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.
SAN ANTONIO — Winston Hotels, a North Carolina-based owner-operator, has completed an adaptive reuse project in San Antonio’s RiverWalk area. The project converted a former office building at 111 Soledad St. into a dual-branded hotel with 343 rooms across the Element by Westin (162 rooms) and AC by Marriott (181 rooms) brands. Guests at both hotels will have access to a fitness center, business center, 4,000 square feet of meeting and event space and a rooftop bar and lounge.
YONKERS, N.Y. — Virginia-based investment firm Excel Group has acquired the Hampton Inn & Suites Yonkers, a 150-room hotel located about 17 miles north of New York City. The property offers both traditional guestrooms and suites, and amenities include an indoor pool, fitness center, business center and meeting and event space. The seller and sales price were not disclosed.
COSTA MESA, CALIF. — Costa Mesa-based Boardwalk Investments Group, led by Gary Jabara and Debi Kroger, has received $245 million in financing for a portfolio of properties in California. John Chun, John Marshall, Jordan Leake and Spencer Seibring of JLL Retail Capital Markets Debt Advisory secured the permanent financing from four lenders. The portfolio includes: The Estate, a 22-acre hospitality and destination retail complex in downtown Yountville. The property features the 193-room Hotel Villagio, Vintage House and the five-bedroom Villa at The Estate. Aliso Creek Shopping Center, a 49,149-square-foot, 92-percent occupied retail center in Laguna Beach. Flower Hill Promenade, a 168,249-square-foot, 95.6-percent leased retail center in Del Mar. The Landing, a 44,289-square-foot, fully leased shopping center on the Balboa Peninsula in Newport Beach. 1810 State Street, a 99-unit mid-rise apartment complex in downtown San Diego’s Little Italy neighborhood. Restoration Hardware Yountville, a single-tenant wine vault and restaurant space in downtown Yountville.
NEW ORLEANS — Cronheim Mortgage has secured an undisclosed amount of acquisition financing for The California Building in downtown New Orleans. Originally an office building, the property has been converted to Class A multifamily, with units leased as a combination of both multifamily and short-term rentals due to the building’s advantage of holding a hotel license. The sponsor, Servio Capital, plans to convert the building to condos and sell units to both short-term rental investors and owner-occupants. An undisclosed lender provided the loan, which was underwritten at 75 percent loan-to-cost. The California Building is located adjacent to the French Quarter, Superdome and Tulane Medical Center.
For a little more than a year now, Americans have gone on a collective road trip, making up for time stolen during the lockdowns. In turn, that has fueled a rebound in the hotel industry, which was decimated in 2020 and much of 2021. Revenue per available room (RevPAR), a key measure of hotel profitability, is expected to end 2022 at an average of $93, up nearly 8 percent versus 2019, according to a hotel forecast update in late November by STR, a hospitality research organization based in Hendersonville, Kentucky. Meanwhile, the projected average occupancy of 62.7 percent will mark an increase of 5.1 percentage points over 2021, and the estimated average daily rate (ADR) of $148 will best last year’s number by $23, STR reports. Select service lodging properties in particular are helping to lead the recovery, says Steven J. Martens, chairman of NAI Martens, a Wichita-based commercial real estate brokerage that is one of five brands under the Martens Companies umbrella. “The majority of the midscale and upper midscale assets are very dependent upon leisure travel, and they are seeing a rebound throughout the country,” he adds. “Most good operators with strong hotel brands have seen very healthy …
HYANNIS, MASS. — Linchris Hotel Corp., a Massachusetts-based hospitality owner-operator, has acquired the 266-room Cape Codder Resort & Spa in Hyannis. The resort houses four food-and-beverage concepts, a waterpark, fitness center, indoor and outdoor pools, a pickleball court and 18,000 square feet of meeting and event space. Alan Suzuki and Matthew Enright of JLL represented the seller, Catania Hospitality Group, in the transaction. Greg LaBine and Amy Lousararian, also with JLL, arranged acquisition financing through HarborOne Bank on behalf of the buyer.
DANA POINT, CALIF. — Sonnenblick-Eichner Co. has arranged the sale of the fee simple interest in the Cannon’s Hotel development site in Dana Point. The former home of Cannon’s Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room hotel. A private investor acquired the asset for an undisclosed price. Located on a bluff-top overlooking the Dana Point Harbor and Marina, the site is one block south of Pacific Coast Highway and approximately 2.5 miles west of Interstate 5. The Dana Point Harbor and Marina features more than 2,400 boat slips, several restaurants and various marine-oriented activities. The harbor and marina are undergoing a $338 million revitalization, including the addition of approximately 110,000 square feet of destination retail, restaurant, hotel and office space. Todd Bedingfield and David Sonnenblick handled the transaction.