ATLANTA — Jamestown has announced details about its 405-unit hospitality tower underway at Ponce City Market, a large-scale mixed-use development in Atlanta’s Old Fourth Ward district. The project, branded Scout Living, is part of Ponce City Market’s second phase, which also includes 619 Ponce and Signal House. The property will feature fully furnished one- and two-bedroom units for short-term and extended stays, including full kitchens, appliances and separate living and sleeping spaces. Rooftop amenities will include a pool, wellness studio, terrace, rentable livings rooms and a chef’s kitchen. Scout Living’s second floor will feature lounge, meeting and event spaces for guests. The property will also feature 12,000 square feet of retail space with 21-foot ceilings on the ground floor that will be occupied by a food-and-beverage concept and convenience shopping, as well as a courtyard that connects the property to other elements of Ponce City Market and the Atlanta BeltLine. When Phase II construction is complete, Ponce City Market will include five buildings offering more than 700,000 square feet of office space, 350,000 square feet of retail space and more than 800 residential and hospitality living units. Jamestown is aiming for all three components of Phase II to achieve LEED …
Hospitality
OREM, UTAH — Marcus & Millichap has negotiated the sale of a two-property Marriott portfolio in Orem, just north of Provo. A limited liability company acquired the asset. The name of the seller and acquisition price were not released. The sale included TownePlace Suites Provo Orem and Fairfield Inn & Suites Orem, two four-story hotels sharing a total of 190 guest rooms. Located at 879 N. 120 West, the TownePlace Suites Provo Orem offers 100 guest rooms, and Fairfield Inn & Suites Provo Orem, located at 901 N. 1200 West, features 90 guest rooms. Adam Lewis of Marcus & Millichap handled the transaction.
GALVESTON, TEXAS — Dallas-based investment firm RREAF Holdings, in partnership with Gulf Coast owner-operator Innisfree Hotels, will develop a $250 million Margaritaville Hotel & Resort in Galveston. The 334-room, 300,000-square-foot hotel will feature a 2.5-acre elevated waterpark, a lazy river, pickleball courts, family entertainment center, four restaurants and direct beach access, as well as other features activities and amenities with themes from the music of the late Jimmy Buffett. Construction is scheduled to begin in May or June. A tentative completion date was not disclosed.
AUSTIN, TEXAS — California-based investment and management firm Pacific Hospitality Group will renovate the 194-room Hotel Granduca in northwest Austin. The project includes the addition of a new spa, an overhaul of the restaurant and bar and renovations to the pool deck and lobby. The design and construction team consists of interior design firm Hotel Studio, McCabe Architecture, Digney York Associates and PHG. The hotel will remain open during renovations, which will begin in June and are expected to be complete in the fall.
DETROIT — Bernard Financial Group (BFG) has arranged a $24.3 million CMBS loan for the refinancing of the Element Hotel at the Metropolitan in downtown Detroit. Located at 33 John R St., the hotel features 110 rooms. Dennis Bernard, Joshua Bernard and Dan Duggan of BFG arranged the loan on behalf of the borrower, Metropolitan Building SPE LLC.
TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a luxury multifamily tower, this summer. The 28-story multifamily building will be called DoMo at Cass Square. The high-rise community will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square feet of co-working space, a pickleball court and a sky lounge on the 26th floor. Future phases of Cass Square will include various retail offerings and a 10-story hotel. The development will also feature a pedestrian paseo connecting the residential and hotel sections with restaurants and other retail experiences. LD&D has partnered with Dynamic Group and Marriott to develop the hotel portion, which will be a 178-key Element by Westin property. Amenities will include a fitness center with food and beverage programs and a pool. Rooms will feature double-height ceilings and windows. The developers expect to break ground on the hotel by the end of the year. LD&D acquired …
WASHINGTON, D.C. — The U.S. hotel sector posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. ADR ended the year at $155.62, a 4.3 percent increase compared to year-end 2022, and RevPAR settled at $97.97, a 4.9 percent hike from 2022. Additionally, the U.S. hotel industry enjoyed its highest occupancy levels since 2019. The occupancy rate at year-end was 63 percent, a 60-basis-point increase year-over-year. Among the top 25 markets tracked by CoStar, New York City experienced the highest occupancy rate (81.6 percent, up 8.8 percent year-over-year), ADR ($301.22, up 8.5 percent) and RevPAR ($245.77, a 18.1 percent hike). New Orleans and Miami recorded the only RevPAR decreases, falling 6.8 percent and 6.7 percent year-over-year, respectively.
SAN ANTONIO — Marcus & Millichap has arranged the sale of the 66-room Holiday Inn Express & Suites San Antonio South. The hotel was built on a 1.9-acre site on the city’s south side in 2008 and offers a pool, fitness center and a business center. Allan Miller of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured a private investor as the buyer. Both parties requested anonymity. Chris Gomes of Marcus & Millichap was also listed on the deal as a supporting broker.
Gencom Retakes Majority Ownership of Ritz-Carlton Key Biscayne Hotel in Miami, Plans $100M Overhaul
by John Nelson
MIAMI — Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million. Ritz-Carlton Key Biscayne includes several swimming pools; 1,000 feet of beach frontage; six restaurants, bars and cafes; 37,000 square feet of meeting space; health and wellness amenities including a fitness center, tennis center and spa; and 188 condo-hotel units, which were not part of the acquisition. Citigroup and affiliates of KSL Capital Partners LLC provided financing for Gencom’s purchase, the terms of which were not disclosed. Gencom is planning a $100 million overhaul of the 13-story hotel that is slated to start in 2025. The renovation will include major upgrades to the guestrooms, food-and-beverage offerings, public spaces and guest amenities.
WaterWalk Opens 126-Room Extended Stay Hotel-Apartment Property in Huntsville, Alabama
by John Nelson
HUNTSVILLE, ALA. — WaterWalk has opened a 126-room extended stay hotel and apartment living property at 1550 Perimeter Parkway in Huntsville, the first Alabama property for the lodging brand and its 12th total. WaterWalk Huntsville comprises 76 fully furnished hotel rooms and 50 apartments that range in size from studios to two-bedroom units. All units feature kitchens with full-size appliances, a pantry and a kitchen island. Additionally, each unit features full-size washers and dryers, as well as bathrooms that include vanities with storage space and walk-in showers. Amenities include a lobby lounge, fitness center, outdoor pool and a patio with a fire pit, lawn games and grilling areas.