Hospitality

JLL Arranges $215M Loan for Refinancing of Marriott Hotel in Downtown Philadelphia

by Taylor Williams November 7, 2023

PHILADELPHIA — JLL has arranged a $215 million loan for the refinancing of the 1,408-room Philadelphia Marriott Downtown hotel. The hotel, which is connected to the Pennsylvania Convention Center and recently underwent a capital improvement program, consists of a 1,198-key main tower that was built in 1994 and the 210-key historic Headhouse Tower. Hotel amenities include a 24-hour fitness center, indoor pool, lobby lounge, restaurant and new pub with duckpin bowling and billiards. Kevin Davis, Ryan Ade, Mark Fisher, Barnett Wu and Caleigh O’Connell of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital. Barclays, Wells Fargo and J.P. Morgan provided the debt.

November 7, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $120M Loan for Refinancing of Manhattan Hotel

by Taylor Williams October 31, 2023

NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $120 million loan for the refinancing of the 341-room Renaissance Hotel in Manhattan’s Chelsea neighborhood. The hotel features a variety of rooms and suites, a fitness center, meeting space and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the loan through an undisclosed life insurance company on behalf of the borrower, locally based developer LAM Generation.

October 31, 2023

California Development Hospitality Loans Western

PACE Loan Group Funds $11.2M Construction Loan for Reset Hotel in Twentynine Palms, California

by Amy Works October 30, 2023

TWENTYNINE PALMS, CALIF. — PACE Loan Group has provided a $11.2 million C-PACE loan for the construction of Reset Hotel. The site is near the north entrance of Joshua Tree National Park in Twentynine Palms, a desert city approximately 150 miles east of Los Angeles. Qualifying C-PACE improvements include plumbing, HVAC, electrical, lighting, building envelope and seismic measures. The 30-year loan is combined with a $7.5 million first mortgage. Located at 7000 Split Rock Ave., the independent hotel will use modular construction to reduce construction time by nearly half with delivery slated for early 2025. Offering views of Joshua Tree National Park, the hotel will offer 65 guest rooms with private outdoor patios, an outdoor swimming pool overlooking the park, gift shop, poolside cocktail bar serving small bites, conference room and 65 surface parking spots. Built on 5.8 acres of 11.1 acres of land acquired in 2021, the asset is the only hotel in the area that is removed from the highway and completed adjacent to the national park. The developers own 170 acres of the surrounding land up to the park boundary and are currently leaving the area undeveloped to maintain views and privacy for guests. Sightline Hospitality will manage …

October 30, 2023

Florida Hospitality Loans Southeast

Berkadia Arranges $26M Refinancing for Dual-Branded Hotel in Jacksonville

by John Nelson October 27, 2023

JACKSONVILLE, FLA. — Berkadia has arranged the $26 million refinancing of the leasehold interest in a 221-room dual-branded hotel in Jacksonville’s Southbank neighborhood. Built in 2009 along the St. Johns River, Hilton Garden Inn-Homewood Suites Jacksonville Downtown Southbank is an eight-story hotel located at 1201 Kings Ave. Amenities include an outdoor pool, fitness center, onsite restaurant, room service and meeting rooms. Michael Weinberg, Alec Fox and Lindsey deButts of Berkadia’s Hotels & Hospitality team secured the five-year loan through an undisclosed regional bank on behalf of the borrower, Excel Group.

October 27, 2023

Acquisitions Hospitality Texas

Joint Venture Acquires 180-Room Dual-Branded Hotel in The Woodlands, Texas

by Taylor Williams October 26, 2023

THE WOODLANDS, TEXAS — A joint venture between Dallas-based hospitality owner-operator NewcrestImage, Dabu Group and Preeminent Hotels has acquired a 180-room, dual-branded hotel in The Woodlands, about 30 miles north of Houston. The property consists of a 90-room Courtyard by Marriott hotel and a 90-room Residence Inn by Marriott hotel. Amenities at the Courtyard include a fine dining restaurant, Starbucks coffee shop, fitness center, business center and an indoor pool, while the Residence Inn also offers an indoor pool and fitness center, as well as tennis courts and grilling stations. The new ownership plans to implement a capital improvement program.

October 26, 2023

Arkansas Development Hospitality Southeast

Windsor Aughtry Breaks Ground on 170-Room Tapestry by Hilton Hotel in Rogers, Arkansas

by John Nelson October 26, 2023

ROGERS, ARK. — Greenville, S.C.-based Windsor Aughtry Co. has broken ground on a 170-room hotel in Rogers branded under the Tapestry by Hilton flag. The six-story property will be located at 4100 S. Pinnacle Hills Parkway. The hotel will feature a rooftop experience with an open-terrace bar, steakhouse restaurant and 2,400 square feet of banquet space; 1,500 square feet of meeting space; outdoor patio; fitness center; and inside bike storage. Hospitality America will manage the hotel upon completion. The construction timeline was not disclosed.

October 26, 2023

Acquisitions Arizona Hospitality Western

Colliers Negotiates $23M Sale of 3 Palms Hotel in Scottsdale, Arizona

by Amy Works October 25, 2023

SCOTTSDALE, ARIZ. — Colliers has brokered the sale of 3 Palms Hotel, located at 7707 E. McDowell Road in Scottsdale. California-based investors — Peter Sun of Five Star Inn One LLC and Lily Hsue of Five Star Inn Two LLC — acquired the asset from Roger Abbott of La Jolla, Calif., for $23 million. Originally constructed in 1980 and remodeled in 2006 and 2007, 3 Palms Hotel features 130 guest rooms with full-length mirrors, complimentary newspapers, high-speed Wi-Fi and deluxe spas. Situated on 3.4 acres, the hotel offers an outdoor pool and spa, a rooftop sundeck, fitness center and concierge. James Meng of Colliers handled the negotiations and transaction.

October 25, 2023

Development Hospitality Texas

Stratus Development Partners Opens 212-Room Hotel in Downtown Austin

by Taylor Williams October 23, 2023

AUSTIN, TEXAS — An affiliate of California-based Stratus Development Partners has opened the 212-room Cambria Hotel Austin Downtown at 68 East Ave., adjacent to the historic Rainey Street District. The 16-story, 223,975-square-foot hotel offers a pool, fitness center, 24-hour market and 8,300 square feet of meeting and event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. San Diego-based Azul Hospitality Group will manage the hotel.

October 23, 2023

Affordable Housing Development Hospitality Mixed-Use Multifamily New York Northeast Restaurant Retail Top Stories

Soloviev Group Plans 1,325-Unit Apartment Complex in Mixed-Use Freedom Plaza Development in Manhattan

by Jeff Shaw October 20, 2023

NEW YORK CITY — Soloviev Group has announced plans for two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units. Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to improve the proposal’s attractiveness amid opposition to the casino component. Soloviev is developing the casino in partnership with global entertainment owner and operator Mohegan. Mohegan is an extension of the Mohegan Tribe of Indians of Connecticut. The planned affordable housing component of the development will comply with New York City’s Mandatory Inclusionary Housing rules, as well as all other applicable affordability guidelines. Nearly 40 percent of the total unit count will be permanently affordable and reserved for residents earning 80 percent or below the area median income. According to Soloviev Group, the proposed project will be among Manhattan’s largest inclusionary housing initiatives. “Affordable housing, specifically the creation of new …

October 20, 2023

Florida Hospitality Loans Southeast

Trinity Investments-Led Joint Venture Secures $750M Refinancing of Grande Lakes Orlando Resort

by John Nelson October 18, 2023

ORLANDO, FLA. — A joint venture led by Trinity Investments has secured a $750 million loan for the refinancing of Grande Lakes Orlando Resort, a resort that includes two luxury hotels and a golf course. Situated on the south side of Orlando, the 409-acre development comprises the 582-room Ritz-Carlton hotel, the 1,010-room JW Marriott hotel and an 18-hole golf course designed by Greg Norman. An undisclosed lender provided the floating-rate CMBS loan to the Trinity-led joint venture, which acquired the resort in 2018. Since its acquisition, Grande Lakes Orlando Resort has undergone renovations to the rooms and public areas, as well as the addition of 12 guestrooms, new food-and-beverage experiences and a pool renovation that includes a new waterpark. Trinity estimates the renovations totaled $118 million.

October 18, 2023

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