LANGHORNE, PA. — Atlanta-based brokerage firm Hunter Hotel Advisors has negotiated the sale of the Residence Inn Philadelphia Langhorne, a 100-room hotel located on the northeastern outskirts of Philadelphia. The hotel offers an indoor pool, fitness center and meeting and event space. Spencer Davidson and David Perrin of Hunter Hotel Advisors represented the seller, MCR Hotels, in the transaction. The buyer was Maryland-based Baywood Hotels.
BAYTOWN, TEXAS — Partners Real Estate has brokered the sale of Lost River RV Park in the eastern Houston suburb of Baytown. Lost River RV Park spans 11 acres and features 153 sites and 47 self-storage units. Landan Dory and Cole Little of Partners represented the seller, an entity doing business as Lost River RV LLC, in the transaction. John Manion and Tiffany Hastiecurry of California-based NAI Capital represented the undisclosed buyer. The sales price was also not disclosed.
SAND CITY, CALIF. — EKN Development and Garn Development have received $67.1 million in construction financing for the development of a dual-branded, 215-room hotel in Sand City, a tiny beach city on the shores of Monterey Bay in Northern California. JLL Capital Markets represented the borrower and secured at $39 million first mortgage loan from HALL Structured Finance. Nuveen Green Capital provided a $28.1 million C-PACE loan. The 139,660-square-foot development will include a 127-room Courtyard by Marriott and an 88-room Residence Inn by Marriott. The property will also offer 3,133 square feet of flexible meeting space; a courtyard with resort-style pool, cabanas and a fully equipped stage to accommodate live performances and events; and an independently branded restaurant and bar.
PITTSBURGH — Seattle-based Avatar Financial Group has provided an $8.4 million bridge loan for the DoubleTree by Hilton Pittsburgh-Green Tree hotel on the city’s southwest side. The property consists of three buildings with a total of 460 rooms. Amenities include three food-and-beverage options, indoor and outdoor pools, a fitness center and 40,000 square feet of meeting and event space. The sponsor, a joint venture between New York City-based investment firms First Choice Investments and The Chetrit Group, acquired the asset in 2021. The financing carries a 24-month term and loan-to-value ratio of approximately 26.5 percent, and the proceeds will be used to complete renovations and pay off existing debt.
DILLON BEACH, CALIF. — PACE Loan Group has arranged a $4.4 million commercial property assessed clean energy (C-PACE) loan secured by a special assessment for Lawson’s Landing, a RV resort and campground in Dillon Beach, approximately 60 miles northwest of San Francisco. The loan will support the nearly 70-year-old campground’s new wastewater treatment, solar energy and efficiency improvements. The improvements will facilitate and enhance new restrooms and rental cottages at the 608-acre property. C-PACE is a tool that can finance energy efficiency and renewable energy improvements on commercial property. The family-owned and -operated campground features 311 RV and tent sites and a general store. The planned upgrades include installation of a wastewater management system, which will support 20 new cottages and additional restrooms with hot showers. The addition of the wastewater project will eliminate emission-intensive septic waste removal by truck and create operational cost savings of approximately $1.1 million per year. Slated for completion by December, the project received approval from the California Coastal Commission in April 2020. The campground has already completed a new 5,000-square-foot barn, which used part of the C-PACE financing to add a 76.7 kW Photovoltaic system to partially offset the property’s operating energy requirements.
NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $15.4 million loan for the refinancing of the Hampton Inn Manhattan/Downtown-Financial District. The pet-friendly, recently renovated hotel has 81 rooms and offers amenities such as a fitness center, business center and complimentary breakfast. David Turley led the Cronheim team that arranged the loan through an undisclosed national bank on behalf of the borrower, Virginia-based Shamin Hotels.
ANAHEIM, CALIF. — The Walt Disney Co. (NYSE: DIS) has proposed a $1.9 billion expansion of its Disneyland Resort and surrounding neighborhood in Anaheim, south of Los Angeles in Orange County. If approved, the various new projects would be carried out within 10 years of the approval date, with the potential for another $600 million in capital investment to follow. The proposal, known as DisneylandForward, calls for new attractions and hotels to be constructed on the west side of Disneyland Drive. In addition, the theme park’s operators are looking to add new shopping, dining and entertainment space to the southeast at a site that currently houses parking for the Toy Story attraction. The proposal was originally discussed with the Anaheim City Council last Thursday. According to a summary of that meeting, the proposal does not request that any new acreage, square footage or hotel rooms be developed, but rather that approved development plans be shifted onto lands that Disney already owns. As part of the proposal, Disney would invest about $85 million of its own money in various infrastructural improvements in the area, including upgrades to parking structures, roads and pedestrian bridges. To make the project possible, the City of …
OSAGE BEACH, MO. — Driftwood Capital has received a $60.5 million loan for the refinancing of the Margaritaville Lake Resort, Lake of the Ozarks. The 520-room resort is located in Osage Beach, a central Missouri city situated along the Lake of the Ozarks. Located at 494 Tan Tar A Drive, the property includes a full-service marina, championship golf course, indoor water park, spa and seven restaurants and bars. Driftwood acquired the asset in 2017 and rebranded it from the Tan-Tar-A Resort into a Margaritaville hotel. Michael Weinberg and Scott Wadler of Driftwood worked with Alec Fox of Berkadia to secure the loan through Goldman Sachs Bank USA and Starwood Mortgage Capital. The five-year loan features interest-only payments for the full term.
NASHVILLE, TENN. — Turnberry plans to develop and operate The St. Regis Nashville and The Residences at The St. Regis Nashville, a 39-story hotel-condo tower at 805 Demonbreun St. in Nashville. The property will span 740,000 square feet and feature 177 hotel rooms and 111 for-sale residences, as well as a fine-dining restaurant, lobby bar, three-meal restaurant, full-service spa and two amenity decks — one for hotel guests and one for residents. The design team includes architectural firm Morris Adjmi, interior designer Meyer Davis and architect of record Smallwood, Reynolds, Stewart, Stewart. St. Regis Hotels & Resorts is a brand within the Marriott International family. The property will be situated adjacent to the JW Marriott Nashville, which Turnberry delivered in 2018. The South Florida-based developer plans to break ground on St. Regis Nashville in 2025.
KANSAS CITY, KAN. — VICI Properties Inc. has entered into a construction loan agreement with affiliates of Homefield Kansas City to provide up to $105 million in financing for the development of a Margaritaville Resort in Kansas City. The construction loan has an initial term of three years with three 12-month extension options. The Margaritaville Resort, set to open in summer 2025, will serve as the anchor to the Homefield Development, an ongoing project in Kansas City that will house Homefield’s new youth sports training facility and baseball center that are currently under development within the Homefield Resort campus. Both the training facility and baseball center are slated to open this spring. Homefield is an operator of youth sports facilities. Simultaneous with entering the loan agreement, VICI entered into a call right agreement that provides VICI with a call option on the Margaritaville Resort, the Homefield youth sports training facility, the Homefield baseball center and the existing Homefield youth sports complex in Olathe. VICI also received a right of first refusal to acquire the real estate of any future Homefield property in a sale-leaseback transaction, should Homefield elect to monetize such assets. If the call right is exercised, all of …