Hospitality

Benefit Street Partners Provides $135M in Financing for Empire Hotel in Manhattan

by Kristin Harlow January 20, 2025

NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed. The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc. Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts. The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center. “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP. BSP, a wholly owned subsidiary of Franklin Templeton, …

January 20, 2025

Hospitality Loans Northeast Pennsylvania

Driftwood Capital Receives $34M CMBS Loan for Refinancing of Pittsburgh Hotel

by Taylor Williams January 20, 2025

PITTSBURGH — Florida-based investment firm Driftwood Capital has received a $34 million CMBS loan for the refinancing of the 399-room Sheraton Pittsburgh Hotel at Station Square. The full-service hotel is located along the Monongahela River in the Mount Washington area and includes 29,000 square feet of meeting and event space, as well as an onsite restaurant. Starwood Mortgage Capital and Greystone Commercial Mortgage Capital provided the financing. Driftwood purchased the asset several years ago and renovated it.

January 20, 2025

Acquisitions Arizona Development Hospitality Western

LaPour Partners, Holualoa Cos. to Develop 240-Room Dual-Branded Hotel in North Phoenix

by Amy Works January 17, 2025

PHOENIX — LaPour Partners and Holualoa Cos. have acquired land and secured planned approval for a dual-branded AC Hotel by Marriott and Element by Westin hotel within the 100-acre CityNorth master-planned community in north Phoenix. Groundbreaking for the project is planned for this year, with completion slated for January 2027. The eight-story development will feature 240 guest rooms with 5,700 square feet of flexible indoor-outdoor meeting space. The AC Hotel by Marriott will offer 142 guest rooms, and Element by Westin will offer 98 extended-stay guest rooms. Amenities will include a saline pool, AC lounge, Element Rise, outdoor fireplaces, an outdoor barbecue area, suites with balconies, a sundry market, AC Kitchen, guest laundry and EV chargers. LaPour Partners and Holualoa previously partnered on the Marriott AC Biltmore in 2018, which is located on Camelback Road in the Phoenix Biltmore Corridor. Terms of the land acquisition were not released.

January 17, 2025

Acquisitions Development Hawaii Hospitality Mixed-Use Multifamily Restaurant Retail Western

New Age Ko Olina Buys Two Oceanfront Development Lots in Kapolei, Hawaii

by Amy Works January 16, 2025

KAPOLEI, HAWAII — Los Angeles-based New Age Ko Olina has acquired two oceanfront lots near the Ko Olina master-planned development in Honolulu from Oceanwide Resort HI LLC for an undisclosed price. CBRE’s Matt Bittick and Henry Bose represented the seller, while Powell & Aucello represented the buyer in the deal. The first lot, adjacent to Aulani Resort, is entitled for up to 1.5 million square feet of developable area and up to 1,400 units. The seller had proposed a 1,383-key Atlantis Resort & Residence Ko Olina (subject to design review), which would feature 37,500 square feet of retail space, 1,200-seating restaurant options, an aquarium and pools, and open to two of Ko Olina’s beach lagoons. The second lot is entitled for up to 990,000 square feet of developable area with no more than 850 units and opens to two beach lagoons and the Pacific Ocean. The approvals for the lot provide for a hotel, branded residential and timeshare. Ko Olina is an oceanfront master-planned development on the west coast of Oahu. Situated on more than 642 acres, the property offers four beach lagoons connected by more than a mile-and-a-half of seaside paths, the Ko Olina Golf Club and Ko Olina Marina, …

January 16, 2025

Acquisitions Hospitality Texas

TMG Negotiates Sale of Two Hospitality Properties Totaling 116 Units in Flint, Texas

by Taylor Williams January 15, 2025

FLINT, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of two hospitality properties totaling 116 units in Flint, about 100 miles east of Dallas. Lakeside has 104 rentable units consisting of 96 two-bedroom cabins with an average size of 726 square feet and eight two-bedroom lodges with an average size of with 826 square feet. Wildlakes has 12 units, including duplexes, suites and three-bedroom units. Jon Krebbs and Paul Yazbeck of TMG brokered the deal. The buyer and seller were not disclosed.

January 15, 2025

Acquisitions Hospitality Kentucky Mixed-Use Southeast

Cronheim Hotel Capital Arranges $18.2M Acquisition Loan for Aloft Hotel in Newport, Kentucky

by John Nelson January 15, 2025

NEWPORT, KY. — Cronheim Hotel Capital has arranged an $18.2 million acquisition loan for Aloft Newport, a hotel in the Cincinnati suburb of Newport. Built in 2017, the hotel is situated adjacent to the Newport on the Levee, a mixed-use development now owned by Atlanta-based Jamestown. The Aloft Newport is located directly across the Ohio River from downtown Cincinnati via a pedestrian bridge. Cronheim Hotel Capital arranged the loan through a regional bank on behalf of the locally based borrower, Rolling Hills Hospitality. The new owner plans to invest in capital improvements to improve hotel room interiors after the acquisition closes.

January 15, 2025

Acquisitions Development Hospitality Texas

Angleton Realty Buys 50 Acres in Metro Houston for RV Park, Commercial Development

by Taylor Williams January 14, 2025

ANGLETON, TEXAS — Locally based investment firm Angleton Realty has purchased approximately 50 acres in Angleton, located south of Houston, for the development of a new RV park and commercial space. Details on the commercial component, as well as an overall construction timeline, were not disclosed. Kirk Laguarta, Duane Heckmann and Nate Jackson of Land Advisors Organization represented the seller, an entity doing business as Rancho Isabella LLC, in the transaction. Darbe Gosda of CBRE represented Angleton Realty.

January 14, 2025

Hospitality Loans Massachusetts Northeast

Tremont Realty Capital Provides $45M Acquisition Loan for Downtown Boston Hotel

by Taylor Williams January 14, 2025

BOSTON — Tremont Realty Capital, a division of locally based investment firm RMR Group, has provided a $45 million bridge loan for the acquisition of the 178-room Club Quarters Hotel in Boston. The hotel is located at 161 Devonshire St. in the downtown area and offers a mix of traditional guestrooms and suites, as well as meeting and event space and onsite dining options. JLL arranged the loan, which carries a floating interest rate and a three-year initial term with two one-year extension options, on behalf of the borrower, an entity doing business as Arch & Devonshire LLC.

January 14, 2025

Development Florida Hospitality Loans Southeast

Bayview PACE Provides $137M C-PACE Financing for Westin Cocoa Beach Resort Development

by John Nelson January 14, 2025

COCOA BEACH, FLA. — Bayview PACE has provided $137 million in C-PACE financing for the development of Westin Cocoa Beach Resort & Spa, a $420 million hospitality development located at 100 N. Atlantic Ave. in Cocoa Beach. Coral Gables, Fla.-based Driftwood Capital is the borrower and developer behind the 502-room development, which is slated to open in early 2027. In addition to the C-PACE loan, Driftwood Capital obtained $70 million in construction financing from City National Bank of Florida and a $50 million credit facility from Amerant Bank, bringing the new capital infusion to a combined $257 million. Construction is currently underway on the Marriott-branded project, which will feature 11 food-and-beverage venues and 123,700 square feet of indoor/outdoor meeting space in addition to the hotel rooms and wellness features. The transaction represents the largest C-PACE deal in Florida and the third-largest hospitality C-PACE loan in the United States, according to Bayview PACE. Commercial property assessed clean energy financing (C-PACE) has become a viable financing method for developers as the loan becomes an assessment that borrowers pay with their tax bill. These loans also pay for energy and water upgrades in new construction and rehabilitation projects, including retroactively.

January 14, 2025

Development Hospitality Texas

CBG Real Estate to Undertake 165-Room Hotel Redevelopment Project in Northeast San Antonio

by Taylor Williams January 10, 2025

SAN ANTONIO — Locally based firm CBG Real Estate will undertake a hotel redevelopment project in northeast San Antonio. CBG will redevelop an existing hotel located at the intersection of Perrin Beitel Road and Loop 410 near San Antonio International Airport into a 165-room, dual-branded property. The new hotel will be operated under the La Quinta and Hawthorn Extended Stay by Wyndham brands and will offer amenities such as a fitness center, outdoor grilling and picnic areas and meeting/event space. The project is expected to be complete before the end of the year.

January 10, 2025

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