Thursday, March 6, 2025
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Hospitality

AcquisitionsHospitalityMidwestMissouri

DLP Capital Acquires Two Outdoor Hospitality Resorts Totaling 568 Acres in Missouri

by Kristin Harlow

LEASBURG AND BOURBON, MO. — DLP Capital has acquired two outdoor hospitality and RV campground resorts totaling 568 acres within the Ozark Mountains in Missouri. The purchase prices were undisclosed. The acquisitions include Ozark Outdoors in Leasburg and Blue Springs Ranch in Bourbon. Amenities include rafting, kayaking, canoeing, tubing, aerial rope courses, ziplining, drive-in style movies, sand volleyball, swim beaches and horseback riding. Ozark Outdoors features 235 RV sites, 180 tents, 27 cabins, 20 motel rooms and five chalets. The resort was built in 1960 and renovated in the 2000s. Blue Springs Ranch, which includes 156 RV sites, 57 tents and 33 cabins, was built in 1988. The acquisitions bring DLP’s total investment in the outdoor hospitality sector to nearly 2,000 RV pad sites owned or in development in Florida and Missouri. Another 900 are currently in design for resorts in Georgia and Florida, in addition to tiny homes, cabins and other outdoor hospitality options. In line with these investments, DLP is introducing the new brand name “Dream Outdoor Resorts” for its growing portfolio of outdoor resorts. The two Ozark properties will join the brand.

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AcquisitionsHospitalityNew YorkNortheast

Bradford Allen Acquires Two Long Island Hotels Totaling 245 Rooms

by Taylor Williams

RIVERHEAD, N.Y. — Chicago-based Bradford Allen Hospitality has acquired two hotels totaling 245 rooms in the Long Island community of Riverhead. The 131-suite Residence Inn by Marriott was built in 2017 and is located at 2012 Old Country Road, and the 114-key Hilton Garden Inn was constructed in 2008 at 2038 Old Country Road. Both hotels offer pools and fitness centers. The undisclosed seller in the off-market deals was the original developer of both hotels. Bradford Allen will retain New Castle Hotels & Resorts to manage the properties.

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SpringHill-Suites-Las-Vegas-Convention-NV
AcquisitionsHospitalityNevadaWestern

Apple Hospitality REIT Acquires 299-Room SpringHill Suites by Marriott Las Vegas Convention Center

by Amy Works

LAS VEGAS — Apple Hospitality REIT has purchased Springhill Suites by Marriott Las Vegas Convention Center, located at 2989 Paradise Road in Las Vegas, for approximately $75 million, or $251,000 per key. The name of the seller was not released. Opened in October 2009, the hotel features 299 rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. With this acquisition, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms spread across 38 states.

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AcquisitionsAffordable HousingDevelopmentHospitalityMultifamilyNew YorkNortheast

Slate, RiseBoro Buy 350-Room Hotel Near JFK Airport, Plan Affordable Housing Conversion

by Taylor Williams

NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.

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AcquisitionsHospitalityMidwestOhio

ADR Signature Acquires 216-Room Embassy Suites Hotel in Beachwood, Ohio for $10.2M

by Kristin Harlow

BEACHWOOD, OHIO — ADR Signature has acquired the 216-room Embassy Suites by Hilton Cleveland Beachwood hotel for $10.2 million. The property is located at 3775 Park East Drive in Beachwood, a southeast suburb of Cleveland. Amenities include an indoor pool, business center, fitness center, meeting rooms, complimentary breakfast and an onsite restaurant. Starwood Capital Group was the seller.

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HospitalityLoansNorth CarolinaSoutheast

Berkadia Arranges $10M CMBS Refinancing for Woodspring Suites Hotel in Charlotte

by John Nelson

CHARLOTTE, N.C. — Berkadia has arranged a $10 million CMBS loan for the refinancing of WoodSpring Suites Charlotte – University Research Park, a 122-room, extended-stay hotel located at 7007 MacFarlane Blvd. in Charlotte. Michael Weinberg and Alec Fox of Berkadia’s Hotels & Hospitality team arranged the five-year, fixed-rate loan through KeyBank on behalf of the borrower, Orlando-based Liberty Investment Properties. The sponsor has developed more than 35 WoodSpring Suites-branded hotels since 2007. Built in 2021, WoodSpring Suites Charlotte – University Research Park is situated adjacent to a Topgolf off I-85 and is within three miles of the University of North Carolina at Charlotte campus.

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Affordable HousingDevelopmentHospitalitySeniors HousingSoutheastWest Virginia

Cornerstone Community Development to Break Ground on $51M Adaptive Reuse Project in Huntington, West Virginia

by John Nelson

HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.

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CivicDevelopmentFloridaHospitalityMixed-UseSoutheast

Balfour Beatty Tops Out Phase II of $1B Convention Center, Hotel Project in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Balfour Beatty has completed the vertical construction of the second phase of a $1 billion project to expand the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale. In addition to the 400,000-square-foot East Expansion Building, the phase includes the development of the 29-story, 801-room Omni Fort Lauderdale hotel. Upon completion, the East Expansion Building will comprise ballrooms, exhibit space and a kitchen to service the 1.5 million-square-foot convention center. Amenities at the hotel will include additional meeting and ballroom space, restaurants and a rooftop bar. Balfour Beatty is completing construction on behalf of the developer, Matthews Southwest. The project team also includes Nunzio Marc DeSantis Architects and Fentress Architects. Completion of the second phase is scheduled for late 2025.

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DevelopmentHospitalityLouisianaMixed-UseRestaurantRetailSoutheast

Cordish Breaks Ground on $270M Live! Casino & Hotel Louisiana in Bossier City

by John Nelson

BOSSIER CITY, LA. — An affiliate of Cordish Cos. doing business as LRGC Gaming Investors LLC has broken ground on Live! Casino & Hotel Louisiana, a $270 million development in Bossier City. The development represents the first land-based casino in the Bossier City-Shreveport metropolitan area, according to Cordish. The project is expected to create 750 new construction jobs and 750 permanent jobs upon completion. The site was formerly home to the vacant Diamond Jacks Casino & Hotel, which Cordish acquired earlier this year. Scheduled to open in 2025, the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu.

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Rafi Golberstein PACE Loan Group CPACE quote
Content PartnerDevelopmentFeaturesHospitalityLoansMidwestNortheastSoutheastTexasWestern

Capital Markets Warm to C-PACE Financing Amid Growing Stress

by Sarah Daniels

The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …

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