AUSTIN, TEXAS — Southern California-based Pacific Hospitality Group has begun the renovation of the 194-room Hotel Granduca Austin. The boutique hotel is located at 320 South Capital of Texas Highway and spans 190,000 square feet. The project will comprise the addition of a new spa, the redesign of the signature restaurant and the renovation of the pool deck and lobby. Completion is slated for the fall.
MIAMI — Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s play area, movie theater, wine cellar and lounge; 236 short-term rental residences that Hilton Hotels & Resorts will operate; and 64,000 square feet of office space. Shared amenities will include a 24-hour reception and concierge; 70th-floor rooftop pool and sky deck with private cabanas; 12th-floor lap pool with clubroom; and indoor and outdoor lounges. Designed by Behar Font & Partners, Okan Tower is set to be one of Miami’s tallest towers at 902 feet once complete in 2026.
MIAMI BEACH, FLA. — A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Ave. in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price per room sale in Hampton’s portfolio. The sellers invested $25 million to renovate the five-story property in 2016. The renovation included repositioning the property back to lodging and restoring its historic façade, the pool and its original reception desk. Built in 1948 as the Continental Hotel, the property served as a condominium community in the early 1990s before converting back to its original use. Situated one block from the Atlantic Ocean, the Hampton by Hilton hotel features a pool, fitness center and business center, as well as complimentary breakfast and to-go breakfast bags for guests.
SOUTH PADRE ISLAND, TEXAS — HREC Investment Advisors has negotiated the sale of the 63-room Best Western Beachside Inn in the coastal resort community of South Padre Island. Ketan Patel and Mark Rome of HREC represented the seller, a Florida-based limited liability company, in the transaction. An out-of-state investor purchased the hotel for an undisclosed price and will retain the Best Western flag.
WASHINGTON, D.C. — Electra America Hospitality Group, a joint venture between investment firm Electra America and extended stay hotelier AKA, has purchased One Washington Circle, a 152-room hotel in Washington, D.C. George Washington University (GWU) sold the hotel to the buyer for an undisclosed price. Savills USA represented GWU in the transaction. The new ownership plans to undertake a $30 million renovation to the asset and reopen in June 2023 as an AKA-branded development that specializes in weekly and monthly stays. Built in 1964 and renovated in 2003, the nine-story hotel is situated in D.C.’s West End neighborhood near GWU’s main campus, George Washington University Hospital, Foggy Bottom Metro Station and major institutions including World Bank and IMF.
COLUMBIA, S.C. — Hunter Hotel Advisors has brokered the sale of a dual-branded hotel in downtown Columbia. An unnamed, institutional buyer purchased the asset from CN Hotels for an undisclosed price. Built in 2019 near the University of South Carolina and the South Carolina State House, the 223-room hotel is dually branded to Hilton Garden Inn and Home2 Suites and features an indoor pool, fitness center and an onsite restaurant. Mayank Patel of Hunter’s Atlanta office represented the seller in the transaction.
WASHINGTON, D.C. — Berkadia has negotiated the $21 million sale of The Normandy Hotel, a boutique hotel located at 2118 Wyoming Ave. NW in Washington, D.C.’s Kalorama neighborhood. The hotel features 75 guest rooms and 900 square feet of meeting space, as well as immediate access to several upscale restaurants, stores and museums. Dan Hawkins and Kyle Stevenson of Berkadia represented the seller, California-based Blu Hotel Investors, in the transaction. The buyer was an entity doing business as SONO International Co. Ltd.
DAYTONA BEACH, FLA. — A North Carolina-based real estate investor has purchased Tropical Winds Oceanfront Hotel at 1398 N. Atlantic Ave. in Daytona Beach. A New York-based family sold the asset for $14 million. Constructed in 1988, Tropical Winds Oceanfront Hotel features 94 guest rooms, direct beach access, oceanfront balconies, outdoor and indoor heated swimming pools, outdoor sundeck and poolside café. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale-based team represented the seller in the transaction.
ASTORIA, ORE. — Mahesh Enterprises has acquired a 1.3-acre, 57,064-square-foot land parcel located at 176 W. Marine Drive in Astoria. An undisclosed seller sold the site for $1.2 million. The buyer plans to develop a boutique hotel on the parcel, which is on the Columbia River and the Riverwalk that connects to the Port of Astoria. Charles Conrow of Portland-based Norris & Stevens represented the buyer, while Mark Carnese of Cushman & Wakefield represented the seller in the deal.
ATHENS, GA. — Hodges Ward Elliott (HWE) has arranged the sale of Hampton Inn Athens, a 112-room hotel located at 2220 W. Broad St. in Athens. Built in 1995, Hampton Inn Athens is situated about three miles west of the University of Georgia, downtown Athens and the Classic Center, the city’s premier convention center. The hotel features digital keys, pet-friendly rooms, an outdoor swimming pool, fitness center, business center and complimentary breakfast. Clint Hodges, B.J. Patel and Michael Brandes of HWE represented the seller, Germantown, Tenn.-based McNeill Hotel Co., in the negotiations. The undisclosed buyer purchased the hotel.
