WINDHAM, N.Y. — CooperWynn Capital, a Utah-based firm that provides capital advisory services for the hospitality industry, has arranged a $19.5 million loan for the refinancing of Wylder Windham Resort, a 110-room hotel located about 50 miles southwest of Albany. Built in the 1880s and most recently renovated in 2022, the hotel offers various lodge-style accommodations and amenities such as a heated outdoor pool, fitness center, pickleball courts, onsite food-and-beverage options and both indoor and outdoor meeting/event spaces. CooperWynn Capital arranged the nonrecourse, floating-rate loan through Formida Capital on behalf of the owner, Wilder Hotels.
SOUTH YARMOUTH, MASS. — JLL has brokered the sale of Parker Beach Lodge, a 50-room hotel located in the Cape Cod community of South Yarmouth. The hotel, which was renovated between 2021 and 2022, includes two suites and offers amenities such as an outdoor pool and a swim/gift shop. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the undisclosed seller in the transaction. The new ownership has tapped Jamsan Hotel Management to oversee operations.
BOSTON — JLL has negotiated the $123 million sale of a Marriott-branded hotel in downtown Boston. The Courtyard Boston Downtown is a 13-story, 315-room hotel that was originally built in 1925 as the headquarters for Boston’s Lodge No. 10 of the Benevolent and Protective Order of the Elks. The hotel offers amenities such as an onsite bar and restaurant that pays homage to the building’s original function, as well as a fitness center, business center and 12,684 square feet of various meeting and event space. The building also houses approximately 46,000 square feet of retail space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, Ashford Hospitality Trust, in the transaction. The buyer was not disclosed.
SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of a portfolio of two hotels totaling 320 units in Syracuse. The portfolio consists of the 197-room former Holiday Inn Syracuse Liverpool and the 123-room Staybridge Suites Syracuse Liverpool. Hotel amenities include indoor pools, business centers, fitness centers and complimentary airport shuttles. Jerry Swon and Eric Anton of Marcus & Millichap represented the seller in the transaction, and Swon also procured the buyer. Both parties requested anonymity.
DETROIT — Azul Hospitality has opened the AC Hotel Detroit, a 154-room hotel in the Brush Park neighborhood of Detroit. The 10-story property marks the first AC Hotel in southeast Michigan. Developed by the Roxbury Group in partnership with Peachtree Group, the hotel features a glass-enclosed lobby bar named The Conservatory, a rooftop venue and the restoration of the historic Bonstelle Playhouse. The Bonstelle, which is separately managed but connected to the hotel, will be used for live performances as well as civic, corporate and private events. Additionally, Azul has converted the Cadillac House, an historic property in Lexington, Mich., into the Tapestry Collection by Hilton. The 23-room hotel underwent an extensive renovation and expansion. The property also features the Hidden Cavern event venue and the Cadillac House Tavern & Bar.
DALLAS — Global private equity firm KKR has provided $95 million in financing for the 255-room Marriott Uptown Dallas hotel. The financing consists of $87.5 million in initial loan proceeds used to replace the property’s outstanding debt, as well as two future-funded earnout facilities that provide potential access to $7.5 million in additional capital. Completed in early 2021, the 14-story hotel is located at 3033 Fairmount St. and features a rooftop pool, lounge, ground-floor restaurant and 13,000 square feet of meeting and event space. A partnership between NexPoint Diversified Real Estate Trust (NYSE: NXDT) and Alamo Manhattan owns the hotel.
SULPHUR SPRINGS, TEXAS — Marcus & Millichap has brokered the sale of the 70-room Hampton Inn Sulphur Springs hotel, located about 90 miles northeast of Dallas. Built on 2.5 acres in 2010, the hotel features an outdoor pool, fitness and business centers, onsite retail space, a breakfast area and 600 square feet of meeting and event space. Skyler Cooper of Marcus & Millichap represented the seller, Cox Hospitality Group, in the transaction. Cooper also procured the buyer, a Texas-based private investor, in conjunction with Allan Miller and Chris Gomes of Marcus & Millichap.
ENGLEWOOD, COLO. — A joint venture between DPC Cos. and Ogilvie Partners has acquired Englewood CityCenter for an undisclosed price. Brad Lyons of CBRE handled the transaction. Englewood CityCenter offers 220,000 square feet of office, retail and multifamily space. The joint venture is working with the City of Englewood on a master redevelopment plan to transform Englewood CityCenter into a community center with multifamily housing, open space for community gathering and a walkable live/work/shop area with retail, services, restaurants and a hotel within the 12-acre site. At the time of sale, the property was 40 percent leased. Current tenants include Harbor Freight, Ross Dress for Less, Petco, Tokyo Joe’s, Jersey Mike’s Subs and Einstein Bros.
NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed. The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc. Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts. The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center. “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP. BSP, a wholly owned subsidiary of Franklin Templeton, …
PITTSBURGH — Florida-based investment firm Driftwood Capital has received a $34 million CMBS loan for the refinancing of the 399-room Sheraton Pittsburgh Hotel at Station Square. The full-service hotel is located along the Monongahela River in the Mount Washington area and includes 29,000 square feet of meeting and event space, as well as an onsite restaurant. Starwood Mortgage Capital and Greystone Commercial Mortgage Capital provided the financing. Driftwood purchased the asset several years ago and renovated it.