TAMPA, FLA. — Walker & Dunlop has negotiated the $76 million sale of the DoubleTree by Hilton Tampa Rocky Point Waterfront, a 291-room hotel located on Tampa’s Rocky Point peninsula. The waterfront hotel was originally built in 1986 and recently underwent a $17.9 million renovation. Sean Reimer of Walker & Dunlop’s New York team represented the buyer, BlackPearl Hospitality LLC, in the transaction. Walker & Dunlop also arranged an undisclosed amount of acquisition financing for BlackPearl. The seller was not disclosed. The DoubleTree by Hilton hotel features an outdoor swimming pool, fitness center, onsite restaurant, business center, meeting rooms and complimentary Wi-Fi, according to the hotel website.
Hospitality
NEW TOWN, N.D. — Kraus-Anderson will complete a $95 million renovation of the 4 Bears Casino & Lodge in New Town with a new seven-story hotel. The property is located on the western shore of Lake Sakakawea between Minot and Williston. The project includes an 18,000-square-foot demolition of the existing two-story hotel, 108,000 square feet of new construction and 20,200 square feet of renovation space. Upon completion, the lodge will have 264 rooms. The new hotel tower will add 90 guest rooms, gaming, offices and a 3,100-square-foot sports bar with a dining room and gaming stations. There will also be a 2,500-square-foot ballroom, meeting rooms and a fine dining steakhouse. A new Sakakawea Spa will feature couples’ massage, a gift shop, fitness room and hair and nail salon. The original 4 Bears Motor Lodge opened in the 1970s with 40 rooms. In 1993, a casino was added. Over the years, there were various expansions and improvements, including restaurants, an event center, marina, RV park, water park, convenience store and River Willow gaming boat. The project team includes Wenaha Group, a Native-owned owner’s representative firm, and TBE Architects, a St. Louis-based and Native American-founded design firm. Demolition and site work is …
RENO, NEV. — Reno-based Bajwa Properties has purchased a two-property hospitality portfolio in Reno. Terms of the transaction were not released. The 229-room portfolio includes a 94-key Staybridge Suites and a 135-key Hilton Garden Inn. Located at 10559 Professional Circle, Staybridge Suites features a 24-hour business center, onsite meeting room with flexible space, an outdoor pool and a fitness center. Hilton Garden Inn, at 9920 Double R Blvd., offers an onsite restaurant, business center, fitness center, indoor pool and event space. Bill Murney and Steve Avanzino of Cushman & Wakefield represented the undisclosed seller in the deal.
iBorrow, Reuben Brothers Provide $86.7M Acquisition Loan for Standard Hotel in West Hollywood
by Amy Works
WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded a $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will use the loan to purchase 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.
iBorrow, Reuben Brothers Provide $86.7M Acquisition Loan for Standard Hotel in West Hollywood
by Amy Works
WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded an $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will purchase the 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.
WEEHAWKEN, N.J. — JLL has arranged the sale of a 372-room, Marriott-branded hotel portfolio in the Northern New Jersey community of Weehawken. The portfolio comprises the 208-key EnVue Autograph Collection Port Imperial and the 164-key Residence Inn Port Imperial. Both hotels opened within the last five years and are situated along the Hudson River, offering guests ferry access to Manhattan. JLL represented the seller, Veris Residential, in the transaction. Navika Capital Group purchased the portfolio for an undisclosed price.
AUBURN, ALA. — Birmingham, Ala.-based HPM has completed construction of the Tony and Libba Rane Culinary Science Center at Auburn University. The dual-purpose, 142,000-square-foot property houses learning environments for culinary students, as well as a boutique hotel, the 1856 teaching restaurant, brewery and a food hall. HPM served as program manager on the project and provided project management support for Auburn University Facilities Management during the pre-construction and construction phases. Auburn alumnus and board of trustees member Jimmy Rane helped kickstart the project with a $12 million gift dedicated to the building’s construction. The board later approved naming the facility in honor of his parents, Tony and Libba Rane. The property is situated at the corner of East Thach Avenue and South College Street in downtown Auburn. HPM also oversaw the construction of a $10 million, six-story parking garage nearby before breaking ground on the culinary facility in 2019. The design-build team for the property include architect Cooper Carry, facility operator Ithaka Hospitality Partners, the Auburn University Facilities Management department and general contractor Bailey-Harris Construction.
OKLAHOMA CITY — Dallas-based Gatehouse Capital will develop a 132-room hotel with OAK, a 20-acre mixed-use project in Oklahoma City by Veritas Development. The property will be branded as the Lively Hotel, which is part of the Hilton family of brands. Amenities will include a pool, onsite restaurant, rooftop bar, fitness center, 2,600 square feet of meeting and event space and 13,500 square feet of retail space. Nelson Worldwide is the project architect, and Vincit Constructors is the general contractor. Valor Bank provided construction financing. Sitework is underway, and construction is expected to last about 24 months.
TREASURE ISLAND, FLA. — Marcus & Millichap has arranged the sale of Treasure Bay Resort & Marina, an 83-room hotel located at 11125 Gulf Blvd. in Treasure Island, part of the Tampa Bay metro area. Ben Mallah, a private investor, purchased the hotel for $18.2 million in an all-cash transaction. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller in the deal. Treasure Bay Resort features a hurricane-resistant exterior, pool, Jacuzzi and a marina.
BASALT, COLO. — Silverwest Hotels and its partners have completed the disposition of Element Basalt – Aspen by Westin, an extended-stay hotel at 499 Market St. in Basalt, approximately 20 miles northwest of Aspen. Terms of the transaction were not released. The four-story Element Basalt Aspen features 113 guest rooms, an outdoor event lawn, 625 square feet of indoor meeting space, a fitness center, an indoor pool, outdoor hot tub, bike rentals, onsite laundry and complimentary breakfast. Silverwest developed the hotel, which opened in 2015. John Strauss, James Stockdale, Jason Schmidt and James Bermingham of JLL Hotels & Hospitality represented the seller and procured the buyer in the deal. Jim Curtin, Leon McBroom, Mike Huth and Shalin Patel of JLL Debt Advisory secured acquisition financing for the buyer.