Hospitality

Hines, Qatari Diar Break Ground on Conrad Washington, D.C. Luxury Hotel at CityCenterDC

by John Nelson June 30, 2016

WASHINGTON, D.C. — Hines and Qatari Diar, the real estate development arm of Qatar Investment Authority, have broken ground on the Conrad Washington, D.C., a 360-room luxury hotel situated within the CityCenterDC development. The hotel will be operated under Hilton Worldwide’s Conrad Hotels & Resorts brand. The hotel is the seventh building developed by Hines and Qatari Diar at CityCenterDC, a 10-acre mixed-use destination in downtown Washington, D.C. The hotel will feature 30,000 square feet of retail space with a signature restaurant conceptualized by chef Bryan Voltaggio, the executive chef and co-owner of several Mid-Atlantic restaurants including VOLT, RANGE, AGGIO, Lunchbox and Family Meal. The hotel’s design team includes architects Herzog & de Meuron and HKS Architects Inc., interior designer Rottet Studio and general contractor Turner Construction Co. Hines and Qatari Diar expect initial occupancy to begin in the first quarter of 2019.

June 30, 2016

Hospitality Southeast Virginia

Carey Watermark Acquires Le Meridien Arlington Hotel in Metro D.C.

by John Nelson June 30, 2016

ARLINGTON, VA. — Carey Watermark Investors 2 Inc., a non-traded hospitality REIT, has purchased the Le Meridien Arlington, a 154-room hotel in Arlington’s Rosslyn submarket. The hotel is part of a mixed-use development that includes 621,000 square feet of Class A office space and 136 residential units. Le Meridien Arlington’s amenities include 4,800 square feet of indoor meeting space, 4,500 square feet of outdoor meeting space, a bar/lounge, full-service restaurant, fitness center and a business center. Built in 2008, the hotel was converted to Starwood Hotels & Resorts’ Le Méridien brand in 2012. A $3 million soft goods renovation of the guestrooms and meeting spaces is currently underway. The hotel will continue to be managed by HEI Hotels & Resorts.

June 30, 2016

Florida Hospitality Southeast

MSB Hotels III Buys Boutique Hotel in St. Augustine for $10.3M

by John Nelson June 30, 2016

ST. AUGUSTINE, FLA. — MSB Hotels III has purchased Castillo Real, a 60-room boutique resort hotel located at 530 A1A Blvd. in St. Augustine. The company purchased the asset from a joint venture between Impact Properties and DeBartolo Development for $10.3 million. The purchase includes the assumption of an existing CMBS loan. MSB Hotels III has selected Elite Hospitality LLC to manage the hotel. Built in 2005, Castillo Real features beach access, a zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the La Cocina Restaurant. Michael Weinberg and Preston Reid of HFF represented the joint venture in the transaction. Members of MSB Hotels III own nearby hotels including Courtyard by Marriott, Hilton Garden Inn and Hampton Inn, all of which are managed by Elite Hospitality.

June 30, 2016

Hospitality Indiana Midwest

Drury Hotels Opens New 303-Room Hotel in Indianapolis

by Christina Cannon June 30, 2016

INDIANAPOLIS — Drury Hotels Co. has opened the Drury Plaza Hotel Indianapolis Carmel. The hotel features 303 guest rooms and over 7,000 square feet of event space. Amenities include Wi-Fi, a complimentary breakfast, business center, fitness center and an indoor/outdoor pool with hot tub. The Drury Plaza offers king, queen and two-room suites. Missouri-based Drury Hotels Co. owns and operates over 130 hotels in 21 states.

June 30, 2016

Company News Hospitality Midwest Missouri

John Q. Hammons Hotels & Resorts Files for Chapter 11 Bankruptcy

by Christina Cannon June 29, 2016

SPRINGFIELD, MO. — John Q. Hammons Hotels & Resorts (JQH) has filed for Chapter 11 bankruptcy. Springfield-based JQH is an owner and manager of hotels throughout the United States featuring brands such as Marriot, Hilton, Embassy Suites, IHG and more. The company is financially sound, but is filing for bankruptcy to restructure the organization and “navigate a litigious environment,” says Jacquie Dowdy, CEO of JQH. According to the Wall Street Journal, the legal battle is a result of a 2005 buyout in which John Hammons sold a portfolio of 43 hotels of hotels to Jonathan Eilian. Under terms of the contract, Hammons received equity interest in the acquiring company, and Eilian received right of first refusal for the sale of the JQH’s remaining 35 hotels. Eilian later sued JQH, claiming the company has made no move to sell those remaining properties. JQH’s Gregg Groves is providing in-house legal counsel in connection with the Chapter 11 filing, and Stinson Leonard Street LLP is providing outside counsel for the restructuring. JQH currently maintains a portfolio of 35 hotels that include 8,500 rooms scattered throughout 16 states.

June 29, 2016

Hospitality Loans New York Northeast

Q10 New York Realty Advisors Arranges $15.5M Loan for 80-Room Hotel in NYC

by Amy Works June 28, 2016

NEW YORK CITY — Q10 New York Realty Advisors has arranged a $15.5 million permanent loan for a hotel in New York City. The fixed-rate loan was a cash-out refinance of more than $3 million. Located near Jacob Javits Convention Center, the limited-service hotel features 80 guest rooms.

June 28, 2016

Hospitality Kansas Midwest

Block & Co. Brokers Sale of Pad Site for Future Development of Homewood Suites Hotel in Kansas City

by Christina Cannon June 28, 2016

KANSAS CITY, KAN. — Block & Company Inc. Realtors has brokered the sale of a 2.7-acre pad site that will be home to a Homewood Suites by Hilton. The hotel will be part of Phase V of the Plaza at the Speedway development in Kansas City, which is an 850,000-square-foot retail power center. Baywood Hotels Inc. purchased the pad site located at 10922 Parallel Parkway. Tenants at the center include Walmart Supercenter, Sam’s Club, Kohl’s, Taco Bell, Olive Garden, Red Lobster, Chick-Fil-A, Jack in the Box, Wendy’s and Logan’s Roadhouse. David Block, Alex Block and Max Kosoglad of Block & Co. represented the seller, Plaza Speedway Development Inc., in the transaction.

June 28, 2016

Hospitality Maryland Restaurant Retail Southeast Top Stories

Cordish Companies Unveils Plans for $200M Expansion at Maryland Live! Casino

by Katie Sloan June 28, 2016

HANOVER, MD. — The Cordish Companies has unveiled plans for a $200 million expansion at Maryland Live! Casino in Hanover. The expansion will include a 17-story, flagship Live! Hotel tower; an event center; meeting spaces; new dining options; a Live! Retail store; approximately 1,000 additional parking spaces; and a day spa and fitness center. The hotel will offer 310 luxury guest rooms, 52 of which will be suites. The Grand Event Center will feature a 1,500-seat concert venue with a built-in performance stage. The development’s event center will also offer flexible pre-function and meeting space, an executive boardroom and banquet seating capable of hosting up to 800 guests. New dining options will include a 24-hour café, a gelato bar and a signature lobby bar with more than 50 seats. Contractors, project architects and designers tapped by The Cordish Cos. for the project include Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Assoc. and EDSA. Tutor Perini Corp. will be the project’s general contractor. The project is expected to create approximately 400 new jobs and 550 construction jobs for the region, according to the developers. …

June 28, 2016

Hospitality Loans Massachusetts Northeast

Chesapeake Lodging Trust Receives $150M Loan for 502-Room Hyatt Regency Boston

by Amy Works June 27, 2016

BOSTON — Chesapeake Lodging Trust has received a $150 million fixed-rate mortgage for the 502-room Hyatt Regency Boston, located at 1 Avenue de Lafayette in downtown Boston. Provided by MetLife, the 10-year loan features a 30-year amortization schedule. Chesapeake plans to use proceeds of the loan to repay outstanding borrowings under the trust’s revolving credit facility.

June 27, 2016

Florida Hospitality Southeast

DiamondRock Hospitality Sells Orlando Airport Marriott Lakeside for $67M

by John Nelson June 24, 2016

ORLANDO, FLA. — DiamondRock Hospitality Co. has sold the Orlando Airport Marriott Lakeside for approximately $67 million. The 485-room hotel is located at 7499 Augusta National Drive, roughly three miles from Orlando International Airport. The hotel features 29,700 square feet of event space, an indoor pool, outdoor pool, internet TV in every room offering Netflix and Hulu, the Crimson Tavern restaurant and a 24-hour fitness center. In 2015, the hotel generated revenue per available room (RevPAR) of $92, the lowest RevPAR in DiamondRock’s portfolio. DiamondRock Hospitality is a REIT that owns 28 upscale hotels spanning approximately 10,400 rooms.

June 24, 2016

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