Hospitality

Bally’s Wins Bid to Build $1.7B Casino in Former Tribune Printing Plant in Chicago

by Jeff Shaw May 6, 2022

CHICAGO — Chicago Mayor Lori Lightfoot has selected Bally’s Corp. as the preferred company to redevelop a former Chicago Tribune printing plant into a gaming and entertainment destination. The 30-acre site is located at the intersection of Chicago Avenue and Halstead Street along the Chicago River in the city’s River West neighborhood. The $1.7 billion proposal calls for the city’s first casino featuring 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel tower with rooftop bar; 3,000-seat, 65,000-square-foot theater; 20,000 square foot exhibition hall; outdoor music venue; and outdoor green space including an expansive public riverwalk with a water taxi stop. Mayor Lightfoot announced Thursday that Bally’s had won the project over competing bids from Hard Rock International and Rush Street Gaming. State regulators and the Chicago City Council will need to approve the plan before work can begin. The city’s evaluation report said the Bally’s proposal provides the most economic value to taxpayers, including an upfront payment of $40 million and annual payments to the city totaling $4 million. The project is expected to generate more than $800 million in gaming revenue on an annual basis, a substantial portion of which will support the city’s …

May 6, 2022

Development Hospitality Illinois Midwest

Park Hyatt Chicago Scheduled to Reopen This Summer Following $60M Renovation

by Kristin Harlow May 5, 2022

CHICAGO — The Park Hyatt Chicago hotel at 800 N. Michigan Ave. is scheduled to reopen this summer following a $60 million renovation that began early this year. Reservations are now available to book for stays beginning July 1. The renovation project included 23 new suite additions, reimagined guestrooms, enhancements to the lobby and library, new art selections, and updates to the food and beverage programs as well as the spa. Design firm Anderson/Miller Ltd. worked on the modernization of the guestrooms and suites. Sheedy DeLaRosa Interiors designed the lobby and library on the ground floor to complement the new art selections. NoMI Kitchen will reopen with Executive Chef Terence Zubieta at the helm.

May 5, 2022

Acquisitions Development Hospitality Multifamily South Carolina Southeast

Vivo Living Acquires Hotel in Port Royal, South Carolina for Multifamily Conversion

by John Nelson May 4, 2022

PORT ROYAL, S.C. — Vivo Living has purchased a hotel located at 1660 Ribaut Road in Port Royal, a coastal town situated north of Hilton Head, S.C. The California-based buyer plans to convert the hotel into an apartment community named Vivo Port Royal. This will be Vivo’s third adaptive reuse multifamily project in South Carolina. The property will feature a living room lobby with complimentary Wi-Fi, lounge areas, a pool and a fitness center. Vivo Living says that the property will command a 10 to 20 percent discount compared with market-rate rents in the trade area. The seller was not disclosed.

May 4, 2022

Development Hospitality Mixed-Use Southeast Tennessee

Carlisle to Open Hyatt-Branded Hotel at One Beale Development in Downtown Memphis

by John Nelson May 3, 2022

MEMPHIS, TENN. — Carlisle Corp. plans to open the first Caption by Hyatt-flagged hotel this summer in downtown Memphis. Caption by Hyatt Beale Street Memphis will anchor Carlisle’s $200 million One Beale mixed-use development, which includes three Hyatt-branded hotels and the new Renasant Convention Center. Memphis Business Journal reports that the new hotel’s development costs hovered around $41 million. Situated along Memphis’ famous Beale Street and the Mississippi River, the upscale select-service hotel will be integrated into the historic main building of Wm. C Ellis & Sons Ironworks and Machine Shop, which is one of the longest-running businesses in the city. The historic building will house the hotel’s ground and second floors, and a new 136-room tower will rise above and give guests views of the river and Memphis skyline. Designed by HBG Design, the hotel will feature dual entrances and an all-day, multi-functional lounge space dubbed Talk Shop that will include a coffee shop, cocktail lounge, workstations and sundries market on the inside and a patio and beer garden with fire pits on the outside. Hyatt Hotels Corp. collaborated with Union Square Hospitality Group on the Talk Shop concept. Hyatt plans to expand the Caption by Hyatt brand to …

May 3, 2022

Arizona Hospitality Loans Western

CBRE Secures $30M Refinancing for Dual-Branded Hotel in Tucson, Arizona

by Amy Works May 3, 2022

TUCSON, ARIZ. — CBRE has arranged a $30 million loan for the dual-branded Hampton Inn/Home2 Suites hotel in Tucson. Located at 141 S. Stone Ave., the 199-key property opened in late summer 2021. Adrienne Andrews and Will Denton of CBRE facilitated the refinancing for the owner, Fayth Hospitality. A national bank lender provided the seven-year, fixed-rate loan, which pays off the construction loan and provides a future funding upside.

May 3, 2022

Development Hospitality Southeast Virginia

Twain Financial to Begin $76.5M Hotel Redevelopment in Alexandria, Virginia

by Julia Sanders April 28, 2022

ALEXANDRIA, VA. — St. Louis-based Twain Financial Partners has plans to redevelop Hotel Heron, an approximately 90,000-square-foot hotel redevelopment in Alexandria. Construction on the $76.5 million adaptive reuse project is set to begin in June and wrap by November 2023. Twain Financial provided $59.2 million in financing through a mixture of sale-leaseback financing and both federal and state historic tax credit equity on behalf of the developers, May Riegler Properties and Potomac Investment Properties. The Hotel Heron project will restore the original George Mason Hotel building, which was constructed in 1925. The hotel will contain 134 rooms and 30,000 square feet of amenities, meeting space, restaurant space and ground-floor retail. Aparium Hotel Group will manage the hotel and restaurant upon completion. The property is currently being used as an office building and parking garage.

April 28, 2022

Development Hospitality Midwest Wisconsin

Radisson Opens 99-Room Jefferson Street Inn in Wausau, Wisconsin

by Kristin Harlow April 27, 2022

WAUSAU, WIS. — Radisson Hotel Group Americas has opened Jefferson Street Inn, a member of Radisson Individuals. Located in the Wausau River District, the seven-story hotel is home to 99 rooms and apartment-style suites. Guests have access to whirlpool tubs, room service, same-day dry cleaning service and complimentary breakfast, which is served by a local bakery. The hotel features Asian, Mexican and American restaurants along with live entertainment. Additional amenities include an 8,000-square-foot ballroom, indoor pool, business center, fitness center and adjacent day spa. Jefferson Street Inn is connected to the Third Street Lifestyle Center, a shopping and dining destination. Radisson Individuals offers independent hotels and local chains the opportunity to be part of Radisson Hotel Group Americas.

April 27, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson April 26, 2022

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

April 26, 2022

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of Holiday Inn & Suites San Antonio Northwest Hotel

by Taylor Williams April 25, 2022

SAN ANTONIO — Marcus & Millichap has brokered the sale of the Holiday Inn & Suites San Antonio Northwest Hotel. The 122-room hotel’s amenity package consists of a pool, fitness center, business center and a cocktail lounge. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, an individual/personal trust, in the transaction. Both parties requested anonymity.

April 25, 2022

Acquisitions Hospitality Texas

Door Capital Partners Buys 75-Room La Quinta Inn & Suites Hotel in Cedar Park, Texas

by Taylor Williams April 20, 2022

CEDAR PARK, TEXAS — Locally based private equity firm Door Capital Partners has purchased a 75-room La Quinta Inn & Suites hotel in Cedar Park, a northern suburb of Austin. Built in 2009, the Wyndham-branded hotel offers a mix of traditional guestrooms and suites, as well as a fitness center, onsite laundry facilities, indoor pool and 625 square feet of meeting and event space. C.W. Sheehan, Matt Ctvrtlik and Hunt Wood of JLL arranged a five-year, fixed-rate acquisition loan through Alliance Bank Central Texas on behalf of Door Capital Partners.

April 20, 2022

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