Tuesday, March 4, 2025
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Hospitality

DevelopmentGeorgiaHospitalitySoutheast

Swinerton to Construct $30M Chambray Hotel in Roswell, Georgia

by John Nelson

ROSWELL, GA. — General contractor Swinerton plans to construct Chambray Hotel in Roswell, roughly 25 miles outside of Atlanta. The new boutique property will comprise 125 rooms across five stories upon completion. A joint venture between DSM Real Estate Partners and Garage Cap is the developer of the project, which is expected to total $30 million in development costs. Amenities at the property will include a ground-floor restaurant, rooftop eatery, 1,300 square feet of work and meeting space, a 24-hour market and valet service. In addition to ground-up construction, Swinerton will manage the design-build of the mechanical, electrical, plumbing and fire (MEPF) safety systems. A construction timeline was not disclosed.

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AcquisitionsHospitalitySouth CarolinaSoutheast

Hybridge Capital Acquires Yachtsman Resort in Myrtle Beach Out of Bankruptcy

by John Nelson

MYRTLE BEACH, S.C. — Hybridge Capital Management has purchased The Yachtsman Resort, a 159-room hotel located at 1304 N. Ocean Blvd. in Myrtle Beach. The Los Angeles-based investor acquired the hotel, which was built in 1982, out of bankruptcy in an off-market transaction. Bhavesh Patel of Hodges Ward Elliott represented the seller, Maryland-based Lemonjuice Solutions, in the transaction. The sales price was not disclosed. Max Mellman and Drew Rands of Max Benjamin Partners Inc., along with Justin Ghaderi of CBRE, secured an undisclosed amount of acquisition financing for the deal. Hybridge Capital, which now owns 569 hotel/resort rooms in Myrtle Beach, plans to implement a capital improvement program to restore The Yachtsman. Details about the renovation were not disclosed.

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DevelopmentHospitalityLoansTexas

JLL Arranges $30.6M in Financing for West Houston’s Hotel Granduca

by Taylor Williams

HOUSTON — JLL has arranged $30.6 million in financing for the 122-room Hotel Granduca in West Houston. The six-story hotel was built on 3.6 acres in 2006. Jillian Mariutti and Mark Fisher of JLL arranged the five-year, floating-rate loan through Prime Finance on behalf of the sponsor, Transwestern Hospitality Group. The borrower will use the proceeds to retire existing debt and fund capital improvements, including a redesign of the lobby, breakfast area, bar, seating areas and event space, as well as a relocation of the gym and existing restaurant. The tearoom will be converted into a salon and spa, and a larger bar will be added in the adjacent space. The old restaurant space will become a meeting and event venue, and a portion of the parking lot will be converted into a tented outdoor venue.

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DevelopmentHospitalityMidwestWisconsin

Cicero Construction Group Underway on Renovation of Holiday Inn Express Hotel in Green Bay

by Kristin Harlow

GREEN BAY, WIS. — Cicero Construction Group is underway on the renovation of the Holiday Inn Express & Suites Green Bay East hotel. Completion is slated for June. The Wolf family, which owns and operates the hotel, is a second-generation family-owned business. The renovation project will include the hotel’s 80 guest rooms, the lobby area with registration desk, business center, Express Shop market, indoor pool and spa, Express Start breakfast bar and fitness center. Cicero will also fully revitalize the hotel’s public bathrooms, back-of-house laundry operations, meeting room, stairwells, corridors, offices, vestibule and elevator lobbies. In guest rooms, Cicero will install new carpeting, window treatments, furnishings and bedding along with updated color palettes on walls and ceilings. Guest bathrooms will be outfitted with new fixtures, tub-to-shower conversions and mirrors with built-in lighting.

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AcquisitionsHospitalityIllinoisMidwest

Marriott to Purchase Sheraton Grand Chicago Hotel in $500M Deal

by Kristin Harlow

CHICAGO — Marriott International will purchase the Sheraton Grand Chicago in the city’s Streeterville neighborhood in a $500 million transaction, according to Marriott’s fourth-quarter 2023 results. Marriott will purchase the hotel for $300 million and spend an additional $200 million for the land. According to Crain’s Chicago Business, Tishman Realty has exercised its option to require Marriott to purchase the hotel, which was granted to Tishman as part of a 2017 settlement. The 1,218-room property is located at 301 E. North Water St.

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DevelopmentHospitalityTexas

Loews Opens $550M Hotel, Convention Center in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Loews Hotels & Co. has opened the Loews Arlington Hotel & Convention Center, a $550 million development located in between AT&T Stadium and Globe Life Field in the city’s Entertainment District. Loews developed the 888-room hotel and adjoining 266,000-square-foot convention center in a public-private partnership with the City of Arlington, the Texas Rangers baseball team and The Cordish Cos., a Baltimore-based owner-operator of entertainment venues. The 21-story hotel also connects to the 300-room Live! by Loews Arlington Hotel, which opened several years ago and offers an additional 300 rooms. The new hotel houses five food-and-beverage establishments and resort-style amenities such as two pools, a spa and salon, water slide and a man-made sandy beach. HKS served as the project architect, and Looney & Associates handled the interior design. JE Dunn served as the general contractor.

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AcquisitionsHospitalityMidwestMinnesota

Partnership Agrees to Acquire 251-Room Loews Minneapolis Hotel

by Kristin Harlow

MINNEAPOLIS — A partnership between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park Investments has agreed to acquire the Loews Minneapolis Hotel. The purchase price and seller were undisclosed. Upon closing, Marcus will assume management of the hotel, which will be rebranded under another major global hotel system. Situated in downtown Minneapolis, the full-service luxury hotel features 251 rooms, more than 12,500 square feet of flexible meeting space and a full-service restaurant and lobby bar. The property is connected by skywalk to the Target Center, home of the NBA’s Minnesota Timberwolves, and is one block from Target Field, home of the MLB’s Minnesota Twins. The transaction is expected to close at the beginning of March.

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ArizonaDevelopmentHospitalityMixed-UseRestaurantRetailWestern

Diversified Partners Breaks Ground on Eastgate Plaza Mixed-Use Project in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Diversified Partners has broken ground on Eastgate Plaza, a 17-acre mixed-use development at the northeast corner of Elliot and Ellsworth roads in Mesa. Confirmed tenants for the project include a drive-thru Starbucks Coffee, d’Lite Health On The Go, Pure Barre, Fix FX, Fresh Monkee, Playa Bowls, Kolache Café, Southern California-based Farmer Boys, Ono Hawaiian BBQ, Vero Chicago Pizza, Swig soda shop, Euphoria Nail Salon, Mecham Orthodontics, MB2 Dental, Andi’s Hair Salon & Barbershop AVEDA, Discount Tire and The UPS Store. Eastgate Plaza will also feature a 91,911-square-foot Cambria Hotel with 107 guest rooms on 2.11 acres. Designed with Cambria’s new prototypical plans, the hotel will include a 500-square-foot rooftop bar and kitchen, a first-floor restaurant and lounge, an outdoor seating and dining area, and an outdoor pool with a sundeck and fireplace. The hotel is slated to open on Sept. 1, 2025. Elliot & Ellsworth Investment Properties owns the site. An entity led by Brown Jr. Canyon Building & Design is the construction management group overseeing the buildout, while RKAA Architects is the architect of the project. EPS Group is serving as civil engineer.

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DevelopmentFloridaHospitalitySoutheast

Southern Hospitality Breaks Ground on First Extended Stay America Select Suites Hotel in Central Florida

by John Nelson

WILDWOOD, FLA. — Southern Hospitality has broken ground on the first new construction of the Extended Stay America Select Suites prototype hotel. The four-story, 124-room hotel will be located in Wildwood, a city in Central Florida near The Villages master-planned community. The 50,000-square-foot property will be situated on less than two acres and feature apartment-like suites with full kitchens and onsite laundry services. Southern Hospitality and operator Extended Stay America plan to open the hotel in early 2025.

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AcquisitionsHospitalityMarylandSoutheast

JLL Brokers Sale of 289-Room Dual-Branded Hotel in Hanover, Maryland

by John Nelson

HANOVER, MD. — JLL Capital Markets has brokered the sale of a 289-room dual-branded Aloft/Element Arundel Mills BWI Airport hotel in Hanover, a southern suburb of Baltimore. The Aloft comprises 142 rooms, and Element has 147 guest rooms. Amenities at the property include an indoor pool, fitness center, 24-hour market, guest laundry and a meeting space. Located off State Route 100, the property is situated about five miles from Baltimore/Washington International Thurgood Marshall Airport. Spark GHC acquired the hotel for an undisclosed price. Ketan Patel, KC Patel and Phil White of JLL arranged the sale on behalf of the undisclosed seller.

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