Hospitality

Plaza-Athenee-Nobu-Hotel-and-Spa-New-York

AWC, Nobu Hospitality to Develop 145-Room Luxury Hotel on Manhattan’s Upper East Side

by Katie Sloan June 15, 2023

NEW YORK CITY — A partnership between Asset World Corp. (AWC) and Nobu Hospitality has announced plans for Plaza Athenee Nobu Hotel and Spa New York, a 145-room luxury hotel development on Manhattan’s Upper East Side. Located on 64th Street between Park and Madison avenues, the hotel will offer suites with indoor and outdoor glassed terraces. The property will also offer a townhouse rental option. Unique amenities include a traditional Japanese onsen or bathing facility, as well as a spa and wellness center. The projected development cost was undisclosed. Plaza Athenee Nobu Hotel and Spa New York will also feature a Nobu restaurant offering an omakase experience — a form of Japanese dining in which guests leave their order up to the chef. The hotel will also include a bar and lounge, and a rooftop area for private parties with a panoramic view of the New York City skyline. Scheduled for completion in 2026, AWC will oversee the overall development of the project, along with its conceptualization and design. The partnership has also announced plans for the development of The Plaza Athenee Nobu Hotel and Spa Bangkok in Thailand. Thailand-based AWC is a real estate group focused on the development of hospitality …

June 15, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $6.4M Sale of Hotel in Vero Beach, Florida

by John Nelson June 14, 2023

VERO BEACH, FLA. — Marcus & Millichap has brokered the $6.4 million sale of Best Western Vero Beach, a 65-room hotel located at 9330 19th Lane in Vero Beach. The buyer, a private, undisclosed 1031 exchange investor, financed the acquisition with a bridge loan. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller, a partnership, in the transaction. The Best Western hotel is situated off I-95 near the Vero Beach Outlets, an outlet mall housing national retailers including LOFT and Columbia Factory Store. Hotel amenities include complimentary breakfast, guest laundry, an outdoor swimming pool and a fitness center.

June 14, 2023

Acquisitions Hospitality Northeast Pennsylvania

Hamister Group Acquires 104-Room Hilton-Branded Hotel in Newtown, Pennsylvania

by Taylor Williams June 13, 2023

NEWTOWN, PA. — Hamister Group, an investment firm based in Buffalo, has acquired a 104-room hotel in Newtown, located northeast of Philadelphia, that is operated under the Homewood Suites by Hilton brand. Built in 2010 and renovated in 2018, the hotel offers an indoor pool, fitness center, business center and meeting and event space. The seller and sales price were not disclosed.

June 13, 2023

Acquisitions Hospitality New York Northeast

Quadrum Global Acquires 147-Room Hotel in Brooklyn’s Williamsburg Area

by Taylor Williams June 12, 2023

NEW YORK CITY — Quadrum Global, the parent company of boutique hospitality brand Arlo Hotels, has acquired a 147-room property in Brooklyn’s Williamsburg area that was formerly operated as The Williamsburg Hotel. Upon rebranding, the hotel will be the fourth in New York City to operate under the Arlo brand. The eight-story hotel includes eight suites, a 10,000-square-foot rooftop pool and lounge and additional onsite food-and-beverage options. The opening of the rebranded hotel is slated for September.

June 12, 2023

Acquisitions Hospitality Illinois Midwest Minnesota

Hunter Hotel Advisors Brokers Sale of Four-Property Hotel Portfolio in Suburban Chicago, Minneapolis

by Kristin Harlow June 9, 2023

CHICAGO AND MINNEAPOLIS — Hunter Hotel Advisors has brokered the sale of a four-property hotel portfolio totaling 467 rooms in suburban Chicago and Minneapolis for an undisclosed price. Marquee Hospitality and Endeavor Hotels Inc. purchased the portfolio from Summit Hotel Properties. Spencer Davidson of Hunter represented the seller. The portfolio includes the Hilton Garden Inn Eden Prairie, Holiday Inn Express & Suites Minneapolis Minnetonka, Hyatt Place Chicago Lombard Oak Brook and Hyatt Place Chicago Hoffman Estates.

June 9, 2023

Acquisitions Florida Hospitality Southeast

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

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