Hospitality

Hodges Ward Elliott Arranges Sale of Boutique 17-Room Hotel in Savannah’s Historic District

by John Nelson February 6, 2023

SAVANNAH, GA. — Hodges Ward Elliott (HWE) has arranged the sale of Hamilton-Turner Inn, a 17-room luxury boutique hotel located at 330 Abercorn St. in the Historic District of Savannah. Originally built in the late 1800s and repositioned for hospitality use in 1997, the inn features French Empire-style architecture and includes a parlor/sitting room, as well as a dining room that can serve up to 20 guests. Pete Dannemiller and Jeff Berkman of HWE brokered the sale on behalf of the undisclosed seller, which implemented a capital improvement plan at the property over the last several years. The buyer and sales price were also not disclosed.

February 6, 2023

Acquisitions Florida Hospitality Southeast Top Stories

JLL Arranges $835M Sale of Diplomat Beach Resort in Hollywood, Florida

by Taylor Williams February 6, 2023

HOLLYWOOD, FLA. — JLL has arranged the sale of Diplomat Beach Resort, a 1,000-room hotel located in the South Florida community of Hollywood. Brookfield Asset Management (NYSE: BAM) sold the beachfront property for $835 million, according to The Wall Street Journal. Diplomat Beach Resort is a twin-spired, 33-story hotel that sits on a 10-acre site. The property houses 200,000 square feet of meeting and event space, a 14,000-square-foot spa, eight restaurants and bars and multiple pools and cascading waterfalls. Guests also have access to kayak, paddleboard and jet ski rental services. The buyer, a joint venture between Credit Suisse Asset Management and Honolulu-based Trinity Fund Advisors, has entered into an agreement with Hilton Hotels & Resorts to operate the hotel under the chain’s Curio Collection by Hilton family of brands. According to the brokerage team, the deal marks the third-largest single-asset hotel sale in U.S. history by price. Diplomat Beach Resort underwent a $90 million capital improvement program in 2018. The Journal reports that the new ownership plans to make additional renovations and improvements to enhance the guest experience. Jeffrey Davis, Gregory Rumpel, Kevin Davis and Gilda Perez-Alvarado of JLL brokered the deal on behalf of the seller. The team …

February 6, 2023

Acquisitions California Hospitality Western

KSL Capital Partners Buys Five Boutique Hotels Along California’s Central Coast

by Amy Works February 2, 2023

AVILA BEACH, PISMO BEACH AND PASO ROBLES, CALIF. — An affiliate of KSL Capital has purchased the Martin Resorts Collection of five independent boutique hotels located along California’s Central Coast, midway between Los Angeles and San Francisco. Terms of the transaction were not disclosed. Totaling 346 rooms, the collection includes the 54-suite oceanfront Avila Lighthouse Suites in Avila Beach; the 70-suite oceanfront Pismo Lighthouse Suites and 100-room oceanfront Shore Cliff Hotel in Pismo Beach; and 89-room Paso Robles Inn and the 24-room The Piccolo in Paso Robles. KSL will invest in improvements across the collection, providing a greater suite of amenities and more ways to engage with the local communities. KSL Resort will manage each of the hotels.

February 2, 2023

California Development Hospitality Mixed-Use Restaurant Retail Top Stories Western

LRE & Cos., American Hospitality Services Unveil Plans for 11-Acre Mixed-Use Development in Roseville, California

by Jeff Shaw February 2, 2023

ROSEVILLE, CALIF. — LRE & Cos. and American Hospitality Services have unveiled full plans for Roseville Junction, a new mixed-use development in Roseville. The property will feature two hotels, three restaurants, an entertainment and sports complex and an outdoor gathering space. Roseville Junction will be built on an 11-acre site that is 20 miles northeast of Sacramento. The site is adjacent to Highway 65 near Interstate 80, and is located nearby many of the area’s vineyards and wineries, as well as new retail and shopping amenities such as the Roseville Galleria. A timeline for completion was not disclosed. The family- and pet-friendly outdoor gathering space will be called Social Connection and will offer guests a variety of food and beverage options, including craft brewery Fieldwork Brewing Co. The restaurants leases are currently under negotiation. The project’s entertainment and sports complex, The Electric Pickle, will include a bocce ball court and 10 pickleball courts. The Electric Pickle will also offer food options such as wood-fired pizzas, tacos, burgers and more. Guests will be able to place food and beverage orders through an app and have their food delivered by “food ambassadors” moving throughout the property. The two five-story, select-service hotels will be …

February 2, 2023

Acquisitions Arizona Hospitality Western

Sun Valley Hotels Buys 108-Key La Quinta Inn & Suites in Peoria, Arizona

by Amy Works January 31, 2023

PEORIA, ARIZ. — Toronto-based Sun Valley Hotels LLC has acquired La Quinta Inn & Suites at 16321 N. 83rd Ave. in Peoria. The name of the seller and acquisition price were not released. The hotel features 108 guest rooms, a heated outdoor pool, fitness center and Wi-Fi. Bill Murney of Cushman & Wakefield’s Hospitality team in Phoenix represented the seller in the deal.

January 31, 2023

Hospitality Loans Texas

MMCC Arranges $9.1M Loan for Refinancing of Hilton-Branded Hotel in McAllen, Texas

by Taylor Williams January 31, 2023

MCALLEN, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million CMBS loan for the refinancing of a Hilton-branded hotel in the Rio Grande Valley city of McAllen. The Hilton Garden Inn McAllen Airport was built in 2000 and totals 104 rooms. Robert Bhat of MMCC arranged the loan, which carried a five-year term, 30-year amortization schedule and a 65 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

January 31, 2023

Acquisitions California Development Hospitality Western

Weller Development Partners Buys 2,870-Acre Aetna Springs Resort in Napa Valley

by Amy Works January 30, 2023

POPE VALLEY, CALIF. — Weller Development Partners has acquired Aetna Springs, a 2,870-acre wine country resort in Pope Valley. Mosaic Real Estate Investors sold the asset for an undisclosed price. Located at 1600 Aetna Springs Road, the property has producing vineyards, a community clubhouse, a nine-hole golf course designed (currently closed, but minimally maintained), tennis courts, a swimming hole and 40 planned estate lots. Development plans include 70 guest cottages in the historic resort village, 18 glamping sites, expansion of the existing vineyards and construction of the estate homes. Additional plans include recreational activities on Lake Juliana, a full-service spa, recreational center, restaurants and a boutique winery. Six Senses will operate the resort upon completion. Aetna Springs’ history stems from its 19th century origins, when it was best known for its mineral hot springs and outdoor activities. The property is 16 miles north of downtown St. Helena, and its vineyards produce cabernet sauvignon, sauvignon blanc and petite syrah grapes that are sold to premier wine brands, including Rombauer, Frank Family, Duckhorn and The Prisoner. Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott of CBRE represented the seller in the deal.

January 30, 2023

Colorado Hospitality Loans Western

Flynn Properties Receives $30M in Financing for The Madeline Hotel in Telluride, Colorado

by Amy Works January 30, 2023

TELLURIDE, COLO. — Flynn Properties has received $30 million in financing for The Madeline Hotel, Auberge Resorts Collection, in Telluride. Jordan Angel, Jeffrey Bucaro and Ethan Habecker of JLL Capital Markets’ debt advisory team arranged the five-year, floating-rate loan through Värde Partners. The transaction refinances debt on the resort hotel. Originally built in 2009 and renovated in 2020 and 2021, The Madeline features 83 guest rooms and 56 separately owned condominiums. The hotel offers a spa, 24-hour fitness studio, outdoor retail plaza and Sky Terrace, which features an outdoor pool, two oversized spas, multiple fire pits and a bar. Onsite food and beverage outlets include Black Iron Kitchen & Bar and Timber Room. The hotel also offers ski-in/ski-out access to the 147 trails of the Telluride Ski Resort and curated experiences including heli-skiing, dog sledding, snowshoeing and ice climbing in the winter, and fly fishing, dirt biking, horseback riding and helicopter tours in the summer.

January 30, 2023

Acquisitions Hospitality Massachusetts Northeast

Wardman Group Sells 57-Room Hotel in Lenox, Massachusetts

by Taylor Williams January 30, 2023

LENOX, MASS. — The Wardman Group, a Baltimore-based boutique investment firm, has sold Seven Hills Inn, a 57-room hotel in Lenox, located in the Berkshires region of western Massachusetts. The property was built in phases between 1910 and 1950 and offers recently renovated guestrooms, a pool, outdoor lounge area and two onsite food-and-beverage establishments. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.

January 30, 2023

Acquisitions Hospitality Midwest Ohio

Spark GHC Acquires Hampton Inn Hotel in Downtown Cleveland

by Kristin Harlow January 27, 2023

CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.

January 27, 2023

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