MCALLEN, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.8 million acquisition loan for Casa de Palmas Hotel, a 165-room property located in the Rio Grande Valley city of McAllen. The property was built in 1918 and renovated in 2020. Robert Bhat of MMCC arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, a 10-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
CONSHOHOCKEN, PA. — A partnership between locally based firm Keystone Development + Investment and Concord Hospitality has completed Hotel West & Main, a 127-room project in Conshohocken, a northern suburb of Philadelphia. The hotel, which will be operated under the Tapestry Collection by Hilton brand, is located within the $340 million SORA West mixed-use development. The property houses two food and beverage options and is the first new hotel to open in Conshohocken in 22 years, according to the development team. SORA West is also home to AmerisourceBergen’s corporate headquarters campus.
TUCSON, ARIZ. — Lodge Partners has completed the disposition of The Lodge on the Desert, a hotel resort property located at 306 N. Alvernon Way in Tucson. Chicago-based Atira Hotels acquired the asset for an undisclosed price. Situated on five acres, The Lodge on the Desert offers 102 guest rooms. The property was first built in the 1934 as a residence and was converted to a guest ranch with seven rooms in 1936. The asset was expanded into a larger hotel property with the addition of deluxe guestrooms, a restaurant and outdoor space. Bill Murney and Jesse Heydorff of Cushman & Wakefield’s hospitality team in Phoenix represented the seller in the transaction.
DOWNERS GROVE, ILL. — A partnership between Frontier Development & Hospitality Group LLC, Sun Development & Management Corp. and 3H Group Inc. has acquired the 254-room Chicago Marriott Suites Downers Grove hotel. The seven-story hotel is located at 1500 Opus Place in the Chicago suburb of Downers Grove. Amenities at the property include 3,400 square feet of meeting space, indoor and outdoor pools, a fitness center, restaurant and bar, onsite parking and in-room dining. The hotel is scheduled to undergo a $10 million capital improvements plan. The seller and sales price were undisclosed.
NORTH LAS VEGAS, NEV. — Pacific Group has broken ground on Helios, a 135-acre medical campus located in North Las Vegas. Construction costs for the project are set to total between $4.5 billion and $5 billion. At full buildout, the project is set to include a 1.1 million-square-foot inpatient hospital offering 600 beds, which will be built in three phases costing $1.2 billion; 1.3 million square feet of medical office and medical technology space; 250,000 square feet of retail with an emphasis on health and wellness; 900,000 square feet of research-and-development space with incubator spaces; 290 hotel rooms across two buildings; and seven restaurants, four of which will be full-service. The hospital portion of the development will offer an emergency department, surgical services and critical care. Additional outpatient offerings will include occupational therapy; behavioral and mental health therapy; educational facilities; testing labs; a sports rehabilitation center; skin care treatment; speech therapy; trauma therapy; radiology; imaging; urology; gastrointestinal care; pre- and post-natal care; and dental services. The research and development portion of Helios will focus on healthcare, aerospace technologies and sustainability. Local food and beverage offerings, athletic facilities, a grocery store, financial institutions, daycare centers and shops will occupy the retail segment …
WOODLAND HILLS, CALIF. — Los Angeles-based Sandstone Properties has received a $28 million loan to refinance an existing loan and to fund the pre-development of a 35-story multifamily property and four-story hotel conversion at 6400 Canoga Ave. in downtown Woodland Hills. Parkview Financial provided the loan. The 4.7-acre redevelopment site currently consists of a three-story, 128,586-square-foot, Class B, multi-tenant office building and 457 surface and structured parking spaces. Sandstone acquired the site in February 2018 and has since obtained entitlements to develop a 35-story, 650-unit apartment building on the location of the existing parking structure. Additionally, the entitlements allow for the 10,000-square-foot expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel. The project team includes WATG as architect and EDG Design as interior designer. A general contractor has not yet been named.
DEERFIELD BEACH, FLA. — Berkadia has arranged the sale of DoubleTree by Hilton Hotel Deerfield Beach – Boca Raton, a 221-room hotel located at 100 Fairway Drive in South Florida’s Deerfield Beach. Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia represented the Canadian-based seller, Vista Hospitality, in the transaction. The privately owned seller has invested more than $7 million in capital improvements at the hotel since 2018. Scott Wadler of Berkadia’s Miami office secured acquisition financing on behalf of the buyer, DoveHill Capital Management, a private equity investment and development organization based in Fort Lauderdale. A local Florida bank originated the three-year loan with two one-year extension options. The sales price and loan amount weren’t disclosed, but Berkadia says the total amount combined is nearly $70 million. Spanning 6.2 acres near I-95 and the Atlantic Ocean, the DoubleTree hotel features an onsite restaurant, outdoor heated pool, 24-hour fitness center, pet-friendly rooms, digital keys, business center and 22,000 square feet of meeting space.
EL SEGUNDO, CALIF. — Washington Holdings has completed the disposition of Hyatt Place Los Angeles/LAX/El Segundo, a select-service hotel located at 750 N Nash St. in El Segundo. El Segundo-based Welcome Group acquired the asset, which was sold unencumbered by management, for $49 million. Renovated in 2020, Hyatt Place El Segundo features 143 guest rooms, The Placery bar and restaurant, The Market grab-and-go outlet, a fitness center, an outdoor pool and electrical vehicle charging stations. Additionally, the pet-friendly hotel offers a business center and 1,054 square feet of meeting or event space. John Strauss, James Stockdale and Melvin Chu of JLL Hotels & Hospitality represented the seller in the transaction.
ATLANTA — MetLife Investment Management and Granite Properties have delivered Midtown Union, a mixed-use development located at 1331 Spring St. in Midtown Atlanta. The project comprises three buildings: a 26-story office tower, the 26-story Mira at Midtown Union apartment high-rise and the 14-story Kimpton Shane Hotel. The office and multifamily towers opened in July, and the hotel just opened on Sept. 21. The office tower spans 612,000 square feet and will be anchored by Invesco, which plans to occupy 300,000 square feet beginning in early 2023. The Mira comprises 355 studio, one-, two- and three-bedroom apartments, as well as upscale amenities. Kimpton Hotels & Restaurants will operate the hotel, which features 230 rooms, meeting and event space, the Hartley Kitchen and Cocktails restaurant and the Aveline cocktail lounge. MetLife partnered with StreetLights Residential on the apartment tower and AMS Hospitality on the Kimpton Shane Hotel. The design-build team for the overall Midtown Union campus includes architect Cooper Carry and general contractor Brasfield & Gorrie, as well as Studio 11 Design for the hotel design. Brooke Dewey and Adam Viente (office) and Coleman Morris (retail) of JLL are leading leasing efforts at Midtown Union.
NANTUCKET, MASS. — JLL has arranged an $11 million loan for the refinancing of Anchor Inn & Greydon House, two historic hospitality properties totaling 32 rooms on the island of Nantucket. Anchor Inn totals 12 rooms and was originally built in 1806. Greydon House comprises 20 rooms and was constructed in 1850. Jonathan Schneider led the JLL team that arranged the fixed-rate loan through HarborOne Bank on behalf of the borrower, Faros Properties.
