AUSTIN, TEXAS — Dallas-based investment firm Mohr Capital has acquired DoubleTree by Hilton Austin, a 350-room hotel located at 6505 N. Interstate 35 in the central part of the state capital. The six-story hotel includes 25,000 square feet of meeting and event space. Mohr Capital plans to invest about $11 million in capital improvements to guestrooms, elevators and common areas. John Bourret and Austin Brooks of Hodges Ward Elliott represented the undisclosed seller in the transaction.
NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $21.5 million loan for the acquisition and conversion of a 13-story vacant hotel located at 810 Broad St. in Newark. The borrower, a subsidiary of Winchester Equities LLC, plans to transform the property, which was originally constructed in 1912 as the headquarters of First National State Bank, into a multifamily complex. Upon completion, which is slated for late 2022, the property will house 106 apartments in studio and one-bedroom formats and a 7,500-square-foot restaurant.
HOUSTON — South Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels totaling 220 rooms in Houston’s West University submarket. The properties, which include a 100-room Courtyard by Marriott and a 120-room Residence Inn by Marriott, were sold in conjunction with a 137-room Homewood Suites by Hilton hotel in Dallas and a 180-room Hilton Garden Inn in Burlington, Mass. The collective sales price was $80 million. The buyer(s) was not disclosed.
FORT LAUDERDALE, FLA. — Matthews Southwest has begun the final phase of the expansion and redevelopment of the Greater Fort Lauderdale/Broward County Convention Center, which includes the 29-story, 800-room Omni Fort Lauderdale hotel. The total cost of the project is about $1.3 billion and is expected to deliver in late 2025. Nunzio Marc DeSantis Architects designed the hotel, Fentress Architects designed the convention center expansion and Balfour Beatty is handling construction. The project is expected to generate 1,000 construction jobs and 1,300 permanent jobs. Matthews Southwest opened Phase I of the convention center in October 2021. The expansion project will add an additional 600,000 square feet of flexible indoor event and meeting space and an additional 200,000 square feet of outdoor programming space, to create a total of more than 1.4 million square feet of event space that includes 350,000 square feet of contiguous exhibition space. The expanded center will also feature a new 65,000-square-foot waterfront ballroom, 50 meeting rooms, new dining concepts, pre-function space and modern décor and technologies. The new Omni hotel will feature a rooftop bar, grand and junior ballrooms, meeting spaces, yoga deck and a pool deck. The project will also include an onsite water taxi …
NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space. The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023. The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row. Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …
NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion. Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets. Under the terms of the deal, Brookfield will acquire all outstanding shares of Watermark’s common stock for approximately $6.73 per share. The purchase price represents a premium of more than 7.5 percent from the most recently published net asset values per share as of Dec. 31, 2021. The deal is expected to close in the fourth quarter. “Hotels and resorts of this scale and quality are difficult to replicate,” says Lowell Baron, managing partner and chief investment officer in Brookfield’s real estate group. “This portfolio is well positioned given its concentration in the Sun Belt, as well as in coastal destinations and gateway cities with high barriers to entry.” Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Watermark. Hodges Ward Elliott is providing estate advisory services to Watermark, and Clifford Chance US LLP and …
GAFFNEY, S.C. — Jalaram Hotels Inc. has opened the Holiday Inn Express Gaffney, an 81-room hotel located in Gaffney, a South Carolina town along Interstate 85 that is equidistant between Greenville and Charlotte. Providence, R.I.-based TPG Hotels, Resorts & Marinas operates the hotel, which is situated across from the Gaffney Outlet Mall. The Holiday Inn Express Gaffney features meeting space, complimentary breakfast, Wi-Fi, a business center, fitness center and an outdoor swimming pool. Jalaram Hotels is based in St. Augustine, Fla., and has several hotels in northeast Florida in its ownership and management portfolio.
CHICAGO — Chicago Mayor Lori Lightfoot has selected Bally’s Corp. as the preferred company to redevelop a former Chicago Tribune printing plant into a gaming and entertainment destination. The 30-acre site is located at the intersection of Chicago Avenue and Halstead Street along the Chicago River in the city’s River West neighborhood. The $1.7 billion proposal calls for the city’s first casino featuring 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel tower with rooftop bar; 3,000-seat, 65,000-square-foot theater; 20,000 square foot exhibition hall; outdoor music venue; and outdoor green space including an expansive public riverwalk with a water taxi stop. Mayor Lightfoot announced Thursday that Bally’s had won the project over competing bids from Hard Rock International and Rush Street Gaming. State regulators and the Chicago City Council will need to approve the plan before work can begin. The city’s evaluation report said the Bally’s proposal provides the most economic value to taxpayers, including an upfront payment of $40 million and annual payments to the city totaling $4 million. The project is expected to generate more than $800 million in gaming revenue on an annual basis, a substantial portion of which will support the city’s …
CHICAGO — The Park Hyatt Chicago hotel at 800 N. Michigan Ave. is scheduled to reopen this summer following a $60 million renovation that began early this year. Reservations are now available to book for stays beginning July 1. The renovation project included 23 new suite additions, reimagined guestrooms, enhancements to the lobby and library, new art selections, and updates to the food and beverage programs as well as the spa. Design firm Anderson/Miller Ltd. worked on the modernization of the guestrooms and suites. Sheedy DeLaRosa Interiors designed the lobby and library on the ground floor to complement the new art selections. NoMI Kitchen will reopen with Executive Chef Terence Zubieta at the helm.
PORT ROYAL, S.C. — Vivo Living has purchased a hotel located at 1660 Ribaut Road in Port Royal, a coastal town situated north of Hilton Head, S.C. The California-based buyer plans to convert the hotel into an apartment community named Vivo Port Royal. This will be Vivo’s third adaptive reuse multifamily project in South Carolina. The property will feature a living room lobby with complimentary Wi-Fi, lounge areas, a pool and a fitness center. Vivo Living says that the property will command a 10 to 20 percent discount compared with market-rate rents in the trade area. The seller was not disclosed.
