TULSA, OKLA. — Skanska has signed a contract with Saint Francis Health System for additions and renovations to Saint Francis Hospital in Tulsa. The $62 million project will be managed by Skanska’s Texas operations. It consists of 130,000 square feet of major renovation to the hospital’s existing surgery department, including 28 operating rooms and support spaces, and about 15,000 square feet of horizontal expansion including seven new operating rooms. Additionally, a new 27,000-square-foot mechanical penthouse will be built on the roof of the existing surgery department. Construction is expected to begin in April 2016 and end in March 2020.
STAMFORD, CONN. — Anbang Insurance Group and Marriott International Inc. (NASDAQ: MAR) entered a ceasefire yesterday. The bidding war between the two companies to purchase Starwood Hotels & Resorts Worldwide (NYSE: HOT) has ended, as Anbang has rescinded its latest offer. A consortium consisting of Anbang, J.C. Flowers & Co. and Primavera Capital Limited upped its offer to $14 billion on March 26, outbidding Marriott’s previous offer of $13.6 billion, but Anbang is now withdrawing its offer due to “market considerations.” It isn’t clear why Anbang retracted its latest bid or if Marriott had been planning to counteroffer. Both Starwood’s and Marriott’s shares fell over 4 percent in Thursday’s after-hours trading. Starwood’s stock price closed on March 31 at $83.43 per share and opened April 1 at $79.81. Marriott’s stock price closed at $71.18 and opened at $67.48 per share. Starwood’s board of directors continues to unanimously support the existing merger with Marriott, which will create the largest hospitality company in the world. “Throughout this process, we have been focused on maximizing stockholder value now and in the future,” says Bruce Duncan, chairman of Starwood’s board. “We continue to be very excited about the combination of our two companies and …
FRISCO, TEXAS — A six-floor, 132-suite Hyatt House extended stay hotel has opened in Frisco. The new Hyatt House features one- and two-bedroom suites, all with full kitchens. Other amenities include an indoor pool, business center, fitness center and two meeting rooms. With the hotel’s opening, Dallas-based NewcrestImage now owns and operates 19 properties with another 11 under construction or in development.
STAMFORD, CONN. — A consortium consisting of Anbang Insurance Group Co., J.C. Flowers & Co. and Primavera Capital Limited has increased its bid to acquire Starwood Hotels & Resorts Worldwide (NYSE: HOT) to $82.75 in cash per share of Starwood common stock from the previous non-binding proposal of $81 per share bid, which was made on March 26. Starwood’s board of directors has concluded that this revised, non-binding proposal from the consortium is a superior proposal as defined in Starwood’s merger agreement with Marriott International Inc. (NASDAQ: MAR), according to a press release issued Monday by Starwood. The new proposal is valued at $14 billion versus Marriott’s previous offer of $13.6 billion. The Starwood board, in consultation with its legal and financial advisors, will carefully consider the outcome of the discussion with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders, the news release stated. Under the terms of the consortium’s current revised proposal, the consortium will acquire all the outstanding shares of common stock of Starwood for $82.75 per share in cash, an increase of $4.75 per share from its initial binding proposal of $78 per share …
LEXINGTON, MASS. — Rockwood Capital has completed the disposition of two hotels: an aloft and an element, located on a 12.7-acre site at 727 Marrett Road in Lexington, a northwest suburb of Boston. An undisclosed buyer acquired the hotels for $54 million, unencumbered by management. The 136-room aloft features grab-and-go dining, the w xyz bar, an indoor swimming pool, business center, game room, fitness room, meeting room and complimentary shuttle service. The 123-room element features complimentary breakfast, an indoor swimming pool, business center, fitness room, meeting room and complimentary shuttle service. The hotels were developed in 2008 as prototypes for the Starwood brand. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.
MIAMI — Dilido Beach Resort LLC, a joint venture between Lionstone Development and Flag Luxury, has received a $210 million loan for the refinancing of The Ritz-Carlton South Beach. Greenberg Traurig and Eastdil Secured arranged the loan, which will be used for planned capital improvements to the hotel, through lenders Cantor Commercial Real Estate (CCRE) and Societe Generale. The 375-room luxury hotel was originally built in 1953, and has been restored to reflect the original Morris Lapidus design. Located within walking distance of Ocean Drive and Lincoln Road in Miami, the hotel features an oceanfront infinity pool with private day beds, the DiLido Beach Club, two restaurants, a $2 million art collection featuring established and emerging artists, a 16,000-square-foot spa and 20,000 square feet of conference space. The resort underwent a $10 million renovation in 2012, according to reports by the South Florida Business Journal. The restoration, led by Miami-based interior designer Linda Zarifi, included the redesign of its 375 guest rooms. “We are very pleased to secure this financing for our flagship hotel,” says Paul Kanavos, CEO and chairman of Flag Luxury. “South Beach is a vibrant and diverse hospitality market and we are proud to be the leaders …
THE COLONY, TEXAS — Crescent Hotels & Resorts will manage a new Courtyard by Marriott hotel scheduled to open this spring in The Colony. Crescent Hotels & Resorts manages over 100 hotels and resorts in the U.S. and Canada. Jackson-Shaw is the developer of the 100-acre, master-planned development The Cascades at the Colony, which encompasses the hotel campus. The Courtyard will include 128 guest rooms, three meeting areas, a new restaurant with a full bar, a garden with a water feature and fire pit and a trail system.
SAN FRANCISCO — R.D. Olson Development has received a $49.8 million construction loan to build the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos. The new hotel will be situated at Industrial Road and East San Carlos Avenue, halfway between San Francisco and San Jose. The four-story, select-service hotel will feature 1,500 square feet of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit. The hotel is slated for completion in 2017. The three-year, floating-rate loan features two one-year extensions through a diversified financial services company. HFF’s James Fowler secured the financing on behalf of the developer.
ATLANTA — Alpha Alternatives LLC has arranged a $13 million bridge loan for a new 141-room Cambria Suites hotel. The property, currently a vacant office building, is located at 110 Mitchell St. in downtown Atlanta. Alpha Alternatives arranged the loan on behalf of the unnamed borrower, which plans to break ground on the hotel conversion in the near future. Cambria Hotels, a Choice Hotels International brand, invested more than $3 million in equity for the project.
ST. CHARLES, MO. — Cullinan Properties will construct a 180-room Drury Inn and Suites hotel, which will be part of the Streets of St. Charles, a 27-acre mixed-use community. In addition to the seven-story hotel, a second parking deck will be added to the development providing over 300 additional spaces. Construction of the parking deck is already underway, and work on the hotel is expected to start in April. Both projects are slated for completion by the summer of 2017. The Drury Inn and Suites at Streets of St. Charles will feature king and queen suites and deluxe two-room suites. The hotel will offer meeting space, an indoor/outdoor pool, Wi-Fi and hot breakfast. Drury Inn and Suites is the latest of several new tenants to be announced at Streets of St. Charles including Orangetheory Fitness, PF Changs, Firebirds Wood Fired Grill and Noodles & Co. which are all currently under construction and scheduled to open this summer.