Hospitality

Terra, Turnberry Receive $392M Construction Financing for Miami Beach Grand Hyatt Hotel

by Channing Hamilton April 11, 2025

MIAMI BEACH, FLA. — Terra and Turnberry have received $392 million in financing for the construction of Grand Hyatt Miami Beach, an 800-room hotel situated adjacent to the Miami Beach Convention Center. TYKO Capital, a New York City-based private equity and private credit investment management platform, provided the financing to the South Florida-based developers. Grand Hyatt Miami Beach will rise 17 stories at 17th Street and Convention Center Drive. The property will offer 12 floors of guest rooms, including 52 suites with views of Miami Beach. Additionally, four floors will feature meeting and ballroom spaces. Guests will have access to a pool deck with panoramic city views, a restaurant, lobby lounge and bar, as well as street-level retail space. The hotel will feature direct access to the Miami Beach Convention Center via a climate-controlled sky bridge. Plans for the development also call for new public spaces, pedestrian-friendly promenades, bike-sharing stations and connectivity to public transit. According to sources familiar with the transaction, Eastdil Secured was involved in arranging the debt on behalf of Terra and Turnberry. Arquitectonica designed the hotel, and Balfour Beatty is serving as the general contractor. The Miami Beach Redevelopment Agency awarded a $75 million grant for the project in 2024. Grand …

April 11, 2025

Waldorf-Astoria-Texas-Hill-Country-Fredericksburg

Development Hospitality Multifamily Texas

Partnership to Develop Waldorf Astoria Hotel, Residences in Fredericksburg, Texas

by Taylor Williams April 10, 2025

FREDERICKSBURG, TEXAS — A partnership between Hilton (NYSE: H) and Wine Country Hospitality Partners LLC will develop a hotel and residential property in the Central Texas city of Fredericksburg that will be operated under the Waldorf Astoria brand. The Waldorf Astoria Texas Hill Country and Waldorf Astoria Residences Texas Hill Country will consist of 60 dedicated hotel guest rooms and suites, 37 resort villas and 50 private residences. The resort will also offer five food-and-beverage concepts, an 11,000-square-foot spa and fitness center and two resort-style pools. The opening is scheduled for 2027. Wine Country Hospitality Partners is a partnership between Mark Harmon, founder of Auberge Resorts Collection; Robert Radovan, founder of luxury hospitality developer Criswell Radovan; and Tim Sparapani, co-founder of Blue Run Spirits and an experienced investor in hospitality startups.

April 10, 2025

Acquisitions California Hospitality Restaurant Retail Western

Curtis Holdings Sells Tallman Hotel, Blue Wing Saloon in Lake County, California

by Amy Works April 10, 2025

UPPER LAKE, CALIF. — Curtis Holdings has completed the disposition of Tallman Hotel and Blue Wing Saloon, located at 9550 Main St. and 9520 Main St., respectively, in Upper Lake. Amar and Rajvi Alapati acquired the assets for an undisclosed price. The buyers will add the properties to its Serenity Hotels Collection. Alex Lee-Bull and Lauren Liebes of CBRE represented the seller. The Tallman Hotel offers 17 rooms across nine buildings. Originally built in 1896, the hotel was renovated between 2002 and 2005 and reopened in 2006 with modern amenities, including an outdoor swimming pool, gardens and a meeting room. Select rooms offer outdoor showers and Japanese Ofuro soaking tubs.

April 10, 2025

Acquisitions Hospitality Loans Louisiana Southeast

Hunter Brokers Sale of 294-Room Crowne Plaza Executive Center Baton Rouge Hotel in Louisiana

by John Nelson April 9, 2025

BATON ROUGE, LA. — Atlanta-based Hunter Hotel Advisors has brokered the sale of Crowne Plaza Executive Center Baton Rouge, a 294-room hotel located near the campus of Louisiana State University (LSU) and Tiger Stadium. APM Property Holdings LLC purchased the hotel from a private seller for an undisclosed price and has selected Schulte Hospitality to operate the hotel. The Crowne Plaza features an outdoor pool, a 3,000-square-foot fitness center, the Patio Grille and Lounge restaurant and more than 32,000 square feet of flexible event space, including 17 meeting rooms and three ballrooms. Tim Osborne and Kami Burnette of Hunter brokered the transaction. Additionally, Adeel Amin of Hunter arranged an $11.7 million acquisition loan that was underwritten at a 65 percent loan-to-value ratio with interest-only payments over the three-year term.

April 9, 2025

Development Florida Hospitality Restaurant Retail Southeast Top Stories

Universal Orlando Resort to Open 750-Acre Epic Universe Theme Park on May 22

by John Nelson April 9, 2025

ORLANDO, FLA. — Universal Orlando Resort’s newest theme park, Epic Universe, is officially opening on May 22, marking the first major theme park to open in Central Florida in 26 years, according to CNN. The new park will include five distinct components: Celestial Park, The Wizarding World of Harry Potter’s Ministry of Magic, Super Nintendo World, How to Train Your Dragon – Isle of Berk and Dark Universe. According to multiple media outlets, Epic Universe is estimated to have cost roughly $7.7 billion to build, although Universal Orlando Resort hasn’t commented on the new park’s price tag. At 750 acres, including both guest areas and backstage space for employees, Epic Universe is also reported to be the largest singular theme park in the world. The main hub of Epic Universe will be Celestial Park, which offers guests two rides — a dual-track roller coaster and a carousel — as well as shops, restaurants and bars. From this hub, guests can choose to enter four other portals, with each leading to a different themed land. Dark Universe brings the famous “Universal Pictures Monsters,” including Dracula, the Wolf Man and the Invisible Man, to life, along with its anchor attraction, “Monsters Unchained: …

April 9, 2025

Acquisitions Hospitality Southeast Tennessee

Marcus & Millichap Arranges $5.9M Sale of Hampton Inn Hotel in Caryville, Tennessee

by John Nelson April 7, 2025

CARYVILLE, TENN. — Marcus & Millichap has arranged the $5.9 million sale of a 62-room Hampton Inn hotel in Caryville, roughly 24 miles north of Knoxville via I-75. Located at 4459 Veterans Memorial Highway along Cove Lake, the 42,000-square-foot Hampton Inn was originally built in 1994. Amenities at the property include an outdoor swimming pool, fitness center and a business center. Alexandre Duong and Lucas Jalenak of Marcus & Millichap’s Cleveland and Nashville offices marketed the property on behalf of the undisclosed seller. Alexandre Duong and Kishan Patel from the firm’s Louisville office procured the buyer. Jody McKibben served as Marcus & Millichap’s broker of record in Tennessee for the deal.

April 7, 2025

Alabama Development Hospitality Southeast

Choice Hotels Opens 98-Room Everhome Suites Hotel in Huntsville, Alabama

by John Nelson April 4, 2025

HUNTSVILLE, ALA. — Choice Hotels Internationals Inc. has opened a new Everhome Suites Hotel in Huntsville. The project team includes architect Woolpert and general contractor Integrated Construction. An entity doing business as EHS Huntsville LLC was the developer. Located at 5581 Holmes Ave., Everhome Suites Huntsville offers access to the University of Alabama in Huntsville, the U.S. Space & Rocket Center and the city’s medical district. The hotel features 98 rooms, including amenities such as fully equipped kitchens, spa-style bathrooms, weekly housekeeping services, a multipurpose lobby, an outdoor communal space with barbeque grills, firepits and green spaces, 24/7 fitness center and 24/7 laundry facilities. Additionally, the hotel offers a 24/7 self-serve Homebase Market with food, beverages and groceries. Everhome Suites Huntsville is one of three Everhome Suites opened by Choice Hotels recently, with other locations in Chandler, Ariz., and Temecula, Calif. Everhome Suites is on track to have 25 hotels open by the end of the year, with 20 currently under construction and more than 65 hotels in the development pipeline.

April 4, 2025

Acquisitions Hospitality New Mexico Western

Marcus & Millichap Brokers Sale of 101-Room Sleep Inn Albuquerque Airport Hotel in New Mexico

by Amy Works April 4, 2025

ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of Sleep Inn Albuquerque Airport, a hotel at 2300 International Ave. in Albuquerque. The 101-room hotel was built in 1996. The fully stabilized turn-key hotel has no Property Improvement Plan (PIP) required and double-digit year-round market RevPAR growth. John Casler and Josh Tammen of Marcus & Millichap represented the seller, while Tammen also represented the buyer in the transaction. Terms of the transaction were not released.

April 4, 2025

Acquisitions Development Georgia Hospitality Southeast

Ackerman/Pioneer Land Arranges Land Sale in LaGrange, Georgia for Future Hotel

by John Nelson April 3, 2025

LAGRANGE, GA. — Ackerman/Pioneer Land Advisory Group has arranged the $1.5 million sale of a two-acre site within Selig Enterprises’ Sola mixed-use development in LaGrange. The buyer, Noble Investment Group, plans to develop a 124-room, four-story StudioRes by Marriott hotel at the site. Located at 101 Timberwolf Drive, which is 69 miles southwest of Atlanta via I-85, the property will be situated near Great Wolf Lodge Water Park. John Speros, J.T. Speros and Kyle Gable of Ackerman/Pioneer Land represented Noble Investment in the land acquisition.

April 3, 2025

Acquisitions Hospitality Midwest Ohio

Laurel Real Estate Negotiates Sale of 82-Room Fairfield Inn & Suites Hotel Near Cleveland

by Kristin Harlow April 3, 2025

AVON, OHIO — Laurel Real Estate Co. has negotiated the sale of the Fairfield Inn & Suites hotel in Avon near Cleveland for an undisclosed price. The 82-room property is located at 39050 Colorado Ave. Amenities include an indoor pool, fitness center and meeting space. Laurel represented the undisclosed seller and was the sole brokerage involved in the transaction, which was considered an off-market deal.

April 3, 2025

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