Monday, June 16, 2025
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Hospitality

Diplomat Beach Resort
FloridaHospitalityLoansSoutheast

Joint Venture Receives $575M Refinancing for Diplomat Beach Resort in Hollywood, Florida

by Hayden Spiess

HOLLYWOOD, FLA. — JLL’s Hotel & Hospitality group has arranged $575 in refinancing for the Diplomat Beach Resort, a 1,000-room beachfront resort located in Hollywood, roughly 10 miles south of Fort Lauderdale and 20 miles north of Miami.  Kevin Davis and Mike Huth of JLL secured the financing on behalf of the borrower, a joint venture between funds managed by Trinity Investments and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business that acquired the property in 2023. Citi and Deutsche Bank provided the five-year, floating-rate loan, which also included mezzanine financing provided by Ohana Real Estate Investors and the Canadian Pension Plan Investment Board (CPPIB).  Comprising a 36-story tower, the property features 200,000 square feet of meeting and events space in addition to the guest rooms and suites. Amenities at the resort include a 15,000-square-foot spa, six restaurants and bars, multiple swimming pools and waterfalls. The resort, which Hilton Hotels and Resorts currently manages under its Curio Collection by Hilton brand, underwent a $90 million renovation and repositioning in 2018. 

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DevelopmentFloridaHospitalitySoutheast

Driftwood Capital Delivers 130-Room Element by Westin Hotel on Florida’s Space Coast

by John Nelson

MELBOURNE, FLA. — Driftwood Capital has delivered Element by Westin Melbourne Oceanfront, a 130-room beachfront hotel located at 2655 N. Highway A1A on Florida’s Space Coast. The hotel represents the first beachfront hotel to open in Brevard County since 2020 and the first beachfront property for the Element by Westin brand. Driftwood Hospitality Management operates the hotel, which features complimentary breakfast for guests, a fitness center, complimentary bike rentals, saline pool and pool deck overlooking the beach and restaurant Ebb & Flow. The hotel is situated within a short drive of Patrick Space Force Base, Cape Canaveral Space Force Station and the John F. Kennedy Space Center.

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DevelopmentHospitalityKentuckySoutheast

Choice Opens 114-Room Everhome Suites Hotel in Lexington

by John Nelson

LEXINGTON, KY. — Choice Hotels International Inc. has opened a 114-room Everhome Suites hotel in Lexington, the brand’s first in Kentucky. Situated off I-64, the four-story property is owned by the developer, New Circle Investments, and managed by H&W Hotels. Every room at the extended stay hotel features a fully equipped kitchen with a full-sized refrigerator, dishwasher, stovetop, microwave, flatware, cookware and counter space, and select rooms include washers and dryers. Amenities include complimentary Wi-Fi, a market, grills, fire pit, laundry facilities and a fitness center featuring Peloton bikes. With this opening, Choice Hotels has four Everhome Suites open, with more than 10 set to open over the next 12 months, 20 under construction and 60 in the planning stages.

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Waldorf-Astoria-Hotel-&-Residences-Miami
DevelopmentFloridaHospitalityLoansMultifamilySoutheastTop Stories

PMG Receives $668M Construction Loan for Waldorf Astoria Hotel & Residences Miami

by Taylor Williams

MIAMI — PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami. Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component will include Peacock Alley, a concept that is part of the Waldorf Astoria band. The Waldorf Astoria is part of the Hilton Hotels (NYSE: HLT) family of brands. Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo and Mateo Bolivar of JLL arranged the financing through Arkansas-based Bank OZK and New York City-based Related Fund Management on behalf of PMG. According to South Florida Business Journal, condo sales launched in 2021, and the formal groundbreaking took place in 2022. At the time of the loan closing, more than 90 percent of the residences had been pre-sold. Vertical construction of the property is slated for mid-2028 completion. Hotel guests and residents will have access to a shared suite of amenities. These will include: Residents of the Waldorf Astoria Hotel & Residences Miami can also utilize a …

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AcquisitionsHospitalityTexas

Marcus & Millichap Brokers Sale of 50-Room Hotel in Canadian, Texas

by Jeff Shaw

CANADIAN, TEXAS — Marcus & Millichap has brokered the sale of Canadian Courts Motel, a 50-room hospitality property located near Amarillo in northwest Texas. The motel offers complimentary breakfast and a meeting and event space that can accommodate up to 150 people. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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DevelopmentHospitalityNew HampshireNew JerseyNew YorkNortheast

Everhome Suites to Open Three New Hotels Totaling 334 Rooms in Northeast

by Taylor Williams

ROCKVILLE, MD. — Everhome Suites, which is part of the family of brands of Maryland-based owner-operator Choice Hotels International Inc., will open three new hotels totaling 334 rooms in the Northeast. The properties include a 106-room hotel in Portsmouth, N.H.; a 114-room hotel in Somerset, N.J.; and a 114-room hotel in Rochester, N.Y. All rooms will feature fully equipped kitchens. Construction of the hotels is underway, and the openings are scheduled for 2025.

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Element-Hotel-Mission-Valley-San-Diego-CA
CaliforniaDevelopmentHospitalityWestern

Driftwood Capital Breaks Ground on 150-Room Element Hotel by Marriott in San Diego

by Amy Works

SAN DIEGO — Driftwood Capital, along with architect AO and general contractor R.D. Olson Construction, has broken ground on Element Hotel by Marriott in the Mission Valley submarket of San Diego. The seven-story, 150-room hotel will be located next to the existing full-service Marriott Hotel Mission Valley. The two hotels will share the pool amenity deck and restaurant space, while each maintaining its own entrance, lobby, lounge and other amenities. Slated for completion in winter 2026, the 98,000-square-foot hotel will feature a 5,300-square-foot conference and ballroom space, a fitness center, meeting rooms and a lobby/lounge, as well as shared exterior main and lounge area. Once completed, the hotel will comply with Title 24 energy and water use criteria, which is similar to LEED’s silver level. Additional project partners include Ficcadenti Waggoner and Castle as structural engineer, Kimley-Horn as civil engineer, RTM Engineering as MEP engineer and Linda Snyder Associates as interior designer.

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AcquisitionsHospitalityMarylandSoutheast

Marcus & Millichap Negotiates $10.2M Sale of Holiday Inn Express Hotel in Metro Baltimore

by John Nelson

OWINGS MILLS, MD. — Marcus & Millichap has negotiated the $10.2 million sale of an 86-room Holiday Inn Express & Suites hotel in Owings Mills, a northwest suburb of Baltimore. Jack Davis, Gordon Allred, Joce Messinger, Karianne Cibello, Zachary Walsh and Andy Patel of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. Brian Hosey served as Marcus & Millichaps’ broker of record in Maryland for the deal. Built in 2018, the Holiday Inn Express is situated on a 5.7-acre site at 11509 Red Run Blvd. off I-795. The hotel features a fitness center, business center and meeting and banquet facilities.

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AcquisitionsHospitalityNew YorkNortheast

Northgate Real Estate Arranges $34.8M Bankruptcy Sale of Downtown Brooklyn Hotel Project

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Northgate Real Estate Group has arranged the $34.8 million bankruptcy sale of a hotel project in downtown Brooklyn that is roughly midway through construction. The 22-story building at 291 Livingston St., which is approved for 104 rooms, was sold via auction. Greg Corbin, Chaya Milworn and Felix Ades of Northgate handled the transaction on behalf of the undisclosed seller. The buyer was Midas Hospitality.

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HospitalityLoansTexas

Lone Star PACE Provides $31M in C-PACE Financing for Houston Hotel

by Taylor Williams

HOUSTON — Lone Star PACE has provided $31 million in C-PACE financing for The Thompson, a 172-room hotel located within The Allen mixed-use development near downtown Houston. The hotel includes 34 suites and multiple onsite food-and-beverage concepts. Locally based developer DC Partners owns The Allen. Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. C-PACE (commercial property-assessed clean energy) financing allows commercial borrowers to obtain favorable loan terms in exchange for implementing eco-friendly devices and initiatives at their properties.

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