Hospitality

State of the Industry Hunter Hotel Conference

Hotel Experts Preach Opportunistic Mindset at Hunter Hotel Conference

by John Nelson March 17, 2016

ATLANTA — Too often hoteliers are so immersed in executing their business plans they miss golden opportunities that suddenly arise, according to hotel experts speaking at the 28th annual Hunter Hotel Conference. During the “State of the Industry” panel, executives from Blackstone, Starwood Capital Group, Rockbridge, MCR Development LLC and Apple Hospitality REIT took the stage to discuss opportunities they see in the marketplace. Tyler Morse, CEO and managing partner of MCR Development, said the lodging industry in the United States will present ample opportunities in the next couple years. “The hotel space in particular in the U.S. economy is going to be great in 2016 and 2017. The rest of the world is kind of a disaster,” said Morse. “Funds are coming to the U.S. as a flight to quality. The U.S. is where the growth is, and the hotel business is a beneficiary of that.” In a real-world example of being opportunistic, Brian Kim, managing director of real estate at Blackstone, spoke about how the firm’s recent $6.5 billion sale of Strategic Hotels & Resorts to Beijing-based Anbang Insurance Group Inc. wasn’t the original strategy for Blackstone. Having just closed on the Strategic purchase in December 2015, Blackstone’s …

March 17, 2016

California Hospitality Top Stories Western

Luxury Hotel in San Diego to Open $107M Expansion in June

by Haisten Willis March 16, 2016

SAN DIEGO — Marriott Marquis San Diego Marina, owned by Host Hotels & Resorts Inc. (NYSE: HST), is in the final stages of a $107 million expansion. Located on downtown San Diego’s waterfront, the expansion of the luxury hotel and convention center will be complete in June. It will include two new ballrooms along with Marina Terrace, an outdoor area on the bay and the Marine Walk public walkway. The project also includes a 16-screen video wall system and a Swarovski crystal ceiling installation. A multi-million dollar makeover of the resort’s guest rooms and public areas was completed in 2011. The new construction will increase the center’s meeting, indoor and outdoor event space to 280,000 square feet. The largest portion of the expansion was adding two 36,000-square-foot ballrooms, known as Marriott Grand Ballroom and Pacific Ballroom. Each is capable of accommodating up to 3,700 guests, and both will have foyers reaching up to 25,000 square feet, offering options to extend the space. The new building features a blue glass design, which makes use of natural light. tvsdesign was the project’s architect. “We drew inspiration from the host community with its iconic coastline, which we incorporated into the design, capturing a sense of …

March 16, 2016

Florida Hospitality Loans Southeast

MetLife Provides $60M Loan for Refinancing of Grand Bohemian Hotel Orlando

by John Nelson March 15, 2016

ORLANDO, FLA. — MetLife has provided a $60 million loan for the refinancing of Grand Bohemian Hotel Orlando, a 247-room luxury hotel located at 325 S. Orange Ave. in downtown Orlando. Michael Weinberg led HFF’s debt placement team to arrange the 10-year, fixed-rate loan on behalf of the borrower, Xenia Hotels & Resorts Inc. Built in 2011, the AAA Four Diamond award-winning hotel is part of Marriott’s Autograph Collection and features 9,117 square feet of meeting and ballroom space, 1,518 square feet of pre-function space, a heated outdoor pool and whirlpool, Poseidon Spa, 24-hour fitness center, Grand Bohemian Art Gallery and three food and beverage options — The Boheme Restaurant, Bösendorfer Lounge and Starbucks. The hotel is situated across the street from the new Dr. Phillips Center for the Performing Arts and is within walking distance of the Amway Center, home of the Orlando Magic NBA basketball team.

March 15, 2016

Hospitality Kansas Midwest Multifamily Top Stories

WaterWalk Hotel Apartments Signs $150M Deal to Develop Eight Properties in Texas, Colorado

by Katie Sloan March 15, 2016

WICHITA, KAN. — WaterWalk Hotel Apartments has inked a deal with Rockford Development Group to develop eight WaterWalk franchises in San Antonio, Dallas, Austin and Denver. Paul Roberts and hotel industry veteran Rob Mossburg are leading Rockford’s end of the venture. Under the terms of the deal, Rockford will become a WaterWalk franchisee. The cost of building the eight locations was estimated at $150 million. Rockford’s construction arm will also become the preferred builder for WaterWalk-owned locations. Wichita-based WaterWalk’s hybrid hotel and apartment model is a play on the extended-stay model, combining traditional hotel services within a gated, apartment-like community. The complex offers one-, two- and three-bedroom floor plans with the option of being furnished or unfurnished upon rental. Amenities at WaterWalk include all-inclusive pricing, full-sized appliances in a modern kitchen, high-speed Internet, satellite television with premium channels and DVR, housekeeping, fitness club membership, a communal bicycle rental program, local transportation, and free breakfast. Entrepreneur Jack DeBoer, founder of Residence Inn, Summerfield Suites, Candlewood Suites and Value Place, created the new concept, which opened its first site in Wichita in 2014. WaterWalk locations target corporate housing needs, holiday travelers requiring an extended stay and those moving to a new city …

March 15, 2016

Hospitality Top Stories

China’s Anbang Insurance Group Buys Strategic Hotels & Resorts for $6.5B

by Nellie Day March 14, 2016

CHICAGO — Beijing-based Anbang Insurance Group Co. has agreed to purchase Strategic Hotels & Resorts, which owns 16 hotels throughout the U.S. Several news outlets, including The Wall Street Journal, report the purchase price as $6.5 billion, citing anonymous sources involved in the not-yet-announced deal. Anbang is purchasing the portfolio from Blackstone Group, which acquired Strategic Hotels about three months ago. The Chinese insurer is paying about $450 million more than Blackstone paid for the assets. Properties under the Chicago-based Strategic Hotels & Resorts flag include the JW Marriott Essex House in New York City; the Montage in Laguna Beach, Calif ; the Hotel del Coronado in San Diego; Ritz Carlton properties in Moon Bay and Laguna Niguel, Calif.; InterContinental hotels in Chicago and Miami; and Four Seasons hotels in Washington, Austin, Texas, and Silicon Valley, Calif. Anbang purchased the famed Waldorf-Astoria in New York from Hilton Worldwide Holdings for nearly $2 billion in late 2014. The acquisition was one of the highest price-per-room hotel transactions ever, according to Fortune magazine. Anbang also submitted a $12.8 billion bid to takeover Starwood Hotels & Resorts Worldwide, which could disrupt a pending deal with Marriott International. The consortium offered to pay an …

March 14, 2016

Georgia Hospitality Southeast

NGKF Hotels Arranges Sale of Microtel Inn Near Atlanta Airport

by John Nelson March 11, 2016

COLLEGE PARK, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the Microtel Inn & Suites by Wyndham Hotels, an 83-room hotel located at 4839 Massachusetts Blvd. in College Park. The three-story hotel is located adjacent to Hartsfield-Jackson Atlanta International Airport and roughly 11 miles south of downtown Atlanta. Georgia-based 64J Hotel Groups LLC bought the Microtel Inn with plans to negotiate a new, long-term franchise agreement and upgrade the property with a planned renovation totaling approximately $400,000. Sam Winterbottom, Bhavesh (B.J.) Patel and Barrett Corwin of NGKF Hotels represented the undisclosed seller in the transaction. In the past eight months, NGKF Hotels has also brokered the sales of the nearby Wellesley Inn and Sleep Inn hotels. Combined, the three hotels have sold for $14 million.

March 11, 2016

The-Equinox-Golf-Spa-Manchester-Village-VT

Hospitality Northeast Vermont

Carey Watermark Investors Inc. Acquires The Equinox Golf Resort & Spa in Vermont

by Amy Works March 9, 2016

MANCHESTER VILLAGE, VT. — Carey Watermark Investors Inc. has acquired The Equinox Golf Resort & Spa in Manchester Village from HEI Hotels & Resorts for an undisclosed price. Situated on 1,300 acres between the Green and Taconic Mountains, the resort offers 195 guestrooms, 18,500 square feet of flexible meeting and event space, an 18-hole championship golf course, a 13,000-square-foot spa and five food and beverage outlets, as well as a variety of guest amenities and experiences. The hotel, which is part of Starwood’s The Luxury Collection, will be managed by HEI Hotels & Resorts. JLL’s Hotels & Hospitality Group brokered the sale.

March 9, 2016

Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $4.5M Sale of Holiday Inn & Suites Hudson Near Minneapolis

by Christina Cannon March 8, 2016

HUDSON, WIS. — Marcus & Millichap has arranged the $4.5 million sale of the Holiday Inn & Suites Hudson, a 68-room hotel located in Hudson, approximately 27 miles east of Minneapolis. An undisclosed partnership sold the asset, located at 1200 Gateway Blvd., to a private investor. Jon Ruzicka of Marcus & Millichap listed the property on behalf of the seller. Ruzicka, along with Matthew Fitzgerald of Marcus & Millichap, also secured the buyer.

March 8, 2016

Hospitality Massachusetts Northeast

Tocci Building Breaks Ground on 118-Key Hilton Homewood Suites in Massachusetts

by Amy Works March 7, 2016

WORCESTER, MASS. — Tocci Building Cos., serving as construction manager, has broken ground for a Hilton Homewood Suites hotel located at One Washington Square in Worcester. Being developed by First Bristol Corp., the six-story hotel will feature 118 guest rooms, a swimming pool, Jacuzzi and a fitness center. Additionally, the project will have a 120-car parking lot. The $21 million project is slated for completion in February 2017. Project partners include BMA Designs, ZDS Architectural Design Services, Veitas and Veitas Engineers and Wozny Barbar & Associates.

March 7, 2016

Hospitality Southeast Tennessee

Windsor Aughtry Brokers $6.3M Sale of Hampton Inn Johnson City

by John Nelson March 3, 2016

JOHNSON CITY, TENN. — Windsor Aughtry Co. Inc. has brokered the $6.3 million sale of Hampton Inn Johnson City, a 77-room hotel located at 508 N. State of Franklin Road in Johnson City. Pleasantburg Hospitality Inc. sold the hotel, which it has owned since the hotel was built in 1995. Jay Alexander and Bill Fayssoux of Windsor Aughtry represented Pleasantburg Hospitality in the transaction.

March 3, 2016

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