Tuesday, March 4, 2025
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Hospitality

DevelopmentHospitalityIllinoisMidwest

Bradford Allen Begins $25M Renovation of Hyatt Hotel in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — Bradford Allen Hospitality has begun a $25 million renovation of its Hyatt Rosemont Chicago O’Hare hotel to transform it into a Hyatt Centric full-service lifestyle hotel. The property is located at 6350 N. River Road across the street from Rivers Casino in the Chicago suburb of Rosemont. The renovations entail a full gut rehab of the property, which will result in 206 completely remodeled guest rooms, 12,000 square feet of modernized meeting space, an improved fitness center and a ballroom with capacity for up to 500 people. What was once an American eatery will be transformed into Cima, an upscale, beverage-forward restaurant with outdoor seating. Maverick Hotels & Restaurants will continue to oversee operations of the property.

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AcquisitionsFloridaHospitalitySoutheastTop Stories

Newmark Brokers $400M Sale of W Hotel South Beach in Miami

by Kristin Harlow

MIAMI — Newmark has brokered the more than $400 million sale of the W Hotel South Beach in Miami. Reuben Brothers purchased the 20-story, oceanfront property from Tricap. The sale marks the largest hotel transaction in the Miami market this year, according to Newmark. The property is also the newest hotel to sell in the market since 2021. The W Hotel, which Tricap completed in 2009, features more than 300 hotel and condo units. There are multiple luxury restaurants, including The Grove, Mr. Chow and WET Bar, as well as a full-service spa. The 3.8-acre site at 2201 Collins Ave. formerly housed a Holiday Inn hotel, which was demolished in 2006. The tower sits immediately adjacent to Miami Beach with views of Biscayne Bay and the Miami River. The hotel features convenient access to I-195 and I-395 and is proximate to luxury retail options along the waterfront. Newmark represented Manhattan-based Tricap in the sale. Eastdil Secured also advised the seller. Tricap has developed a portfolio of real estate holdings, including hotel, office, retail and mixed-use properties in major metropolitan markets such as New York City, Miami, Silicon Valley, Seattle and Las Vegas. London-based Reuben Brothers is a private equity, real …

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AcquisitionsDevelopmentHospitalityTexas

DuWest Realty Negotiates Sale of Hospitality Development Site at Sapphire Bay in Rockwall, Texas

by Taylor Williams

ROCKWALL, TEXAS — Locally based brokerage firm DuWest Realty has negotiated the sale of an 85,116-square-foot hospitality development site in Rockwall, a northeastern suburb of Dallas. Shiv Hospitality Group purchased the two-acre site at 600 Cooke Drive with plans to develop a 130-room hotel that will be operated under the Tempo by Hilton brand. The hotel will be a component of Sapphire Bay, a mixed-use waterfront development. Giancarlo Carriero and Scott Rodgers of DuWest Realty brokered the deal.

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AcquisitionsHospitalityLoansMassachusettsNortheast

JLL Arranges Sale, Financing of Two Hotels Totaling 238 Rooms in Devens, Massachusetts

by Taylor Williams

DEVENS, MASS. — JLL has arranged the sale and financing of two hotels totaling 238 rooms in Devens, about 35 miles northwest of Boston. The 118-room Hilton Garden Inn Devens and 120-room SpringHill Suites Devens both offer indoor pools, fitness and business centers and meeting/event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, RA Ventures, in the transaction. Amy Lousararian and Hugh Doherty of JLL arranged acquisition financing on behalf of the undisclosed buyer(s). BankProv provided the loan for the Hilton Garden Inn, and Avidia Bank funded the acquisition of the SpringHill Suites.

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DevelopmentHospitalityLoansMidwestNebraska

PACE Loan Group Provides $3M C-PACE Loan for Construction of Dual-Brand Marriott Hotel in Nebraska

by Kristin Harlow

COLUMBUS, NEB. — PACE Loan Group has provided a $3 million C-PACE loan for a dual-branded TownePlace Suites and Fairfield Inn & Suites by Marriott hotel under construction in Columbus, about 75 miles northwest of Lincoln. A regional bank provided a $10.5 million first mortgage. The C-PACE loan will be used to build the 102-room property. C-PACE proceeds will finance energy conservation and renewable energy measures, including high-efficiency HVAC and Domestic Hot Water (DHW) fixtures, low U-factor windows and interior LED lighting. Renewable and energy conservation measures are expected to save $64,224 annually. Construction is scheduled for completion this month.

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AcquisitionsHospitalityIndianaMidwest

Noble Acquires Two Newly Built Hotels in Indiana’s Fishers District

by Kristin Harlow

FISHERS, IND. — Noble Investment Group has acquired the Courtyard by Marriott Indianapolis | Fishers and the dual-branded Hyatt House & Hyatt Place Indianapolis | Fishers. The two newly built hotels are located within the Fishers District, a 150-acre mixed-use development in the Indianapolis suburb of Fishers. The seller and sales price were undisclosed. Noble is a real estate investment manager specializing in the travel and hospitality sector.

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Affordable HousingBuild-to-RentCivicData CentersFeaturesHealthcareHospitalityIndustrialLife SciencesMixed-UseMultifamilyNet LeaseNevadaOfficeRestaurantRetailSelf-StorageSeniors HousingSingle-Family RentalStudent HousingWesternWestern Feature Archive

Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

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DevelopmentHospitalityMidwestMissouri

Four-Story Woodspring Suites Hotel Opens Near Kansas City Airport

by Kristin Harlow

KANSAS CITY, MO. — The Woodspring Suites Hotel has opened at the southwest corner of I-29 and 64th Street in Kansas City. The four-story, 49,000-square-foot hotel is situated on two acres within the Tremont Square East development near the Kansas City International Airport. Philip Goforth, Omid Shahbazian and Todd Kobayashi, partners of Genesis Construction Management LLC, led the development of the property. Block & Co. Inc. Realtors Development & Construction Management LLC supervised the hotel development. David Block and Tony DeTommaso of Block & Co. negotiated the hotel sale on behalf of ownership.  

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DevelopmentHospitalityMidwestMissouri

207-Room AC Hotel Clayton Debuts in Suburban St. Louis

by Kristin Harlow

CLAYTON, MO. — Koplar Properties, Homebase Partners, Eagle Realty and Concord Hospitality Enterprises have opened the AC Hotel Clayton in the St. Louis suburb of Clayton. The $50 million project rises 11 stories with 207 rooms. The property features the AC Lounge and AC Kitchen along with High Bar Clayton, the area’s first rooftop bar. Concord Hospitality Enterprises manages the property. The project was built on the site of the former headquarters of the Clayton Police Department at 227 S. Central Ave. The city began seeking a way to repurpose the site in 2011. The hotel was proposed in 2018, and Midas Construction broke ground on the property in September 2022. Designed by DLR Group, the property features a fitness center and 3,000 square feet of top-floor meeting space.  

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DevelopmentFloridaHospitalityLoansMixed-UseSoutheast

BD Hotels Secures $75M Construction Financing for Hotel at Nora District in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — BD Hotels has secured a $75 million construction loan for The Nora Hotel, a 201-room hotel to be developed within the Nora District mixed-use project in West Palm Beach. Metropolitan Commercial Bank provided the financing, which Steven Klein and Mark Fisher of JLL arranged on behalf of the borrower. Developed in partnership with NDT Development, Place Projects and Wheelock Street Capital, the property will feature Pastis West Palm Beach as a ground-floor restaurant, and STARR Restaurants will operate the hotel’s rooftop restaurant and lounge, as well as the hotel’s in-room dining service. A construction timeline for the hotel was not disclosed. Phase 1 of the Nora District broke ground in June 2023 and will feature 150,000 square feet of retail, office and hospitality space. Confirmed retailers at the project include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, [solidcore] and Sunday Motor Co.

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