Hospitality

Altus Realty to Convert Downtown D.C. Office Building Into Mint House Flexible Rental Space

by John Nelson July 26, 2023

WASHINGTON, D.C. — Altus Realty plans to convert an 11-story office building located at 1010 Vermont Ave. NW into Mint House Downtown Washington, D.C. Set to open in early 2025, the property will encompass 85 apartment-style flexible rental units that Mint House will operate. The spaces will be designed for guests who need accommodations ranging from two days to two months. The rooms will range from studios to two-bedroom units that will include a kitchen with a stove and dishwasher, as well as washers/dryers and work spaces. Amenities will include an onsite fitness facility, meeting space and a café. Altus Realty plans to begin repositioning the former office building this fall. The property is situated near a Metro station, McPherson Square Park, The White House and DuPont Circle. This will be the first location in downtown D.C. for Mint House, which operates 25 flexible rental destinations in 16 states. Mint House recently opened locations in Dallas; Birmingham, Ala., and St. Petersburg, Fla.

July 26, 2023

Acquisitions Hospitality Texas

Paceline Equity, ESR Group Acquire 304-Room Marriott-Branded Hotel in Plano

by Taylor Williams July 21, 2023

PLANO, TEXAS — A partnership between Dallas-based Paceline Equity Partners and ESR Group has acquired the 304-room Renaissance Dallas at Plano Legacy West Hotel. Completed in 2017 by Sam Moon Group in conjunction with the launch of the larger Legacy West mixed-use development, the hotel offers a rooftop pool and bar, 35,000 square feet of meeting and event space and a 474-space dedicated parking garage. The seller and sales price were not disclosed. The new ownership assumed the existing fixed-rate debt on the property as part of the deal.

July 21, 2023

Florida Hospitality Loans Southeast

JLL Arranges $145M Refinancing Loan for Hotel Portfolio in Metro Orlando

by John Nelson July 18, 2023

WINTER GARDEN, FLA. — JLL has arranged a $145 million loan for the refinancing of a four-property hotel portfolio in the Orlando suburb of Winter Garden totaling nearly 1,000 rooms. Gregg Shapiro and Barnett Wu of JLL arranged the financing through Aareal Capital Corp. on behalf of the borrower, Doradus Partners, and its management affiliate, Yedla Hotels. The hotels in the portfolio includes: the 223-room Residence Inn by Marriott (2111 Flagler Ave.); the 273-room Fairfield Inn & Suites by Marriott (631 Flagler Ave.); the 272-room Home2 Suites by Hilton (341 Flagler Ave.); and the 229-room Homewood Suites by Hilton (411 Flagler Ave.). The hotels, which were delivered between January 2021 and January 2022, are situated near the western gate of Walt Disney World Resort.

July 18, 2023

Acquisitions California Hospitality Western

Meriwether Buys Morgan Run Club & Resort in Rancho Santa Fe, California

by Jeff Shaw July 18, 2023

RANCHO SANTA FE, CALIF. — Meriwether Cos. has acquired Morgan Run Club & Resort in the San Diego suburb of Rancho Santa Fe. The company plans to invest more than $25 million in renovating the resort and private club, including its racquet sports, golf, dining and hotel components. The renovation is scheduled over the next two to three years. The construction will occur in phases, allowing the resort to remain open. Planned enhancements include upgrades to the common areas in the dining, banquet and fitness spaces of the clubhouse; converting the existing spa into a communal recovery area; investments in the golf course irrigation, bunkering and re-grassing; construction of a new pool and casual dining outlet; renovation of the racquet sports area including the tennis, pickleball and sports courts; and an improved pool. The hotel will be completely revitalized with upscale exterior and interior room renovations, along with new management and operations.

July 18, 2023

Acquisitions Hospitality Michigan Midwest

Marcus & Millichap Brokers $1.8M Sale of Bliss Point Inn Hotel in New Buffalo, Michigan

by Kristin Harlow July 14, 2023

NEW BUFFALO, MICH. — Marcus & Millichap has brokered the $1.8 million sale of the Bliss Point Inn hotel in New Buffalo, which is located just north of the Indiana state border and along Lake Michigan. Located at 11539 O’Brien Court, the property includes 90 rooms. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both private investors. Chris Gomes and Allan Miller of Marcus & Millichap were also listed on the deal as supporting brokers. Steve Chaben, the broker of record in Michigan, assisted in closing the transaction.

July 14, 2023

Acquisitions Hospitality Maryland Southeast

District Hospitality Partners Acquires 225-Room Westin Annapolis Hotel

by John Nelson July 13, 2023

ANNAPOLIS, MD. — District Hospitality Partners has purchased Westin Annapolis, a 225-room hotel located in historic downtown Annapolis. The property, which underwent an extensive renovation in 2020, is situated along the Chesapeake Bay near the United States Naval Academy, Navy-Marine Corps Memorial Stadium and Maryland State House. The seller and sales price were not disclosed. Westin Annapolis features 13 meeting rooms totaling 19,000 square feet, an indoor pool and a fitness center. HEI Hotels & Resorts will continue to manage the hotel on behalf of District Hospitality, which plans to make renovations to the property’s bar, restaurant and lobby. Eastdil Secured arranged an undisclosed amount of acquisition financing through Wells Fargo Bank on behalf of the buyer.

July 13, 2023

Development Florida Hospitality Southeast

St. Joe Co. Opens 75-Room Hotel at Watersound Club in Panama City Beach, Florida

by John Nelson July 13, 2023

PANAMA CITY BEACH, FLA. — The St. Joe Co. has opened Camp Creek Inn, a 75-room hotel located at 684 Fazio Drive in Panama City Beach. The property is situated on the grounds of the developer’s Watersound Club, a private members club that features an 18-hole golf course, 11,000-square-foot wellness center, tennis courts, pickleball courts and a resort-style pool with a hot tub, lazy river, waterslide and the Bark N’ Brine dining venue. Camp Creek Inn features two dining venues, an outfitter shop, executive meeting rooms and locker rooms for use by hotel guests and Watersound Club members. The property is the fifth hotel that St. Joe Co. has opened this year.

July 13, 2023

Acquisitions Hospitality New Hampshire Northeast

Berkadia Negotiates Sale of 118-Room Residence Inn Hotel in Nashua, New Hampshire

by Taylor Williams July 13, 2023

NASHUA, N.H. — Berkadia has negotiated the sale of a 118-room Residence Inn hotel in Nashua, located in southern New Hampshire. The hotel offers a fitness center, indoor pool and complimentary breakfast. Denny Meikleham and John Kluh of Berkadia, along with Jeffrey White of Aries Commercial Real Estate, represented the seller, an entity doing business as Nashua TS Lodging LLC, in the deal. The buyer was also not disclosed.

July 13, 2023

Acquisitions Hospitality South Carolina Southeast

Hunter Hotel Advisors Arranges Sale of 179-Room Holiday Inn Hotel in Charleston

by John Nelson July 12, 2023

CHARLESTON, S.C. — Hunter Hotel Advisors has arranged the sale of Holiday Inn-Charleston Riverview, a 179-room hotel situated along the Ashley River in Charleston. The seller, Charlotte-based Park Place Hospitality Group, recently completed a full renovation to the hotel prior to the sale. A partnership led by Rick Patton of Rio Partners purchased the hotel for an undisclosed price. Robert Taylor and Sophia Pittaluga of Hunter’s Miami office represented Park Place Hospitality in the transaction.

July 12, 2023

Acquisitions Hospitality Louisiana Southeast

Marcus & Millichap Brokers $4.5M Sale of Travelodge Hotel in Metro New Orleans

by John Nelson July 11, 2023

HARVEY, LA. — Marcus & Millichap has brokered the $4.5 million sale of Travelodge by Wyndham – New Orleans, a 212-room hotel located in Harvey, roughly seven miles outside downtown New Orleans. Constructed in 1971 on 3.8 acres at 2200 Westbank Expressway, the hotel comprises 125,539 square feet. David Altman, Adam Sklaver and Philip Kates of Marcus & Millichap marketed the property, which sold in auction, on behalf of the seller, New York-based Hong Park.

July 11, 2023

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