Hospitality

FIRST OF TWO MARRIOTT HOTELS OPENS IN GALVESTON

by admin March 13, 2013

GALVESTON, TEXAS — An 88-room, three-story TownePlace Suites by Marriott hotel has opened along Seawall Boulevard in Galveston. The 67,125-square-foot hotel is the first of two Marriott-branded hotels that will be located at the site. The second hotel is an 85-room Courtyard by Marriott, scheduled to open in two weeks. The adjacent hotels will share outdoor amenities, which include a resort-style swimming pool, restrooms and a bar. Dallas-based Mayse & Associates provided architectural services, San Antonio-based Segment Construction Group is managing the construction process and Cameron-based EBCO General Contractor LTD built the hotels. The construction team worked to open the first hotel in time for spring break.

March 13, 2013

WELK RESORT GROUP PURCHASES NORTHSTAR LODGE IN TRUCKEE

by admin March 13, 2013

TRUCKEE, CALIF. — The Northstar Lodge, a Hyatt Residence Club in Truckee, has sold to Welk Resort Group for an undisclosed sum. The transaction includes the 23 remaining unsold whole-ownership and fractional residential units, as well as two entitled development parcels. The parcels are entitled for an additional 67 units totaling 102,619 square feet. The ski-in/ski-out private residence club is located at the base of Northstar Mountain in Lake Tahoe. The seller, LTMR Properties, LLC, was represented by HFF’s Holden Lim and Scott Hall.

March 13, 2013

Hospitality Southeast

HOME2 SUITES BY HILTON OPENS SECOND PROPERTY IN GEORGIA

by admin March 12, 2013

AUGUSTA, GA. — Home2 Suites by Hilton, the mid-tier hotel designed for business travelers and extended stay guests, has opened its 15th U.S. hotel at 3606 Exchange Lane in Augusta. The four-story, 123-room hotel is located within the Augusta Exchange, an 87-acre regional power center close to the Augusta National Golf Course. Generation Suites of Augusta owns the property, which is managed by The Generation Cos. The property includes an outdoor saline swimming pool, a three-hole putting green and a walking trail.

March 12, 2013

Hospitality Texas

HYATT ACQUIRES HISTORIC DRISKILL HOTEL IN AUSTIN FOR $85M

by admin March 11, 2013

AUSTIN, TEXAS — An affiliate of Hyatt Hotels Corp. has acquired the 189-room Driskill Hotel in Austin for $85 million from an investment fund managed by Lowe Enterprises Investors. The hotel will keep its name but be managed under the Hyatt Hotels & Resorts umbrella. The buyer will also invest approximately $8 million for renovations to the hotel. The Driskill Hotel was built in 1886 and was designated a national historic landmark in 1969. Jones Lang LaSalle's Hotels & Hospitality Group represented the seller in the transaction.

March 11, 2013

Hospitality Texas

WOODBINE TO DEVELOP KIMPTON HOTEL IN PEARL DEVELOPMENT

by admin March 11, 2013

SAN ANTONIO — Woodbine Development Corp. will manage the development of the Kimpton Hotel, a 146-room luxury boutique hotel that will be located in downtown San Antonio. The hotel will be part of Pearl, a 22-acre mixed-use development surrounding the historic Pearl Brewery site. The hotel will occupy the former brewhouse, a 119-year-old structure. The hotel will feature two restaurants, a roof-top pool, venue space facing the river and a cocktail bar. New York City-based Roman & Williams Buildings and Interiors is part of the design team, along with Dallas-based three: living architecture, the architect of record. Kimpton Hotels & Restaurants will operate the hotel and its associated restaurants. The hotel is slated for a fall 2014 opening.

March 11, 2013

Hospitality Texas

M&M BROKERS SALE OF CANDLEWOOD SUITES VICTORIA

by admin March 11, 2013

VICTORIA, TEXAS — Marcus & Millichap has arranged the sale of the 82-room Candlewood Suites Victoria, located at 7103 Navarro St. in Victoria. The hotel is located in the Eagle Ford Shale play, the largest oil/gas find in the history of Texas. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap's National Hospitality Group in Houston represented the seller, a hotel developer based in southeast Texas. The buyer, a West Coast-based hotel investor, purchased the property at 98 percent of its list price.

March 11, 2013

Hospitality Texas

QUADRANT SECURES CONSTRUCTION FINANCING FOR CONFERENCE CENTER

by admin March 11, 2013

THE WOODLANDS, TEXAS — Dallas-based Quadrant Realty Finance (QRF) has secured construction and renovation financing for the redevelopment of The Woodland Resort & Conference Center in The Woodlands. The property is a 440-room hotel with 60,000 square feet of meeting and conference space located in the heart of The Woodlands. Randy Fleisher, Jason Piering and Dave Leach of QRF arranged the floating-rate loan through US Bank. The borrower will use the proceeds of the loan to remodel the facility, build a new wing of rooms, renovate and update the lobby, construct a steakhouse restaurant and build a lazy river water feature.

March 11, 2013

Hospitality Texas

M&M BROKERS SALE OF FAIRFIELD INN & SUITES BY MARRIOTT

by admin March 8, 2013

THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of the 85-room Fairfield Inn & Suites by Marriott, located at 24485 Interstate 45 in The Woodlands. Fairfield Inn is the closest hotel to the new ExxonMobil campus under construction. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap's National Hospitality Group in Houston represented the seller, a Houston-based hotel developer. The buyer was an out-of-state hotel investor who owns multiple hotels across several states.

March 8, 2013

Hospitality Texas

M&M BROKERS SALE OF REGENCY INN MCKINNEY

by admin March 7, 2013

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of the 58-room Regency Inn McKinney, located at 951 S. Central Expressway in McKinney. The hotel's list price was $1.9 million. Michael Yu and Rahul Bijlani of Marcus & Millichap's National Hospitality Group, along with Tyler Bean of the firm's Fort Worth office, marketed the property on behalf of the seller, a partnership. Andrew Frosch of Marcus & Millichap's Houston office, along with Yu and Bijlani, secured and represented the buyer, a private investor.

March 7, 2013

Hospitality Western

GENTING GROUP BUYS ECHELON STRIP SITE IN LAS VEGAS FOR $350M

by admin March 6, 2013

LAS VEGAS – The Genting Group has purchased the 87-acre Echelon development site on the Las Vegas Strip for $350 million. The company plans to build a $2-billion hotel-casino complex called Resorts World Las Vegas. Construction is scheduled to begin on the first phase in 2014. It will include a 3,500- room hotel and a 175,000-square-foot casino. The resort is scheduled to open in 2016. The Echelon site was sold by Boyd Gaming, which halted construction on its $4.8-billion project in August. 2008. It would have contained five hotels and a 140,000-square-foot casino.

March 6, 2013

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