Hospitality

Crystal Investment Property Arranges Sale of 64-Room The Dalles Inn in Oregon

by Jeff Shaw April 25, 2023

THE DALLES, ORE. — Marcus & Millichap has arranged the sale of The Dalles Inn, a 64-room hotel in The Dalles, located along the Columbia River near the Washington border. The hotel is located at 112 W. 2nd St. along State Highway 30 near its intersection with Interstate 84. Michelle Kennedy of Crystal Investment Property represented the buyer, a limited liability company. David Tabata of Marcus & Millichap’s Portland office aided in closing this transaction. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office were also listed on the deal as supporting brokers, alongside Allan Miller in the firm’s Austin office. Details regarding the seller were not disclosed.

April 25, 2023

District of Columbia Hospitality Loans Southeast

Barings Provides $101.5M Refinancing for Dual-Brand Hotel in Downtown D.C.

by John Nelson April 21, 2023

WASHINGTON, D.C. — Barings has provided a $101.5 million bridge loan for the refinancing of the existing construction loan on the Courtyard/Residence Inn by Marriott in downtown Washington, D.C. The dual-brand hotel opened in November of 2018 and features 504 rooms. Located across from the Walter E. Washington Convention Center, the 11-story property was developed by Quadrangle Development Corp. and Capstone Development LLC. The hotel’s amenities include a restaurant, fitness center, convenience store, meeting space, kitchen and complimentary breakfast for guests, according to the hotel’s website.

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Acquisitions Colorado Hospitality Western

Chartwell Hospitality Sells Home2 Suites Hotel in Colorado Springs for $29M

by John Nelson April 20, 2023

COLORADO SPRINGS, COLO. — Chartwell Hospitality has sold the 119-room Home2 Suites by Hilton hotel in Colorado Springs for $29 million. The buyer was ARA US Hospitality Trust. The hotel is situated at the foothills of the Rocky Mountains near the Fort Carson military base and the Broadmoor Convention Center and Resort. The pet-friendly hotel features a 24-hour business center, meeting space, indoor heated pool and a combined fitness and laundry center.

April 20, 2023

Acquisitions Hospitality Texas

Partners Real Estate Arranges Sale of RV Park in Rockport, Texas

by Taylor Williams April 19, 2023

ROCKPORT, TEXAS — Partners Real Estate has arranged the sale of Shorty’s RV Park, a 30,056-square-foot property in Rockport, located near Corpus Christi in South Texas. The property at 716 S. Doughty St. includes a single-family home. Landan Dory and Eli Buck of Partners represented the seller, private investor Wanda Walker, in the transaction. The name and representative of the buyer were not disclosed.

April 19, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $47M Loan for Refinancing of Manhattan Hotel

by Taylor Williams April 19, 2023

NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $47 million loan for the refinancing of Hyatt House New York, a 150-room hotel in Manhattan’s Chelsea neighborhood. Beau Williams of Cronheim’s hospitality capital markets group led a team that arranged the five-year, fixed-rate loan on behalf of the borrower, locally based investment firm Lexin Capital. An undisclosed, New York-based bank provided the debt.

April 19, 2023

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

Shopoff Unveils 26-Acre Mixed-Use Redevelopment for Westminster Mall in Orange County

by Jeff Shaw April 19, 2023

WESTMINSTER, CALIF. — Shopoff Realty Investments has released plans to redevelop the Westminster Mall into a 26-acre mixed-use property. Located in the Orange County city of Westminster, the project will include housing, walkable green spaces, dining, retail and a hotel in place of the old Sears and Macy’s stores. Shopoff plans to break ground on the new project, named Bolsa Pacific at Westminster, in 2025. The entire transformation is set to include more than 1,000 apartments across three buildings; 100 for-sale townhomes; a 175-room hotel; 25,000 square feet of retail stores; a food hall; and 2.5 acres of green space, including an amphitheater, dog park, pickleball courts and food kiosks.

April 19, 2023

Acquisitions Hospitality Midwest Ohio

Marcus & Millichap Brokers Sale of Holiday Inn Express & Suites Hotel in Streetsboro, Ohio

by Kristin Harlow April 18, 2023

STREETSBORO, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Cleveland-Streetsboro hotel for an undisclosed price. The 68-room hotel is located in Streetsboro, a southeast suburb of Cleveland. The property, constructed in 1999, will continue operating as a Holiday Inn Express following a renovation. Alexandre Duong of Marcus & Millichap represented the seller, a limited liability company. Duong also procured the undisclosed buyer.

April 18, 2023

Development Hospitality Loans New York Northeast Retail

CBSK Development to Redevelop Historic Property in Queens

by Taylor Williams April 17, 2023

NEW YORK CITY — CBSK Development will redevelop the Jacob Riis Bathhouse, a historic building in the Rockaway Beach area of Queens that was originally constructed in 1932. The redevelopment will convert the 40,000-square-foot bathhouse into a 28-room boutique hotel with 1,247 square feet of retail and restaurant space and an outdoor concert venue that can accommodate up to 2,000 people. Procida Funding provided a $32.5 million construction loan for the project. A construction timeline was not disclosed.

April 17, 2023

California Development Hospitality Mixed-Use Retail Top Stories Western

LRE & Cos. Plans 10-Acre University Square Mixed-Use Development in Rocklin, California

by Jeff Shaw April 14, 2023

ROCKLIN, CALIF. — LRE & Cos. has unveiled plans for University Square, a 10-acre mixed-use development located at the intersection of Sunset Boulevard and University Avenue in Rocklin, a northeast suburb of Sacramento. The project is scheduled for completion by year-end 2025. University Square is slated to feature more than 20,000 square feet of retail space; 5,000 square feet of space for fast-food restaurants with drive-thrus; a 123-room Hilton Garden Inn hotel; a 10,000-square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. The site is adjacent to Estia Rocklin, a build-to-rent townhome community with 181 units. Across the street from University Square is William Jessup University, a private Christian university with more than 3,000 students. The project is just east of the 8,497-acre Sunset Area development. The Sunset Area plan is centered around a new California State University, Sacramento and Sierra College campus. “This part of Rocklin is seeing tremendous growth,” says Victor Chiang, vice president of development at LRE. “By prioritizing smart growth and responsible development practices, we can create something special that will stand the test of time.” Rocklin is home to Quarry Park, the city’s downtown community gathering space, offering rock climbing, paddle boats, and …

April 14, 2023

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