DALLAS — Hospitality brokerage firm HREC Investment Advisors has arranged the sale of the 295-room Sonesta Suites Dallas Park Central, located in the city’s central business district. The property offers a pool, fitness center, business center and a bar/lounge. Mark Rome and Monty Levy of HREC represented the seller, hospitality REIT Service Properties Trust, in the transaction. Omni Vision Dallas LLC acquired the asset for an undisclosed price with plans to reposition it as a multifamily property.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the 126-room Holiday Inn Fort Worth North Fossil Creek. The property offers a pool, business center and a cocktail lounge. Allan Miller, Chris Gomes and Matt Omansky of Marcus & Millichap represented the seller, a bank/financial institution, in the transaction. The buyer was an individual/personal trust.
ST. PETE BEACH, FLA. — A joint venture between The LCP Group LP and Safanad have acquired Postcard Inn on the Beach, a 196-room resort in St. Pete Beach, for $83 million. The seller was not disclosed. CBRE arranged a $72.3 million loan for the purchase. Built in 1957, Postcard Inn features a lobby café, full-service restaurant, pool and 3,880 square feet of combined indoor and outdoor terrace meeting space that can accommodate up to 200 guests. Located on 9.6 acres, the beachfront property offers over 300 feet of frontage along the Gulf of Mexico. The joint venture plans to modernize the guestrooms and improve the food and beverage offerings. Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella.
LITTLE ROCK, ARK. — MCR, a hotel owner-operator with offices in New York City and Dallas, has bought Homewood Suites by Hilton Little Rock Downtown, a 116-room extended stay property in Little Rock’s downtown district. The seller and sales price were not disclosed. Homewood Suites by Hilton Little Rock Downtown is a six-story hotel that offers studio, one- and two-bedroom suites. Room features include a fully equipped kitchen, refrigerator, microwave, dishwasher and twin burner stove. Hotel amenities include a pool, basketball court, complimentary breakfast, free Wi-Fi, 24-hour business center, a grab-and-go market with snacks and beverages, lobby lounge, covered parking, laundry facilities and 1,058 square feet of event space. Located at 400 River Market Ave., the property is situated 1.2 miles from downtown Little Rock and 5.9 miles from the University of Arkansas. The property is also 7.7 miles from the North Little Rock Municipal Airport.
VERSAILLES, OHIO — Hotel Versailles is set to open this May at 22 N. Center St. in Versailles, about 45 miles north of Dayton. The 30-room boutique hotel will feature Silas Creative Kitchen + Cocktails, a restaurant from Chef Aaron Allen, and the 1819 Room, which offers meeting and event space for up to 200 guests. Local firm Kimberly O. Design served as architect. Local Ohio companies and artisans made all the furnishings and artwork adorning the property. Renaissance Corp., a subsidiary of Midmark Corp., owns the hotel. The site was most recently home to the Inn at Versailles, which closed in 2019 after experiencing a substantial fire.
By Zach Demuth, Head of Americas Hotels Research, JLL Hotels & Hospitality Amid one of its most transformative periods in history, the U.S. lodging industry has an opportunity to enact real change through a renewed commitment to sustainability. As the world looks to reduce its carbon emissions, hotels play an important role, as they are the most energy- and water-intensive of any commercial building type globally. Not only will a commitment to sustainability help to slow climate change, but failure to do so also has the potential to result in lower asset value, increased operational costs and decreased consumer demand. Following the pandemic’s unprecedented impact on lodging demand, which was worse than that of 9/11 and the financial crisis of 2007-2008 combined, the industry demonstrated its resilience in 2021 with U.S. revenue per available room (RevPAR) reaching 83 percent of 2019 levels. While demand rebounded more quickly than most prognosticators expected, the industry continues to struggle to generate consistent profits, with gross operating profit per available room (GOPPAR) only recovered 71 percent relative to 2019. This has been driven by rising costs, lack of ancillary revenues and a historic labor shortage. As the industry looks to right-size profits, sustainability should …
CLAYTON, MO. — Green Street Real Estate Ventures LLC and Midas Enterprises have unveiled plans to build a $100 million condominium and hotel development at the corner of Forsyth Boulevard and North Central Avenue in Clayton, a western suburb of St. Louis. Located just east of the St. Louis County Police Department building, the 25-story project will include 73 condo units and 180 hotel rooms. Among the amenities will be a rooftop terrace and bar, 300-person private event space, street-level restaurant, street-level retail space and a five-story parking structure. HDA, a Green Street company, will serve as architect. The development team expects to break ground this fall with a 24-month construction schedule to follow.
NEW YORK CITY — Hospitality owner-operator Premier Hotels has acquired Hotel @ Times Square, a 213-room property in Midtown Manhattan. The hotel, which was renovated in 2021, also houses 10,000 square feet of retail space and 8,000 square feet of office space. Cronheim Mortgage arranged $41.2 million in acquisition financing through an undisclosed direct lender on behalf of Premier Hotels for the transaction. The seller was also not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of Studio 6 Houston, a 134-room hotel that is located on a three-acre site at 220 Bammel Westfield Road in North Houston. Gordon Allred and Tulsee Nathu of Marcus & Millichap represented the seller, Dallas-based Prosper Hospitality, in the transaction. The buyer, Salt Lake City-based investment firm MCRE, plans to convert the property into a residential community.
FORT WALTON BEACH, FLA. — Marcus & Millichap has brokered the sale of the Best Western Fort Walton Beachfront, a six-story, 100-room hotel in Fort Walton Beach. The 1.4-acre property sold for $23.6 million. David Altman, Robert Hunter and Leo Reilly of Marcus & Millichap marketed the property on behalf of the seller, Ft. Walton Beach Hotel Group Inc., as well as secured and represented the buyer, Spartanburg, S.C.-based OTO Development LLC. Built in 1998, Best Western Fort Walton Beachfront includes amenities such as offsite fitness center access at Gold’s Gym, a business center, ocean-facing outdoor pool area, Cabana Bar and live entertainment nightly in the Swizzle Stick Lounge. Located at 380 Santa Rosa Blvd., the Best Western Fort Walton Beachfront provides guests with direct beach access and private balconies overlooking the Gulf of Mexico.