Hospitality

MCR Purchases Three Central Florida Hotels Totaling 384 Rooms

by John Nelson June 8, 2023

NEW YORK CITY — MCR, the nation’s third-largest hotel owner-operator, has purchased three hotels in Central Florida totaling 384 rooms. The New York City-based investor acquired the assets, which include 169-room Hyatt Place Orlando/Lake Buena Vista in Orlando, the 111-room Hampton Inn Daytona Shores in Daytona Beach Shores and the 104-room Courtyard Marriott DeLand Historic Downtown in DeLand, for an undisclosed price. The seller was also not disclosed. All three hotels include fitness centers, pools and complimentary Wi-Fi. The acquisition brings MCR’s Florida portfolio to 13 hotels.

June 8, 2023

Development Hospitality Washington Western

Simon Breaks Ground on Residence Inn at Northgate Station in Seattle

by Jeff Shaw June 6, 2023

SEATTLE — Simon Property Group (NYSE: SPG) has broken ground on Residence Inn by Marriott at Northgate Station, a hotel in Seattle. This will be the first hotel at Northgate Station, a mixed-use, transit-oriented development. The hotel will join the newly upgraded Northgate Sound Transit light rail station and Kraken Community Iceplex, the official training facility for the Seattle Kraken NHL team and regional hub for ice sports in the Pacific Northwest. Further details were not disclosed. Simon Property Group is a REIT focused on retail and mixed-use properties.

June 6, 2023

Acquisitions Hospitality Michigan Midwest

Alpine Realty Capital Brokers Sale of 137-Room Comfort Inn & Suites Hotel in Mt. Pleasant, Michigan

by Kristin Harlow June 6, 2023

MT. PLEASANT, MICH. — Alpine Realty Capital LLC, a member of Hotel Brokers International, has brokered the sale of the Comfort Inn & Suites and Conference Center in Mt. Pleasant, a city in central Michigan. The sales price was undisclosed. The 137-room hotel includes an adjacent 10,000-square-foot conference center and is situated near the main campus of Central Michigan University (CMU). The property is located on a 10-acre site that is leased from CMU. Further details of the sale were not provided.

June 6, 2023

Acquisitions Hospitality Texas Top Stories

Ryman Hospitality to Acquire JW Marriott San Antonio Hill Country Resort from Blackstone REIT for $800M

by John Nelson June 6, 2023

SAN ANTONIO — Ryman Hospitality Properties Inc. (NYSE: RHP) has entered into a definitive agreement with Blackstone Real Estate Income Trust Inc. (BREIT) to purchase the JW Marriott San Antonio Hill Country Resort for $800 million. The 640-acre resort opened in 2010 and includes 1,002 rooms and 268,000 square feet of indoor and outdoor meeting and event spaces. BREIT has owned the property since 2018. Ryman plans for the resort to continue to operate under the JW Marriott flag. The Nashville-based lodging and hospitality REIT now owns two of the largest group-oriented resorts in Texas, with the Gaylord Texan Resort & Convention Center in the Dallas suburb of Grapevine being the other. “We identified the JW Marriott Hill Country as an ideal acquisition target quite some time ago,” says Mark Fioravanti, president and CEO of Ryman Hospitality. “Located in an attractive and growing market with no emerging competitive supply, this beautiful resort is a natural complement to our existing Gaylord Hotels portfolio and offers significant opportunities to serve the group and leisure sides of our business.” “This sale, which generates approximately $275 million in profit over a five-year hold period through Covid, represents a terrific outcome for BREIT shareholders,” says Nadeem Meghji, head of Blackstone Real Estate …

June 6, 2023

Acquisitions Florida Hospitality Southeast

Service Properties Trust Purchases Nautilus by Arlo Hotel in Miami Beach for $165.4M

by John Nelson June 5, 2023

MIAMI BEACH, FLA. — Service Properties Trust, a hotel and retail REIT managed by Massachusetts-based RMR Group, has purchased Nautilus by Arlo, a 250-room hotel located at 1825 Collins Ave. in Miami Beach. Quadrum Global sold the beachfront hotel for $165.4 million. Paul Weimer, Christian Charre and Jennifer Jin of CBRE Hotels, along with Scott Ellman, Alyssa Kidd and Peter Flexner of Eastdil Secured, represented the seller in the transaction. Sonesta International Hotels Corp. will take over the operations of the eight-story hotel. Nautilus by Arlo features 50 suites and a two-bedroom penthouse, as well as a lobby with a coffeeshop, sunken lounge and a bar area. The hotel opened in 1951 and was renovated in 2015.

June 5, 2023

Acquisitions Development Hospitality Maryland Multifamily Southeast

Byrnes & Associates to Lead $18.5M Hotel-to-Multifamily Conversion Project in Downtown Baltimore

by John Nelson June 5, 2023

BALTIMORE — A group led by Byrnes & Associates Inc. has purchased Hotel RL Baltimore Inner Harbor located at 207 E. Redwood St. in downtown Baltimore. The locally based investment firm will lead the $18.5 million redevelopment strategy that will convert the 10-story hotel into a 130-unit apartment building. The units will comprise studios, “junior one-bedroom” and one-bedroom apartments spanning 400 to 800 square feet with modern furnishings. Byrnes & Associates expects to redevelop the building, which was first developed as an office building, and lease the units in 18 months. The development team includes Brad Byrnes and Kemp Byrnes of Byrnes & Associates; investors Jay Litke and Moe Krohn of Kove Group LLC who will be the general contractors performing all construction activities; and investor/asset manager Brendan Ferrara of Carm Capital LLC. Byrnes & Associates previously purchased and redeveloped the adjacent 225 and 233 E. Redwood St. buildings, which comprise a total of 90,000 square feet of office and retail space, including the reopening and rebranding of the historic Werner’s Diner & Pub.

June 5, 2023

Acquisitions Hospitality Oklahoma Texas

Park-Equities Negotiates Sale of 96-Room Hotel in Tulsa

by Taylor Williams June 5, 2023

TULSA, OKLA. — Miami-based hospitality brokerage firm Park-Equities has negotiated the sale of a 96-room hotel in Tulsa. The property originally opened as a Residence Inn and was operated under the Motel 6 brand at the time of sale. SL Capital purchased the property from an undisclosed seller. Park-Equities brokered the deal in conjunction with Jennifer Stein Real Estate.

June 5, 2023

Development Georgia Hospitality Southeast

Bridgeline Starts Construction of 45-Room Bridge Creek Inn in Clayton, Georgia

by Hayden Spiess June 1, 2023

CLAYTON, GA. — Ridgeline Investment Partners has broken ground on Bridge Creek Inn, a 45-room boutique hotel in Clayton. Situated on the corner of South Main Street and Derrick Street, the property will feature a coffee bar, restaurant and bar, as well as indoor and outdoor event venues. The project is a redevelopment of The Clayton Hotel, originally built at the site in the 1950s. The opening is scheduled for September of this year. The Indigo Road Hospitality Group has been tapped to manage the property on behalf of Ridgeline.

June 1, 2023

Acquisitions Hospitality New York Northeast

Bayrock Capital Acquires Holiday Inn Hotel in Queens for $76.5M

by Taylor Williams June 1, 2023

NEW YORK CITY — Long Island-based investment firm Bayrock Capital has acquired a 381-room Holiday Inn hotel located in the Long Island City area of Queens for $76.5 million. The 114,000-square-foot hotel, which is located at 37-10 10th St., opened in 2022 and offers a business center, fitness center and a convenience mart. Jake Blatter of KFIR Capital represented Bayrock Capital in the off-market transaction. The seller was New York-based owner-operator McSam Hotel Group.

June 1, 2023

Acquisitions Florida Hospitality Southeast

CBRE Brokers $15M Sale of Greenview Hotel in Miami Beach, Florida

by Hayden Spiess May 30, 2023

MIAMI BEACH, FLA. — CBRE has brokered the $15 million sale of Greenview Hotel, a 45-room boutique hotel located at 1671 Washington Ave. in Miami Beach. Natalie Castillo and Austin LaPoten of CBRE Hotels represented the seller, an entity doing business as Greenview Hotel LLC, in the transaction. The buyer was a private investor with other South Florida hotels in its portfolio.

May 30, 2023

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