Hospitality

EB5 Capital Provides $40.5M in Equity for Columbia Place Project in D.C.

by John Nelson May 2, 2016

WASHINGTON, D.C. — EB5 Capital has provided $40.5 million in preferred equity financing for Columbia Place, a $230 million dual-branded Marriott hotel project in Washington, D.C. Quadrangle Development Corp. and Capstone Development are co-developing Columbia Place, which comprises a 357-room Courtyard and a 147-room Residence Inn within one building. Brian Ostar of EB5 Capital led the fundraising campaign, and Patrick Rainey of EB5 Capital structured the investment platform. EB5 Capital raised the funds from 81 foreign investors through the EB-5 Immigrant Investor Program. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Columbia Place is $500,000.

May 2, 2016

Hospitality Texas

The Westin at The Woodlands Hotel Opens in Metro Houston

by Haisten Willis April 28, 2016

THE WOODLANDS, TEXAS — The Westin at The Woodlands hotel is now open. Developed, managed and owned by The Howard Hughes Corp., the Waterway Square district anchor is the first Westin in The Woodlands master planned community and the 50th Starwood hotel in Texas. The hotel features 302 guestrooms, with interiors designed by Dallas-based waldrop+nichols studio. Boston-based Elkus Manfredi Architects and the Houston office of Gensler designed the 13-story hotel’s exterior.

April 28, 2016

Hospitality Top Stories

Chinese Investment Group Agrees to Acquire Carlson Hotels

by John Nelson April 28, 2016

BEIJING AND MINNETONKA, MINN. — HNA Tourism Group Co. Ltd., a Chinese conglomerate with stakes in industries such as aviation and real estate, has entered into an agreement to purchase Carlson Hotels Inc., which owns the Radisson and Country Inns & Suites hotel brands. The purchase price for the Minnetonka-based hotel company and its hotels was undisclosed. “Carlson Hotels owns a powerful set of global brands and this historic agreement provides tremendous opportunities for growth,” says David Berg, CEO of Carlson Hospitality Group. “We look forward to working within HNA Tourism Group, a greatly respected global enterprise, in what will be an exciting new chapter in the history of Carlson Hotels. As part of HNA Tourism Group, Carlson Hotels will have an opportunity to advance our commitment to providing guests with hospitality worldwide.” Founded in 1938 by Curt Carlson, Carlson Hotels’ portfolio now spans 1,400 hotels in operation and under development with more than 220,000 rooms. The hotels are spread across 115 countries and territories. The company and its branded hotels employ roughly 90,000 people. “We have great respect for the Carlson family and a deep appreciation for its history and special culture,” says Bai Haibo, board member of HNA …

April 28, 2016

Hospitality New York Northeast

Riverside Developers to Open The William Vale Hotel in Brooklyn

by Amy Works April 28, 2016

NEW YORK CITY — Riverside Developers is constructing The William Vale, a 21-story boutique hotel in Brooklyn’s Williamsburg neighborhood. Slated to open in late June, the hotel will feature 183 rooms with floor-to-ceiling windows, complimentary WiFi, smart television systems and turndown service. Additional hotel features include a 60-foot pool and deck, rooftop lounge, 24-hour fitness center, a ballroom and meeting rooms, as well as food and beverage options led by NoHo Hospitality Group and Chef Andrew Carmellini. Albo Liberis designed the hotel, which is located on Wythe Avenue between 12th and 13th streets.

April 28, 2016

Hospitality Loans New York Northeast

Pembrook Capital Provides $25.8M Loan for Hudson Yards Area Development

by Amy Works April 26, 2016

NEW YORK CITY — Pembrook Capital Management has provided a $25.8 million mezzanine loan with a first mortgage conversion feature to an affiliate of McSam Hotel Group to finance a West Side development site located within the Hudson Yards Redevelopment Area. The borrower plans to develop a 506-room Hyatt Place Hotel on the site. Demolition of existing structures is currently underway, with construction expected to commence in 2017. The purpose of the loan is a refinancing to facilitate a partner buyout and for predevelopment. Stuart Boesky of Pembrook Capital arranged the financing.

April 26, 2016

Hospitality Retail Texas

M&M Arranges Sale of 8,200 SF Net Leased Property in Madisonville

by Haisten Willis April 22, 2016

MADISONVILLE, TEXAS — Marcus & Millichap has arranged the sale of Huntsville Memorial Hospital ER, an 8,200-square-foot net-leased property in Madisonville. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Gainey and Levy also represented the buyer, another private investor. Huntsville Memorial Hospital ER is a single-tenant ER clinic located at 3301 E. Main St. in Madisonville. The double-net lease is guaranteed by Walker County Hospital Corp. Eight years remain on the primary term, and the tenant has two, five-year options for renewal with rent increases at the beginning of each option period. The building was constructed in 2012 and sits on 1.4 acres.

April 22, 2016

Homewood Suites Cape Canaveral-Cocoa Beach

Florida Hospitality Southeast

Homewood Suites by Hilton Opens First Hotel in Cocoa Beach

by John Nelson April 22, 2016

COCOA BEACH, FLA. — Hilton Worldwide has opened Homewood Suites by Hilton Cape Canaveral-Cocoa Beach, a 153-room hotel in Cocoa Beach. The new property is the brand’s first hotel in the market. Located at 9000 Astronaut Blvd., Homewood Suites Cape Canaveral-Cocoa Beach is near the Kennedy Space Center, Ron Jon Surf Shop, Port Canaveral shops and restaurants and the Cocoa Beach Pier. Sunbelt Hospitality is the hotel’s developer and owner. The hotel features an outdoor pool, fitness center, complimentary breakfast, an evening social Monday-Thursday, Wi-Fi and grocery shopping services.

April 22, 2016

Hospitality Loans New York Northeast

Mission Capital Arranges $35.9M Loan for Office to Hotel Conversion in Manhattan

by Amy Works April 22, 2016

NEW YORK CITY — Mission Capital Advisors has arranged $35.9 million in financing for the renovation and conversion of 396 Broadway, a 10-story commercial property in Lower Manhattan. The borrower, Bridgeton Hotels, is converting the office property into the Walker Hotel Tribeca, a 171-key boutique hotel. The hotel will include nine floors of guestrooms and suites and ground-floor and rooftop space dedicated to food and beverage vendors. Bridgeton, an owner, developer and manager of commercial and residential real estate, acquired the property in an all-cash transaction in 2014.

April 22, 2016

Hospitality Massachusetts Northeast

Linchris Hotel Corp. Sells 227-Room Hampton Inn Near Boston Logan International Airport

by Amy Works April 22, 2016

REVERE, MASS. — Linchris Hotel Corp. has completed the sale of the Hampton Inn Boston-Logan Airport, located at 230 Lee Burbank Highway in Revere. The 227-room property was sold for an undisclosed sum. Built in 2001, the seven-story hotel features 672 square feet of function space, an indoor swimming pool, fitness room, business center, complimentary shuttle service and breakfast, an airline crew lounge and dining options at the Two Doors Down Bar & Restaurant. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction. The name of the buyer was not released.

April 22, 2016

Hospitality Texas

Hilton Austin Hotel to Undergo $23M Renovation

by Haisten Willis April 21, 2016

AUSTIN, TEXAS — A $23 million transformation initiative is planned for the Hilton Austin hotel. The upgrades will include a full renovation of the hotel’s lobby, public areas and meeting space, as well as the launch of two new restaurant concepts, a Starbucks and a flexible event venue. EDG Interior Architecture + Design has been hired for the project, which will begin in May and continue through the end of the year.

April 21, 2016

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