Hospitality

LD&D Plans $200M Cass Square Mixed-Use Project in Tampa, Florida

by Jeff Shaw January 19, 2024

TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a luxury multifamily tower, this summer. The 28-story multifamily building will be called DoMo at Cass Square. The high-rise community will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square feet of co-working space, a pickleball court and a sky lounge on the 26th floor. Future phases of Cass Square will include various retail offerings and a 10-story hotel. The development will also feature a pedestrian paseo connecting the residential and hotel sections with restaurants and other retail experiences. LD&D has partnered with Dynamic Group and Marriott to develop the hotel portion, which will be a 178-key Element by Westin property. Amenities will include a fitness center with food and beverage programs and a pool. Rooms will feature double-height ceilings and windows. The developers expect to break ground on the hotel by the end of the year. LD&D acquired …

January 19, 2024

District of Columbia Hospitality Southeast

CoStar: US Hotels Posted Record Revenues in 2023

by John Nelson January 18, 2024

WASHINGTON, D.C. — The U.S. hotel sector posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. ADR ended the year at $155.62, a 4.3 percent increase compared to year-end 2022, and RevPAR settled at $97.97, a 4.9 percent hike from 2022. Additionally, the U.S. hotel industry enjoyed its highest occupancy levels since 2019. The occupancy rate at year-end was 63 percent, a 60-basis-point increase year-over-year. Among the top 25 markets tracked by CoStar, New York City experienced the highest occupancy rate (81.6 percent, up 8.8 percent year-over-year), ADR ($301.22, up 8.5 percent) and RevPAR ($245.77, a 18.1 percent hike). New Orleans and Miami recorded the only RevPAR decreases, falling 6.8 percent and 6.7 percent year-over-year, respectively.

January 18, 2024

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 66-Room Holiday Inn Hotel in San Antonio

by Taylor Williams January 18, 2024

SAN ANTONIO — Marcus & Millichap has arranged the sale of the 66-room Holiday Inn Express & Suites San Antonio South. The hotel was built on a 1.9-acre site on the city’s south side in 2008 and offers a pool, fitness center and a business center. Allan Miller of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured a private investor as the buyer. Both parties requested anonymity. Chris Gomes of Marcus & Millichap was also listed on the deal as a supporting broker.

January 18, 2024

Acquisitions Development Florida Hospitality Southeast

Gencom Retakes Majority Ownership of Ritz-Carlton Key Biscayne Hotel in Miami, Plans $100M Overhaul

by John Nelson January 17, 2024

MIAMI — Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million. Ritz-Carlton Key Biscayne includes several swimming pools; 1,000 feet of beach frontage; six restaurants, bars and cafes; 37,000 square feet of meeting space; health and wellness amenities including a fitness center, tennis center and spa; and 188 condo-hotel units, which were not part of the acquisition. Citigroup and affiliates of KSL Capital Partners LLC provided financing for Gencom’s purchase, the terms of which were not disclosed. Gencom is planning a $100 million overhaul of the 13-story hotel that is slated to start in 2025. The renovation will include major upgrades to the guestrooms, food-and-beverage offerings, public spaces and guest amenities.

January 17, 2024

Alabama Development Hospitality Multifamily Southeast

WaterWalk Opens 126-Room Extended Stay Hotel-Apartment Property in Huntsville, Alabama

by John Nelson January 16, 2024

HUNTSVILLE, ALA. — WaterWalk has opened a 126-room extended stay hotel and apartment living property at 1550 Perimeter Parkway in Huntsville, the first Alabama property for the lodging brand and its 12th total. WaterWalk Huntsville comprises 76 fully furnished hotel rooms and 50 apartments that range in size from studios to two-bedroom units. All units feature kitchens with full-size appliances, a pantry and a kitchen island. Additionally, each unit features full-size washers and dryers, as well as bathrooms that include vanities with storage space and walk-in showers. Amenities include a lobby lounge, fitness center, outdoor pool and a patio with a fire pit, lawn games and grilling areas.

January 16, 2024

Emerald-Island-Rainbow-Club-Casino-Henderson-NV

Acquisitions Hospitality Nevada Retail Western

LOGIC Commercial Real Estate Brokers Sale of Emerald Island, Rainbow Club Casino in Henderson, Nevada

by Amy Works January 16, 2024

HENDERSON, NEV. — LOGIC Commercial Real Estate has arranged the sale of Emerald Island and Rainbow Club Casino in downtown Henderson. An affiliate of ECL Water Street LCC, a Las Vegas-based company with 45 properties in three states, acquired the assets from Tim Brooks for an undisclosed price. The buyer company is led by Ron Winchell and Marc Falcone. Tim Brooks, former owner, will continue overseeing both properties’ day-to-day operations as general manager. Covering approximately 2.7 acres, the portfolio features a combined gaming machine count of approximately 768 and each property holds a Nevada non-restricted gaming license. Vincent Advisory Group of LOGIC represented the seller in the transaction.

January 16, 2024

California Development Hospitality Mixed-Use Restaurant Retail Western

LRE & Co., American Hospitality Break Ground on Roseville Junction Mixed-Use Development in Roseville, California

by Amy Works January 16, 2024

ROSEVILLE, CALIF. — LRE & Co. and American Hospitality Services have broken ground on Roseville Junction, a mixed-use development at 290 Conference Center Drive in Roseville, a suburb northeast of Sacramento. Functioning as a sports and entertainment complex in Placer County, Roseville Junction will include two select-service hotels, three restaurants, an outdoor gathering place and The Electric Pickle, which will offer a bocce ball court, 10 pickleball courts and dining venues. Caption by Hyatt Roseville will feature 112 rooms and suites, a fitness center, meeting facilities and a reimagined hotel lobby with an on-site restaurant and beverage venue, an all-day café, market and bar with a lounge and social space. Hyatt House Roseville will offer 126 rooms, including studios and one-bedroom suites, public spaces, workout spaces and a rooftop bar.

January 16, 2024

Acquisitions Hospitality Southeast Tennessee Top Stories

Noble Investment Group Acquires Downtown Nashville Hotel for $82M

by Taylor Williams January 16, 2024

NASHVILLE, TENN. — Noble Investment Group has acquired the Holiday Inn Express | Nashville Downtown hotel. The seller, number of rooms and sales price were not disclosed, but the Nashville Business Journal reports that the Atlanta-based investment firm paid approximately $82 million for the property. The publication also reports that the price is nearly a third less than what the previous owner paid for the property. Located at 920 Broadway in the city’s entertainment district, the hotel is located within walking distance of more than 100 live music venues, the Music City Center, Bridgestone Arena, more than 500 bars and restaurants and over 100 shopping outlets. The hotel’s physical amenities include an outdoor pool and a business center. “Nashville remains among the most dynamic growth markets in the country, with a highly diversified demand base across multiple segments,” says Dustin Fisher, vice president at Noble Investment Group. Nashville has been a consistent growth center in the Southeast for over 30 years, growing by more than 2 percent every year from 1991 to 2020, according to Macrotrends. The metro-area population more than doubled in that time, from 643,000 in 1994 to more than 1.3 million in 2024. — Taylor Williams

January 16, 2024

Development Georgia Hospitality Southeast Top Stories

Hilton Opens 976-Room Signia by Hilton Hotel in Downtown Atlanta

by John Nelson January 15, 2024

ATLANTA — Hilton Worldwide Holdings (NYSE: HLT) has opened Signia by Hilton Atlanta in the city’s downtown district. At 976 rooms and 1.3 million square feet, the project represents the largest hotel development in the city in at least 40 years, according to Hilton. The property is also the first new-build hotel for the company’s Signia brand, as well as the first Signia property in Georgia. The Georgia World Congress Center Authority (GWCCA), which owns and operates the adjacent Georgia World Congress Center, is the owner of the Signia hotel. Development costs were not disclosed, but the Atlanta Business Chronicle reports that the project cost roughly $450 million to develop. Built on the grounds of the former Georgia Dome, a sports and concert arena that was demolished in November 2017, the 42-story hotel is the lodging component of the GWCCA’s “Championship Campus,” which is self-described as “North America’s largest combined convention, sports and entertainment destination.” The campus also includes Georgia World Congress Center, Centennial Olympic Park and Mercedes-Benz Stadium, which is the home arena of the NFL’s Atlanta Falcons and MLS’s Atlanta United. The hotel is also adjacent to State Farm Arena, home of the NBA’s Atlanta Hawks, and Centennial …

January 15, 2024

Development Hospitality Texas

Wayside Investment Group Completes Renovation of 82-Room Hotel in Baytown, Texas

by Taylor Williams January 12, 2024

BAYTOWN, TEXAS — Locally based owner Wayside Investment Group has completed renovations of the 82-room Extended Stay Suites America hotel in the eastern Houston suburb of Baytown. The project involved upgrades to guestrooms’ kitchens, furniture and bedding, as well as enhancements of amenity spaces, including the lobby, pool and fitness center. Wayside also outfitted the three-story hotel with new lighting fixtures, wall coverings, flooring and signage.

January 12, 2024

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