Hospitality

Scottsdale-McCormick-Ranch-Resort-Scottsdale-AZ

Driftwood Capital Secures $115M Refinancing for Scottsdale McCormick Ranch Resort in Scottsdale, Arizona

by Amy Works October 18, 2023

SCOTTSDALE, ARIZ. — Driftwood Capital has obtained $115 million in refinancing for Scottsdale McCormick Ranch, a conference center resort in Scottsdale. MetLife Investment Management, the institutional asset management business of MetLife, provided the loan. Driftwood’s $40 million renovation of Scottsdale McCormick Ranch Resort includes a complete redesign of all guest rooms, expanded food and beverage offerings, and the addition of 12 five-bedroom villas and a full-service luxury spa. Upon completion, the resort will be part of the Curio brand within the Hilton Worldwide portfolio. Built in 1976 and claiming to be “the country’s first true conference center resort,” the property is adjacent to two 18-hole golf courses. The resort features 90,000 square feet of indoor-outdoor meeting and event space, two outdoor swimming pools, a spa and fitness center, several food and beverage outlets, a speakeasy, and interactive venue space with a golf simulator and pool table. The property is located within the planned community of McCormick Ranch. Driftwood Hospitality Management, an affiliate of Driftwood Capital, will assume management responsibilities.

October 18, 2023

Development District of Columbia Hospitality Mixed-Use Office Southeast

The RMR Group Completes Redevelopment of 20 Mass Mixed-Use Building in D.C.

by John Nelson October 17, 2023

WASHINGTON, D.C. — The RMR Group has completed the redevelopment of 20 Mass, a mixed-use building located at 20 Massachusetts Ave. in Washington, D.C. Office Properties Income Trust, an affiliate REIT of RMR Group, owns 20 Mass. The former government office building now houses the 274-room Royal Sonesta Washington, D.C. Capitol Hill hotel, which includes the new 200-seat French restaurant Bistro Du Jour; 183,000 square feet of upper-level office space; a 14,500-square-foot penthouse amenity space; and 13,800 square feet of retail space. The LEED Gold-certified property also features a new glass curtain wall façade and a 10-story atrium. The design-build team includes general contractor DPR Construction and architect Leo A. Daly. CBRE is the exclusive office leasing broker at 20 Mass, and JLL is responsible for retail leasing.

October 17, 2023

Development Hospitality Texas

Provident Realty Advisors, Trez Capital to Develop 215-Site RV Park in San Antonio

by Taylor Williams October 16, 2023

SAN ANTONIO — A partnership between Provident Realty Advisors and Trez Capital has acquired 42 acres in San Antonio for the development of a 215-site RV park. The development will be known as Roaming Trails RV Retreat (RTRV) Lake Calaveras and will offer multi-vehicle parking at every pad, back-in and pull-through spots, private fenced yards and weatherproof covers. Communal amenities will include a pool, package lockers and a dog park. Construction is scheduled to begin before the end of the year.

October 16, 2023

Development Hospitality Texas

Provident Realty Advisors, Trez Capital to Develop 196-Site RV Park in Burleson, Texas

by Taylor Williams October 13, 2023

BURLESON, TEXAS — A partnership between Provident Realty Advisors and Trez Capital has acquired 22 acres in Burleson, a southern suburb of Fort Worth, for the development of a 196-site RV park. The development will be known as Roaming Trails RV Retreat (RTRV) Burleson and will offer multi-vehicle parking at every pad, back-in and pull-through spots, private fenced yards and weatherproof covers. Communal amenities will include a pool, package lockers and a dog park. Construction is scheduled to begin before the end of the year.

October 13, 2023

Acquisitions Hospitality Northeast Pennsylvania

DoveHill Capital Management Buys 329-Room, Dual-Branded Hotel in Philadelphia

by Taylor Williams October 13, 2023

PHILADELPHIA — Florida-based investment firm DoveHill Capital Management has acquired a 329-room, dual-branded hotel in Philadelphia’s Wynnefield Heights neighborhood. The Hilton hotel was built in 2000 and was fully renovated in 2016, while the Homewood Suites hotel was built in 2005 and fully renovated in 2022. The hotels share 26,000 square feet of amenity space, as well as 1,300 parking spaces, and have jointly benefited from over $10 million in capital investment since 2015. DoveHill’s subsidiary, The Wurzak Hotel Group, will manage the property.

October 13, 2023

Acquisitions Development Hospitality Multifamily New York Northeast Student Housing

PX4 Development Buys Long Island Hotel for $15M, Plans Student Housing Conversion

by Taylor Williams October 4, 2023

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.

October 4, 2023

Arizona Hospitality Loans Western

Seven Hills Realty Trust Arranges $17.3M Recapitalization for Home2 Suites Hotel in Scottsdale, Arizona

by Amy Works October 3, 2023

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).

October 3, 2023

Acquisitions Arizona Hospitality Western

Miller Global Sells Canopy by Hilton Scottsdale Old Town Hotel in Arizona for $102M

by Amy Works October 2, 2023

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.

October 2, 2023

Florida Hospitality Loans Southeast

Berkadia Arranges $47M Refinancing for Canopy by Hilton West Palm Beach Downtown Hotel

by John Nelson October 2, 2023

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.

October 2, 2023

Hospitality Illinois Loans Midwest

PACE Loan Group Provides $6.2M C-PACE Loan for 391-Room Hotel in Northbrook, Illinois

by Kristin Harlow September 29, 2023

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.

September 29, 2023

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