Hospitality

CBL Properties, Vision Hospitality to Develop Element by Westin Hotel in Wilmington, North Carolina

by John Nelson January 18, 2023

WILMINGTON, N.C. — CBL Properties and Vision Hospitality Group have partnered to develop a 139-room Element by Westin hotel in Wilmington. The hotel will be part of Mayfaire Town Center, a 610,000-square-foot power retail center that CBL owns and manages. The center’s anchors and junior anchors include Belk, a 16-screen Regal movie theater, The Fresh Market, World Market, Pottery Barn, Ulta Beauty and Michael’s. Situated on International Drive, the new hotel will accommodate both short- and long-term stays with guestrooms that include kitchens and spa-inspired bathrooms. CBL and Vision, which are both based in Chattanooga, plan to raze a restaurant on the site to make way for the hotel, which is expected to open in spring 2024.

January 18, 2023

Acquisitions Hospitality Texas

Hunter Hotel Advisors Negotiates Sale of Two San Antonio Properties Totaling 277 Rooms

by Taylor Williams January 17, 2023

SAN ANTONIO — Hunter Hotel Advisors has negotiated the sale of two Marriott-branded properties in San Antonio. The Courtyard by Marriott and Fairfield Inn & Suites SeaWorld/Westover Hills feature a combined 277 rooms and are located on the city’s west side. An undisclosed, institutional investment firm sold the hotels to Florida-based IRAS Group for an undisclosed price. David Perrin of Hunter Hotel Advisors represented the seller in the transaction.

January 17, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $12.8M Sale of Oceanfront Hotel in Daytona Beach

by John Nelson January 17, 2023

DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $12.8 million sale of Boardwalk Inn and Suites, a 101-room hotel located at 301 S. Atlantic Ave. in Daytona Beach. Ahmed Kabani, Lucas Mondino and Kian McLean of Marcus & Millichap’s Kabani Hotel Group represented the seller, South Atlantic Hospitality Group, in the transaction. Kabani says the hotel fetched more than 10 offers during the marketing process. Catherine O’Brien of Marcus & Millichap’s Encino, Calif., office assisted the Kabani Hotel Group on the list side. The buyer was an entity doing business as HLOM LLC. Built in 1988, the oceanfront hotel features a fitness facility, outdoor pool, hot tub and direct beach access.

January 17, 2023

Acquisitions Hospitality Massachusetts Northeast

Electra America Acquires 190-Room Kimpton Nine Zero Hotel in Downtown Boston

by Taylor Williams January 13, 2023

BOSTON — Electra America Hospitality Group, a division of Florida-based private equity firm Electra America, has acquired Kimpton Nine Zero, a 190-room boutique hotel in downtown Boston. The new ownership plans to implement a $15 million capital improvement program and to rebrand the property as the Hotel AKA Boston Common. The deal traded off-market, and the seller and sales price were not disclosed.

January 13, 2023

Acquisitions Hospitality Massachusetts Northeast

JLL Negotiates Sale of 164-Room Marriott-Branded Hotel in South Boston

by Taylor Williams January 13, 2023

BOSTON — JLL has negotiated the sale of a 164-room Courtyard by Marriott hotel in South Boston. The six-story building was constructed in 2005 and offers a fitness center, business center, onsite restaurant, 625 square feet of meeting and event space and a 6,000-square-foot retail space. Alan Suzuki and Matthew Enright of JLL represented the seller, Pennsylvania-based Hersha Hospitality Trust, in the transaction. The buyer and sales price were not disclosed.

January 13, 2023

Development Hospitality Retail Texas

Universal Parks & Resorts Plans 97-Acre Theme Park, Hotel in Frisco

by Taylor Williams January 12, 2023

FRISCO, TEXAS — Universal Parks & Resorts has announced plans to open a new theme park on a 97-acre site in the northern Dallas suburb of Frisco. Universal, a division of Comcast Corp., also plans to develop a hotel at the site, which is located east of the Dallas North Tollway and north of Panther Creek Parkway. The proposed park will be smaller than the entertainment giant’s other resort destinations. In addition, the new venue will be designed to be more engaging for younger audiences and will offer interactive and playful shows, character meet and greets and unique merchandise. A construction timeline was not disclosed. In announcing the new park, Universal executives cited the region’s burgeoning population and strong track record of attracting new businesses as key reasons behind the move.

January 12, 2023

Development Hospitality Texas

LNR Partners Completes Renovation of 284-Room Hilton-Branded Hotel in Houston

by Taylor Williams January 11, 2023

HOUSTON — Florida-based investment firm LNR Partners has completed the renovation of The Chifley, a 284-room hotel in Uptown Houston that is part of the Tapestry Collection by Hilton family of brands. In addition to upgraded guestrooms, common areas and amenity spaces, the hotel now houses a new food-and-beverage concept called Rouse. Additional amenities include a 24-hour fitness center, outdoor pool and 8,000 square feet of meeting and event space. LNR Partners purchased the hotel in 2021, at which time it was operating under the Sheraton flag. Florida-based Driftwood Hospitality Management now oversees the hotel’s day-to-day operations.

January 11, 2023

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $26.7M Refinancing for Two Northern California Hotels

by Amy Works January 11, 2023

LAFAYETTE AND BODEGA BAY, CALIF. — Sonnenblick-Eichner Co. has arranged $26.7 million in non-cross collateralized, fixed-rate, first-mortgage financing for Woodside Hotel Group. The transaction will refinance debt on two hotels — Lafayette Park Hotel & Spa and The Lodge at Bodega Bay — in Northern California. The $15 million loan on Lafayette Park Hotel retired an existing life insurance company loan and provided for more than $4 million of capital to renovate guest rooms. The proceeds from the $11.7 million loan for The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership equity. A life insurance company provided both of the long-term, 10-year, fixed-rate, nonrecourse loans. Located in Lafayette, Lafayette Park Hotel & Spa is a full-service hotel with 138 guest rooms. The Lodge at Bodega Bay in Bodega Bay features 83 guest rooms; Drakes Sonoma Coast, a fine dining restaurant; Fireside Lounge, a 6,285-square-foot indoor and outdoor meeting space; and Sonoma Coast Spa and Fitness Center. Woodside Hotel Group owns and operates both properties as part of the Woodside Collection.

January 11, 2023

Arizona Development Hospitality Western

Nationwide Realty Investors Opens 237-Room Hilton at Cavasson Hotel in Scottsdale, Arizona

by Amy Works January 10, 2023

SCOTTSDALE, ARIZ. — Nationwide Realty Investors has opened Hilton at Cavasson, a hotel and event center in the master-planned Cavasson development in Scottsdale. Nationwide Realty Investors owns the hotel, which Columbus Hospitality Management operates. The six-story hotel features 237 guest rooms, resort-style amenities and a 15,000-square-foot event space. The full-service property also offers a top-floor event space and terrace, a coffee shop, fitness center, swimming pool and Desert Pony Tavern, a bar and restaurant.

January 10, 2023

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 188-Room Hotel Portfolio in Port Arthur, Texas

by Taylor Williams January 10, 2023

PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of a 188-room hotel portfolio in the East Texas city of Port Arthur. The 92-room Holiday Inn Express & Suites Port Arthur was constructed in 2010 and renovated in 2019, and the 96-room TownePlace Suites Beaumont Port Arthur was originally constructed in 2014. Both hotels are part of the Intercontinental Hotels Group (IHG) family of brands. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Texas-based Daugherty Property Group, in the transaction. The duo also procured the buyer, an out-of-state, 1031 exchange investor.

January 10, 2023

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