Hospitality

Carlisle to Open Hyatt-Branded Hotel at One Beale Development in Downtown Memphis

by John Nelson May 3, 2022

MEMPHIS, TENN. — Carlisle Corp. plans to open the first Caption by Hyatt-flagged hotel this summer in downtown Memphis. Caption by Hyatt Beale Street Memphis will anchor Carlisle’s $200 million One Beale mixed-use development, which includes three Hyatt-branded hotels and the new Renasant Convention Center. Memphis Business Journal reports that the new hotel’s development costs hovered around $41 million. Situated along Memphis’ famous Beale Street and the Mississippi River, the upscale select-service hotel will be integrated into the historic main building of Wm. C Ellis & Sons Ironworks and Machine Shop, which is one of the longest-running businesses in the city. The historic building will house the hotel’s ground and second floors, and a new 136-room tower will rise above and give guests views of the river and Memphis skyline. Designed by HBG Design, the hotel will feature dual entrances and an all-day, multi-functional lounge space dubbed Talk Shop that will include a coffee shop, cocktail lounge, workstations and sundries market on the inside and a patio and beer garden with fire pits on the outside. Hyatt Hotels Corp. collaborated with Union Square Hospitality Group on the Talk Shop concept. Hyatt plans to expand the Caption by Hyatt brand to …

May 3, 2022

Arizona Hospitality Loans Western

CBRE Secures $30M Refinancing for Dual-Branded Hotel in Tucson, Arizona

by Amy Works May 3, 2022

TUCSON, ARIZ. — CBRE has arranged a $30 million loan for the dual-branded Hampton Inn/Home2 Suites hotel in Tucson. Located at 141 S. Stone Ave., the 199-key property opened in late summer 2021. Adrienne Andrews and Will Denton of CBRE facilitated the refinancing for the owner, Fayth Hospitality. A national bank lender provided the seven-year, fixed-rate loan, which pays off the construction loan and provides a future funding upside.

May 3, 2022

Development Hospitality Southeast Virginia

Twain Financial to Begin $76.5M Hotel Redevelopment in Alexandria, Virginia

by Julia Sanders April 28, 2022

ALEXANDRIA, VA. — St. Louis-based Twain Financial Partners has plans to redevelop Hotel Heron, an approximately 90,000-square-foot hotel redevelopment in Alexandria. Construction on the $76.5 million adaptive reuse project is set to begin in June and wrap by November 2023. Twain Financial provided $59.2 million in financing through a mixture of sale-leaseback financing and both federal and state historic tax credit equity on behalf of the developers, May Riegler Properties and Potomac Investment Properties. The Hotel Heron project will restore the original George Mason Hotel building, which was constructed in 1925. The hotel will contain 134 rooms and 30,000 square feet of amenities, meeting space, restaurant space and ground-floor retail. Aparium Hotel Group will manage the hotel and restaurant upon completion. The property is currently being used as an office building and parking garage.

April 28, 2022

Development Hospitality Midwest Wisconsin

Radisson Opens 99-Room Jefferson Street Inn in Wausau, Wisconsin

by Kristin Harlow April 27, 2022

WAUSAU, WIS. — Radisson Hotel Group Americas has opened Jefferson Street Inn, a member of Radisson Individuals. Located in the Wausau River District, the seven-story hotel is home to 99 rooms and apartment-style suites. Guests have access to whirlpool tubs, room service, same-day dry cleaning service and complimentary breakfast, which is served by a local bakery. The hotel features Asian, Mexican and American restaurants along with live entertainment. Additional amenities include an 8,000-square-foot ballroom, indoor pool, business center, fitness center and adjacent day spa. Jefferson Street Inn is connected to the Third Street Lifestyle Center, a shopping and dining destination. Radisson Individuals offers independent hotels and local chains the opportunity to be part of Radisson Hotel Group Americas.

April 27, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson April 26, 2022

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

April 26, 2022

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of Holiday Inn & Suites San Antonio Northwest Hotel

by Taylor Williams April 25, 2022

SAN ANTONIO — Marcus & Millichap has brokered the sale of the Holiday Inn & Suites San Antonio Northwest Hotel. The 122-room hotel’s amenity package consists of a pool, fitness center, business center and a cocktail lounge. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, an individual/personal trust, in the transaction. Both parties requested anonymity.

April 25, 2022

Acquisitions Hospitality Texas

Door Capital Partners Buys 75-Room La Quinta Inn & Suites Hotel in Cedar Park, Texas

by Taylor Williams April 20, 2022

CEDAR PARK, TEXAS — Locally based private equity firm Door Capital Partners has purchased a 75-room La Quinta Inn & Suites hotel in Cedar Park, a northern suburb of Austin. Built in 2009, the Wyndham-branded hotel offers a mix of traditional guestrooms and suites, as well as a fitness center, onsite laundry facilities, indoor pool and 625 square feet of meeting and event space. C.W. Sheehan, Matt Ctvrtlik and Hunt Wood of JLL arranged a five-year, fixed-rate acquisition loan through Alliance Bank Central Texas on behalf of Door Capital Partners.

April 20, 2022

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $30M Refinancing for Inn at the Pier in Pismo Beach, California

by Amy Works April 8, 2022

PISMO BEACH, CALIF. — Sonnenblick-Eichner Co. has arranged $30 million in long-term, fixed-rate financing for Inn at the Pier, a full-service boutique hotel located half a block from the Pacific Ocean in Pismo Beach. Inn at the Pier features 104 guest rooms, a full-service restaurant, pool, spa and the only rooftop bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a fitness center and approximately 2,650 square feet of street-level retail space. Additionally, the hotel offers valet parking for up to 128 cars. The nonrecourse loan was funded by a life company and priced in the low four percent range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the undisclosed borrower.

April 8, 2022

Development Georgia Hospitality Office Retail Southeast

Jamestown Begins Construction on Ponce City Market Expansion in Atlanta

by Julia Sanders April 6, 2022

ATLANTA — Jamestown has begun construction on the expansion of Ponce City Market by more than 700,000 square feet in the adaptive reuse project’s next phase of development. The addition will include a four-story office building, 405-room hospitality building and a 163-unit multifamily property. The office and hospitality components are expected to open in 2024, and the multifamily component is slated for completion by the end of 2023. At the corner of Ponce de Leon Avenue and Glen Iris Drive, 619 Ponce will be an office building that will feature 90,000 square feet of office space and 23,000 square feet of ground-level retail space. Additionally, the 21-story hospitality building will be located at the corner of Glen Iris Drive and Glen Iris Way and will offer fully furnished units with flexible short-term and long-term stays, including by-the-night stays and one-year terms. The property will also include 12,000 square feet of retail space. Located directly adjacent to the Atlanta BeltLine at North Avenue, Signal House will be a 21-story, 163-unit multifamily building with 3,300 square feet of retail space. The property will be designed for active adults and the 55-plus community. The floorplans will range in size from one- to three-bedrooms. …

April 6, 2022

Acquisitions Hospitality Mississippi Southeast

CBRE Brokers Sale of Chancellor’s House Hotel in Oxford, Mississippi

by Julia Sanders April 5, 2022

OXFORD, MISS. — CBRE has arranged the sale of The Chancellor’s House, a 38-room boutique hotel in Oxford, to Nashville-based BNA Associates LLC. Natalie Castillo, Austin LaPoten and John Lamberson Jr. of CBRE represented the seller, an entity doing business as Chancellor House LLC. Built in 2017, The Chancellor’s House hotel offers two full-service restaurants, a lounge with an outdoor patio, rooftop and more than 2,800 square feet of meeting space. Located at 425 South Lamar Blvd., the property is situated less than one mile from the University of Mississippi and is just south of The University-Oxford Airport.

April 5, 2022

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