Hospitality

R.D. Olson Breaks Ground on Lido House Hotel in Newport Beach

by Nellie Day July 27, 2016

NEWPORT BEACH, CALIF. — R.D. Olson Construction has started construction of the 130-room Lido House Hotel in Newport Beach. It will be situated next to Lido Marina Village at the gateway to the Balboa Peninsula. The property will be part of Marriott International’s Autograph Collection. The hotel will feature 4,000 square feet of meeting rooms, a ballroom, events lawn, saltwater pool with television- and data-equipped private cabanas and a brick monument fireplace, high-end fitness center, and Boost, the hotel’s luxury spa. Lido House Hotel’s exterior amenities will also include an exterior courtyard along Newport Boulevard. The hotel will feature upscale called Mayor’s Table, and a rooftop deck and lounge named Top Side. Construction on the hotel should be complete in summer 2017.

July 27, 2016

District of Columbia Hospitality Loans Southeast

New York Life Real Estate Investors Originates $140M Loan for The Apartments at CityCenterDC

by John Nelson July 27, 2016

WASHINGTON, D.C. — New York Life Real Estate Investors has originated a $140 million, 10-year loan for the leasehold interest in The Apartments at CityCenterDC in downtown Washington, D.C. The 458-unit, Class A apartment community is the multifamily component of CityCenterDC, a 10-acre mixed-use development under construction by Hines and Qatari Diar. The development will be located on the site of the former Washington Convention Center.

July 27, 2016

Hospitality Oregon Western

Inn at the Shore Hotel in Seaside Sells for $3.1M

by Nellie Day July 26, 2016

SEASIDE, ORE. — An unnamed buyer has acquired the 18-room Inn at the Shore hotel for $3.1 million. The hotel is located at 2275 S. Prom in Seaside, approximately 80 miles northwest of metro Portland. Joseph Kennedy of Crystal Investment Property, a member of Hotel Brokers International, represented the unnamed seller in the transaction.

July 26, 2016

Hospitality Loans Southeast Virginia

Phillips Realty Capital Secures $18.7M Construction Loan for Residence Inn Adjacent to Virginia Tech

by John Nelson July 26, 2016

BLACKSBURG, VA. — Phillips Realty Capital has secured an $18.7 million construction loan for a new Residence Inn adjacent to the Virginia Tech campus in Blacksburg. The new Marriott-branded hotel will sit at the corner of University City Boulevard and Prices Fork Road. The six-story, 126-room hotel will feature fully equipped kitchens and living rooms, an indoor pool and a 24/7 workout room. The new hotel will help anchor University Crossroads, a mixed-use redevelopment near Virginia Tech’s visitors center and main entrance. Brian Boland of Phillips Realty Capital arranged the financing through a regional bank on behalf of the borrowers, Newport Hospitality Group Inc. and Collegiate Inn of Blacksburg LLC. The hotel is scheduled to open in mid-2018.

July 26, 2016

California Hospitality Western

Carey Watermark Investors 2 Buys San Diego Marriott La Jolla

by Nellie Day July 25, 2016

SAN DIEGO — Carey Watermark Investors 2 has acquired the 372-room San Diego Marriott La Jolla for an undisclosed sum. The hotel is located at 4240 La Jolla Village Drive. The 14-story building includes 24,000 square feet of meeting and event space, three food and beverage outlets, 467-space parking garage, outdoor pool, sundeck, fitness center and business center. The hotel has undergone a total of $21 million worth of capital improvements since 2011, including a $17 million comprehensive renovation in 2013.

July 25, 2016

Hospitality Texas

Tabani Realty Arranges Sale of Best Western Hotel in Dallas

by Haisten Willis July 25, 2016

DALLAS — Salman Tabani of Tabani Realty has arranged the sale of the Best Western Plus Hotel and Conference Center in Dallas. The newly renovated, 160-room hotel is located at the intersection of Highway 635 and Highway 75. The property was sold to an out-of-state private investor. Tabani Realty is a commercial brokerage firm based in Addison, Texas that specializes in hospitality, retail, land, multifamily, office and investment property sales.

July 25, 2016

Hospitality Texas

Embassy Suites by Hilton McAllen Convention Center Opens in Rio Grande Valley

by Haisten Willis July 22, 2016

MCALLEN, TEXAS — Hilton Worldwide has opened the Embassy Suites by Hilton McAllen Convention Center, the brand’s first hotel in south Texas. The property features Design Option III, which emphasizes space efficiency. The hotel is located three miles from McAllen Miller International Airport and near several manufacturing facilities in Mexico. The hotel includes 12,000 square feet of event space for conferences, weddings and holiday parties. The main ballroom may accommodate as many as 600 guests and can also be divided into five smaller spaces.

July 22, 2016

Hospitality Loans Midwest Wisconsin

HALL Structured Finance Provides $10.9M Loan for Construction of Hotel Near Milwaukee

by Christina Cannon July 22, 2016

OAK CREEK, WIS. — HALL Structured Finance has provided a $10.9 million first lien loan for the construction of a four-story, 112-room hotel in Oak Creek, 13 miles south of Milwaukee. Albuquerque, N.M.-based Gustin Property Group LLC is the developer of the TownePlace Suites by Marriott. The hotel will be located within the Drexel Town Square master-planned development, which includes a new city hall, public library, retail stores, restaurants, office space, apartments and 18 acres of green space. The total estimated project cost for the hotel is $14.6 million, and the development will take approximately a year to complete.

July 22, 2016

Hospitality New York Northeast

CBCS Equities, Barone Management Open 202-Room EVEN Hotel Brooklyn

by Amy Works July 21, 2016

NEW YORK CITY — CBCS Equities and Barone Management have developed EVEN Hotel Brooklyn, a 13-story hotel located at 46 Nevins St. in downtown Brooklyn. Designed by Gene Kaufman Architect, the 83,000-square-foot hotel features 202 rooms, a 1,300-square-foot fitness center, in-room fitness zones with cork flooring and personal exercise equipment, and Cork & Kale Market and Bar. The project team included HVS Design, Andrew Myers Interior Design and Ambius. EVEN Hotel Brooklyn is an IHG hotel.

July 21, 2016

Arizona Hospitality Western

Hyatt Hotels Buys Royal Palms Resort and Spa in Scottsdale for $88.2M

by Nellie Day July 21, 2016

SCOTTSDALE, ARIZ. — Hyatt Hotels Corp. has purchased the 119-room Royal Palms Resort and Spa in Scottsdale for $88.2 million. The hotel is located at 5200 E. Camelback Road. The hotel will continue to operate as the Royal Palms, though it will become affiliated with the Unbound Collection by Hyatt. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. Hodges Ward Elliott represented the seller, Lowe Enterprises Investors, in this transaction.

July 21, 2016

Newer Posts

Older Posts