SOUTHPORT, MAINE — The Wardman Group, a Baltimore-based boutique investment firm, has sold Ocean Gate Resort, a 65-room hotel in Southport, located in the southern coastal part of Maine. Guestrooms offer private balconies, and the amenity package consists of a pool, tennis and basketball courts, a minigolf course, fire pits and canoe/kayak rentals. 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.
FERNLEY, NEV. — California-based LRE & Cos. has announced plans to develop Fernley Promenade, a 13-acre mixed-use development along Interstate 80 in Fernley. The project will the first shopping center development in Fernley in over a decade. The first confirmed tenant for Fernley Promenade is a 98-room Home2 Suites by Hilton with a swimming pool and fitness center. The development will also feature three junior retail anchors, as well as various dining and shopping options. Retail space, ranging from 1,200 square feet to 20,000 square feet, is currently available for lease. The property can accommodate freestanding buildings with drive-thru, junior anchor and shop space. Shawn Smith and Sean Retzloff of Kidder Mathews will manage leasing for the property.
NEW YORK CITY — JLL has negotiated the sale of Mr. C Seaport, a 66-room boutique hotel in Manhattan’s Seaport District. The property reopened in 2018 following a renovation that converted the hotel from 72 rooms to 66. Jeffrey Davis, Stephany Chen and Harry Keeshan of JLL represented the seller, Atlantic Pearl Investments Inc., in the transaction. The buyer and sales price were not disclosed.
GULFPORT, MISS. — Marcus & Millichap has brokered the $4.4 million sale of a Super 8 Motel located in Gulfport along the Gulf of Mexico. Comprising 95 rooms, the property underwent a $1 million renovation in 2021, including installation of a new roof and air conditioning units in 75 rooms, interior and exterior painting and new signage. Ahmed Kabani, Lucas Mondino and Suraj Dalal of Marcus & Millichap represented the seller, an entity doing business as NH Hotel LLC, in the transaction. The team also secured and represented the buyer, Shreeji Hotels LLC, an individual trust. William Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction.
HOUSTON — Locally based multifamily developer CityStreet Residential has opened a 165-site RV park near Texas Medical Center in Houston. Jetstream RV Resort at The Med Center spans 15 acres at 2919 W. Orem Drive, about 10 miles south of the downtown area. Amenities include a pool, clubhouse, outdoor grilling and dining areas, fitness center, business center, beer garden, putting green, dog wash, shuffleboard courts, onsite laundry facilities and a playground.
FORT WORTH, TEXAS — The Gettys Group Cos., a Chicago-based hotel design and development firm, has broken ground on the $45 million renovation of the 403-room Sheraton Fort Worth Downtown Hotel. The hotel originally opened in 1974 and also offers 25 suites. The capital improvement program will upgrade all the bedding, furniture and bathrooms of all guestrooms and expand the number of suites to 37. In addition, the project team will upgrade the entryway, lobby and amenity spaces, which include private and conference-style workspaces and 30,000 square feet of event space. Lastly, ownership will introduce a revamped lineup of food-and-beverage offerings. Completion is slated for the fall. Dallas-based HKS Architects designed the renovation, and an entity doing business as 1701 Commerce Acquisitions owns the property.
GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Courtyard by Marriott Dallas Grand Prairie, a 120-room hotel located roughly midway between Dallas and Fort Worth. The four-story hotel was completed in 2021 and features a pool, fitness center, onsite restaurant and 2,000 square feet of meeting and event space. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Anderson Cos., in the transaction and procured the buyer, MCR Hotels. Pete Felhman of Marcus & Millichap Capital Corp. arranged an undisclosed amount of acquisition financing for the deal.
RESTON, VA. — Artemis has provided $74.7 million in financing for the construction of a dual-branded Marriott AC Hotel and Residence Inn at Reston Town Center in Reston, approximately 20 miles northwest of Washington, D.C. Jamie Leachman and Chris Hew of JLL arranged the financing on behalf of the borrow and developer, The Donohoe Cos. Totaling 267 guest rooms and designed by Atlanta-based Cooper Carry Architects, the project will include a 120-room extended-stay Residence Inn and a 147-room boutique AC Hotel. Additionally, the development will feature 34,000 square feet of restaurant and retail space. Amenities will include a shared lobby, 8,000 square feet of meeting space, an indoor pool and a fitness facility. Completion of the project, which is already under construction, is scheduled for late 2024. Donohoe Hospitality will operate the hotels, and Complete Building Services will provide facilities management services.
BOSTON — CBRE has arranged the $514 million sale of a portfolio of 65 hotels totaling 7,865 rooms. The portfolio spans 27 states and numerous operating brands, including 14 Sonesta Simply Suites, 32 Sonesta ES Suites and 19 Sonesta Select hotels. The Midwest represents the largest segment of the portfolio with 20 hotels totaling 2,374 rooms, and the Northeast is second with 18 hotels totaling 2,347 rooms. Massachusetts-based REIT Service Properties Trust sold the assets to 21 separate buyers that mostly consist of family offices and private equity firms. Al Calhoun and Mark Fair of CBRE brokered the deal.
MIAMI BEACH, FLA. — Locally based co-developers Terra and Turnberry have selected Balfour Beatty to construct the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District. The design-build team also includes Arquitectonica, Stonehill Taylor and EoA. Early site work at the property is now underway, with vertical construction anticipated to start this year and be completed in 2025. Grand Hyatt Miami Beach will include 12 floors of guest rooms and suites, four floors of meeting spaces and ballrooms that will complement the Miami Beach Convention Center, which will be connected to the hotel via a sky bridge. Hotel amenities will include a resort-style pool deck, restaurant, lobby lounge and bar and ground-level retail space.