Hospitality

Marcus & Millichap Arranges Sale of 167-Room Hotel in College Station

by Haisten Willis October 7, 2015

COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Aggieland Inn (formerly Ramada), a 167-room hospitality property located in College Station. Chris Gomes of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office and Jake Gaddy of the Austin office, marketed the property on behalf of the seller, a limited liability company. Gomes procured the buyer, a private investor. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office referred the seller to Gomes. Fluellen and Hoover previously represented the seller during the acquisition and disposition of student housing apartment assets. Aggieland Inn is located at 1502 Texas Ave. S., one block from the Texas A&M University campus. Built in 1972, the hotel is situated on roughly four acres. The hotel includes an outdoor swimming pool, a banquet hall and a restaurant and lounge. The buyer is planning a multimillion-dollar renovation before reopening in the first quarter of 2016.

October 7, 2015

RLJ Lodging Trust Buys Residence Inn by Marriott in Los Altos for $70M

by Nellie Day October 7, 2015

LOS ALTOS, CALIF. — RLJ Lodging Trust has purchased Los Altos Hotel Associates LLC’s interest in the 156-room Residence Inn by Marriott in the Silicon Valley submarket of Los Altos for $70 million. The hotel is located at 4460 El Camino Real. The Residence Inn opened in 2000. It recently underwent a renovation that included upgrades to the public areas and guestrooms. The hotel caters to extended-stay travelers visiting nearby Palo Alto and Stanford University. Major corporate employers in the area include Hewlett Packard, VMware, SAP, Google, Intuit, Stanford University and Hospital and LinkedIn. Scott Griemsmann of Paramount Lodging Advisors represented the seller in this transaction.

October 7, 2015

Hospitality Midwest Ohio

Waramaug LS Hotels Acquires 120-Room Courtyard by Marriott in Springfield, Ohio

by Christina Cannon October 6, 2015

SPRINGFIELD, OHIO — Waramaug LS Hotels LLC has acquired the Courtyard Springfield Downtown in Springfield for an undisclosed price. Springfield is located approximately 26 miles northeast of Dayton. The six-story, 120-room hotel property was recently renovated and features 6,500 square feet of meeting space. It also includes a 5,000-square-foot ballroom, an indoor heated pool, a business center, a fitness center and an on-site restaurant, Mela Urban Bistro. A new outdoor bar and patio seating area is under construction.

October 6, 2015

Hotel-ZaZa-Memorial-City-Houston-MetroNational[3]

Hospitality Texas

MetroNational to Break Ground on Hotel Zaza Memorial City in Houston

by Haisten Willis October 5, 2015

HOUSTON — MetroNational, a Houston-based real estate investment, development and management company, has partnered with Z Resorts to construct Hotel ZaZa Memorial City at the intersection of I-10 and Bunker Hill Road in Houston. Hotel ZaZa Memorial City is the brand’s second Houston location. Kirksey Architecture will oversee the design and Anslow Bryant Construction is the general contractor of the property, which is slated to open in summer 2017. Hotel ZaZa Memorial City will include 159 guest rooms, along with 10,000 square feet of event and meeting spaces. Amenities will include a pool with bar and cabanas, a restaurant and lounge. MetroNational and Z Resorts are dedicating four levels of the 17-story hotel to 130 apartment units, with guests having access to all ZaZa amenities. Hotel ZaZa Memorial City will be located at 9787 Katy Freeway and will be the third property opening for the brand in 2017, joining Hotel ZaZa Austin in downtown Austin and Hotel ZaZa Wade Park in the north Dallas suburb of Frisco.

October 5, 2015

Hospitality Texas

NewcrestImage to Repurpose Mercantile Commerce Building in Dallas into Hotel Space

by Haisten Willis October 5, 2015

DALLAS — After sitting vacant for 25 years, the 22-story Mercantile Commerce building located at 1712 Commerce St. in downtown Dallas, along with the neighboring building 1700 Commerce, are being redeveloped into three new downtown hotels with more than 425 rooms. NewcrestImage is the developer for the project. Phill Geheb of Munsch Hardt arranged financing for the redevelopment project. Construction is slated to begin next week for the hotels, whose brands include Residence Inn and Dallas’ first AC Marriot Hotel. The project received three forms of funding. The financing includes a $35.6 million construction loan, $7.8 million in federal tax credit equity and $8 million in state historic tax credit equity.

October 5, 2015

Hospitality Louisiana Southeast

NewcrestImage Buys 13-Story Office Building in New Orleans for Dual-Branded Hotel Conversion

by John Nelson October 5, 2015

NEW ORLEANS — NewcrestImage, a Dallas-based hotel developer and operator, has purchased a 13-story office building located at 1600 Canal St. in New Orleans. The company plans to repurpose the vacant building into a 105-room TownePlace Suites by Marriott and a 78-room SpringHill Suites by Marriott. Built in 1960 and vacant for the past 10 years, 1600 Canal St. is located at the intersection of Canal Street and I-10, nine blocks from the French Quarter and adjacent to the new 1,500-acre, $1.2 billion BioDistrict development. The asking price for the office building was $6 million, but the sales price was undisclosed. The two hotels will share amenities, including a single lobby, registration desk, breakfast area and indoor bar. There will be a single management and sales team, as well as a single housekeeping staff. The rooftop will be renovated into an 8,000-square-foot garden overlooking Canal Street and will feature an outdoor bar, exercise room and laundry facilities. NewcrestImage plans to open the two hotels by December 2016. Upon completion, the dual-branded hotel building will be the first property to combine the TownePlace Suites and SpringHill Suites brands into one building.

October 5, 2015

Hospitality Texas

Hill & Wilkinson Breaks Ground on $175M Redevelopment Project in Downtown Dallas

by Haisten Willis October 1, 2015

DALLAS — Hill & Wilkinson General Contractors has broken ground on a $175 million redevelopment project in downtown Dallas. Both the historic Statler Hilton Hotel, built in 1956 and located at 1900 Commerce St., and the adjacent Old Dallas Central Library will be renovated to create an entertainment hub. The 702,615-square-foot project includes complete restoration of the buildings’ exteriors and the conversion of the upper 11 stories into 229 residential units. The five middle stories will be converted into 164 hotel rooms. Two lower floors will be converted into ballrooms, meeting rooms, hotel services, lobbies, restaurants and retail space. The Jackson Street and basement levels of the Statler Hilton and the library will be converted into a 250-car parking garage. Centurion American Development Group is the owner and developer. Merriman Associates/Architects Inc. is the architect, and Besharkhah Engineering Inc. is the engineer for the project. Centurion plans to apply for Historic Tax Credits, and the city of Dallas has provided $43.5 million in tax increment financing for the redevelopment, which is slated for completion in December 2016.

October 1, 2015

Hospitality New York Northeast

Partnership to Develop Two-Building Marriott at JFK International Airport

by Amy Works September 28, 2015

NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality are developing a two-building Marriott hotel at New York City’s John. F. Kennedy International Airport. The partnership has tapped Gene Kaufman Architect to design the 260,000-square-foot project, which Soundview and Chartwell plan to break ground on in 2016.

September 28, 2015

Hospitality North Carolina Southeast

Sperry Van Ness Enters Hotel Brokerage Business

by John Nelson September 24, 2015

RALEIGH, N.C. — Sperry Van Ness International Corp. has joined forces with Raleigh, N.C.-based Howard Perry and Walston Commercial and Hotel Group (HPW Commercial and Hotel Group) to launch SVN Hotels, a national hotel brokerage franchise. Headquartered in Raleigh, the franchise will work with more than 25 advisors in more than 10 offices throughout the United States. SVN Hotels will specialize in working with owners and investors of all sizes from large institutions with multiple properties to private owners with single assets. Sanjay Mundra, who currently serves as CEO of HPW Commercial and Hotel Group, will serve as CEO of the SVN Hotels brand with Don Walston as chairman.

September 24, 2015

California Hospitality Western

Chatham Lodging Trust Buys Hilton Garden Inn Marina del Rey

by Nellie Day September 23, 2015

LOS ANGELES — Chatham Lodging Trust has purchased the 134-room Hilton Garden Inn Marina del Rey for $44.5 million. The hotel is located at 4200 Admiralty Way in the Los Angeles submarket of Marina del Rey. The property was converted from an independent hotel in June 2013 after an extensive renovation. The new owner says it will not need to make a major capital investment until 2020. The hotel includes the Marina Bar & Grill; two meeting venues and rooms; suites and loft-style casitas with private patios; and an underground parking garage that serves hotel guests and local visitors. Chatham funded the purchase through the assumption of a $22.6 million loan that carries an interest rate of 4.68 percent and matures in July 2024. The balance was financed with available cash and borrowings on the company’s revolving credit facility. The hotel is subject to a long-term ground lease that matures in December 2067. Island Hospitality Management will manage the hotel.

September 23, 2015

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