christian Charre, Paul Weimer and Natalie Castillo of the firm’s Miami office, represented Mast Capital in the transaction. Nelson Migdal of Greenberg Traurig LLP executed the deal. Mast Capital originally purchased the hotel in 2011 for $16.4 million.

July 11, 2016

California Hospitality Loans Top Stories Western

Next Century Partners Receives $1B in Construction Financing for Century Plaza Mixed-Use Project in Los Angeles

by Nellie Day July 11, 2016

LOS ANGELES — Next Century Partners has received $1 billion in construction financing for the Century Plaza mixed-use project in Los Angeles. The $2.5 billion project will include two residential towers, restaurants and retail shops. The existing, five-star Century Plaza Hotel on the site will also undergo a renovation. The project is located at 2025 Avenue of the Stars in the Century City submarket. Construction is scheduled to commence later this summer. The hotel closed for renovations in March, and is set to reopen in early 2018. It will include a redesigned open-air lobby that connects public plazas and fountains to a two-acre garden surrounded by restaurants and retail. The hotel has hosted a number of notable events over its 50-year run, including the Grammy Awards and the “Dinner of the Century” in 1969, which honored the first astronauts to reach the moon. The full, mixed-use project will feature about 100,000 square feet of retail. The 46-story residential towers will include 290 luxury residences. A variety of loans provided the $1 billion in financing, including a $446 million senior loan from J.P. Morgan Chase; $120 million mezzanine financing from an investment vehicle managed by Colony Capital; and $450 million of …

July 11, 2016

Hospitality Oregon Western

Hilton to Debut New Canopy by Hilton Brand in Portland

by Nellie Day July 8, 2016

PORTLAND, ORE. — Hilton Worldwide and the Buccini/Pollin Group have announced plans to build a Canopy by Hilton hotel in Portland. The 153-room hotel will be located at 425 NW 9th Ave. in the Pearl District’s Gallery Row. Portland and Washington, D.C., are the first two U.S. cities to receive hotels under the new Canopy by Hilton brand. Both are slated for opening in 2017. Phillips Realty Capital arranged a $27.7 million construction loan, while EB5 Capital provided $15.5 million in preferred equity raised from 31 foreign investors seeking U.S. residency under the EB-5 Immigrant Investor Program.

July 8, 2016

Georgia Hospitality Southeast

Apple Hospitality REIT Purchases Home2 Suites by Hilton in Atlanta for $24.6M

by John Nelson July 8, 2016

ATLANTA — Apple Hospitality REIT has closed on the previously announced acquisition of a 128-room Home2 Suites by Hilton in downtown Atlanta. The purchase price was $24.6 million, or approximately $192,000 per room. Located at 87 Walton St., the hotel is situated near Centennial Olympic Park, CNN Center, World of Coca-Cola, College Football Hall of Fame, Georgia Aquarium, Philips Arena, the Georgia Dome, Georgia State University, Georgia Tech and the upcoming Mercedes-Benz Stadium. Following the purchase, Apple Hospitality REIT’s portfolio includes 180 hotels spanning 23,000 guestrooms in 32 states.

July 8, 2016

Hospitality New Hampshire Northeast

Linchris Hotel Corp. Buys 107-Room Oceanfront Hotel in New Hampshire

by Amy Works July 8, 2016

HAMPTON BEACH, N.H. — Linchris Hotel Corp. has acquired Ashworth by the Sea, a 107-room oceanfront hotel located in Hampton Beach. XSS Hotels sold the property for an undisclosed price. The hotel features three food and beverage outlets, an indoor heated pool, fitness center, sundry shop, business center and more than 6,000 square feet of event space. Denny Meikleham and Alan Suzuki of HFF represented the seller. Greg LaBine of HFF arranged a seven-year, fixed-rate acquisition loan, provided by Middlesex Savings Bank, for the buyer.

July 8, 2016

Hospitality Texas

NewcrestImage to Develop Lifestyle Hotel Campus at Frisco Station

by Christina Cannon July 7, 2016

FRISCO, TEXAS — Dallas-based NewcrestImage plans to develop a four-brand, 600-room lifestyle hotel campus at Frisco Station, a 242-acre, mixed-use development located in the northwest quadrant of the Dallas North Tollway and Warren Parkway in Frisco. Upon completion, Frisco Station will include more than 5 million square feet of office and corporate campuses and 2,400 urban living units. Frisco Station’s hotel campus will include a dual-brand AC Hotel and Residence Inn, both by Marriott, featuring about 300 rooms. The campus will also include a Canopy by Hilton and a Hyatt Place, each featuring about 150 rooms. The hotel campus will anchor The Hub at Frisco Station, which will feature about 200,000 square feet of food and beverage concepts, entertainment venues and retail space surrounded by Frisco Station’s parks and trails system. Construction on the hotels will take place in two phases, with the AC, Residence and Canopy scheduled to break ground in January 2017, with the first openings anticipated in June 2018. Construction of the Hyatt Place is expected to begin in 2017.

July 7, 2016

Hospitality Northeast Rhode Island

Sarchi Group Acquires 207-Room Hotel in Rhode Island

by Amy Works July 7, 2016

WARWICK, R.I. — Sarchi Group has acquired Sheraton Providence Airport Hotel, a full-service hotel adjacent to T.F. Green Providence Airport in Warwick. Located at 1850 Post Road, the 207-room hotel features concierge services, a fitness center, indoor pool, Sheraton Club Lounge, complimentary high-speed Internet access and BlueFire Grille. Denny Meikleham and Alan Suzuki of HFF represented the buyer and undisclosed seller in the deal.

July 7, 2016

Hospitality Southeast Tennessee

Skanska to Build $153M JW Marriott Hotel in Nashville

by John Nelson July 6, 2016

NASHVILLE, TENN. — Skanska has signed a $153 million contract to construct the new JW Marriott hotel in Nashville. The 33-story hotel will span a little over 800,000 square feet and will feature 533 guest rooms, 3,770 square feet of ballroom and meeting spaces, a 250-seat restaurant, 200-seat rooftop specialty restaurant, lobby bar and coffee shop and a below-grade parking garage. The hotel will be located on the southwest corner of the intersection of Eighth Avenue South and Demonbreun Street in Nashville’s SoBro district. Skanska plans to complete the new JW Marriott in June 2018.

July 6, 2016

Hospitality Kansas Midwest

Marcus & Millichap Brokers Sale of 67-Room Hotel in Kansas

by Christina Cannon July 6, 2016

COLBY, KAN. — Marcus & Millichap has brokered the sale of a 67-room hotel in Colby, located in northwest Kansas, for an undisclosed price. A limited liability company sold the Sleep Inn & Suites Colby, located at 2075 Sewell Ave., to a private investor. The three-story hotel was built in 2010. Steve Swenholt, Allan Miller and Chris Gomes of Marcus & Millichap listed the property on behalf of the seller and also represented the buyer in the transaction.

July 6, 2016

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