Hospitality

Marcus & Millichap Negotiates Sale of Holiday Inn Melbourne Viera Hotel on Florida’s Space Coast

by John Nelson March 6, 2025

MELBOURNE, FLA. — Marcus & Millichap has negotiated the $13.5 million sale of Holiday Inn Melbourne Viera, a 128-room hotel located off I-95 in Melbourne, a city on Florida’s Space Coast. Situated on 7.2 acres near the USSSA Space Coast Sports Complex and Patrick Space Force Base, the five-story hotel was built in 1991 and features 7,800 square feet of meeting space, an onsite restaurant, business center, fitness center and an outdoor pool. Robert Hunter and Leo Reilly of Marcus & Millichap’s Fort Lauderdale office represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

March 6, 2025

Acquisitions Development Hospitality Mixed-Use Multifamily Retail Southeast Virginia

Richmond EDA Sells, Transfers 18-Acre Site for $2.4B Diamond District Project

by John Nelson March 5, 2025

RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of Diamond District, a $2.4 billion mixed-use development in the Virginia state capital. The developer, an entity led by Thalhimer Realty Partners Inc. called Diamond District Partners LLC, will soon begin construction on public works infrastructure and a mixed-use development on the site. The parcel, called Phase 1A, will include six acres of public infrastructure that will be conveyed back to the city and the EDA upon completion. The remainder of the parcel will house a 180-room hotel, 161 workforce housing units that will be reserved for households earning 60 percent of the area median income, 730 market-rate apartments and 30,000 square feet of commercial space that can be expanded. The land sold for $11.4 million. Phase 1B and Phase 1C of Diamond District will include an additional 177 affordable housing units, 625 market-rate apartments and 126,000 square feet of commercial space. Additionally, CarMax Park, the future home of the Richmond Flying Squirrels Minor League Baseball team, is under construction within the Diamond District and is scheduled to open in 2026. Diamond District Partners LLC anticipates breaking ground on …

March 5, 2025

Acquisitions California Development Hospitality Multifamily Student Housing Western

Ambient Communities Buys 110-Room Vacant Hotel in San Diego, Plans Multifamily Conversion

by Amy Works March 3, 2025

SAN DIEGO — Ambient Communities has purchased Consulate Hotel, a shuttered hotel located at 2901 Nimitz Blvd. in San Diego’s Point Loma neighborhood, from Noble Legacy LLC for $17.4 million. Al Apuzzo, Matt Weaver, Alex Bentley and Brianna Lehman of Lee & Associates represented the seller, while Rick Wu and Austin Dias of Duhs Commercial represented the buyer in the transaction. The buyer plans to convert the property, which includes a bar (ABC 47), restaurant and amenity space, into market-rate and student housing apartments. The 63,234-square-foot building, situated on 0.9 acres, was originally built in 1971. The transaction closed with entitlements in place for the proposed redevelopment.

March 3, 2025

Development Hospitality Texas

CDC Houston Begins Renovation of 125-Room Courtyard by Marriott Hotel

by Taylor Williams February 28, 2025

HOUSTON — CDC Houston, a subsidiary of Coventry Development Corp., has begun the renovation of the 125-room Courtyard Houston City Place hotel. The four-story hotel was built in 2016 on a 2.9-acre site within the 2,000-acre City Place master-planned community on the city’s north side. Amenities include an outdoor pool, fitness center and meeting and event space. Arkansas-based Julian Builders is leading design and construction of the project, which is expected to be complete in the second quarter.

February 28, 2025

Acquisitions Hospitality Midwest Ohio

Laurel Real Estate Arranges Sale of 152-Room Days Inn Hotel in Reynoldsburg, Ohio

by Kristin Harlow February 28, 2025

REYNOLDSBURG, OHIO — Laurel Real Estate Co. has arranged the sale of the Days Inn Columbus East Airport hotel in Reynoldsburg for an undisclosed price. Lauren D’Souza-Faze of Laurel Real Estate represented the undisclosed seller. The buyer was a first-time hotelier based outside of the United States. Located at 2100 Brice Road, the property features 152 units as well as an outdoor pool, meeting space and full bar and restaurant. Scientific Capital arranged acquisition financing.

February 28, 2025

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers $10.6M Sale of Wyndham-Branded Hotel Near Albany

by Taylor Williams February 28, 2025

CLIFTON PARK, N.Y. — Marcus & Millichap has brokered the $10.6 million sale of a 104-room La Quinta Inn & Suites, which is part of the Wyndham Hotels & Resorts family of brands, in Clifton Park, located just north of Albany. The four-story hotel was built on a 3.1-acre site in 2017 and offers amenities such as an indoor pool and fitness center. Kevin Laureno and Alexandre Duong of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.

February 28, 2025

Hospitality Indiana Loans Midwest

Cronheim Hotel Capital Provides $30M in Financing for Aloft Property in Indianapolis

by Kristin Harlow February 27, 2025

INDIANAPOLIS — Cronheim Hotel Capital has provided a $30 million loan to finance the recently converted 128-room Aloft Indianapolis Downtown hotel. The borrower, Everwood Hospitality Partners, converted the historic Stock Yards Bank & Trust Co. office building into the hotel. Beau Williams of Cronheim originated the loan. The asset is within walking distance of the Indiana Convention Center, Lucas Oil Stadium, Gainbridge Field and Monument Circle.

February 27, 2025

Development Hospitality Texas

CDC Houston Begins Renovation of 128-Room Residence Inn Hotel

by Taylor Williams February 26, 2025

HOUSTON — CDC Houston, a subsidiary of Coventry Development Corp., has begun the renovation of the 128-room Residence Inn Houston City Place hotel. Built on 3.3 acres in 2015, the hotel is located within the 2,000-acre City Place master-planned community on the city’s north side. Suites feature full kitchens and separate living, working and sleeping areas. Amenities include an event space, a sport court, outdoor pool, onsite laundry facilities and a convenience store. Arkansas-based Julian Builders is leading design and construction of the project, which is expected to be complete in the second quarter.

February 26, 2025

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 86-Room Hotel in North Austin

by Taylor Williams February 26, 2025

AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of an 86-room hotel in North Austin. The Best Western Plus Executive Residency Austin — Round Rock was built on 2.7 acres in 2019 and offers amenities such as a pool, fitness center and onsite laundry facilities. Chris Gomes of Marcus & Millichap represented the seller in the transaction and procured the buyer with support from Allan Miller of Marcus & Millichap. Both parties requested anonymity.

February 26, 2025

Element-by-Westin-Mission-Valley-San-Diego-CA

California Development Hospitality Loans Western

Driftwood Capital Secures $37.9M in Construction Financing for Element by Westin Mission Valley in San Diego

by Amy Works February 25, 2025

SAN DIEGO — Driftwood Capital has obtained $37.9 million in construction financing for the development of Element by Westin Mission Valley, an extended stay hotel in San Diego’s Mission Valley neighborhood. Upon completion, the hotel will feature 148 suite-style rooms, more than 5,000 square feet of meeting and event space, a fitness center, courtyard, lobby bar and lounge and a restaurant. Situated on 1.5 acres, The Element by Westin Mission Valley is slated for completion by the end of 2026. Driftwood Capital currently owns the adjacent hotel, Marriott Mission Valley, which was purchased in 2019 with the adjacent development parcel with the plans to renovate the existing property and later develop an extended-stay hotel that would benefit from Marriott’s amenities, resort-style pool and parking. Jordan Ray, Jamie Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank for the sponsor, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality properties.

February 25, 2025

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