Hospitality

KSL Capital Partners Agrees to Acquire Hersha Hospitality Trust for $1.4B

by Kristin Harlow August 30, 2023

DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …

August 30, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $22M Loan for Refinancing of Marriott-Branded Hotel in Manhattan

by Taylor Williams August 29, 2023

NEW YORK CITY — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $22 million loan for the refinancing of the 92-room Fairfield Inn & Suiteshotel located at 21 W. 37th St. in Manhattan. Beau Williams and Michael McGuire of Cronheim Mortgage arranged the debt on behalf of the locally based borrower, LAM Management. The direct lender was not disclosed.

August 29, 2023

Acquisitions Georgia Hospitality Southeast

Waramaug Hospitality Buys 222-Room Atlanta Marriott Peachtree Corners Hotel

by John Nelson August 25, 2023

PEACHTREE CORNERS, GA. — Waramaug Hospitality has acquired Atlanta Marriott Peachtree Corners, a 222-room hotel located at 475 Technology Parkway in Peachtree Corners. The seller and sales price were not disclosed. Situated within the 500-acre Technology Park, the hotel features a fitness center, indoor pool and an outdoor fire pit seating area, as well as more than 5,000 square feet of meeting space across nine rooms. Waramaug Hospitality has selected Aimbridge Hospitality to manage the hotel, which underwent a multimillion-dollar renovation in 2018, according to multiple media outlets.

August 25, 2023

Development Hospitality New Jersey Northeast

Hotels Unlimited Completes $7M Renovation of Hilton-Branded Hotel in Tinton Falls, New Jersey

by Taylor Williams August 25, 2023

TINTON FALLS, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $7 million renovation of the 178-room DoubleTree by Hilton hotel in Tinton Falls, located in Monmouth County. Renovations included a facelift of the lobby and overhaul of all guestrooms and suites. Other common areas, including ballrooms, meeting rooms, the outdoor pool, fitness center and onsite restaurant, were also upgraded, as were various elements of the building’s exterior.

August 25, 2023

Acquisitions Hospitality Nevada Top Stories Western

Realty Income Acquires 21.9 Percent Stake in Bellagio Las Vegas from Blackstone for $950M

by Jeff Shaw August 25, 2023

LAS VEGAS — Realty Income Corp. has signed a definitive agreement to acquire common and preferred equity interests from Blackstone Real Estate Income Trust Inc. (BREIT) for $950 million. The transaction forms a new joint venture that owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas, a luxury hotel and casino on the Las Vegas Strip. Upon closing, Realty Income will invest approximately $300 million of common equity in the joint venture to acquire a 21.9 percent indirect interest in the property. BREIT will retain a 73.1 indirect interest. The operator of the property, MGM Resorts International (MGM), will retain a 5 percent indirect interest. Realty Income will also acquire a yield-bearing preferred equity interest in the joint venture for $650 million. The transaction is expected to close in the fourth quarter of 2023. The Bellagio features approximately 4,000 guest rooms and suites across two towers, as well as 157,000 square feet of gaming space and 200,000 square feet of meeting and event facilities. The 77-acre campus also includes the Fountains of Bellagio and multiple Michelin Star restaurants. MGM operates The Bellagio on a triple-net lease with approximately 26 years of remaining term. The existing lease …

August 25, 2023

Development Hospitality Texas

AJ Capital Partners Nears Completion of Adaptive Reuse Project in Waco

by Taylor Williams August 22, 2023

WACO, TEXAS — AJ Capital Partners is nearing completion of Hotel 1928, an adaptive reuse project located at 701 Washington St. in Waco. The project reimagines the historic Grand Karem Shrine Building as a 33-room hotel with multiple onsite food-and-beverage options, as well as a rooftop terrace and 6,000 square feet of meeting and event space. The grand opening is set for Nov. 1. The hotel features “an inspired hospitality experience designed and developed by” Waco residents and TV personalities Chip and Joanna Gaines.

August 22, 2023

Hospitality Loans New York Northeast

JLL Arranges Loan for Refinancing of 774-Room Hotel in Midtown Manhattan

by Taylor Williams August 22, 2023

NEW YORK CITY — JLL has arranged a loan of an undisclosed amount for the refinancing of Westin Grand Central, a 774-room hotel located at 212 E. 42nd St. in Midtown Manhattan. Built in 1981, the property features 13,000 square feet of meeting and event space, a restaurant and lobby bar, fitness center and a 144-space parking deck. Kevin Davis and Mark Fisher of JLL arranged the floating-rate financing through funds managed by Apollo Global Management. The borrower was an undisclosed global investment management firm that has owned the hotel since early 2019.

August 22, 2023

Holiday-Inn-Express-Staybridge-Suites-Houston

Development Hospitality Texas

Arriba Capital Provides $52.5M Construction Loan for Dual-Branded Hotel Project in Downtown Houston

by Taylor Williams August 21, 2023

HOUSTON — Arizona-based lender Arriba Capital has provided a $52.5 million construction loan for a dual-branded hotel project that will be located at 1319 Texas Ave. in downtown Houston. The property will feature a total of 275 guestrooms with traditional and extended-stay options under the Holiday Inn Express and Staybridge Suites brands. Shared amenities will include an outdoor pool, meeting and event space, a full-service bar, fitness center, business center and a dining area for complimentary breakfast. Completion is slated for late 2025. The borrower and developer is Houston-based Neway Hospitality.

August 21, 2023

Acquisitions Hospitality Texas

CityStreet Residential Partners Buys 224-Site RV Resort in Georgetown, Texas

by Taylor Williams August 21, 2023

GEORGETOWN, TEXAS — Houston-based owner-operator CityStreet Residential Partners has purchased Stone Oak Ranch RV Resort, a 224-site property located north of Austin in Georgetown. The Boterra Group originally constructed the park in October 2020. Amenities include a pool, fitness center, dog park, playground, pickleball courts and onsite laundry facilities. CityStreet plans to rebrand the property under its Jetstream umbrella and develop an additional 200 sites.

August 21, 2023

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges Sale of 50-Room Hotel, Restaurant Building in Sturtevant, Wisconsin

by Kristin Harlow August 17, 2023

STURTEVANT, WIS. — Marcus & Millichap has arranged the sale of a 50-room hotel and restaurant building located at 910 S. Sylvania Ave. in Sturtevant, a southern suburb of Milwaukee. The sales price was undisclosed. The buyer, a private investor, plans to rebrand the property as a Super 8 by Wyndham hotel. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and the seller, a private investor. Chris Gomes, Allan Miller and Todd Lindblom of Marcus & Millichap also assisted in closing the deal.

August 17, 2023

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