Tuesday, June 17, 2025
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Hospitality

Walt-Disney-World-Swan-&-Dolphin Resort
FloridaHospitalityLoansSoutheastTop Stories

JLL Arranges $735M CMBS Refinancing for Walt Disney World Swan & Dolphin Resort Near Orlando

by Taylor Williams

LAKE BUENA VISTA, FLA. — JLL has arranged a $735 million CMBS loan for the refinancing of the 2,619-room Walt Disney World Swan & Dolphin Resort. The property comprises three Marriott-branded hotels: the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection). A consortium between Wells Fargo, Bank of America and Goldman Sachs provided the loan to the borrower, a joint venture between Tishman Hotel & Realty and MetLife Investment Management. The Swan & Dolphin Resort is situated adjacent to Walt Disney World’s Epcot and Hollywood Studios theme parks in Lake Buena Vista. The partnership between Tishman and MetLife completed the property in 1990. The property’s amenity package includes 16 restaurants, seven bars, three fitness centers, six outdoor pools and a 12,000-square-foot spa. In addition, the property offers 452,000 square feet of meeting and event space, including eight ballrooms, 99 meeting rooms and 100,000 square feet of outdoor space. Kevin Davis, Mark Fisher and Caleigh O’Connell led the debt placement efforts for JLL. “The Swan & Dolphin Resort CMBS loan [is] priced at the tightest pricing levels seen for hotels since 2021,” says Davis. “The market pricing was an affirmation of the strong in-place cash flows, …

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AcquisitionsHospitalityNew YorkNortheast

Muroff Hospitality Group Negotiates Sale of 12-Room Lamplight Inn in Lake Luzerne, New York

by Taylor Williams

LAKE LUZERNE, N.Y. — Locally based brokerage firm Muroff Hospitality Group has negotiated the sale of the Lamplight Inn Bed & Breakfast in Lake Luzerne, about 60 miles north of Albany. The property was built in 1890 and consists of 12 suites, a dining room and an owner’s apartment. Mitch Muroff of Muroff Hospitality Group represented the seller and procured the buyer, both of which were private investors, in the transaction. The sales price was approximately $1.2 million.

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AcquisitionsHospitalityNorth CarolinaSoutheast

Driftwood Purchases 225-Room Hotel at Research Triangle Park in Durham, Plans $9M Overhaul

by John Nelson

DURHAM, N.C. — Driftwood Capital has purchased Marriott Raleigh Durham Research Triangle Park, a 225-room hotel located in North Carolina’s Research Triangle area. Built in 1988 at 4700 Guardian Drive in Durham, the hotel marks Driftwood’s third acquisition in the state. Franklin BSP Realty Trust originated a two-year loan with three one-year extension options for the acquisition on behalf of Driftwood Capital. The buyer plans to implement $9 million of renovations at the property, with planned improvements including upgrades to the guest rooms, a new central air system and the introduction of amenities such as a lounge and expanded fitness center.

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The-Lexington-Hotel-Manhattan
HospitalityLoansNew YorkNortheastTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $155M Loan for Refinancing of Midtown Manhattan Hotel

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $155 million loan for the refinancing of The Lexington Hotel in Midtown Manhattan, which is part of the Marriott Autograph Collection family of brands. Hudson Bay Capital provided the loan. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop originated the loan on behalf of the borrower, a joint venture between MCR Hotels, Island Capital Group and Three Wall Capital. The joint venture first acquired the property in 2021. The 28-story building was originally constructed in 1929 and houses 725 rooms, including six specialty suites. One of those suites is known as the Norma Jeane Suite and once served as the residence of Marilyn Monroe and her then-husband, New York Yankees legend Joe DiMaggio. (Marilyn Monroe was born Norma Jeane Mortenson.) The hotel’s amenities include 3,000 square feet of meeting and event space and an onsite restaurant and bar. The property also houses retail space that is leased to Crunch Fitness and Starbucks. “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and …

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AcquisitionsHospitalitySoutheastTennessee

Host Hotels & Resorts Acquires Two-Hotel Complex in Downtown Nashville for $530M

by John Nelson

NASHVILLE, TENN. — Host Hotels & Resorts Inc. has purchased the fee simple interest in a two-hotel complex in downtown Nashville. The properties in the $530 million acquisition include 1 Hotel Nashville, a 215-room hotel, and the 506-room Embassy Suites by Hilton Nashville Downtown. Affiliates of Starwood Capital Group, Crescent Real Estate LLC and High Street Real Estate Partners sold the hotels, which they built in 2022. Situated adjacent to Bridgestone Arena and across from the Music City Convention Center, the hotels feature a combined 721 rooms averaging approximately 500 square feet in size, as well as seven food-and-beverage options, including Harriott’s Rooftop. Amenities include a spa with six treatment rooms, two fitness centers, a yoga studio and 33,000 square feet of shared meeting space, including a 9,400-square-foot ballroom and 9,300 square feet of pre-function space.

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DevelopmentHospitalityNew YorkNortheast

Shaner Hotel Group Completes $55M Marriott-Branded Hotel in Hyde Park, New York

by Taylor Williams

HYDE PARK, N.Y. — Pennsylvania-based developer Shaner Hotel Group has completed a $55 million Marriott-branded hotel in Hyde Park, about 90 miles north of New York City. Marriott will operate the 137-room hotel, which will be located within the $1 billion Bellefield at Historic Hyde Park mixed-use development, under its Residence Inn brand. Amenities include a fitness center, onsite restaurant and a convenience mart. T-Rex Capital Group is the master developer of Bellefield at Historic Hyde Park.

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Aviator-Hotel-Anchorage-AK
AlaskaHospitalityLoansWestern

PACE Loan Group Completes $10M Financing for Aviator Hotel in Anchorage, Alaska

by Amy Works

ANCHORAGE, ALASKA — PACE Loan Group (PLG) has completed the third tranche of C-PACER financing for The Aviator Hotel in downtown Anchorage. With this round of $10 million financing, the hotel has received $16.7 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) loans to support the renovations and upgrades to the 1970s-era hotel, which is being redeveloped into a modern, Class A hotel. Once the renovation is complete in late 2024, The Aviator Hotel will have 250 rooms and suites, a retail store, coffee shop, brewery, bar and a restaurant with year-round outdoor deck with views of Denali, the highest mountain peak in North America. Renovation of the property began in 2022. To date, 61 room updates have been completed. Renovations include energy conservation measures, including HVAC upgrades, building envelope, water fixtures, lighting, insulation, snow-load management and energy-efficient heating. The conservation measures are expected to save an average of $259,773 in energy costs annually over the next 30 years, and the resilience improvements will increase the building’s resistance to extreme weather events. Matthew McCormack of PLG originated the C-PACER loans, which required collaboration with other municipal and private funding sources.

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Lakeside
DevelopmentHospitalityMichiganMidwestMixed-UseMultifamilyOfficeRestaurantRetailTop Stories

Lionheart Capital Plans $1B Lakeside Mall Redevelopment in Sterling Heights, Michigan

by Katie Sloan

STERLING HEIGHTS, MICH. — Lionheart Capital has unveiled plans for the $1 billion mixed-use redevelopment of Lakeside Mall in the Detroit suburb of Sterling Heights. The redevelopment process will begin with the demolition of the enclosed regional mall following its closure on July 1. The new development will be anchored by a mixed-use town center and central park featuring shops, offices, coffee houses, restaurants, an area for community gatherings and events, and a two-story community center with recreational amenities including swimming pools, fitness facilities and libraries.  The project is also set to include a hotel and residential space, details of which were not disclosed, as well as 30 acres of public space, parks and infrastructure. Plans include the addition of walking, biking and hiking trails that connect to local trail networks including the Iron Belle Trail, Freedom Trail and Dodge Park Trail.  Groundbreaking on the town center is scheduled for late 2025. The development team includes master architect CallisonRTKL, landscape designer SWA and civil engineer Giffels Webster. A completion timeline was not disclosed. Lakeside Mall originally opened in 1976. The site spans 110 acres and the existing buildings total 1.5 million square feet. Miami-based Lionheart Capital is an investment firm …

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DevelopmentFloridaHospitalityMixed-UseMultifamilyRestaurantRetailSoutheast

Strategic Property Partners Unveils Next Phase of $3B Water Street Tampa Development

by John Nelson

TAMPA, FLA. — Strategic Property Partners LLC has unveiled the next phase of Water Street Tampa, the company’s $3 billion mixed-use neighborhood underway in downtown Tampa. The next phase includes three separate buildings: a residential condominium building, a build-to-suit office complex and a hospitality/entertainment destination just north of Amalie Arena, home of the NHL’s Tampa Bay Lightning. The condo tower and office buildings will be situated on an extension of Water Street Tampa that is currently under construction on East Cumberland Avenue. The third property will feature a select-service hotel, parking garage and entertainment uses, including food-and-beverage options and a live music venue. Designed by Gensler Architects with Nichols Architects acting as architect of record, the condo tower will be the tallest building within Water Street Tampa, joining other multifamily properties Asher, Cora and Heron. Designed by Kohn Pedersen Fox, the office complex will feature ground-floor retail space and will join Thousand & One as the second office component. The road and utility infrastructure work for these additions has already begun and is expected to be completed by spring 2025. Last year, Jeff Vinik, owner of the Tampa Bay Lightning, sold his stake in Strategic Property Partners to his co-developer, …

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AcquisitionsHospitalityMidwestMinnesota

Marcus & Millichap Arranges Sale of 88-Room Microtel Inn & Suites Hotel in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of the Microtel Inn & Suites Rochester South for an undisclosed price. The 88-room, recently built property is located at 4165 Maine Ave. SE. Jon Ruzicka, Jake Erickson, Jared Plamann and Joseph Ferguson of Marcus & Millichap represented the buyer and seller, details of which were not provided.

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