JERICHO, N.Y. — PX4 Development has purchased an 80-room hotel in the Long Island community of Jericho with plans to convert the building into a student housing community with one-, two- and three-bedroom units. To that end, PX4 has secured a long-term lease with The New York Institute of Technology, which has campuses on both Manhattan and Long Island. The development team is aiming to have the building ready for occupancy in advance of the 2024 academic year.
SCOTTSDALE, ARIZ. — Seven Hills Realty Trust (NASDAQ: SEVN) has arranged a $17.3 million first mortgage floating-rate bridge loan for the recapitalization of Home2 Suites by Hilton in Scottsdale. The borrower is a joint venture between Highgate and Rockpoint. Located at 20001 N. Scottsdale Road, the recently constructed hotel features 130 guest rooms. CBRE introduced SEVN’s manager, Tremont Realty Capital, to the transaction. Tremont Realty Capital is an affiliate of The RMR Group (Nasdaq: RMR).
SCOTTSDALE, ARIZ. — Miller Global Properties has completed the disposition of Canopy by Hilton Scottsdale Old Town, located at 7142 E. 1st St. in Scottsdale. Dynamic City Capital acquired the hotel for $102 million, according to local business journals. Built in 2020, Canopy by Hilton Scottsdale Old Town features 177 guest rooms and two restaurants — Outrider Rooftop and Cobre Kitchen. Additionally, the property is within walking distance to more than 100 restaurants, venues and art galleries. Rick Rush and Carter Gradwell of CBRE Hotels represented the seller in the transaction.
WEST PALM BEACH, FLA. — Berkadia’s Hotels & Hospitality team has arranged the $47 million refinancing for Canopy by Hilton West Palm Beach Downtown, a 150-room hotel located at 380 Trinity Place in West Palm Beach. Michael Weinberg and Scott Wadler of Berkadia arranged the three-year loan through Bank of America on behalf of Driftwood Capital, a Miami-based hotel owner. The interest-only loan features two one-year extension options. Built in 2020, Canopy by Hilton West Palm Beach Downtown features a fitness center, more than 3,000 square feet of meeting space, an outdoor rooftop pool deck and two food-and-beverage venues: Banter and Treehouse Rooftop Bar.
NORTHBROOK, ILL. — PACE Loan Group has provided a $6.2 million C-PACE loan that was part of a $32.8 million refinancing package for the former Northbrook Marriott hotel in suburban Chicago. The loan was a retroactive payback for property improvements that were completed from 2019 to 2022. The enhancements included roofing and insulation, weatherization, HVAC, plumbing, LED lighting, elevator improvements, common area and public space renovations and elevator upgrades. Now flagged as a Renaissance brand, the hotel includes 391 rooms across two towers, which were built in 1973 and 1986. Matthew McCormack of PACE Loan Group originated the loan. The PACE funding entity is managed by the City of Northbrook under the provisions of the Illinois Finance Authority PACE Program.
NEWPORT BEACH, CALIF. — PSRS has arranged $4.8 million in refinancing for Newport Channel Inn, an independent limited-service hotel in Newport Beach. Constructed in 1962 and renovated in 2013, the hotel features 31 guest rooms. Jacob Lee and Thomas Rudinsky of PSRS arranged the loan, which features a five-year term and a 30-year amortization schedule. A correspondent life insurance company provided the capital.
CLAYTON, MO. — Midas Construction has topped out an AC Hotel in the St. Louis suburb of Clayton. The $50 million project is slated for completion in spring 2024. The 11-story building includes 207 rooms. A team of Concord Hospitality, Homebase Partners, Koplar Properties, Eagle Realty and Midas Construction is developing the project. Designed for business and leisure travelers, the hotel will feature a rooftop bar and restaurant open to the public. The project revitalizes a historic, underutilized site that once housed the headquarters for the Clayton Police. Designed by DLR Group, the AC Hotel Clayton will feature the AC Lounge, where patrons can enjoy craft beer, handcrafted cocktails and tapas-style small plates, and the AC Kitchen, an onsite restaurant offering a European-inspired menu. The project team also includes DeLuca Plumbing LLC, Streib Co., TJ Wies Contracting Inc., Eisen Group, Acme Erectors, Jacobsmeyer Construction, Leonard Masonry, Vee-Jay, Titan Carpentry, Custom Service Crane, Grasse & Associates, Waterhout Construction and Castle Contracting.
NORTH BERGEN, N.J. — New York-based Acadia Lodging Brokers & Advisors has arranged the $24 million sale of the 250-room Meadowlands View Hotel in the Northern New Jersey community of North Bergen. The 12-story building has been closed since the pandemic and has significant potential for renovation or repositioning, according to the brokerage team. Arbah Hotel Corp. sold the property to American Dream Hotel LLC in an all-cash transaction.
WESTLAKE, TEXAS — A joint venture between two Dallas-based companies, NewcrestImage and Dabu Group, has purchased the 294-room Marriott Dallas/Fort Worth Westlake hotel, located north of Fort Worth. The hotel offers amenities such as a concierge level with a private lounge, a fine dining restaurant, Starbucks coffee shop, outdoor pool, business center and approximately 15,000 square feet of meeting and event space. Miles Spencer and Parker Sherrill of Newmark represented the undisclosed seller in the transaction. The new ownership plans to implement a value-add program.
SAN ANTONIO — Locally based developer Zachry Hospitality will develop a 200-room hotel within the Hemisfair Park mixed-use development in downtown San Antonio. The hotel will operate under the Curio Collection by Hilton brand and will feature a signature restaurant and bar, café, rooftop bar, underground speakeasy bar, pool with cabanas, spa, fitness center and a public garden. Jay Wagley, Frank Piasta, Bond Foster and Ham Berry of CBRE arranged construction debt on behalf of Zachry Hospitality. Interbank is the senior lender on the construction loan.