Hospitality

Noble Investment Group, Simon Break Ground on AC Hotel Buckhead

by John Nelson January 15, 2015

ATLANTA — Noble Investment Group, in a joint venture with Simon Property Group, has broken ground on the AC Hotel Buckhead. The 166-room hotel will be located at the intersection of Peachtree and Wieuca roads in Atlanta’s Buckhead neighborhood across from the Nordstrom at Phipps Plaza. This will be AC Hotels by Marriott’s first hotel in the Atlanta area. Upon completion in early 2016, the hotel will feature an AC Lounge, 2,500 square feet of meeting space, the AC Library, a fitness center and an indoor pool.

January 15, 2015

Hospitality Texas

Starwood Hotels & Resorts, KFK Group to Open New Westin Hotel in Dallas

by Haisten Willis January 14, 2015

DALLAS — Starwood Hotels & Resorts Worldwide and New Orleans-based KFK Group will open a new Starwood managed Westin hotel in downtown Dallas. The Westin Dallas Downtown will open by December 2015 as part of an adaptive re-use project that will transform the complex into a lifestyle development. Construction has already begun, following KFK’s acquisition of the 1-million-square-foot building in March of last year. The Westin Dallas Downtown will feature 323 guest rooms and extensive meeting facilities. The hotel will anchor the redevelopment of the office building known as “One Main Place.” The vertical mixed-use property will feature a dedicated hotel entrance parallel to Elm Street and a second floor hotel lobby in the former banking hall. Hotel facilities will include a three meal restaurant, a bar and more than 27,000 square feet of meeting space including a ballroom overlooking the eastern courtyard.

January 14, 2015

California Hospitality Western

AWH Partners, Starr Cos. Buys Los Angeles Marriott Burbank Airport

by Nellie Day January 14, 2015

LOS ANGELES — A joint venture between AWH Partners and Starr Companies has acquired the 488-room Los Angeles Marriott Burbank Airport for reported purchase price north of $100 million. The full-service hotel is located at 2500 North Hollywood Way, adjacent to Bob Hope Airport and Amtrak-Burbank Airport train terminal, in the Los Angeles submarket of Burbank. The Marriott-branded hotel recently underwent a $10-million renovation. It includes two towers, along with an adjacent conference center that features nearly 46,000 square feet of indoor/outdoor function space. Amenities include a fully equipped fitness center, business center, two heated outdoor pools, spa, a concierge lounge, and a restaurant with dine-in and in-room dining options. The seller, Westbrook Partners, was represented by HFF’s Scott Hall.

January 14, 2015

Hospitality Midwest Missouri

HREC Arranges Sale of Crowne Plaza St. Louis

by Danielle Everson January 12, 2015

ST. LOUIS — HREC Investment Advisors has arranged the sale of the 440-guestroom, full-service Crowne Plaza St. Louis Hotel in St. Louis. 200 STL Holdings LLC purchased the property for an undisclosed sales price. The 29-story hotel is located directly across from Jefferson National Expansion Memorial Park and includes views of the Gateway Arch, Mississippi River and St. Louis skyline. The buyer plans to convert the property into a mixed-use project, with a 140-key boutique hotel and 300 residential units. Geoff Davis and Ted Anka of HREC Investment Advisors, along with Scott Kaniewski of SVP – Chicago, represented Hallmark Hotels LLC in the transaction.

January 12, 2015

Hospitality Washington Western

Value Place Partners with West77 to Roll Out 25 New Hotels in Washington

by Nellie Day January 9, 2015

BELLEVUE, WASH. — Value Place and West77 Partners LLC have teamed up to develop 25 new hotels in the State of Washington. The first three hotels are expected to break ground this spring. They will be located within the Seattle region. Value Place has about 200 extended-stay hotels in 32 states. The development agreement between Value Place Franchise Services LLC and West77 aims to roll out or commence construction on all the hotels over the next four years. West77’s partner company in this agreement is Keystone National Group, which develops multifamily and commercial properties. Value Place Property Management will manage the new West77 Partners portfolio.

January 9, 2015

Hospitality North Carolina Southeast

Hospitality Ventures Management Group Buys Hotel in Greensboro

by John Nelson January 8, 2015

GREENSBORO, N.C. — Atlanta-based Hospitality Ventures Management Group (HVMG) has acquired the 299-room Greensboro-High Point Airport Marriott in Greensboro for an undisclosed amount. The company will manage the hotel, bringing its management portfolio to 38 hotels in 15 states. The hotel is located at One Marriott Drive, adjacent to the Piedmont Triad International Airport. HVMG will implement an $11 million renovation to update the hotel’s meeting space and guest rooms. The hotel underwent a $6 million renovation in 2012.

January 8, 2015

Hospitality Loans New York Northeast

HFF Arranges $32M Loan for Development of Boutique Hotel in Manhattan

by Amy Works January 7, 2015

NEW YORK CITY — HFF has arranged $32 million in non-recourse financing for the development of a 200-key boutique hotel in Manhattan’s Bowery neighborhood. Located at 223-225 Broadway, the hotel will include rooftop amenity space and restaurant and music space with entrances on Bowery and Freeman Alley. The hotel is slated for completion in 2015/2016. HFF worked on behalf of the borrower, a joint venture between Omnia Group and Northwind Group, to secure the loan through a global asset management company. Jay Marshall, Christopher Peck and Sam Nidenberg of HFF represented the borrower in the transaction.

January 7, 2015

Hospitality South Carolina Southeast

KBS Strategic Opportunity REIT II Buys Myrtle Beach Resort for $40M

by John Nelson January 7, 2015

MYRTLE BEACH, S.C. — KBS Strategic Opportunity REIT II has acquired Springmaid Beach Resort, a 30-acre hotel and campground property in Myrtle Beach, for $40 million. KBS purchased the asset in a joint venture partnership with an affiliate of Integrated Capital LLC. The resort features 491 hotel rooms, a 36,000-square-foot conference center, 187-unit recreational vehicle campground and a 1,060-foot pier. The property’s primary hotel towers were built in 1992, 1995 and 2001. The new owners will operate the property as an independent resort until Hilton Worldwide repositions the asset into a DoubleTree Resort, which is expected to occur in 2016.

January 7, 2015

Hawaii Hospitality Western

Hampton Hotels to Open First Location in Hawaii

by Nellie Day January 7, 2015

OAHU, HAWAII — Hampton Hotels has announced plans to open its first property in Hawaii. The 175-key Hampton Inn & Suites hotel will be developed as part of the new Ka Makana Ali‘I mixed-use center in West Oahu. The hotel will break ground mid-year. Ka Makana Ali‘I will be a 1.4-million-square-foot regional shopping center with more than 150 new shops and restaurants, a movie theater and LEED-certified office space. Phase I is expected to open next year. Both the new hotel and the shopping center are being developed by DeBartolo Development. Hampton Hotels operates 2,000 locations worldwide. It will also boast locations in all 50 states, as well as the District of Columbia and Puerto Rico, once this project is completed. Hilton Worldwide currently operates six hotels and seven timeshare properties in Hawaii.

January 7, 2015

Hospitality Southeast Virginia

CBRE Hotels Brokers Sale of 11-Property Portfolio in the Southeast

by John Nelson January 6, 2015

NORFOLK, VA. — CBRE Hotels has brokered the sale of 11 upscale select-service and extended-stay hotels in the Southeast. Noble Investment Group purchased the portfolio from McKibbon Hotel Group Inc. for an undisclosed amount. The portfolio spans 1,308 rooms in five states and includes brand affiliations with Marriott and Hilton. McKibbon Hotel Management Inc. will continue to manage the portfolio. Doug Henkel, Lew Miller, Andy Wimsatt, Lisa Zaranek, Ron Danko and Kym Halsted of CBRE Hotels represented McKibbon Hotel Group in the transaction. CBRE Capital Markets provided acquisition financing on behalf of Noble Investment Group.

January 6, 2015

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