Hospitality

Vision Hospitality Breaks Ground on 184-Room Embassy Suites by Hilton Hotel in Downtown Chattanooga

by John Nelson May 3, 2023

CHATTANOOGA, TENN. — Locally based Vision Hospitality Group Inc. has broken ground on Embassy Suites by Hilton Chattanooga Downtown, a 184-room hotel located at the corner of Broad and 4th streets. Upon completion, the hotel will offer a rooftop bar, street-level bar and coffee area, restaurant and 5,000 square feet of meeting space. The site is blocks from the Tennessee Aquarium, Hunter Museum of American Art, National Medal of Honor Heritage Museum and Tennessee Riverpark. Humphreys and Associates Contractors LLC is planning for the $54 million project to debut in summer 2025. The hotel is one of 15 projects in the development pipeline for Vision Hospitality, which currently owns 16 hotels in the greater Chattanooga area.

May 3, 2023

Development Florida Hospitality Southeast Top Stories

Joint Venture Opens 255-Room Embassy Suites by Hilton Panama City Beach Resort

by Jeff Shaw April 28, 2023

PANAMA CITY BEACH, FLA. — A joint venture between The St. Joe Co., Hilton Worldwide Holdings Inc. (NYSE: HLT) and Key International have opened the Embassy Suites by Hilton Panama City Beach Resort, a 255-room resort overlooking the Gulf of Mexico. Located in the popular Florida Panhandle vacation town of Panama City Beach, the resort features one- and two-bedroom suites, including two-bedroom family suites and suites with bunk beds. The resort features a pool complex with a waterslide and hot tub, a fitness center, business center and approximately 15,500 square feet of meeting and event space. The property also includes two restaurants: Blu Bar & Grill, which will serve lunch and dinner, and Fin, which will provide guests with complimentary breakfast. Vue 55, a 3,800 square-foot open-air event venue on the fifth floor, will also be available for weddings and group functions. The resort is in the Pier Park shopping and entertainment district. According to the Panama City Beach website, Pier Park currently offers 124 stores, as well as restaurants such as Dick’s Last Resort and Hook’d Pier Bar and Grill, an IMAX theater and a Ferris wheel. “The location of this resort is unlike anything in the market,” says …

April 28, 2023

Acquisitions Hospitality Maine Northeast

Giri Hotels Acquires 249-Room Waterfront Resort in Ogunquit, Maine

by Taylor Williams April 27, 2023

OGUNQUIT, MAINE — Regional hospitality owner-operator Giri Hotels has acquired Anchorage by the Sea, a 249-room waterfront resort in Ogunquit, located in southern coastal Maine. The property offers amenities such as indoor and outdoor pools, reception and meeting rooms, outdoor lounges and gathering spaces and an onsite restaurant and bar. Wason Associates Hospitality Real Estate represented the undisclosed seller in the transaction.

April 27, 2023

Acquisitions Arizona Hospitality Western

Fortress Investment Group Sells JW Marriott Tucson Starr Pass Resort & Spa in Arizona for $110M

by Jeff Shaw April 26, 2023

TUCSON, ARIZ. — Fortress Investment Group has sold the 575-room JW Marriott Tucson Starr Pass Resort & Spa in Tucson for $110 million. The hotel is located at 3800 W. Starr Pass Blvd. The buyer was Southwest Value Partners. The JW Marriott Tucson Starr Pass Resort & Spa features three nine-hole golf courses; outdoor multi-level pools with lazy river and waterslide; private cabanas; hot tub; spa; and fitness center. The property also has 83,732 square feet of meeting and event space, including outdoor space, to host up to 3,300 guests. Christian Charre, Jennifer Bergamo, Paul Weimer and Jennifer Jin with CBRE Hotels represented the seller in the transaction.

April 26, 2023

Development Hospitality Midwest Missouri

Midas Completes $47M Residence Inn by Marriott Hotel in Clayton, Missouri

by Kristin Harlow April 26, 2023

CLAYTON, MO. — Midas Enterprises has completed a $47 million Residence Inn by Marriott hotel in the St. Louis suburb of Clayton. The project is the first new hotel to open in the city in 30 years, according to Midas. The extended-stay hotel rises 12 stories with 170 rooms. The development includes a second-floor lounge and ballrooms, 3,300 square feet of second-level meeting space with an outdoor terrace and bar, complimentary breakfast, a 1,500-square-foot fitness center and guest laundry. Investors included Hermann Cos. and Peoples Bank. The project team included SSC Engineering, CECO Concrete Construction Inc. and Castle Contracting LLC. Midas deployed all four of its divisions — Midas Capital, Midas Construction, Midas Hospitality and Midas Development — to complete the project.

April 26, 2023

Acquisitions Hospitality Oregon Western

Crystal Investment Property Arranges Sale of 64-Room The Dalles Inn in Oregon

by Jeff Shaw April 25, 2023

THE DALLES, ORE. — Marcus & Millichap has arranged the sale of The Dalles Inn, a 64-room hotel in The Dalles, located along the Columbia River near the Washington border. The hotel is located at 112 W. 2nd St. along State Highway 30 near its intersection with Interstate 84. Michelle Kennedy of Crystal Investment Property represented the buyer, a limited liability company. David Tabata of Marcus & Millichap’s Portland office aided in closing this transaction. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office were also listed on the deal as supporting brokers, alongside Allan Miller in the firm’s Austin office. Details regarding the seller were not disclosed.

April 25, 2023

District of Columbia Hospitality Loans Southeast

Barings Provides $101.5M Refinancing for Dual-Brand Hotel in Downtown D.C.

by John Nelson April 21, 2023

WASHINGTON, D.C. — Barings has provided a $101.5 million bridge loan for the refinancing of the existing construction loan on the Courtyard/Residence Inn by Marriott in downtown Washington, D.C. The dual-brand hotel opened in November of 2018 and features 504 rooms. Located across from the Walter E. Washington Convention Center, the 11-story property was developed by Quadrangle Development Corp. and Capstone Development LLC. The hotel’s amenities include a restaurant, fitness center, convenience store, meeting space, kitchen and complimentary breakfast for guests, according to the hotel’s website.

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Acquisitions Colorado Hospitality Western

Chartwell Hospitality Sells Home2 Suites Hotel in Colorado Springs for $29M

by John Nelson April 20, 2023

COLORADO SPRINGS, COLO. — Chartwell Hospitality has sold the 119-room Home2 Suites by Hilton hotel in Colorado Springs for $29 million. The buyer was ARA US Hospitality Trust. The hotel is situated at the foothills of the Rocky Mountains near the Fort Carson military base and the Broadmoor Convention Center and Resort. The pet-friendly hotel features a 24-hour business center, meeting space, indoor heated pool and a combined fitness and laundry center.

April 20, 2023

Acquisitions Hospitality Texas

Partners Real Estate Arranges Sale of RV Park in Rockport, Texas

by Taylor Williams April 19, 2023

ROCKPORT, TEXAS — Partners Real Estate has arranged the sale of Shorty’s RV Park, a 30,056-square-foot property in Rockport, located near Corpus Christi in South Texas. The property at 716 S. Doughty St. includes a single-family home. Landan Dory and Eli Buck of Partners represented the seller, private investor Wanda Walker, in the transaction. The name and representative of the buyer were not disclosed.

April 19, 2023

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