Hospitality

Hampton-Inn-Suites-Downtown-Dallas-Texas

Hampton Inn & Suites Opens in Downtown Dallas

by Haisten Willis June 3, 2016

DALLAS — Hampton Inn & Suites Dallas Downtown is now open. NewcrestImage manages the hotel, which is located at 1700 Commerce St. in the former Allen Building. The renovated space is located near the Majestic Theatre, the Dallas Convention Center, Dealey Plaza and the Dallas World Aquarium. American Airlines Center is two miles away, and the Dallas/Fort Worth International Airport is 20 miles away. The hotel provides a breakfast of eggs, oatmeal and waffles, in addition to Hampton’s On the Run breakfast bags that feature multi-grain bars, apples, breakfast bread loaves and bottles of water. Amenities at the hotel include free Wi-Fi, a 24-hour business center, 500-square-foot boardroom, indoor pool and a fitness center. Guestroom amenities include a 49-inch TV, microwave, refrigerator and coffee maker.

June 3, 2016

Pebblebrook Hotel Trust Sells Land Parcel in Boston for $6M

by Amy Works June 3, 2016

BOSTON — Pebblebrook Hotel Trust has completed the sale of an excess land parcel adjacent to Revere Hotel Boston Common in Boston. An undisclosed buyer purchased the undeveloped land for $6 million. Proceeds of the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, special cash dividends resulting from taxable gains on the sales and repurchasing common shares.

June 3, 2016

Florida Hospitality Southeast

ARTIC Buys Viceroy Miami Hotel from Pebblebrook Hotel Trust for $64.5M

by John Nelson June 3, 2016

MIAMI — Pebblebrook Hotel Trust has sold the Viceroy Miami, a 148-room, upscale hotel in Miami’s Brickell district, for $64.5 million. The buyer, Qatar-based investment firm Al Rayyan Tourism Investment Co. (ARTIC), purchased the property with plans to convert the hotel into Starwood Hotels and Resort’s W brand. The new W Miami features a rooftop lounge on the 50th floor, a 28,000-square-foot spa and a 300-foot rooftop pool, Florida’s longest infinity pool that overlooks Biscayne Bay. The property also features five commercial units and 38 condominium hotel units that are part of a hotel rental program. As of April 30, the 50-story hotel had a 12-month trailing net operating income of $2.7 million, making the cap rate roughly 4.2 percent. Pebblebrook, a hospitality REIT, purchased Viceroy Miami in May 2011 for $36.5 million.

June 3, 2016

Hospitality Loans Southeast Virginia

PMZ Realty Capital Closes $38M Refinancing of Hotel Portfolio in Virginia

by John Nelson June 2, 2016

NEW YORK — New York-based PMZ Realty Capital LLC has closed a $38 million loan to refinance a four-property hotel portfolio in Virginia. The properties include the 136-room Aloft Chesapeake, 148-room Fairfield Inn & Suites by Marriott Williamsburg, 131-room SpringHill Suites by Marriott and the 121-room Residence Inn by Marriott Chesapeake Greenbrier. The undisclosed borrower will use the proceeds to retire existing debt on the four hotels and help recapitalize the company for future development and acquisition opportunities.

June 2, 2016

Hospitality New York Northeast

KZA Realty Brokers $1.9M Acquisition of 32,000 SF Lot in the Bronx

by Amy Works June 1, 2016

NEW YORK CITY — KZA Realty Group has arranged the acquisition of a 32,000-square-foot lot located at 857-859 Concourse Village West in the Bronx. 857-59 Hotel LLC purchased the property from Howard Jaffe of 857 Concourse Village and Nydia Valentin of 859 Concourse Village for $1.9 million. The buyer plans to develop a hotel on the site. Kathy Zamechansky and Dan McVeigh of KZA Realty represented the buyer and sellers in the transaction.

June 1, 2016

Hospitality Midwest Wisconsin

Embassy Suites by Hilton Opens 203-Room Hotel After $10M Renovation

by Christina Cannon May 31, 2016

BROOKFIELD, WIS. — Embassy Suites by Hilton has opened a 203-room hotel following a $10 million renovation. The Embassy Suites by Hilton Milwaukee Brookfield, formerly the Brookfield Suites Hotel and Convention Center, is located 13 miles west of downtown Milwaukee. Brookfield Hotel Limited Partnership owns the property, and Aimbridge Hospitality manages it. Amenities at the hotel include made-to-order breakfast, complimentary evening receptions, a restaurant and bar, more than 6,000 square feet of meeting space, an indoor pool with whirlpool and sauna, business center, convenience store and fitness center. The Embassy Suites by Hilton Milwaukee Brookfield is located at 1200 S. Moorland Ave.

May 31, 2016

Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody

Georgia Hospitality Southeast

Hilton Worldwide Opens 132-Room Hampton Inn & Suites in Metro Atlanta

by John Nelson May 27, 2016

DUNWOODY, GA. — Hilton Worldwide has opened Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody, a 132-room hotel located at 4565 Ashford Dunwoody Road in Dunwoody. Hotel Equities manages the hotel, which features free Wi-Fi, a 24-hour business center, 500-square-foot meeting space, indoor pool and a fitness center. The hotel is situated about 23 miles from Hartsfield-Jackson Atlanta International Airport.

May 27, 2016

Hospitality Indiana Midwest

Homewood Suites by Hilton Opens 99-Room Hotel in Northwest Indiana

by Christina Cannon May 27, 2016

MUNSTER, IND. — Homewood Suites by Hilton has opened a new hotel in Munster, approximately 11 miles west of Gary. Homewood Suites by Hilton Munster is a 99-room hotel that features complimentary breakfast, Wi-Fi, a grocery shopping service, heated indoor pool, outdoor sports court, fitness center and a meeting room that can accommodate 80 people. The property is located at 9120 Calumet Ave. General Hotels Corp., which co-owns the property with Simborg Development Inc., also manages the Homewood Suites by Hilton Munster.

May 27, 2016

Hospitality Loans Mixed-Use Northeast Office Retail Rhode Island

Rhode Island Approves $7M in State Relocation, Redevelopment Credits for Three Project

by Amy Works May 26, 2016

WESTERLY, PROVIDENCE AND WARWICK, R.I. — Rhode Island Commerce Corp. Board of Directors and Rhode Island Governor Gina Raimondo have approved more than $7 million in state relocation and redevelopment credits. Funding three projects, the economic development tools include $362,055 in tax credits under the Qualified Jobs Incentive Tax Credit Program to support company relocation and growth, $3 million for the first Tax Increment Financing agreement to support hotel development and $3.6 million Rebuild Rhode Island tax credits to fund the redevelopment of a historic property. Ivory Ella, a socially-minded online retailer, will receive the $362,055 for the relocation of 40 of its current jobs, 19 of which qualify under the Qualified Jobs Incentive Tax Credit program, from Connecticut to Westerly. Homewood Suites Hotels – Exchange Street LLC will receive $3 million for the construction of a $24.5 million 120-room hotel with ground-floor retail in downtown Providence. The board approved $3.6 million in Rebuild Rhode Island tax credits to support the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The property will be redeveloped into a 200,000-square-foot mixed-use development, costing an estimated $34.6 million.

May 26, 2016

Hospitality Illinois Midwest

Janko Group Opens 114-Room Hotel in Chicago Suburb

by Christina Cannon May 25, 2016

EVANSTON, ILL. — Developer and investment firm Janko Group LLC has opened the Hyatt House Chicago/Evanston, a 114-room, extended-stay hotel in downtown Evanston, approximately 20 miles north of Chicago. Janko Hospitality LLC will manage the eight-story hotel located at 1515 Chicago Ave. Amenities at the property include an indoor and outdoor lounge, a restaurant and bar, 1,300 square feet of meeting space, a fitness center, business center, laundry facility, free Wi-Fi and complimentary breakfast. Des Plaines, Ill.-based Peak Construction Corp. was the design/build firm for the project, and Chicago-based SCB Architecture served as the architect of record.

May 25, 2016

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