Hospitality

Marcus & Millichap Brokers Sale of 75-Room Hotel in Black River Falls, Wisconsin

by Jeff Shaw December 13, 2022

BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the sale of Comfort Inn and Suites Black River Falls I-94, a 75-room hotel property located in Black River Falls, approximately 45 miles northeast of La Crosse. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the seller, a private investor, in the transaction. Valliani and Gantman, with Todd Lindblom of Marcus & Millichap, also represented the buyer, an undisclosed private investor. Chris Gomes and Allan Miller of Marcus & Millichap also assisted the deal as brokers. The property, located on 6.8 acres at N6295 Holiday Drive, was originally built in 1997. The sales price was not disclosed.

December 13, 2022

Florida Hospitality Loans Southeast

JLL Arranges $110M Refinancing for Two Adjacent Beachfront Hotels in Pensacola Beach, Florida

by John Nelson December 13, 2022

PENSACOLA BEACH, FLA. — JLL has arranged the $110 million refinancing for two adjacent beachfront hotels totaling 481 rooms in Pensacola Beach. The properties include the 275-room Hilton Pensacola Beach and the 206-room Holiday Inn Resort Pensacola Beach. Located at 12 and 14 Via De Luna Drive, both hotels have approximately 300 square feet of frontage along Pensacola Beach. Jeff Bucaro, Maddie Blount and Mark DesLauries of JLL’s Hotels & Hospitality team represented the borrower, Innisfree Hotels, in securing the five-year, fixed-rate loan with flexible repayment options through an unnamed regional bank. The loan proceeds were used to pay off a maturing CMBS loan that JLL secured 10 years ago. In addition, the loan included over $18 million for future capital improvements and $23 million of cash back to the sponsorship. This transaction represents over $500 million that JLL has secured on behalf of Innisfree Hotels.

December 13, 2022

Development Georgia Hospitality Southeast

Ascent Breaks Ground on Two New Hotels in Metro Atlanta Totaling 196 Rooms

by John Nelson December 9, 2022

SOUTH FULTON, GA. — Ascent Hospitality Management LLC has broken ground on two new hotels in South Fulton, approximately 20 miles southwest of Atlanta. Home2 Suites by Hilton will comprise 100 suites in studio and one-bedroom layouts and feature health and wellness amenities as well as work and meeting spaces. The second property, TownPlace Suites by Marriott, will feature 96 rooms furnished with full kitchens. Amenities will include a convenience store open 24 hours, a fitness center, swimming pool and an outdoor patio. The City of South Fulton estimates the new properties will drive $2 million of annual economic impact.

December 9, 2022

Development Hospitality Mixed-Use Multifamily Retail Texas Top Stories

Inspire Development Begins Construction of $2B Mixed-Use Pearson Ranch Property in Austin, Texas

by Jeff Shaw December 9, 2022

AUSTIN, TEXAS — Austin-based Inspire Development has begun construction of Pearson Ranch, a $2 billion, 156-acre mixed use project located just off State Highway 45 in northwest Austin. The master plan for the project includes 48 acres of land for a corporate campus, including 2.6 million square feet of office space. Upon completion, the mixed-use property will also include approximately 200,000 square feet of retail, restaurant and community/cultural spaces; two hotels; thousands of residential units; and 30 acres of parks and green space. Phase I of Pearson Ranch will center on The Eden, an apartment community that will feature 306 one-, two- and three-bedroom units that will range in size from 672 to 1,511 square feet. Residences will be furnished with technology such as smart locks and thermostats, gas appliances, built-in kitchen islands with quartz countertops and in-unit washers and dryers. Residents will have access to amenities such as a fitness center, rooftop deck, coworking lounge, golf simulator, dog spa, community gardens, a three-acre park and a pool area with barbeque grills, day beds, cabanas and a bocce ball court. The general contractor for The Eden is NRP Group. The project’s architect is Austin-based Davies Collaborative. Vertical construction on The …

December 9, 2022

Acquisitions Hospitality New Jersey Northeast

Taconic Capital, HEI Buy 351-Room Hyatt Regency Jersey City Hotel

by Taylor Williams December 7, 2022

JERSEY CITY, N.J. — A partnership between New York City-based Taconic Capital Partners and HEI Hotels & Resorts has purchased the 351-room Hyatt Regency Jersey City hotel. The property was originally built in 2002 and has undergone $15 million in capital improvements since 2010. Amenities include a pool, fitness center, restaurant and lounge and 20,000 square feet of meeting and event space. Affiliates of Hyatt and Veris Residential sold the hotel for an undisclosed price. The new ownership will continue to enhance guestrooms and amenity spaces.

December 7, 2022

District of Columbia Hospitality Southeast

US Economy Adds 263,000 Jobs in November, While Hourly Wages Rise 0.6 Percent

by John Nelson December 5, 2022

WASHINGTON, D.C. — The U.S. economy added 263,000 jobs in November, and the unemployment rate remained unchanged at 3.7 percent, according to the U.S. Bureau of Labor Statistics (BLS). The employment gains beat Dow Jones economists’ expectations of 200,000 new jobs, reports CNBC. Meanwhile, average hourly wages jumped 0.6 percent for the month, according to the BLS, double the estimate of economists. Furthermore, the 5.1 percent annual growth in wages exceeded the expectation of 4.6 percent. CNBC also reports that the better-than-expected wage growth may put even greater pressure on the Federal Reserve to continue its path of rate hikes, which Fed officials have been signaling as likely ahead of the December Federal Open Markets Committee (FOMC) meeting. Many media outlets report that economists are expecting the central bank to boost the federal funds rate by 50 basis points before the end of the year, raising the target range to between 4.25 and 4.5 percent. However, some other media sources indicate that strong wage growth is another sign of inflation and could push the Fed to boost the rate by 75 basis points. Big gains in leisure and hospitality In November, the employment sector with the biggest surge was leisure and …

December 5, 2022

Acquisitions Hospitality Michigan Midwest

Bedrock Acquires 108-Room Roberts Riverwalk Hotel in Detroit’s East Riverfront Neighborhood

by Kristin Harlow December 5, 2022

DETROIT — Bedrock has acquired the Roberts Riverwalk Hotel located at 1000 River Place in Detroit’s East Riverfront neighborhood. The purchase price was undisclosed. The seller was Michael Roberts, a St. Louis-based business mogul, according to Crain’s Detroit Business. The 108-room hotel features 5,500 square feet of banquet and event space as well as 126 parking spaces. Bedrock says this acquisition aligns with its mission to further position the riverfront as an ideal site for sustainable urban development. In the East Riverfront area, Bedrock has previously purchased the former UAW-GM Center for Human Resources and a portfolio of properties previously owned by the Stroh family. Bedrock plans to make additional updates regarding the riverfront in 2023. Bedrock, the real estate arm of Rocket Mortgage founder Dan Gilbert, maintains a portfolio of more than 19 million square feet of office, retail and residential space.

December 5, 2022

Acquisitions California Hospitality Loans Retail Western

Marcus & Millichap Arranges $8.4M Acquisition Loan for Mixed-Use Asset in Glendale, California

by Amy Works December 5, 2022

GLENDALE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.4 million loan for the acquisition of a mixed-use property located at 202 E. Wilson Ave. in Glendale. The name of the borrower was not released. Bradley Buzil of MMCC’s West Los Angeles office secured the financing for the borrower. The 27,080-square-foot building features a 51-key hotel that can be converted into apartments and six ground-floor retail spaces.

December 5, 2022

Development Florida Hospitality Multifamily Southeast

Urban Network Capital Plans $170M Visions Orlando Residential Development

by John Nelson December 2, 2022

ORLANDO, FLA. — Urban Network Capital Group (UNCG) plans to break ground on Visions Orlando, a 42-acre residential and hospitality community in Orlando, in the second quarter of 2023. The $170 million project will feature three components: Illusions, Reflections and Inspirations. Illusions will feature 48 single-family homes in seven- and eight-bedroom layouts, with prices beginning at $799,000. Reflections will comprise 132 townhomes featuring five- and six-bedroom layouts. Pricing for the townhomes will start at $629,000. Inspirations will be the condo hotel component of the development, with 181 one- and two-bedroom units. Prices for these units will begin at $235,000. The property will feature the Disney Good Neighbor Program qualification for the condo hotel and the Disney Vacation Home Rental Program qualification for the single-family residences and townhomes. Initial completions are scheduled for the second quarter of 2024. A 12,000-square-foot clubhouse will feature amenities including a gym, Pilates rooms, yoga deck, steam room, sauna, restaurant, bar, lounges, movie theater, kids room, arcade, business center and driving simulators. Outdoor amenities will include a pool with a waterpark, Jacuzzis, hot tubs, cabanas, a playground, croquet lawn, golf putting, a bikeshare and tennis, volleyball and pickleball courts.

December 2, 2022

Acquisitions Hospitality Nevada Western

VICI to Buy Blackstone REIT’s Stake in MGM Grand Las Vegas, Mandalay Bay Resort in Las Vegas for $1.3B

by Amy Works December 2, 2022

LAS VEGAS — VICI Properties has entered into an agreement to purchase Blackstone Real Estate Trust’s (BREIT) 49.9 percent interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas. The joint venture between BREIT and MGM Growth Properties was originally formed in early 2020, before VICI’s acquisition of MGM in 2021. VICI will acquire the stake for $1.3 billion and assume BREIT’s pro-rata share of the existing $3 billion property-level debt. The deal is expected to close early in first-quarter 2023. Combined the properties total 18 million square feet, with 11,000 guest rooms, 321,000 square feet of gaming space and 3 million square feet of exhibit and meeting space.

December 2, 2022

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