Hospitality

Gettys Group Breaks Ground on $45M Hotel Renovation in Downtown Fort Worth

by Taylor Williams January 19, 2023

FORT WORTH, TEXAS — The Gettys Group Cos., a Chicago-based hotel design and development firm, has broken ground on the $45 million renovation of the 403-room Sheraton Fort Worth Downtown Hotel. The hotel originally opened in 1974 and also offers 25 suites. The capital improvement program will upgrade all the bedding, furniture and bathrooms of all guestrooms and expand the number of suites to 37. In addition, the project team will upgrade the entryway, lobby and amenity spaces, which include private and conference-style workspaces and 30,000 square feet of event space. Lastly, ownership will introduce a revamped lineup of food-and-beverage offerings. Completion is slated for the fall. Dallas-based HKS Architects designed the renovation, and an entity doing business as 1701 Commerce Acquisitions owns the property.

January 19, 2023

Courtyard-by-Marriott-Dallas-Grand-Prairie

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 120-Room Marriott-Branded Hotel in Grand Prairie, Texas

by Taylor Williams January 19, 2023

GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Courtyard by Marriott Dallas Grand Prairie, a 120-room hotel located roughly midway between Dallas and Fort Worth. The four-story hotel was completed in 2021 and features a pool, fitness center, onsite restaurant and 2,000 square feet of meeting and event space. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Anderson Cos., in the transaction and procured the buyer, MCR Hotels. Pete Felhman of Marcus & Millichap Capital Corp. arranged an undisclosed amount of acquisition financing for the deal.

January 19, 2023

Development Hospitality Loans North Carolina Southeast

Artemis Provides $74.7M in Financing for Dual-Branded Hotel Project at Reston Town Center in Metro D.C.

by John Nelson January 19, 2023

RESTON, VA. — Artemis has provided $74.7 million in financing for the construction of a dual-branded Marriott AC Hotel and Residence Inn at Reston Town Center in Reston, approximately 20 miles northwest of Washington, D.C. Jamie Leachman and Chris Hew of JLL arranged the financing on behalf of the borrow and developer, The Donohoe Cos. Totaling 267 guest rooms and designed by Atlanta-based Cooper Carry Architects, the project will include a 120-room extended-stay Residence Inn and a 147-room boutique AC Hotel. Additionally, the development will feature 34,000 square feet of restaurant and retail space. Amenities will include a shared lobby, 8,000 square feet of meeting space, an indoor pool and a fitness facility. Completion of the project, which is already under construction, is scheduled for late 2024. Donohoe Hospitality will operate the hotels, and Complete Building Services will provide facilities management services.

January 19, 2023

Acquisitions Hospitality Massachusetts Northeast

CBRE Arranges $514M Sale of National Hotel Portfolio

by Taylor Williams January 18, 2023

BOSTON — CBRE has arranged the $514 million sale of a portfolio of 65 hotels totaling 7,865 rooms. The portfolio spans 27 states and numerous operating brands, including 14 Sonesta Simply Suites, 32 Sonesta ES Suites and 19 Sonesta Select hotels. The Midwest represents the largest segment of the portfolio with 20 hotels totaling 2,374 rooms, and the Northeast is second with 18 hotels totaling 2,347 rooms. Massachusetts-based REIT Service Properties Trust sold the assets to 21 separate buyers that mostly consist of family offices and private equity firms. Al Calhoun and Mark Fair of CBRE brokered the deal.

January 18, 2023

Development Florida Hospitality Southeast

Terra, Turnberry Select Balfour Beatty to Construct 800-Room Hotel in Miami Beach

by John Nelson January 18, 2023

MIAMI BEACH, FLA. — Locally based co-developers Terra and Turnberry have selected Balfour Beatty to construct the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District. The design-build team also includes Arquitectonica, Stonehill Taylor and EoA. Early site work at the property is now underway, with vertical construction anticipated to start this year and be completed in 2025. Grand Hyatt Miami Beach will include 12 floors of guest rooms and suites, four floors of meeting spaces and ballrooms that will complement the Miami Beach Convention Center, which will be connected to the hotel via a sky bridge. Hotel amenities will include a resort-style pool deck, restaurant, lobby lounge and bar and ground-level retail space.

January 18, 2023

Development Hospitality North Carolina Retail Southeast

CBL Properties, Vision Hospitality to Develop Element by Westin Hotel in Wilmington, North Carolina

by John Nelson January 18, 2023

WILMINGTON, N.C. — CBL Properties and Vision Hospitality Group have partnered to develop a 139-room Element by Westin hotel in Wilmington. The hotel will be part of Mayfaire Town Center, a 610,000-square-foot power retail center that CBL owns and manages. The center’s anchors and junior anchors include Belk, a 16-screen Regal movie theater, The Fresh Market, World Market, Pottery Barn, Ulta Beauty and Michael’s. Situated on International Drive, the new hotel will accommodate both short- and long-term stays with guestrooms that include kitchens and spa-inspired bathrooms. CBL and Vision, which are both based in Chattanooga, plan to raze a restaurant on the site to make way for the hotel, which is expected to open in spring 2024.

January 18, 2023

Acquisitions Hospitality Texas

Hunter Hotel Advisors Negotiates Sale of Two San Antonio Properties Totaling 277 Rooms

by Taylor Williams January 17, 2023

SAN ANTONIO — Hunter Hotel Advisors has negotiated the sale of two Marriott-branded properties in San Antonio. The Courtyard by Marriott and Fairfield Inn & Suites SeaWorld/Westover Hills feature a combined 277 rooms and are located on the city’s west side. An undisclosed, institutional investment firm sold the hotels to Florida-based IRAS Group for an undisclosed price. David Perrin of Hunter Hotel Advisors represented the seller in the transaction.

January 17, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $12.8M Sale of Oceanfront Hotel in Daytona Beach

by John Nelson January 17, 2023

DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $12.8 million sale of Boardwalk Inn and Suites, a 101-room hotel located at 301 S. Atlantic Ave. in Daytona Beach. Ahmed Kabani, Lucas Mondino and Kian McLean of Marcus & Millichap’s Kabani Hotel Group represented the seller, South Atlantic Hospitality Group, in the transaction. Kabani says the hotel fetched more than 10 offers during the marketing process. Catherine O’Brien of Marcus & Millichap’s Encino, Calif., office assisted the Kabani Hotel Group on the list side. The buyer was an entity doing business as HLOM LLC. Built in 1988, the oceanfront hotel features a fitness facility, outdoor pool, hot tub and direct beach access.

January 17, 2023

Acquisitions Hospitality Massachusetts Northeast

Electra America Acquires 190-Room Kimpton Nine Zero Hotel in Downtown Boston

by Taylor Williams January 13, 2023

BOSTON — Electra America Hospitality Group, a division of Florida-based private equity firm Electra America, has acquired Kimpton Nine Zero, a 190-room boutique hotel in downtown Boston. The new ownership plans to implement a $15 million capital improvement program and to rebrand the property as the Hotel AKA Boston Common. The deal traded off-market, and the seller and sales price were not disclosed.

January 13, 2023

Acquisitions Hospitality Massachusetts Northeast

JLL Negotiates Sale of 164-Room Marriott-Branded Hotel in South Boston

by Taylor Williams January 13, 2023

BOSTON — JLL has negotiated the sale of a 164-room Courtyard by Marriott hotel in South Boston. The six-story building was constructed in 2005 and offers a fitness center, business center, onsite restaurant, 625 square feet of meeting and event space and a 6,000-square-foot retail space. Alan Suzuki and Matthew Enright of JLL represented the seller, Pennsylvania-based Hersha Hospitality Trust, in the transaction. The buyer and sales price were not disclosed.

January 13, 2023

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