Hospitality

AC-Hotel-by-Marriott-Austin-Hill-Country

LodgeCap Opens 135-Room AC Hotel by Marriott in West Austin

by Taylor Williams December 13, 2021

AUSTIN, TEXAS — Metro Dallas-based developer LodgeCap has opened the 135-room AC Hotel Austin Hill Country, a Marriott-branded hotel located at 7415 Southwest Parkway on the west side of Austin. The hotel offers a pool, lobby bar, sky lounge bar and meeting/event space. Merriman Anderson Architects provided interior design services for the five-story building, while a local affiliate of the Dallas-based firm, Merriman Pitt Anderson, provided exterior design and construction administration services.

December 13, 2021

Acquisitions Development Georgia Hospitality Southeast

Blaze, Argosy Acquire Hotel Property in Metro Atlanta, Plan for Multifamily Conversion

by Julia Sanders December 10, 2021

PEACHTREE CORNERS, GA. — Charleston-based Blaze Capital Partners and joint venture partner Philadelphia-based Argosy Real Estate Partners have acquired The Spoke at Peachtree Corners, an extended-stay hotel in Peachtree Corners, about 21.9 miles north of downtown Atlanta. The two firms plan to convert the hotel property into a tech-oriented multifamily community, as well as plan to invest in interior and exterior capital improvements. The sales price and seller were not disclosed. Originally built as a hotel in 1989, The Spoke at Peachtree Corners has recently undergone property upgrades, including a remodeled clubhouse, gym, sports court and pool area. The unit interiors have also been modernized and currently feature hard surface countertops, stainless steel appliances and updated lighting fixtures. Located at 450 Technology Parkway NW, the property is situated northeast of Atlanta adjacent to the Atlanta TechPark, an office park housing more than 100 tenants. Blaze Capital and Argosy will complete interior upgrades at the property, including smart-home and technology-based work-from-home amenity space. The two firms will also complete exterior upgrades, including remodeling the clubhouse and leasing office, establishing upgraded and rebranded signage, converting the existing basketball court to outdoor amenity space, expanding the existing common laundry facility and painting the …

December 10, 2021

Florida Hospitality Loans Southeast

CBRE Arranges $120.1M Acquisition Loan for East Miami Hotel at Brickell City Centre

by Julia Sanders December 7, 2021

MIAMI — CBRE has arranged a $120.1 million loan for the $174 million purchase of the East Miami hotel, a 352-room hotel property in downtown Miami’s Brickell district. Located at 788 Brickell Plaza, East Miami Hotel is situated within Brickell City Centre, a $1.1 billion, 5.4 million-square-foot mixed-use development that was completed in 2016. Mark Owens, John Avanzino and Estelle Wang of CBRE facilitated the debt financing through global alternative investment firm Värde Partners on behalf of the buyer, a joint venture between funds managed by Honolulu-based Trinity Fund Advisors LLC and New York-based private equity firm Certares Real Estate Management LLC. Christian Charre and Paul Weimer of CBRE Hotels represented the developer and seller, Hong Kong-based Swire Properties, in the sales transaction. Each room at the hotel features a walk-in rain shower and Wi-Fi. The hotel offers coworking space, a pool and a pool deck. The hotel also has dining options such as Quinto La Huella, a Uruguayan eatery, and Sugar and Tea Room, a rooftop bar and hidden door speakeasy located on the 40th floor. The property is LEED-certified and has a recycling program. The hotel is located a half mile from downtown Miami, 10.5 miles from Miami …

December 7, 2021

Acquisitions Florida Hospitality Southeast

Newbond Holdings Purchases Waterstone Resort & Marina in Boca Raton, Florida

by Julia Sanders December 7, 2021

BOCA RATON, FLA. — Newbond Holdings has purchased the Waterstone Resort & Marina Boca Raton, Curio Collection by Hilton, a 139-room hotel in Boca Raton. JLL represented the seller, The Lane Organization, and also worked on behalf of the buyer to originate the floating-rate acquisition financing. The sales price was not disclosed. Built in 1976, Waterstone Resort & Marina Boca Raton has over 8,000 square feet of meeting space and a marina. The room offerings include 72 kings, 56 double queens and 11 suites. The hotel also has two restaurants including the Boca Landing Prime Seafood and Waterstone Rum Bar & Grill. Hotel amenities at the property include a fitness center, outdoor pool, business center, concierge, meeting rooms and complimentary Wi-Fi. Located at 999 East Camino Real, the property is situated 25.5 miles from Fort Lauderdale-Hollywood International Airport, 2.2 miles from downtown Boca Raton and 2.9 miles from Deerfield Beach.

December 7, 2021

Acquisitions Hospitality Leasing Activity Maryland Mixed-Use Northeast Pennsylvania Restaurant Retail Southeast Top Stories

Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties

by John Nelson December 7, 2021

PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The total price was approximately $1.8 billion, including applicable long-term ground leases. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The transaction for the three properties includes a binding partnership on future Cordish casino developments. For seven years post-closing, GLPI will co-invest with Cordish on any new gaming development projects and provide 20 percent of Cordish’s equity on those projects. (This agreement excludes existing Cordish or third-party gaming licensed facilities.) …

December 7, 2021

Development Hospitality Texas

City of Grand Prairie, Concord Hospitality Break Ground on Two Hotels Totaling 276 Rooms

by Taylor Williams December 3, 2021

GRAND PRAIRIE, TEXAS — The City of Grand Prairie, located roughly midway between Dallas and Fort Worth, and North Carolina-based operator Concord Hospitality have broken ground on two hotels totaling 276 rooms. The Hilton Garden Inn will total 129 rooms and will offer a restaurant, pool, fitness center and business services. The Homewood Suites will consist of 147 suites with full kitchens and multiple formats, as well as two restaurants and a convention center with a 10,000 square-foot ballroom that connects to the hotel. Merriman Anderson designed the hotels, both of which are located within the 170-acre EpicCentral mixed-use development and will connect to the existing development via walkways and two pedestrian bridges. The openings are scheduled for 2023.

December 3, 2021

Acquisitions Georgia Hospitality Southeast

Hodges Ward Elliott Arranges $305M Sale of Condor Hospitality Portfolio Across Sun Belt, Kansas

by Julia Sanders December 2, 2021

ATLANTA — Atlanta-based Hodges Ward Elliott (HWE) has arranged the $305 million sale of the real estate holdings of Bethesda, Md.-based Condor Hospitality Trust, including a portfolio of 15 select-service hotels located across the Southeast, Texas and Kansas. Daniel Peek, Clint Hodges, John Bourret, Austin Brooks, Mike Tormey and Carolina Bernal of HWE represented Condor Hospitality in the transaction. The buyer was not disclosed. The Condor Hospitality Trust portfolio has an average age of less than 10 years and is affiliated with Marriott, Hilton and IHG brands. The hotel collection spans 1,908 rooms in total. The Texas properties include: Home2 Suites Austin Round Rock in Austin; Residence Inn Austin Airport in Austin; TownePlace Suites Austin Parmer/Tech Ridge in Austin; SpringHill Suites San Antonio Downtown/Riverwalk Area in San Antonio and Fairfield Inn & Suites El Paso Airport in El Paso. The portfolio also comprises hotels in Florida including Hampton Inn & Suites Lake Mary @ Colonial Townpark in Lake Mary; Courtyard Jacksonville Flagler Center in Jacksonville and Home2 Suites Tallahassee State Capitol in Tallahassee. The other properties include Aloft Atlanta Downtown in Atlanta; Hotel Indigo Atlanta Airport – College Park in Atlanta; Home2 Suites Summerville in Summerville, S.C.; Home2 Suites Lexington …

December 2, 2021

Acquisitions Hospitality Texas

Hodges Ward Elliott Arranges Sale of 811-Room Hyatt-Branded Hotel in Dallas

by Taylor Williams December 1, 2021

DALLAS — Hodges Ward Elliott has arranged the sale of the 811-room Hyatt Regency DFW International Airport, located adjacent to Terminal C at Dallas-Fort Worth International Airport. The recently renovated property offers four food and beverage concepts and 92,000 square feet of meeting and event space. John Bourret, Austin Brooks and David Auer of Atlanta-based Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer was a partnership between global asset management firm Castlelake LP and Dallas-based Woodbine Development Corp.

December 1, 2021

Features Hospitality

Travel, Employment, Supply Chain Issues All Impact Hotel Sector, Says CBRE Report

by Jeff Shaw November 30, 2021

DALLAS — Since the COVID-19 pandemic began there have been many changes in travel, employment and supply chain issues, all of which have an effect on the hospitality sector, according to the U.S. Hotels State of the Union: CBRE Hotels Research Report. Dallas-based CBRE released the report earlier this month. Travel rebounds Regarding travel, the sector seems to have picked up momentum. CBRE says air travel is above 80 percent of pre-COVID-19 levels after high levels of travel during Halloween this year. Also, hotel cancellations have remained fairly steady since the beginning of the pandemic. In March 2020, there was a huge spike in hotel cancellations, but since then, cancellations have remained fairly low for most of 2021 with a slight increase in July 2021. Additionally, international travel restrictions are hurting the U.S. hospitality sector. This year, there has been considerably less international travel spending in the country than pre-pandemic with August 2019 seeing around $12 billion in spending versus around $2 billion in August 2021. Another change since the pandemic is that most of the inbound travelers are now coming from Latin America, with the top border entrants from Mexico, Colombia, Peru and Ecuador in August 2021. Two years …

November 30, 2021

Acquisitions Florida Hospitality Southeast

DSH Hotel Advisors Arranges Sale of 90-Room Days Inn By Wyndham in Clearwater, Florida

by Julia Sanders November 29, 2021

CLEARWATER, FLA. — DSH Hotel Advisors, a Tampa-based hotel brokerage and advisory firm, has arranged the sale of Days Inn By Wyndham, a 90-room hotel in Clearwater. Dennis Hopper and Randy Taylor of DSH represented the seller, an entity known as Mega C Hospitality LLC, and the buyer, an entity known as Prism Development LLC. The sales price was not disclosed. Located at 2940 Gulf to Bay Blvd., the Days Inn is about 13.6 miles from Tampa International Airport and six miles from Clearwater Beach.

November 29, 2021

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