AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of an 86-room hotel in North Austin. The Best Western Plus Executive Residency Austin — Round Rock was built on 2.7 acres in 2019 and offers amenities such as a pool, fitness center and onsite laundry facilities. Chris Gomes of Marcus & Millichap represented the seller in the transaction and procured the buyer with support from Allan Miller of Marcus & Millichap. Both parties requested anonymity.
SAN DIEGO — Driftwood Capital has obtained $37.9 million in construction financing for the development of Element by Westin Mission Valley, an extended stay hotel in San Diego’s Mission Valley neighborhood. Upon completion, the hotel will feature 148 suite-style rooms, more than 5,000 square feet of meeting and event space, a fitness center, courtyard, lobby bar and lounge and a restaurant. Situated on 1.5 acres, The Element by Westin Mission Valley is slated for completion by the end of 2026. Driftwood Capital currently owns the adjacent hotel, Marriott Mission Valley, which was purchased in 2019 with the adjacent development parcel with the plans to renovate the existing property and later develop an extended-stay hotel that would benefit from Marriott’s amenities, resort-style pool and parking. Jordan Ray, Jamie Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank for the sponsor, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality properties.
FISHERS, IND. — AC Hotels by Marriott has committed to opening its first Indiana location at The Union at Fishers District in the Indianapolis suburb of Fishers. Thompson Thrift is the master developer of Fishers District. Local hotelier Dora Hospitality will own and operate the 135-room hotel. Seated on top of approximately 15,000 square feet of retail space, the property will feature meeting space, fitness equipment and European-inspired beverage and food offerings in the AC Lounge and AC Kitchen. The Union is one of five developments within the Fishers District. In addition to the AC Hotel, the mixed-use development will incorporate approximately 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment units and 70,000 square feet of Class A office space. Construction of The Union is expected to begin this quarter. Thompson Thrift is actively negotiating leases on the remaining 30 percent of retail space and has signed leases with restaurants such as Piedra, Niku Sushi, Kitchen Social, Everbowl and Racha Thai. Thompson Thrift began work on the Fishers District in 2015. Once completed the $750 million development will span 123 acres with an array of multifamily, townhome, hotel, office, dining, shopping and entertainment options.
PEABODY, MASS. — A partnership between Utah-based developer PEG Cos., Houston-based McNair Interests and Simon Property Group has broken ground on a 142-room hotel in Peabody, located northeast of Boston. The hotel will be situated on a 2.7-acre site within Northshore Mall, which Simon owns, and will be operated under the Residence Inn by Marriott brand. Amenities will include a fitness center, indoor pool and a conference room. The project team also includes DesignCell Architecture, civil engineer R.J. O’Connell & Associates and general contractor Callahan Construction. Completion is slated for fall 2026.
HOUSTON — Midway has completed the renovation of The Moran, a 244-unit hotel located within the local developer’s CITYCENTRE mixed-use destination in West Houston. As part of the renovation, all guestrooms received furnishing, bedding, lighting and technology upgrades. In addition, the development team upgraded the hotel’s meeting and event spaces, as well as the lobby and front entrance areas, and introduced multiple new food-and-beverage concepts.
TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Courtyard by Marriott Airport Tucson, a hotel located at 25050 E. Executive Drive in Tucson. Terms of the transaction were not released. Built in 1988 and renovated in 2021, Courtyard Airport Tucson offers 149 guest rooms, an outdoor pool, a fitness center, business center, an on-site bistro and meeting space. The three-story hotel is located less than one mile from Tucson International Airport. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the undisclosed seller and secured the undisclosed buyer in the transaction. Allan Miller and Chris Gomes, also of Marcus & Millichap, assisted with the deal. Ryan Sarbinoff is the firm’s broker of record in Arizona.
BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills. Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space. One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces. The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy. One Beverly Hills will also include curated luxury retail and dining space to …
SEATTLE — Staypineapple has obtained $29.5 million in refinancing for The Maxwell Hotel, a 139-key boutique hotel in Seattle’s Queen Anne neighborhood. Adrienne Andrews and Jessica Mehra of JLL’s Hotels & Hospitality Group Debt Advisory team secured the 10-year, fixed-rate loan through a regional credit union for the borrower. Opened in 2010, the five-story property features spacious guest rooms with modern amenities, an indoor pool, fitness center and an onsite restaurant and bar, as well as 1,600 square feet of meeting space. The Maxwell Hotel is located at 300 Roy St., near the Seattle Center, Space Needle and Climate Pledge Arena.
NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $40 million loan for the refinancing of the 158-room Chelsean New York Hotel. The hotel is located at 160 W. 25th St. in Lower Manhattan and includes an onsite bar and restaurant known as The Rose. Beau Williams and Drew Gilligan of Cronheim arranged the debt through an undisclosed lender. The borrower, The Lam Group, will use a portion of the proceeds to fund capital improvements.
GALVESTON, TEXAS — Fertitta Hospitality, which is part of the entertainment empire of Houston Rockets owner Tillman Fertitta, has completed the multimillion-dollar renovation of the 241-room Hilton Galveston Island Resort in southeast Texas. The renovation upgraded the furniture, lighting fixtures, flooring and showers of all guestrooms. Meeting and event spaces received new carpets, chandeliers, wall coverings, lighting and seating fixtures, and the pool area and fitness center were also enhanced with new cabanas and equipment, respectively. Lastly, ownership introduced a new restaurant concept and remodeled and expanded the lobby bar.