Hospitality

ACRES Originates $74.8M Construction Loan for Westin Atlanta Gwinnett Hotel in Duluth, Georgia

by John Nelson July 22, 2022

DULUTH, GA. — ACRES Capital Corp. has originated a $74.8 million loan to fund the construction of the Westin Atlanta Gwinnett Hotel in Duluth. The borrower is Concord Hospitality, a hotel owner and developer based in Raleigh. Situated about 28 miles northeast of Atlanta, the 348-room hotel will serve as the flagship lodging option within the Gas South District campus off Sugarloaf Parkway. Westin Atlanta Gwinnett will be attached to the Gas South Convention Center and Arena (formerly known as Infinite Energy Center) and will offer 17,607 square feet of meeting space, as well as a business center, fitness center, dining options and a rooftop bar. The construction timeline and project team members were not disclosed.

July 22, 2022

California Hospitality Market Reports Western Western Market Reports

Should Hoteliers Stay in San Diego?

by Jeff Shaw July 22, 2022

Western Real Estate Business sat down with two hotel experts to discuss what the future holds for tourism-heavy markets like San Diego. They include Robert A. Rauch, managing partner of the locally based Hilton Campus Del Mar and Fairfield Inn & Suites San Marcos and a faculty associate at Arizona State University, as well as Gary H. London, senior principal of Carlsbad, Calif.-based London Moeder Advisors, which prepares commercial market and financial feasibility studies and analyzes real estate investments for prospective investors. WREB: How is San Diego’s hospitality and tourism industries stacking up to other markets that are similar in either size or tourist popularity? London: Because of an ongoing slowdown in international travel, many American travelers divert to San Diego as a favored domestic destination. San Diego’s tourism sector has been very strong since the perceived end of the pandemic-induced recession almost a year ago. Rauch: Over the nine months spanning from July 2021 to March 2022, San Diego has been in the top five of the 25 largest U.S. markets in all three categories of occupancy, average rate and RevPAR. Hotel occupancy comes in at 67.6 percent, average rate per night is $179.85 and RevPAR (revenue per available room) stands at …

July 22, 2022

Development Hospitality Multifamily South Carolina Southeast

Capital Square Breaks Ground on Hybrid Apartment Hotel Property in Charleston

by John Nelson July 21, 2022

CHARLESTON, S.C. — Capital Square has broken ground on 529 King Street ROOST Apartment Hotel, a five-story luxury apartment hotel located in the Garden District of Charleston. The hybrid property will feature 50 extended stay apartments in studio, one-, two- and three-bedroom floor plans. The property will operate under the ROOST Apartment Hotel brand, a division of Method Residential. The final development will total approximately 32,000 net rentable square feet, including an “open-air living room courtyard” and a rooftop lounge that will be open to the public. Capital Square’s project partners include architect Morris Adjmi & LS3P, general contractor BL Harbert and Method Residential as the retail leasing agent and co-developer of the property. 529 King is situated within an opportunity zone, and Capital Square is funding the project in part with proceeds from its fourth qualified opportunity zone fund, CSRA Opportunity Zone Fund IV LLC. The Richmond-based developer and investor expects to open the property in summer 2023.

July 21, 2022

Hospitality Loans Texas

Avatar Financial Provides $5.3M Acquisition Loan for West Texas Hotel

by Taylor Williams July 20, 2022

ODESSA, TEXAS — Seattle-based Avatar Financial Group has provided a $5.3 million bridge loan for the acquisition of a Hilton-branded hotel in the West Texas city of Odessa. The Hilton Garden Inn at 5221 John Ben Shepperd Parkway totals 100 rooms and spans 22,000 square feet. The loan was structured with a 12-month term and an 8 percent interest rate. The borrower was not disclosed.

July 20, 2022

Development Hospitality Southeast Tennessee

Chartwell Hospitality, Rockbridge Underway on 292-Room Hilton Hotel at Nashville International Airport

by John Nelson July 20, 2022

NASHVILLE, TENN. — Chartwell Hospitality and partner Rockbridge have been selected by the Metropolitan Nashville Airport Authority (MNAA) to develop a Hilton-branded hotel at Nashville International Airport. The duo began vertical construction earlier this month on the property, which will feature 292 guest rooms, about 16,000 square feet of meeting space and a rooftop pool and bar. Other amenities will include a fitness center on the top floor, as well as a cafe, lobby bar and full-service restaurant on the ground level for guests and travelers. The hotel will be the tallest building at the airport campus. The project team includes locally based general contractor Crain Construction. Targeted completion or opening dates were not disclosed by Chartwell, which is also part of a development team for two hotels underway at John F. Kennedy International Airport in New York City.

July 20, 2022

Acquisitions Hospitality New Jersey Northeast

JLL Negotiates Sale of 192-Room Dual-Branded Hotel in Albany

by Taylor Williams July 20, 2022

ALBANY, N.Y. — JLL has negotiated the sale of the Homewood Suites & Tru by Hilton Albany Crossgates Mall, a 192-room, dual-branded hotel located in the state capital. The hotel houses 96 rooms from each brand, and guests have access to one check-in desk, complimentary hot breakfast, 24/7 fitness and business centers. Pyramid Management Group sold the property to Maine Course Hospitality Group for an undisclosed price. Alan Suzuki and Director Matthew Enright of JLL brokered the deal.

July 20, 2022

Acquisitions Hospitality Midwest Nebraska

Marcus & Millichap Arranges Sale of 101-Room Quality Inn Hotel in Nebraska

by Kristin Harlow July 20, 2022

OGALLALA, NEB. — Marcus & Millichap has arranged the sale of a 101-room Quality Inn hotel in Ogallala, a city in western Nebraska. The sales price was undisclosed. The property is located at 201 Chuckwagon Road directly off I-80. The hotel has undergone extensive interior and exterior remodeling over the years. Neville Rustomjee of Marcus & Millichap represented the seller, a private investor, and the buyers, private investors from Washington and Wyoming.

July 20, 2022

Arizona Development Hospitality Loans Western

EKN Development Receives $24.5M Construction Loan for Dual-Branded Hotel Development in Tempe

by Amy Works July 19, 2022

TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe. The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.

July 19, 2022

Hospitality Loans Top Stories

MCR Receives $420M Refinancing for 30-Property National Hotel Portfolio

by Taylor Williams July 18, 2022

NEW YORK CITY — MCR, a New York City-based hospitality development and investment firm, has received a $420 million loan to refinance a portfolio of 30 hotels totaling 3,792 rooms across 17 states. The majority of the properties are located in high-growth markets within states such as Florida, Utah, Nevada, Colorado, Texas and South Carolina. Locations range from leisure destinations such as the Hilton Garden Inn Orlando at SeaWorld to urban assets like the Courtyard by Marriott Milwaukee Downtown, as well as university-driven markets. The portfolio features eight different brands across the select-service and extended-stay segments of the market. These brands include Homewood Suites, Hampton Inn & Suites, Hilton Garden Inn, Home2 Suites, Residence Inn, Courtyard by Marriott, SpringHill Suites and TownePlace Suites. Wells Fargo led the consortium of lenders, including BMO Harris, Bank of America and Square Mile Capital, that provided the funds. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to MCR on the transaction, and Eastdil Secured served as financial advisor. MCR’s in-house team manages the hotels, all of which have recently undergone capital improvements. Specific loan terms were not disclosed, but the debt was priced with an interest rate that was 3.73 percent …

July 18, 2022

Acquisitions Hospitality Washington Western

CIP Negotiates Sale of Four-Property Hospitality Portfolio in Washington

by Amy Works July 14, 2022

PACKWOOD, EATONVILLE AND ASHFORD, WASH. — Crystal Investment Property (CIP) has arranged the sale of a four-hotel portfolio in Washington. Terms of the transaction, including the names of the seller and buyer and the acquisition price, were not released. The portfolio includes Cowlitz River Lodge and Crest Trail Lodge in Packwood, Mill Village Motel in Eatonville and Nisqually Lodge in Ashford. All four properties are independent, mid-scale hotels each with 25 to 32 rooms. Cowlitz River Lodge, Nisqually Lodge and Crest Trail Lodge feature large lounges, stonework fireplaces and various guest amenities throughout the properties. Mill Village Motel is the only exterior-corridor property and offers a business center, guest library and meeting/event space. CIP President Joseph Kennedy and team handled the transaction.

July 14, 2022

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