Hospitality

Sam Moon Group Underway on 267-Room JW Marriott Hotel in Dallas Arts District

by Taylor Williams September 8, 2022

DALLAS — Locally based hospitality developer Sam Moon Group is underway on construction of a 267-room hotel in the Dallas Arts District that will operate under the JW Marriott brand. The 23-story hotel will be located at 800 N. Harwood St. and will house three food-and-beverage concepts, as well as a cocktail lounge, meeting and conference areas, a fitness center and a ballroom. Guests will also have access to a sky lobby on the 11th floor. HKS Inc. served as the project architect, with DPR Construction as the general contractor. Completion is slated for next spring. The hotel will be the first in Dallas to operate under the JW Marriott brand.

September 8, 2022

Alabama Florida Hospitality Loans Southeast

Mag Mile Capital Arranges $63M Refinancing of Gulf Coast Hotel Portfolio in Alabama, Florida

by John Nelson September 6, 2022

CHICAGO — Mag Mile Capital has arranged a $63 million CMBS loan for the refinancing of a portfolio of nine hotels in the Gulf Coast region of Alabama and Florida. The borrower is A&R Hospitality, an institutional hospitality owner and developer based in Gulf Shores, Ala. The direct lender was not disclosed. The 10-year loan features cash-out proceeds, a loan-to-value ratio of 60 percent, 30-year amortization schedule and four years of interest-only payments. The assets include five hotels in Gulf Shores: Beachside Resort Hotel, Motel 6, Quality Inn, Red Roof Inn and Staybridge Suites. The other four assets include Fairfield Inn & Suites in Orange Beach, Ala.; Home2 Suites in Daphne, Ala.; Home2 Suites in Mobile, Ala.; and Red Roof Inn in Pensacola, Fla.

September 6, 2022

Acquisitions Florida Hospitality Southeast

CBRE Brokers $59M Sale of Hotel Melby in Downtown Melbourne, Florida

by John Nelson September 6, 2022

MELBOURNE, FLA. — CBRE has brokered the sale of Hotel Melby, Tapestry Collection by Hilton, a new 180-room located at 801 E. Strawbridge Ave. in downtown Melbourne, a city on Florida’s Space Coast. An entity doing business as Nella Invest LLC purchased the property for $59 million, or $327,778 per room. Christian Charre, Paul Weimer, Jennifer Jin and Andrew Pastorino of CBRE represented the seller, a joint venture between Opterra Capital, Willow Street Capital, Duke Hospitality and LCP Group, in the transaction. Opened in April 2021, the 11-story hotel features a 360-degree-view rooftop restaurant and bar, coffee bistro, fitness center, more than 12,000 square feet of flexible meeting space and a parking garage. The design team for Hotel Melby included Welbro Construction, ODA Architecture and EoA Group.

September 6, 2022

Acquisitions Hospitality New Hampshire Northeast

JLL Brokers Sale of 102-Room Marriott-Branded Hotel in Portsmouth, New Hampshire

by Taylor Williams September 6, 2022

PORTSMOUTH, N.H. — JLL has brokered the sale of a 102-room Marriott-breanded hotel in Portsmouth, located in the southern coastal part of the Granite State. The Fairfield Inn Portsmouth Seacoast underwent a renovation in 2015-2016 and offers a business center, fitness center, outdoor pool and a sundry store. Alan Suzuki, Matthew Enright, Emily Zhang and Miranda Guajardo of JLL represented the seller, a joint venture between funds managed by Contrarian Capital Management and Waramaug Hospitality, in the transaction. The buyer was not disclosed.

September 6, 2022

Development Hospitality Loans Texas

HALL Structured Finance Provides $15.3M Construction Loan for Shenandoah, Texas Hotel

by Taylor Williams September 2, 2022

SHENANDOAH, TEXAS — Dallas-based private lender HALL Structured Finance (HSF) has provided a $15.3 million construction loan for a new Hampton Inn & Suites hotel in Shenandoah, about 40 miles north of Houston. The five-story, 106-room hotel will house a fitness center, lobby workstation, outdoor pool, dining area with a full bar and more than 1,000 square feet of meeting and event space. The borrower, Texas-based hospitality developer K&K Hotel Group, expects to complete construction in late 2023. Matt Mitchell of HSF originated the financing.

September 2, 2022

Acquisitions Hospitality Massachusetts Northeast

JLL Brokers Sale of 126-Room Marriott-Branded Hotel in Woburn, Massachusetts

by Taylor Williams September 2, 2022

WOBURN, MASS. — JLL has brokered the sale of the 126-room Fairfield Inn Boston Woburn/Burlington hotel, located north of the state capital. The property underwent a renovation in 2015-2016 and offers a business center, fitness center, outdoor pool and a sundry store. Alan Suzuki, Matthew Enright, Emily Zhang and Miranda Guajardo of JLL represented the seller, a joint venture between funds managed by Contrarian Capital Management and Waramaug Hospitality, in the transaction. The buyer was not disclosed.

September 2, 2022

Acquisitions California Hospitality Western

Pebblebrook Sells Hotel Spero in San Francisco for $71M

by Amy Works August 29, 2022

SAN FRANCISCO — Pebblebrook Hotel Trust has completed the sale of Hotel Spero, located at 405 Taylor St. in San Francisco. An undisclosed third party acquired the asset for $71 million. The hotel features 236 guest rooms. Proceeds of the sale will be used for general corporate purposes and reducing Pebblebrook’s outstanding debt associated with recent hotel acquisitions.

August 29, 2022

Acquisitions Hospitality Maryland Southeast Top Stories

VICI Properties, Century Casinos Agree to Acquire Rocky Gap Casino Resort in Flintstone, Maryland for $260M

by Jeff Shaw August 26, 2022

FLINTSTONE, MD. — New York City-based VICI Properties Inc. (NYSE: VICI) and Century Casinos Inc. (NASDAQ: CNTY) have entered into a definitive agreement to acquire the operations of Rocky Gap Casino Resort from Golden Entertainment Inc. for approximately $260 million. Rocky Gap is situated along Lake Habeeb in Flintstone, located in the western panhandle of Maryland between Pennsylvania and West Virginia. It offers a casino, hotel, conference center, comedy club, five food-and-beverage venues, 5,000 square-foot events center, 18-hole golf course designed by Jack Nicklaus, spa, indoor pool, fitness center, pro shop and multiple outdoor recreational activities. The casino comprises more than 25,000 square feet of gaming floor, 630 slot machines, 16 table games and two casino bars. The hotel offers 198 rooms. The seller recently invested $10 million in renovations to its hotel, slot machines, restaurants and sports lounge. “We are looking forward to working with the Maryland Lottery and Gaming Control Agency to obtain gaming approvals and with the casino leadership and team members to effect a smooth transition and great future for Rocky Gap,” say Erwin Haitzmann and Peter Hoetzinger, Co-chief executive officers of Century Casinos. VICI Properties will acquire an interest in the land and buildings associated with Rocky Gap for …

August 26, 2022

Acquisitions Colorado Hospitality Western

Stockdale Capital Partners Buys 100-Room The Source Hotel in Denver for $61.9M

by Amy Works August 25, 2022

DENVER — Stockdale Capital Partners has acquired The Source, a hotel located in Denver’s River North Arts District, for $61.9 million. The transaction also included a 300-stall parking garage and 17,000-square-foot surface parking lot. The Source features 100 guest rooms, a full-service rooftop restaurant, 5,575 square feet of event space, a fitness center, rooftop pool and business center. Additionally, the hotel offers 44,000 square feet of onsite restaurant and retail space in its Market Hall I & II locations. Stockdale Capital plans to refresh guest rooms, re-imagine the rooftop restaurant, “activate the hotel lobby experience” and create additional revenue drivers for the hotel’s retail space. The name of the seller was not released.

August 25, 2022

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers $34M Sale of Two Hotels in Middletown, New York

by Taylor Williams August 22, 2022

MIDDLETOWN, N.Y. — Marcus & Millichap has brokered the sale of two hotels totaling 261 rooms in Middletown, located about 75 miles north of New York City in the Hudson Valley region. The Hampton Inn and Courtyard by Marriott sold for a combined price of $34 million. Andrew Kern and Jerry Swon of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured the locally based buyer. Both parties requested anonymity.

August 22, 2022

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