CARSON CITY, NEV. — CommCap Advisors has arranged a $10.2 million loan for Hampton Inn & Suites, located at 10 Hospitality Way in Carson City. The borrower is Gemini Hotel Group. Situated on two acres, the hotel features 49,821 square feet of rentable space. Andy Crawford of CommCap Advisors facilitated the 10-year loan, which features a 25-year amortization schedule, for the borrower. The use of the funds was not disclosed.
CHICAGO — Sunstone Hotel Investors Inc. (NYSE: SHO), a California-based lodging REIT, has sold two hotels in Chicago for a combined gross sales price of $129.5 million. The properties include the 368-room Embassy Suites Chicago and the 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile. Buyer information was not provided. The sale marks Sunstone’s exit from the Chicago market, which has been hindered by excess supply and an inability to drive meaningful rate and profitability growth, says CEO Bryan Giglia. For the month of February, Chicago’s hotel occupancy rate of 43.8 percent was the second-lowest rate across the nation, according to hospitality data firm STR. The average occupancy rate nationally for the month was 56.9 percent. Sunstone’s stock price opened at $11.69 per share Tuesday, March 22, down slightly from $12.82 per share one year ago.
JOHNS ISLAND, S.C. — Newmark has secured a $53 million construction loan for The Dunlin, Auberge Resorts Collection at Kiawah River, a 72-room hotel project in Johns Island. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the loan through United Bank on behalf of the borrower, Kiawah River Hospitality Group. Construction on the project is slated for completion by 2024. The Dunlin is located within the Kiawah River master-planned residential resort community. The project will be situated along the 12-mile riverfront, offering 2,000 acres of nature trails and marshlands. The hotel will feature a branded restaurant and lounge and over 10,000 square feet of event space, including a 5,200-square-foot wedding hall. Resort amenities will include a pool with cabanas, full-service spa and a riverfront swim and fitness facility. The Dunlin will be the newest addition to the Auberge Resorts Collection’s portfolio of luxury hotels, resorts and residences.
WEST MELBOURNE, FLA. — Marcus & Millichap has brokered the sale of Holiday Inn Express & Suites, a four-story, 100-room hotel in West Melbourne. Leo Reilly, Robert Hunter and Scott Havericak of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. Reilly and Hunter also procured the buyer, a Massachusetts-based undisclosed limited liability company. The sales price was not disclosed. Built in 2018, Holiday Inn Express & Suites offers property amenities including an onsite business center, 24-hour fitness center, heated outdoor pool and whirlpool, shuttle service, a meeting space and laundry facilities. The property has standard room rates starting around $199 per night. Located at 2255 W Coastal Lane, the hotel property is located off US-192, Interstate 95 and Highway 500. The property is also located on Florida’s Space Coast and is 45.1 miles from the Kennedy Space Center.
NEW ORLEANS — HREC Investment Advisors has arranged the sale of The Whitney Hotel, a historic 93-room hotel in New Orleans. Cleveland-based GBX Group LLC acquired the property for $16.9 million. Len Wormser, Ketan Patel, Barry Swanson and Michael Salloway of HREC represented the seller, The MCC Real Estate Group, in the transaction. Built in 1870, The Whitney was renovated about 24 years ago, and features 24 suites, meeting space, parking and a 7,000-square-foot lobby. The property is situated close to the 1.2 million-square-foot New Orleans Ernest N. Morial Convention Center, the French Quarter and Superdome.
AVENTURA, FLA. — Dallas-based Hall Structured Finance (HSF) has provided a $29.4 million loan for the refinancing of Serena Hotel, a Tapestry Collection Hotel by Hilton in Aventura. Locally-based Rieber Developments is the owner and developer of the hotel, and Driftwood Hospitality Management is the property manager. Dmitry Levkov and Jeffrey Donnelly of Colliers sourced the financing for the project. Built in 2021, Serena Hotel is a 100-room hotel that features 12-foot ceilings, luxury interior finishes and 34 extended stay guestrooms. Onsite amenities include a restaurant and lounge with a Michelin-rated chef, rooftop bar, outdoor pool and bar, meeting spaces, fitness center and lobby workstations. Additionally, the property is LEED Gold certified. Located at 2820 NE 214th St., the hotel is situated 13.7 miles from Fort Lauderdale, 8.8 miles from Fort Lauderdale-Hollywood International Airport and 21.9 miles from Miami Beach. The property is also located in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. HSF’s bridge loan financing program targets existing hotel properties and serves to complement its hotel and multifamily construction loan programs. HSF expects to close over $600 million in new loans in 2022, through a combination of new hotel …
TARRYTOWN, N.Y. — A partnership between New York-based Taconic Capital Advisors and Connecticut-based HEI Hotels & Resorts has acquired the 444-room Westchester Marriott hotel in Tarrytown, a northern suburb of New York City. The sales price was $40 million. The property houses two food and beverage concepts, a gift shop, fitness center, spa, laundry facilities and 26,700 square feet of meeting and event space. The new ownership will invest $30 million in renovations to the property, with HEI Hotels assuming management responsibilities. Ares Commercial Real Estate Corp. is financing the capital improvement program.
ATLANTA — Berkadia has brokered the sale of an office asset in downtown Atlanta that will be redeveloped into a hotel property called Origin Hotel Atlanta. Kyle Stevenson and John Testerman of Berkadia completed the sale on behalf of the seller, Atlanta-based Access Point Financial. The Thrash Group purchased the property for $16 million. Built in the 1950s, the six-story office building is being redeveloped into a 124-room hotel that will offer standard king-bed rooms, two queen-bed rooms and handicap-accessible rooms and suites. After the completed renovation, the hotel will feature a restaurant, bar and meeting and event space. The construction timeline was not disclosed. Located at 166 Pryor St., the property is situated 10.8 miles from Hartsfield-Jackson Atlanta International Airport, less than a half-mile from Georgia State University and 2.6 miles from Midtown Atlanta.
SCOTTSDALE, ARIZ. — Avison Young has brokered the sale of Hyatt Place/Hyatt House, a dual-flagged select-service and extended-stay hotel in Scottsdale. A joint venture between Gardner Batt and private investors sold the asset to a joint venture between KKR and Riller Capital for $54.5 million. Located at 18513 N. Scottsdale Road, the property features 229 guest rooms, an onsite restaurant, bar area, breakfast area, business center, meeting space, fitness center, heated outdoor pool and hotel-wide Wi-Fi. The nine-story property opened in March 2021. Jay Maddox, Keith Thompson, Andrew Broad and David Genovese of Avison Young represented the seller in the transaction.
SAN ANTONIO — Miami-based direct lender 3650 REIT has provided a $38 million loan for the refinancing of Thompson San Antonio — RiverWalk, a 162-room luxury hotel and residential building near the city’s downtown area. Thompson, which is part of the Hyatt family of brands, opened the hotel in February 2021. The property includes 59 for-sale residences, all but one of which have been sold. Lawrence Britvan and Dylan Brandt of Hodges Ward Elliott arranged the financing through 3650 REIT on behalf of the developer and borrower, Houston-based DC Partners. Michael Fleischer, Joel Thompson and Noah Moghavem led the transaction for 3650 REIT. The loan carries a term of 30 months and two six-month extension options.
