Hospitality

Fortuna Acquires Wyndham Hotel in New York’s Flatiron District for $60M

by Katie Sloan March 1, 2016

NEW YORK CITY — Fortuna Realty Group LLC has acquired a Wyndham-franchised hotel located at 37 W. 24th St. in Manhattan’s Flatiron District for $60 million. Fortuna plans to convert the 124-key hotel — built in 2008 — into a high-end boutique hotel. The investor bought the property out of bankruptcy at auction from an undisclosed seller. The hotel is situated directly off Fifth Avenue, and around the corner from Mario Batali’s acclaimed Italian marketplace Eataly and Madison Square Park. The hotel’s neighborhood has emerged as a popular location for New York’s technology, advertising, marketing and information technology sector, and is a hub for restaurants and nightlife. The new acquisition will join Fortuna’s portfolio of upscale “lifestyle hotels,” including Hotel Hugo and Hotel Indigo Chelsea, both in Manhattan, and The Garden City Hotel, located on Long Island. Wayne Cook and David Glanz of law firm Windels Marx LLP represented Fortuna in the transaction. U.S. Trust provided an undisclosed amount of acquisition financing. Based in New York City, Fortuna Realty Group LLC is a privately held real estate investment and development company with a focus in hospitality. — Katie Sloan

March 1, 2016

Hospitality Texas

Civitas, Atlantic Break Ground on Residence Inn by Marriott Dallas/Southwest – Oak Cliff

by Haisten Willis February 29, 2016

DALLAS — Construction has begun on Residence Inn Dallas/Southwest – Oak Cliff. Scheduled to open in mid-2017, the development will be a 103-room all-suite hotel located in the Canyon in Oak Cliff, a mixed-use development near the intersection of I-30 and North Westmoreland Road. The Canyon in Oak Cliff is a 200-acre development that will have 7,500 residential units, 1.2 million square feet of office space and 800,000 square feet of retail. Two multifamily communities totaling 290 units have already completed construction. The four-story hotel will contain a fitness center, pool, lobby market and 600 square feet of meeting space. Amenities include complimentary breakfast, free Wi-Fi and evening social events. Each unit will include a full kitchen with dining bar, bathroom with walk-in shower, sofa and desk. Civitas Capital Group and Atlantic Hotels Group are co-developing the project, and the property will be managed by an affiliate of Atlantic Hotels. Centennial Bank is providing senior financing for the project, and Civitas Capital is providing a mezzanine loan. EJES is the architect on the project, and Shahzay Construction is the general contractor.

February 29, 2016

Hospitality Southeast Top Stories Virginia Western

Hilton to Spin Off Real Estate into 70-Property Hotel REIT

by Nellie Day February 29, 2016

MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …

February 29, 2016

Hospitality New York Northeast

McSam Hotel Group Breaks Ground on 89-Room Choice Hotel in Manhattan

by Amy Works February 26, 2016

NEW YORK CITY — McSam Hotel Group, as developer, has broken ground for a 25,000-square-foot Choice Hotel at 337 W. 36th St. in Manhattan. Designed by Gene Kaufman Architect, the 23-story, 89-room hotel is rising on a site that is only 25 feet wide. The hotel will feature a stone base, brick façade and penthouse with an angled mirror-and-glass front.

February 26, 2016

Hospitality Illinois Midwest

Banyan Investment Group, Compass Real Estate Acquire 120-Room Hilton Garden Inn in St. Charles, Illinois

by Christina Cannon February 26, 2016

ST. CHARLES, ILL. — A partnership between Banyan Investment Group and Compass Real Estate has acquired the Hilton Garden Inn in St. Charles, approximately 45 miles west of Chicago, for an undisclosed price. Oakwood Properties Inc. was the seller. The hotel opened in 2000 and includes 120 rooms and 4,400 square feet of meeting space. The facility also includes an indoor pool, fitness center and bistro-style restaurant. Attached to the hotel is an independently owned 18,000-square-foot conference and training center. The property will undergo a $2 million renovation of the guestrooms and public areas that is expected to be complete by March 2017.

February 26, 2016

Hospitality New York Northeast

HREC Investment Advisors Brokers Sale of 104-Room Comfort Inn in New York

by Amy Works February 25, 2016

BINGHAMTON, N.Y. — HREC Investment Advisors has arranged the sale of a Comfort Inn located in Binghamton. Shree Hari Holdings LLC acquired the 104-room property for an undisclosed price. Ted Anka, Ketan Patel and Geoff David of HREC Investment Advisors represented the seller, Binghamton Hotel Partners, in the transaction.

February 25, 2016

Arizona Hospitality Western

Hilton Garden Inn and Convention Center Pivot Point Trades in Yuma

by Nellie Day February 25, 2016

YUMA, ARIZ. – A California-based hotel investor has purchased the 150-room Hilton Garden Inn and Convention Center Pivot Point in Yuma for an undisclosed sum. The hotel is located at 310 N. Madison Ave. The transaction includes a 20,000-square-foot convention center. The new owner is in the process of completing Hilton-required upgrades to the hotel. The buyer owns and operates a hotel portfolio under major brands including Marriott and Hilton. The seller is a private equity fund that acquired the hotel in 2012. HREC Investment Advisors executed the transaction.

February 25, 2016

California Hospitality Top Stories Western

Tutor Perini to Build $285M Resort, Casino Expansion in Southern California

by John Nelson February 25, 2016

TEMECULA, CALIF. — The Pechanga Development Corp., the economic development branch of the Pechanga Band of Luiseño Indians, has selected Tutor Perini Building Corp. to expand the Pechanga Resort & Casino in Temecula, roughly 60 miles north of San Diego. The contract is valued at $285 million. “Perini was the general contractor for the original Pechanga resort that opened in 2002. This development will complement our current offerings, enhance the resort experience for guests, and cement Pechanga Resort & Casino as the preeminent luxury gaming destination in California,” says Patrick Murphy, president of the Pechanga Development Corp. The resort expansion project involves adding a AAA Four Diamond, 568-room hotel wing; a standalone luxury two-story spa and salon with 17 treatment rooms, a fitness center and hydrotherapy pool terrace; a resort-style pool complex with eight pool areas; two new restaurants; and an additional 67,000 square feet of event space. Tutor Perini previously completed multiple phases of the Pechanga Resort & Casino over the past 13 years. Tutor Perini expects the expansion to be “substantially completed” by the end of 2017. Pechanga Resort & Casino is the largest resort/casino in California and employs roughly 4,000 team members, according to the casino’s website. …

February 25, 2016

Hospitality Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Triangle Equities Breaks Ground on Lighthouse Point in Staten Island

by Amy Works February 24, 2016

NEW YORK CITY — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island. Triangle, along with its partner, Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups, including $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City, and joint venture equity from Triangle and Lubert Adler. The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant space, entertainment space and a 12-story residential tower with 116 apartment units. Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site. This repurposing will allow for additional restaurant, office and hospitality space, including a …

February 24, 2016

Hospitality Illinois Midwest

Waramaug Hospitality, Sidra Real Estate Acquire 184-Room Marriott Hotel in Chicago Suburb

by Christina Cannon February 23, 2016

BURR RIDGE, ILL. — Waramaug Hospitality III LLC and Sidra Real Estate Inc. have acquired the Chicago Marriott Southwest at Burr Ridge for an undisclosed price. The 184-room, full-service hotel, located in Burr Ridge, approximately 20 miles southwest of Chicago, features over 10,000 square feet of meeting and event space that can accommodate up to 900 guests. Amenities include an indoor swimming pool, fitness center and business center. The hotel also includes Ciazza Restaurant & Bar. Waramaug is planning to renovate all public areas, guestrooms, meeting spaces and the restaurant. Interstate Hotels & Resorts will manage the property. The seller in the transaction was undisclosed.

February 23, 2016

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