Hospitality

Avison Young Negotiates $8.2M Sale of Ascent on Main Hotel in Parker, Colorado

by Amy Works January 9, 2024

PARKER, COLO. — Avison Young has arranged the sale of Ascent on Main, a boutique hotel at 18595 Mainstreet in Parker, a southeast suburb of Denver. Independent Bank, which oversaw the property in receivership, sold the asset to Eagle Point Hotel Partners for $8.2 million. Opened in 2019, the four-story Ascent on Main features 51 guest rooms, meeting rooms, an open-air promenade and three food-and-beverage outlets. Chris Kilcullen of Avison Young, along with Keen-Summit Capital Partners, represented the seller. Eagle Point Hotel Partners was self-represented in the deal.

January 9, 2024

Acquisitions Florida Hospitality Restaurant Southeast

Marcus & Millichap Arranges $17.7M Sale of Days Inn Airport Hotel, Brewery in Miami

by John Nelson January 5, 2024

MIAMI — Marcus & Millichap has arranged the $17.7 million sale of a Days Inn hotel located at 7250 N.W. 11th St. in Miami. The 103-room hotel, which includes an onsite Beat Culture Brewery & Restaurant, is situated on the campus of Miami International Airport. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. The team also procured the Massachusetts-based buyer. Both parties requested anonymity.

January 5, 2024

Acquisitions Hospitality Midwest Missouri

DLP Capital Acquires Two Outdoor Hospitality Resorts Totaling 568 Acres in Missouri

by Kristin Harlow January 3, 2024

LEASBURG AND BOURBON, MO. — DLP Capital has acquired two outdoor hospitality and RV campground resorts totaling 568 acres within the Ozark Mountains in Missouri. The purchase prices were undisclosed. The acquisitions include Ozark Outdoors in Leasburg and Blue Springs Ranch in Bourbon. Amenities include rafting, kayaking, canoeing, tubing, aerial rope courses, ziplining, drive-in style movies, sand volleyball, swim beaches and horseback riding. Ozark Outdoors features 235 RV sites, 180 tents, 27 cabins, 20 motel rooms and five chalets. The resort was built in 1960 and renovated in the 2000s. Blue Springs Ranch, which includes 156 RV sites, 57 tents and 33 cabins, was built in 1988. The acquisitions bring DLP’s total investment in the outdoor hospitality sector to nearly 2,000 RV pad sites owned or in development in Florida and Missouri. Another 900 are currently in design for resorts in Georgia and Florida, in addition to tiny homes, cabins and other outdoor hospitality options. In line with these investments, DLP is introducing the new brand name “Dream Outdoor Resorts” for its growing portfolio of outdoor resorts. The two Ozark properties will join the brand.

January 3, 2024

Acquisitions Hospitality New York Northeast

Bradford Allen Acquires Two Long Island Hotels Totaling 245 Rooms

by Taylor Williams January 3, 2024

RIVERHEAD, N.Y. — Chicago-based Bradford Allen Hospitality has acquired two hotels totaling 245 rooms in the Long Island community of Riverhead. The 131-suite Residence Inn by Marriott was built in 2017 and is located at 2012 Old Country Road, and the 114-key Hilton Garden Inn was constructed in 2008 at 2038 Old Country Road. Both hotels offer pools and fitness centers. The undisclosed seller in the off-market deals was the original developer of both hotels. Bradford Allen will retain New Castle Hotels & Resorts to manage the properties.

January 3, 2024

SpringHill-Suites-Las-Vegas-Convention-NV

Acquisitions Hospitality Nevada Western

Apple Hospitality REIT Acquires 299-Room SpringHill Suites by Marriott Las Vegas Convention Center

by Amy Works January 2, 2024

LAS VEGAS — Apple Hospitality REIT has purchased Springhill Suites by Marriott Las Vegas Convention Center, located at 2989 Paradise Road in Las Vegas, for approximately $75 million, or $251,000 per key. The name of the seller was not released. Opened in October 2009, the hotel features 299 rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. With this acquisition, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms spread across 38 states.

January 2, 2024

Acquisitions Affordable Housing Development Hospitality Multifamily New York Northeast

Slate, RiseBoro Buy 350-Room Hotel Near JFK Airport, Plan Affordable Housing Conversion

by Taylor Williams December 22, 2023

NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.

December 22, 2023

Acquisitions Hospitality Midwest Ohio

ADR Signature Acquires 216-Room Embassy Suites Hotel in Beachwood, Ohio for $10.2M

by Kristin Harlow December 22, 2023

BEACHWOOD, OHIO — ADR Signature has acquired the 216-room Embassy Suites by Hilton Cleveland Beachwood hotel for $10.2 million. The property is located at 3775 Park East Drive in Beachwood, a southeast suburb of Cleveland. Amenities include an indoor pool, business center, fitness center, meeting rooms, complimentary breakfast and an onsite restaurant. Starwood Capital Group was the seller.

December 22, 2023

Hospitality Loans North Carolina Southeast

Berkadia Arranges $10M CMBS Refinancing for Woodspring Suites Hotel in Charlotte

by John Nelson December 20, 2023

CHARLOTTE, N.C. — Berkadia has arranged a $10 million CMBS loan for the refinancing of WoodSpring Suites Charlotte – University Research Park, a 122-room, extended-stay hotel located at 7007 MacFarlane Blvd. in Charlotte. Michael Weinberg and Alec Fox of Berkadia’s Hotels & Hospitality team arranged the five-year, fixed-rate loan through KeyBank on behalf of the borrower, Orlando-based Liberty Investment Properties. The sponsor has developed more than 35 WoodSpring Suites-branded hotels since 2007. Built in 2021, WoodSpring Suites Charlotte – University Research Park is situated adjacent to a Topgolf off I-85 and is within three miles of the University of North Carolina at Charlotte campus.

December 20, 2023

Affordable Housing Development Hospitality Seniors Housing Southeast West Virginia

Cornerstone Community Development to Break Ground on $51M Adaptive Reuse Project in Huntington, West Virginia

by John Nelson December 19, 2023

HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.

December 19, 2023

Civic Development Florida Hospitality Mixed-Use Southeast

Balfour Beatty Tops Out Phase II of $1B Convention Center, Hotel Project in Fort Lauderdale

by John Nelson December 15, 2023

FORT LAUDERDALE, FLA. — Balfour Beatty has completed the vertical construction of the second phase of a $1 billion project to expand the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale. In addition to the 400,000-square-foot East Expansion Building, the phase includes the development of the 29-story, 801-room Omni Fort Lauderdale hotel. Upon completion, the East Expansion Building will comprise ballrooms, exhibit space and a kitchen to service the 1.5 million-square-foot convention center. Amenities at the hotel will include additional meeting and ballroom space, restaurants and a rooftop bar. Balfour Beatty is completing construction on behalf of the developer, Matthews Southwest. The project team also includes Nunzio Marc DeSantis Architects and Fentress Architects. Completion of the second phase is scheduled for late 2025.

December 15, 2023

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