Hospitality

Gatehouse Capital to Develop 132-Room Hilton-Branded Hotel in Oklahoma City

by Taylor Williams February 16, 2023

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.

February 16, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Arranges $18.2M Sale of Hotel in Treasure Island, Florida

by John Nelson February 14, 2023

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.

February 14, 2023

Acquisitions Colorado Hospitality Western

Silverwest Hotels Sells 113-Key Westin Extended-Stay Hotel in Basalt, Colorado

by Amy Works February 14, 2023

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.

February 14, 2023

Acquisitions Hospitality Mississippi Southeast

Hodges Ward Elliott Brokers Sale of 80-Room Hampton Inn Hotel in Canton, Mississippi

by John Nelson February 9, 2023

CANTON, MISS. — Hodges Ward Elliott has brokered the sale of an 80-room Hampton Inn hotel located in Canton, about 30 miles north of Jackson, Miss. B.J. Patel, Clint Hodges and Michael Brandes of Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. Built in 2004 along I-55, the Hampton Inn Canton hotel features a business center, outdoor pool, fitness center, complimentary breakfast and connecting rooms.

February 9, 2023

Acquisitions Arizona Hospitality Western

Holualoa Cos., LaPour Partners Sell AC Hotel Phoenix Biltmore by Marriott for $67.8M

by Amy Works February 8, 2023

PHOENIX — Holualoa Cos. and LaPour Partners have completed the disposition of the AC Hotel Phoenix Biltmore by Marriott in Phoenix. Nella Invest bought the asset for $67.8 million, or $423,750 per room. Located at 2811 E. Camelback Road, the five-story hotel features 160 rooms in a mix of traditional rooms and suites. Amenities include AC Kitchen & Lounge, a fitness center, business center, outdoor pool, sundry shop, guest laundry and more than 5,000 square feet of meeting space. The hotel was developed as part of a mixed-use project along with the Camelback Collective Office Building, which sold in July 2022. Co-developers Holualoa and LaPour Partners purchased the site in October 2016. Melvin Chu, John Strauss and Ben Geelan of JLL Hotels & Hospitality represented the seller, with Halo Hospitality and DCA Partners as advisors to the buyer. Azul Hospitality Group operates the hotel.

February 8, 2023

Development Hospitality Loans Utah Western

Sonnenblick-Eichner Co. Arranges $50M Construction Loan for The Lionsback Resort in Moab, Utah

by Amy Works February 8, 2023

MOAB, UTAH — Sonneblick-Eichner Co. has secured $50 million in construction financing for Phase I of Lionsback Resort, a 175-acre development in Moab. Situated adjacent to Canyonlands and Arches national parks, Lionsback’s $350 million, five-year development plans includes 188 single-family residences and a resort hotel. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. Moab is located in the eastern portion of Utah, near the Colorado border, Colorado River and Arches National Park.

February 8, 2023

California Development Hospitality Western

Paladin Equity Capital Acquires Land Parcel in San Bernardino for Everhome Suites Hotel Development

by Amy Works February 8, 2023

SAN BERNARDINO, CALIF. — Paladin Equity Capital has purchased a 1.7-acre land site at 898 E. Harriman Place in San Bernardino from Los Angeles-based NHOS Enterprises. The buyer plans to develop an Everhome Suites extended-stay hotel on the site. Slated to break ground in summer 2023, the 60,000-square-foot hotel will feature 117 apartment-style guest rooms with fully equipped kitchens and customizable space, including workstations, full-size closets, additional storage and spa-like bathroom. Onsite amenities include public spaces, a fitness center and a 24/7 self-service marketplace with a variety of food and beverage options. Brad Umansky and Paul Galmarini of Progressive Real Estate Partners represented the seller, while Kevin Barry of Irish Commercial Brokerage represented the buyer in the transaction.

February 8, 2023

Acquisitions Florida Hospitality Southeast

MCR Acquires Hilton Miami Airport Blue Lagoon Hotel for $118M

by John Nelson February 7, 2023

MIAMI — New York-based hotel owner-operator MCR has acquired the Hilton Miami Airport Blue Lagoon, a 508-room hotel in Miami. The seller and sales price were not disclosed, but the South Florida Business Journal reports that Park Hotels & Resorts sold the 14-story hotel to MCR for $118 million. Set within the Blue Lagoon business park, the waterfront hotel is located south of Miami International Airport and features four food-and-beverage outlets, an outdoor swimming pool and hot tub, complimentary airport shuttle, outdoor tennis and basketball courts, 24-hour fitness center, business center and 32,000 square feet of meeting space. Hilton Miami Airport Blue Lagoon is MCR’s second hotel in the Miami Airport submarket following the acquisition of the Hyatt Place Miami Airport East in December 2022, as well as the company’s 10th hotel in Florida.

February 7, 2023

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Brokers $7.1M Sale of Comfort Suites Hotel in Indianapolis

by Kristin Harlow February 7, 2023

INDIANAPOLIS — Marcus & Millichap has brokered the sale of a 70-room Comfort Suites hotel in Indianapolis for $7.1 million. Built in 2009, the three-story hotel is located near I-465 and the Indianapolis International Airport. Amenities include a business center, fitness center, indoor pool and complimentary breakfast. Scott Havericak and Robert Hunter of Marcus & Millichap represented the seller, Vinsar Hotels LLC. The duo also procured the buyer, Singh Estate LLC.

February 7, 2023

Acquisitions Hospitality New York Northeast

Hawkins Way, Vardë Acquire 655-Room Hotel in Midtown Manhattan

by Taylor Williams February 7, 2023

NEW YORK CITY — A joint venture between Hawkins Way Capital and Vardë Partners has acquired a 655-room hotel located at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. The 35-story, 406,261-square-foot building, which was shuttered at the time of sale, was originally constructed in 1922 and most recently housed a Marriott-branded operation. Jeffrey Davis, Gilda Perez-Alvarado, Stephany Chen and Bob Knakal of JLL represented the seller, global investment firm Deka Immobilien, in the transaction.

February 7, 2023

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