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Hospitality

AcquisitionsHospitalityKentuckySoutheast

Huff, Niehaus Brokers Sale of 81-Room Comfort Suites Airport Louisville Hotel

by John Nelson

LOUISVILLE, KY. — Huff, Niehaus & Associates, Inc. has brokered the sale of the Comfort Suites Airport Louisville hotel in Louisville. The 81-room hotel is located at 6535 Paramount Park Drive, about 4.5 miles south of Louisville Muhammad Ali International Airport. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction. According to the property website, the hotel features an indoor heated pool, fitness center, laundry services, free airport transportation and a full buffet breakfast for guests. The undisclosed buyer has several Choice hotels in its portfolio and plans to use a third-party management company to operate the Comfort Suites Airport Louisville. The seller and sales price were not disclosed.

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DelawareDevelopmentHospitalityNortheast

Driftwood Capital Completes $31M Hotel in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — Hospitality investment and development firm Driftwood Capital has completed a $31 million hotel in Wilmington that will be operated as a Staybridge Suites, which is part of the InterContinental Hotels Group family of brands. The 11-story, 134-room hotel offers a lounge, fitness center, business center, meeting and event spaces and a convenience mart. Whiting-Turner Contractor Co. handled construction of the project, which was designed by Dever Architects. First International Bank & Trust provided construction financing. Driftwood will manage the property.

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DelawareDevelopmentHospitalityNortheast

Driftwood Capital Completes $31M Hotel in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — Hospitality investment and development firm Driftwood Capital has completed a $31 million hotel in Wilmington that will be operated as a Staybridge Suites, which is part of the InterContinental Hotels Group family of brands. The 11-story, 134-room hotel offers a lounge, fitness center, business center, meeting and event spaces and a convenience mart. Whiting-Turner Contractor Co. handled construction of the project, which was designed by Dever Architects. First International Bank & Trust provided construction financing. Driftwood will manage the property.

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Affordable HousingCaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

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Affordable HousingCaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

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AcquisitionsHospitalityTexas

NewcrestImage Acquires 135-Room TownePlace Suites Dallas Las Colinas Hotel

by Taylor Williams

IRVING, TEXAS — Locally based hospitality owner-operator NewcrestImage has acquired the 135-room TownePlace Suites Dallas Las Colinas Hotel in Irving. The Marriott-branded property, which offers studio, one- and two-bedroom suites, opened in 1998 and was last renovated in 2014. Amenities include an outdoor pool and a fitness center. NewcrestImage plans to expand upon those capital improvements with additional upgrades to guestrooms and common areas.

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DevelopmentHospitalityNew YorkNortheast

Marriott Opens 130-Room SpringHill Suites Hotel in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Marriott has opened a 130-room hotel at 111 E. 24th St. in Midtown Manhattan under that will be operated under the hospitality giant’s SpringHill Suites brand. According to Crain’s New York, McSam Hotel Group developed the property. Gene Kaufman Architect designed the 12-story hotel, which offers amenities such as a breakfast dining room, laundry, fitness center and dry cleaning service.

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DevelopmentHospitalityLoansSoutheastTennessee

Hall Structured Finance Provides $43.1M Construction Loan for New Holiday Inn Express Hotel in Nashville

by John Nelson

NASHVILLE, TENN. — Hall Structured Finance (HSF) has provided a $43.1 million construction loan for a new eight-story hotel project in Midtown Nashville. The new Holiday Inn Express will feature 184 guest rooms, as well as an outdoor infinity-edge swimming pool, fitness center, meeting room, convenience market, breakfast area and a business center. Francisco Nacorda of Mag Mile Capital arranged the loan through HSF on behalf of the borrower, Nashville-based SiLa Developments. Triumph Hospitality will manage the Holiday Inn Express when it opens in March 2024.

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AcquisitionsHospitalityNew YorkNortheast

Hunter Hotel Advisors Arranges $11.2M Sale of Upstate New York Hotel

by Taylor Williams

ITHACA, N.Y. — Hunter Hotel Advisors, an Atlanta-based hospitality brokerage firm, has arranged the $11.2 million sale of the 107-room Courtyard Ithaca Airport Hotel in upstate New York. The select-service property is situated adjacent to Ithaca Tompkins International Airport and Cornell University’s campus. Rochester, N.Y.-based owner-operator DelMonte Hotel Group sold the property to Skyline Investments Inc. Mayank Patel of Hunter Hotel Advisors brokered the deal.

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AC-Hotel-Marriott-Seattle-WA
HospitalityLoansWashingtonWestern

Arriba Capital Arranges $63.9M Construction Loan for AC Hotel by Marriott in Downtown Seattle

by Amy Works

SEATTLE — Arriba Capital has closed an $63.9 million syndicated construction loan for the development of an AC Hotel by Marriott in downtown Seattle. The borrower is a privately held hospitality management and development group based in the Southeast. Situated in the South Lake Union neighborhood, the hotel will feature 200 guest rooms.

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