GILBERT, ARIZ. — Sethi Management has completed the disposition of Hyatt Place Gilbert, a six-story hotel located at 3275 S. Market St. in Gilbert. HWC Hospitality acquired the asset for $19.5 million. Bill Murney and Jesse Heydorff of Cushman & Wakefield represented the seller in the deal. The hotel features 127 guest rooms, 1,100 square feet of event space, a 24-hour business center, express check-in/check-out and free onsite self-parking.
BRYAN, TEXAS — Hilco Real Estate has arranged the $9.9 million sale of the Tru by Hilton Bryan College Station, a 98-room hotel in Central Texas. The property was built on 2.6 acres in 2018 near the Texas A&M University campus and offers a fitness center, children’s play area, meeting and event space and a lobby bar/lounge. Keith Worsham of Hilco Real Estate represented the seller, Wealth Hospitality, in the transaction. The buyer was not disclosed.
ATLANTIC BEACH, N.C. — Marcus & Millichap has brokered the $18 million sale of Inn at Pine Knoll Shores, a 102-room oceanfront hotel located at 511 Salter Path Road in Atlantic Beach. Robert Hunter, Leo Reilly and McLean Hicklin of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Blue Water Development, a development, investment and management company based in Ocean City, Md. Benjamin Yelm, Marcus & Millichap’s North Carolina broker of record, assisted in closing the transaction. Built in 1973, the seven-story Inn at Pine Knoll Shores hotel is located along the Bogue Banks, a 21-mile barrier island on the Atlantic Ocean’s coast. Food-and-beverage options at the recently renovated hotel include Clamdigger Restaurant and a tiki bar, the Cutty Sark Lounge.
SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of a 108-unit Fairfield Inn & Suites hotel in the Central Texas city of San Marcos. The property was built on 2.8 acres in 2015 and features a pool, fitness center, meeting space and a convenience mart. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.
DENTON, TEXAS — Marcus & Millichap has arranged the sale of a two-property hotel portfolio totaling 180 rooms in the North Texas city Denton. The 88-room La Quinta Inn & Suites and the 92-room Holiday Inn Express & Suites were both built about 10 years ago and were recently renovated. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Dallas-based Angel Hospitality Group, in the transaction. The duo also procured the undisclosed buyer.
PETERSBURG, VA. — Cordish Cos. has announced plans for a $1.4 billion mixed-use project located in Petersburg, roughly 24 miles south of Richmond. Upon completion, the development, dubbed Live! Gaming & Entertainment District, will comprise 4 million square feet, including 600,000 square feet of retail, dining and entertainment space. The property will also include 1,300 residential units, 500 hotel rooms and office space. Built in phases, the project’s first phase will consist of the Live! Casino & Hotel Virginia, pending legislative approval. Plans for the 670,000-square-foot first phase include a 200-room hotel with 20 suites, an events center, 2,000 gambling slots, 60 live-action table games, food-and-beverage options and a sportsbook.
LAKE GEORGE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has negotiated the sale of The Lakefront Terrace Resort, a 73-room waterfront resort near Lake George in Upstate New York. The property, which was originally built in 1963 and recently renovated, offers a pool, private beach and a cabana bar and grill. Mitch Muroff of Muroff Hospitality represented the seller, a limited liability company, in transaction. The buyer was also an undisclosed limited liability company that purchased the asset for $7.4 million.
KISSIMMEE, FLA. — LV Lending has arranged an undisclosed amount of construction financing for Phase I of the expansion of Reunion Resort, a 2,226-acre resort community located in the Orlando suburb of Kissimmee. The borrower is Orlando Reunion Development LLC, a related company wholly owned by the same principle of Kingwood Orlando Reunion Resort LLC. The 31.6-acre expansion spans two contiguous parcels surrounding the property’s 10-acre Crystal Lagoon. The expansion will feature 1,800 vacation rental homes and townhomes and a hotel, as well as an amphitheater for events. The $1 billion expansion will take place over five phases and several years. Groundbreaking is slated to begin in 2024. Existing uses at Reunion Resort include thousands of luxury homes, villas and condominiums; three championship golf courses; seven food-and-beverage outlets; waterparks; 11 pools; a rooftop pool and private club faculty; and conference areas.
SPRINGFIELD, VA. — PREIT, a retail REIT based in Philadelphia, has received approval from the Fairfax County Board of Supervisors for the development of two empty land parcels at Springfield Town Center, a mixed-use campus located in Springfield, roughly 14 miles outside of Washington, D.C. Two separate entities are under agreement to purchase and develop the parcels. One of the buyers, Intermountain, will construct a 165-room hotel, and the other, Hanover, will build a 460-unit multifamily community. Together, the sales price for the two parcels totals approximately $20 million. Built in 2017, Springfield Town Center is anchored by a 1 million-square-foot mall housing Target, Regal Cinemas, Macy’s, JCPenney, LOFT, H&M and a food court, among other retailers.
