NEW YORK CITY — A joint venture between California-based Sabal Investment Holdings and global real estate companies Bsafal Inc. and Argo Real Estate has provided $64.5 million in financing for the 353-room LaGuardia Plaza Hotel in Queens. The borrower, Pennsylvania-based Synergy Hospitality Management, will use the proceeds to refinance existing debt and fund renovations to the guestrooms, common areas and amenity spaces. Moving forward, the hotel will be operated under the DoubleTree by Hilton brand. New Jersey-based intermediary Cronheim Mortgage arranged the loan.
CENTENNIAL, COLO. — KT Development has acquired a three-acre land site within Potomac Park & Industrial Complex in Centennial, just south of Denver. Paragon Financial Partners sold the plot for $1.2 million. The buyer plans to develop a WoodSpring Suites Hotel on the site. Slated for completion in late 2024, WoodSpring Suites Hotel will feature 122 guest rooms. The hotel is an extended-stay brand from Choice Hotels International Inc. Rick Egitto and Howard Schmidt of Avison Young represented the buyer, while Bo Pitto, Chris Schultz and James McGill of JLL represented the seller in the transaction.
MIAMI BEACH, FLA. — Rentyl Resorts plans to develop a 44-unit boutique hotel at 2814 Collins Ave. in Miami Beach. Upon completion, the hotel will feature ground-level restaurants and entertainment venues, as well as direct beach access. The project is a partnership between Rentyl, DaVinci Hospitality Group and Ferrari Group. The construction timeline and name for the new hotel were not disclosed.
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.
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.
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.
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.
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.
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.
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.