CHESTER, N.Y. — Marcus & Millichap has brokered the sale of an 80-room hotel in Chester, located near the New York-New Jersey border. The Holiday Inn & Suites Chester-Monroe-Goshen, which sold for $10.5 million, offers amenities such as an indoor pool, fitness center and a business center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
FRISCO, TEXAS — HALL Group has opened a 224-room hotel at HALL Park, the locally based firm’s flagship campus in Frisco that is currently in the midst of a $7 billion redevelopment. The hotel, which is operated under Marriott’s Autograph Collection family of brands, features 164 traditional guestrooms and 60 suites. Amenities include a rooftop pool and bar, fitness center, restaurant and lounge, 4,000-square-foot ballroom, patio overlooking Kaleidoscope Park and a “sanctuary” space that was crafted by B2 Design Co. Construction of the hotel began in 2022.
MIAMI — Atlanta-based Hunter Hotel Advisors has arranged a $35.5 million loan for the recapitalization of the Moxy Miami Wynwood, a 120-room hotel that opened in October. The developer of the eight-story hotel was a 50/50 joint venture between Baywood Hotels and Dolphin Capital Partners. Charlie Ryan and Adeel Amin of Hunter’s capital markets team arranged the loan through Synovus Bank on behalf of Baywood Hotels. Moxy Miami Wynwood is located at 255 N.W. 25th St. in the city’s Wynwood district. The 110,000-square-foot property includes two signature restaurants (Sparrow Italia and Casa Madera), as well as fitness center, event space and 49 parking spaces.
GREENPORT, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged the $25 million refinancing of two Long Island hotels. The Sound View Hotel and Harbor Front Inn are both boutique waterfront properties that are located in the North Fork community of Greenport. Both hotels offer a variety of accommodations, and Sound View also houses food-and-beverage establishments. The sponsor is Eagle Point Hotel Partners. The direct lender was not disclosed.
ATLANTA — Several key performance indicators are trending positively for the extended-stay hotel sector, according to research from Atlanta-based The Highland Group. Extended-stay hotels are lodging properties that have flexible rental options for guests, many of whom choose to rent for weeks or months at a time. In the fourth quarter of 2024, revenue per available room (RevPAR) and room revenue for the extended-stay sector increased by 3 percent and 6.1 percent year-over-year, respectively. Additionally, total occupancy in the fourth quarter hovered at 72.7 percent, which is the highest fourth-quarter occupancy rate in the past three years and a full 12 percentage points above the overall U.S. hotel sector. “Extended-stay demand growth in fourth-quarter 2024 was the largest quarterly increase in three years and well ahead of the accelerating gain in supply,” says Mark Skinner, partner at The Highland Group.
MESA, ARIZ. — HSL Properties has acquired two hotels in Mesa for a combined $50.2 million from Power Hotel Group. Bill Murney and Mike Montoya of Cushman & Wakefield’s Western Hospitality Advisory Group represented the seller. The portfolio includes a 180-room Sheraton, a 129-room Courtyard by Marriott, 15,000 square feet of retail space, a commercial laundry facility, a full spa and 18,000 square feet of meeting space, including an 11,000-square-foot ballroom.
NEW ORLEANS — LaPhair Capital Partners and former or current members of the NFL’s New Orleans Saints have partnered to invest in Maidstone New Orleans, a boutique hotel redevelopment located at 3522 Tulane Ave. in New Orleans’ Mid-City district. The involved NFL players include current Saints defensive end Cam Jordan, former quarterback Jameis Winston and former running back Mark Ingram. Local media outlets reported last summer that the hotel was formerly known as The Drifter Hotel and sold in an off-market transaction. Further details about the renovations and offerings of Maidstone New Orleans were not disclosed.
SONOMA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $5 million in refinancing for El Dorado Hotel, a boutique hotel in Sonoma. Bill Lanting arranged the financing with a national bank on behalf of the client, a California-based hospitality management and development group. Terms of the five-year, nonrecourse loan include a 6.9 percent interest rate with a 25 year-amortization. Located at 405 1st St. West, El Dorado Hotel offers 27 guest rooms. Built in 1880, the hotel was recently renovated in 2023. Amenities include a saltwater pool, semi-private balconies, a courtyard and a restaurant and bar.
WILMINGTON, DEL. — Pennsylvania-based MRA Group will develop a 127-room hotel in Wilmington, Del., that will be operated under the Residence Inn by Marriott brand. The hotel will be located on the 164-acre Chestnut Run Innovation & Science Park campus and will feature food service, a full-service bar and meeting/event spaces. Construction will begin this month. A tentative completion date was not announced. Gulph Creek Hotels will manage the property, which will be the first hotel constructed in the area in nearly three years, according to MRA Group.
MIAMI — A partnership locally based firm Mint Developers, hospitality owner-operator Sonesta International Hotels Corp. and property manager AD1 has unveiled plans for an $850 million hotel and residential project in downtown Miami. The James Hotel & Residences in Downtown Miami will comprise 336 fully furnished, for-sale residences and roughly 200 hotel rooms. At 82 stories, the project will be the tallest skyscraper in Miami upon completion, according to the developers. Construction is scheduled to begin in the first quarter of 2026 and to be complete by early 2028, with residential sales expected to launch in the second quarter of this year. Residents and hotel guests will have access to amenities such as a spa, private cabanas with plunge pools, snow and rain rooms and onsite dining. One of the property’s restaurants will include the highest elevation luxury bar in the Americas. The project will also feature a four-story private club where members will have access to the James Hotel. Financing details were not disclosed, but Daniel Berman, president and CEO of AD1, stated that the first round of funding has been secured and that Sonesta is directly contributing to the financing of the project. Berman also said that the project …