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.
ATLANTA — The Radco Cos. has purchased The American Hotel, a 315-room, full-service hotel in downtown Atlanta. Legacy Ventures sold the property for an undisclosed price but will stay on to manage the property. Opened in 1962 as the American Motor Hotel, the property was the first racially integrated hotel in downtown Atlanta. In the past, The American Hotel also hosted meetings of influential civil rights leaders such as Martin Luther King Jr. Legacy Ventures completed a $16 million renovation program in 2017, including rebranding the property as The American Hotel, to restore and revitalize the property. The Radco Cos. plans to build on these upgrades and rebrand the asset to Hilton’s new Tapestry Collection brand. Located at 160 Ted Turner Drive NW, The American Hotel is situated 12.1 miles from Hartsfield-Jackson Atlanta International Airport. The hotel is also directly across the street from the AmericasMart, a wholesale trade show center.
HUNTSVILLE, ALA. — MH Hospitality has acquired the Holiday Inn Express Hotel, a 98-room, four-story hotel in Huntsville. Wealth Hospitality Group sold the property for $13.9 million. The Holiday Inn Express Hotel is a newly constructed, 56,963-square-foot hotel that features two elevators, 1,200 square feet of meeting space, an outdoor pool and a fitness center. Situated on 2.7 acres, the property is located about one mile from the U.S. Space & Rocket Center, Huntsville Botanical Garden and the Huntsville campus for the University of Alabama.
LAS VEGAS — Oak View Group has unveiled plans for a $3 billion entertainment district spanning 25 acres south of the Las Vegas Strip. The project will be located at the intersection of Interstates 15 and 215, and is set to include an 850,000-square-foot arena, casino, hotel and an additional entertainment venue. The arena will host upwards of 20,000 seats and will offer amenities such as suites and premium hospitality clubs. Oak View Group is actively seeking a partner to operate the hotel and casino portion of the development, and has held talks with a number of potential participants, according to reports by Bloomberg. The arena portion does not yet have a tenant. “We are proud Oak View Group has chosen Nevada for its next and largest project,” says Nevada Governor Steve Sisolak. “This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for Nevadans.” Groundbreaking on the project, which is designed by architecture firms Gensler and Populous, is scheduled for 2023. Marc Badain, former president of the NFL’s Las Vegas Raiders, will also partner with Oak View Group on the development. “South of the Las Vegas strip represents …
ST. PAUL, MINN. — Colliers Mortgage | Commercial Finance has provided a $14.9 million loan for the construction of Courtyard by Marriott-Gateway St. Paul. The 120-room hotel will be situated across from the Xcel Energy Center, a downtown arena. The Xcel Energy Center is home to more than 150 sporting and entertainment events each year. Loan terms and the borrower were not disclosed.
Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …
JACKSON, WYO. — Hodges Ward Elliott (HWE) has brokered the sale of Amangani, an ultra-luxury resort located at 1535 NE Butte Road in Jackson. Terms of the transaction were not released. Situated at the foothills of the Grand Tetons, Amangani features 40 suites with either an outdoor terrace or balcony with mountain views, an award-winning restaurant, spa and fitness center, plus a wide variety of excursions and adventures, including heli-skiing, dog sledding, whitewater rafting, fly fishing, photography tours and wildlife tours. Daniel Peek, Cyrus Vazifdar, Carolina Bernal and Alex Yiankes of HWE advised the undisclosed seller in the deal. HWE’s Debt Capital Markets team, led by Lawrence Britvan and Michael Straw, arranged acquisition financing for the undisclosed buyer.
CARSON CITY, NEV. — CommCap Advisors has arranged a $10.2 million loan for Hampton Inn & Suites, located at 10 Hospitality Way in Carson City. The borrower is Gemini Hotel Group. Situated on two acres, the hotel features 49,821 square feet of rentable space. Andy Crawford of CommCap Advisors facilitated the 10-year loan, which features a 25-year amortization schedule, for the borrower. The use of the funds was not disclosed.
CHICAGO — Sunstone Hotel Investors Inc. (NYSE: SHO), a California-based lodging REIT, has sold two hotels in Chicago for a combined gross sales price of $129.5 million. The properties include the 368-room Embassy Suites Chicago and the 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile. Buyer information was not provided. The sale marks Sunstone’s exit from the Chicago market, which has been hindered by excess supply and an inability to drive meaningful rate and profitability growth, says CEO Bryan Giglia. For the month of February, Chicago’s hotel occupancy rate of 43.8 percent was the second-lowest rate across the nation, according to hospitality data firm STR. The average occupancy rate nationally for the month was 56.9 percent. Sunstone’s stock price opened at $11.69 per share Tuesday, March 22, down slightly from $12.82 per share one year ago.
JOHNS ISLAND, S.C. — Newmark has secured a $53 million construction loan for The Dunlin, Auberge Resorts Collection at Kiawah River, a 72-room hotel project in Johns Island. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the loan through United Bank on behalf of the borrower, Kiawah River Hospitality Group. Construction on the project is slated for completion by 2024. The Dunlin is located within the Kiawah River master-planned residential resort community. The project will be situated along the 12-mile riverfront, offering 2,000 acres of nature trails and marshlands. The hotel will feature a branded restaurant and lounge and over 10,000 square feet of event space, including a 5,200-square-foot wedding hall. Resort amenities will include a pool with cabanas, full-service spa and a riverfront swim and fitness facility. The Dunlin will be the newest addition to the Auberge Resorts Collection’s portfolio of luxury hotels, resorts and residences.