Hospitality

Hunter Hotel Advisors Arranges $35.5M Loan for Moxy Miami Wynwood Hotel

by John Nelson February 10, 2025

MIAMI — Atlanta-based Hunter Hotel Advisors has arranged a $35.5 million loan for the recapitalization of the Moxy Miami Wynwood, a 120-room hotel that opened in October. The developer of the eight-story hotel was a 50/50 joint venture between Baywood Hotels and Dolphin Capital Partners. Charlie Ryan and Adeel Amin of Hunter’s capital markets team arranged the loan through Synovus Bank on behalf of Baywood Hotels. Moxy Miami Wynwood is located at 255 N.W. 25th St. in the city’s Wynwood district. The 110,000-square-foot property includes two signature restaurants (Sparrow Italia and Casa Madera), as well as fitness center, event space and 49 parking spaces.

February 10, 2025

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $25M Refinancing of Two Long Island Hotels

by Taylor Williams February 7, 2025

GREENPORT, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged the $25 million refinancing of two Long Island hotels. The Sound View Hotel and Harbor Front Inn are both boutique waterfront properties that are located in the North Fork community of Greenport. Both hotels offer a variety of accommodations, and Sound View also houses food-and-beverage establishments. The sponsor is Eagle Point Hotel Partners. The direct lender was not disclosed.

February 7, 2025

Georgia Hospitality Southeast

RevPAR, Room Revenue Grow for Extended-Stay Hotels in Fourth-Quarter 2024

by John Nelson February 5, 2025

ATLANTA — Several key performance indicators are trending positively for the extended-stay hotel sector, according to research from Atlanta-based The Highland Group. Extended-stay hotels are lodging properties that have flexible rental options for guests, many of whom choose to rent for weeks or months at a time. In the fourth quarter of 2024, revenue per available room (RevPAR) and room revenue for the extended-stay sector increased by 3 percent and 6.1 percent year-over-year, respectively. Additionally, total occupancy in the fourth quarter hovered at 72.7 percent, which is the highest fourth-quarter occupancy rate in the past three years and a full 12 percentage points above the overall U.S. hotel sector. “Extended-stay demand growth in fourth-quarter 2024 was the largest quarterly increase in three years and well ahead of the accelerating gain in supply,” says Mark Skinner, partner at The Highland Group.

February 5, 2025

Acquisitions Arizona Hospitality Western

HSL Properties Purchases Two-Property Hotel Portfolio in Mesa, Arizona for $50.2M

by Amy Works February 5, 2025

MESA, ARIZ. — HSL Properties has acquired two hotels in Mesa for a combined $50.2 million from Power Hotel Group. Bill Murney and Mike Montoya of Cushman & Wakefield’s Western Hospitality Advisory Group represented the seller. The portfolio includes a 180-room Sheraton, a 129-room Courtyard by Marriott, 15,000 square feet of retail space, a commercial laundry facility, a full spa and 18,000 square feet of meeting space, including an 11,000-square-foot ballroom.

February 5, 2025

Development Hospitality Louisiana Southeast

LaPhair Capital, NFL Players Invest in Hotel Redevelopment in New Orleans

by John Nelson February 4, 2025

NEW ORLEANS — LaPhair Capital Partners and former or current members of the NFL’s New Orleans Saints have partnered to invest in Maidstone New Orleans, a boutique hotel redevelopment located at 3522 Tulane Ave. in New Orleans’ Mid-City district. The involved NFL players include current Saints defensive end Cam Jordan, former quarterback Jameis Winston and former running back Mark Ingram. Local media outlets reported last summer that the hotel was formerly known as The Drifter Hotel and sold in an off-market transaction. Further details about the renovations and offerings of Maidstone New Orleans were not disclosed.

February 4, 2025

California Hospitality Loans Western

MMCC Arranges $5M Refinancing for El Dorado Hotel in Sonoma, California

by Amy Works February 3, 2025

SONOMA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $5 million in refinancing for El Dorado Hotel, a boutique hotel in Sonoma. Bill Lanting arranged the financing with a national bank on behalf of the client, a California-based hospitality management and development group. Terms of the five-year, nonrecourse loan include a 6.9 percent interest rate with a 25 year-amortization. Located at 405 1st St. West, El Dorado Hotel offers 27 guest rooms. Built in 1880, the hotel was recently renovated in 2023. Amenities include a saltwater pool, semi-private balconies, a courtyard and a restaurant and bar.

February 3, 2025

Delaware Development Hospitality Northeast

MRA Group to Develop 127-Room Residence Inn Hotel in Wilmington, Delaware

by Taylor Williams February 3, 2025

WILMINGTON, DEL. — Pennsylvania-based MRA Group will develop a 127-room hotel in Wilmington, Del., that will be operated under the Residence Inn by Marriott brand. The hotel will be located on the 164-acre Chestnut Run Innovation & Science Park campus and will feature food service, a full-service bar and meeting/event spaces. Construction will begin this month. A tentative completion date was not announced. Gulph Creek Hotels will manage the property, which will be the first hotel constructed in the area in nearly three years, according to MRA Group.

February 3, 2025

Development Florida Hospitality Multifamily Southeast Top Stories

Partnership Unveils Plans for $850M Hotel, Residential Skyscraper in Downtown Miami

by Taylor Williams February 3, 2025

MIAMI — A partnership locally based firm Mint Developers, hospitality owner-operator Sonesta International Hotels Corp. and property manager AD1 has unveiled plans for an $850 million hotel and residential project in downtown Miami. The James Hotel & Residences in Downtown Miami will comprise 336 fully furnished, for-sale residences and roughly 200 hotel rooms. At 82 stories, the project will be the tallest skyscraper in Miami upon completion, according to the developers. Construction is scheduled to begin in the first quarter of 2026 and to be complete by early 2028, with residential sales expected to launch in the second quarter of this year. Residents and hotel guests will have access to amenities such as a spa, private cabanas with plunge pools, snow and rain rooms and onsite dining. One of the property’s restaurants will include the highest elevation luxury bar in the Americas. The project will also feature a four-story private club where members will have access to the James Hotel. Financing details were not disclosed, but Daniel Berman, president and CEO of AD1, stated that the first round of funding has been secured and that Sonesta is directly contributing to the financing of the project. Berman also said that the project …

February 3, 2025

Acquisitions California Hospitality Western

Marcus & Millichap Brokers Sale of 60-Room Black Forest Lodge in Big Bear Lake, California

by Amy Works January 30, 2025

BIG BEAR LAKE, CALIF. — Marcus & Millichap has arranged the sale of Black Forest Lodge, a hotel located at 41121 Big Bear Blvd. in Big Bear Lake. Terms of the transaction were not released. Christian Apt, Allan Miller, Chris Gomes and Skyler Cooper of the Miller-Gomes Hotel team at Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal. Mario Alvarez of Marcus & Millichap assisted with the transaction, while Tony Solomon of Marcus & Millichap served as the firm’s broker of record in California. Spanning 2.9 acres, Black Forest Lodge features 60 rooms, 2,300 square feet of retail space, a heated pool, spa, sports courts and RV parking. The property has been family-owned since 1976.

January 30, 2025

Hospitality Indiana Loans Midwest

Barings, Apollo Originate $113M Debt Package for 575-Room Westin Indianapolis Hotel

by Kristin Harlow January 29, 2025

INDIANAPOLIS — Barings and affiliates of Apollo have jointly originated a $113 million debt package to refinance the Westin Indianapolis hotel. An affiliate of KSL Capital Partners has owned the downtown property since 2019. The loan was structured with mezzanine and senior mortgage components. Barings funded the mezzanine component of the loan, with Apollo affiliates originating the senior portion. Originally built in 1989, the hotel was fully renovated from 2020 to 2022. The property features 575 guestrooms, 48,300 square feet of total event space, a new food and beverage outlet and a recently renovated fitness center. Eastdil Secured advised the borrower.

January 29, 2025

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