Hospitality

Universal Parks & Resorts Plans 97-Acre Theme Park, Hotel in Frisco

by Taylor Williams January 12, 2023

FRISCO, TEXAS — Universal Parks & Resorts has announced plans to open a new theme park on a 97-acre site in the northern Dallas suburb of Frisco. Universal, a division of Comcast Corp., also plans to develop a hotel at the site, which is located east of the Dallas North Tollway and north of Panther Creek Parkway. The proposed park will be smaller than the entertainment giant’s other resort destinations. In addition, the new venue will be designed to be more engaging for younger audiences and will offer interactive and playful shows, character meet and greets and unique merchandise. A construction timeline was not disclosed. In announcing the new park, Universal executives cited the region’s burgeoning population and strong track record of attracting new businesses as key reasons behind the move.

January 12, 2023

Development Hospitality Texas

LNR Partners Completes Renovation of 284-Room Hilton-Branded Hotel in Houston

by Taylor Williams January 11, 2023

HOUSTON — Florida-based investment firm LNR Partners has completed the renovation of The Chifley, a 284-room hotel in Uptown Houston that is part of the Tapestry Collection by Hilton family of brands. In addition to upgraded guestrooms, common areas and amenity spaces, the hotel now houses a new food-and-beverage concept called Rouse. Additional amenities include a 24-hour fitness center, outdoor pool and 8,000 square feet of meeting and event space. LNR Partners purchased the hotel in 2021, at which time it was operating under the Sheraton flag. Florida-based Driftwood Hospitality Management now oversees the hotel’s day-to-day operations.

January 11, 2023

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $26.7M Refinancing for Two Northern California Hotels

by Amy Works January 11, 2023

LAFAYETTE AND BODEGA BAY, CALIF. — Sonnenblick-Eichner Co. has arranged $26.7 million in non-cross collateralized, fixed-rate, first-mortgage financing for Woodside Hotel Group. The transaction will refinance debt on two hotels — Lafayette Park Hotel & Spa and The Lodge at Bodega Bay — in Northern California. The $15 million loan on Lafayette Park Hotel retired an existing life insurance company loan and provided for more than $4 million of capital to renovate guest rooms. The proceeds from the $11.7 million loan for The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership equity. A life insurance company provided both of the long-term, 10-year, fixed-rate, nonrecourse loans. Located in Lafayette, Lafayette Park Hotel & Spa is a full-service hotel with 138 guest rooms. The Lodge at Bodega Bay in Bodega Bay features 83 guest rooms; Drakes Sonoma Coast, a fine dining restaurant; Fireside Lounge, a 6,285-square-foot indoor and outdoor meeting space; and Sonoma Coast Spa and Fitness Center. Woodside Hotel Group owns and operates both properties as part of the Woodside Collection.

January 11, 2023

Arizona Development Hospitality Western

Nationwide Realty Investors Opens 237-Room Hilton at Cavasson Hotel in Scottsdale, Arizona

by Amy Works January 10, 2023

SCOTTSDALE, ARIZ. — Nationwide Realty Investors has opened Hilton at Cavasson, a hotel and event center in the master-planned Cavasson development in Scottsdale. Nationwide Realty Investors owns the hotel, which Columbus Hospitality Management operates. The six-story hotel features 237 guest rooms, resort-style amenities and a 15,000-square-foot event space. The full-service property also offers a top-floor event space and terrace, a coffee shop, fitness center, swimming pool and Desert Pony Tavern, a bar and restaurant.

January 10, 2023

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 188-Room Hotel Portfolio in Port Arthur, Texas

by Taylor Williams January 10, 2023

PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of a 188-room hotel portfolio in the East Texas city of Port Arthur. The 92-room Holiday Inn Express & Suites Port Arthur was constructed in 2010 and renovated in 2019, and the 96-room TownePlace Suites Beaumont Port Arthur was originally constructed in 2014. Both hotels are part of the Intercontinental Hotels Group (IHG) family of brands. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Texas-based Daugherty Property Group, in the transaction. The duo also procured the buyer, an out-of-state, 1031 exchange investor.

January 10, 2023

Acquisitions Arizona Hospitality Western

Sethi Management Sells Hyatt Place in Gilbert, Arizona to HWC Hospitality for $19.5M

by Amy Works January 9, 2023

GILBERT, ARIZ. — Sethi Management has completed the disposition of Hyatt Place Gilbert, a six-story hotel located at 3275 S. Market St. in Gilbert. HWC Hospitality acquired the asset for $19.5 million. Bill Murney and Jesse Heydorff of Cushman & Wakefield represented the seller in the deal. The hotel features 127 guest rooms, 1,100 square feet of event space, a 24-hour business center, express check-in/check-out and free onsite self-parking.

January 9, 2023

Acquisitions Hospitality Texas

Hilco Real Estate Arranges $9.9M Sale of Hilton-Branded Hotel in Bryan, Texas

by Taylor Williams January 5, 2023

BRYAN, TEXAS — Hilco Real Estate has arranged the $9.9 million sale of the Tru by Hilton Bryan College Station, a 98-room hotel in Central Texas. The property was built on 2.6 acres in 2018 near the Texas A&M University campus and offers a fitness center, children’s play area, meeting and event space and a lobby bar/lounge. Keith Worsham of Hilco Real Estate represented the seller, Wealth Hospitality, in the transaction. The buyer was not disclosed.

January 5, 2023

Acquisitions Hospitality North Carolina Southeast

Marcus & Millichap Brokers $18M Sale of Oceanfront Hotel in Atlantic Beach, North Carolina

by John Nelson January 5, 2023

ATLANTIC BEACH, N.C. — Marcus & Millichap has brokered the $18 million sale of Inn at Pine Knoll Shores, a 102-room oceanfront hotel located at 511 Salter Path Road in Atlantic Beach. Robert Hunter, Leo Reilly and McLean Hicklin of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Blue Water Development, a development, investment and management company based in Ocean City, Md. Benjamin Yelm, Marcus & Millichap’s North Carolina broker of record, assisted in closing the transaction. Built in 1973, the seven-story Inn at Pine Knoll Shores hotel is located along the Bogue Banks, a 21-mile barrier island on the Atlantic Ocean’s coast. Food-and-beverage options at the recently renovated hotel include Clamdigger Restaurant and a tiki bar, the Cutty Sark Lounge.

January 5, 2023

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 108-Unit Fairfield Inn & Suites Hotel in San Marcos

by Taylor Williams January 4, 2023

SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of a 108-unit Fairfield Inn & Suites hotel in the Central Texas city of San Marcos. The property was built on 2.8 acres in 2015 and features a pool, fitness center, meeting space and a convenience mart. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

January 4, 2023

Hospitality Loans New York Northeast

Taconic Capital Advisors Provides $95M Loan for Refinancing of Manhattan Hotel

by Taylor Williams January 3, 2023

NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.

January 3, 2023

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