EVERETT, MASS. — Las Vegas-based Wynn Resorts (NASDAQ: WYNN) has entered into an agreement with San Diego-based REIT Realty Income Corp. to sell and lease back Encore Boston Harbor, a luxury resort and casino located outside the state capital in Everett. Under the terms of the deal, which is expected to close in the fourth quarter, Wynn will sell all of the real estate assets to Realty Income for $1.7 billion in cash while continuing to operate the property. However, Wynn will retain ownership of a nearby 13-acre site that will eventually house parking and other non-gaming amenities. Wynn will also enter into a triple-net lease with Realty Income that calls for an initial annual rent of $100 million with 1.75 percent increases for the first 10 years. The initial lease term is 30 years, and the contract includes one 30-year renewal option.
FRISCO, TEXAS — General contractor Brasfield & Gorrie has topped out the Omni PGA Frisco Resort, a 510-room hospitality project in metro Dallas. Omni Resorts is developing the property in partnership with the City of Frisco and the PGA of America, which is in the midst of relocating its headquarters from South Florida to the northern Dallas suburb. The relocation represents a total investment of $520 million for Frisco. Guests of the hotel will have access to two 18-hole courses, a 10-hole short course and a two-acre putting green, as well as 12 food and beverage options, three pools, a spa and 127,000 square feet of meeting and event space. SB Architects designed the project. Completion is slated for spring 2023.
MIAMI BEACH, FLA. — Locally based partners Integra Investments and Activate Hospitality have sold Sixty Sixty Resort, an 82-room hotel located in Miami Beach, for $23.5 million. Gregory Rumpel of JLL Capital Markets brokered the deal. Bloom Hotels is the buyer. Sixty Sixty is a 16-floor building that was built as a condo-hotel in 1992. In 2020, the previous owners planned renovations for the property, including the addition of a ground-floor restaurant and café. Situated at 6060 Indian Creek Drive, Sixty Sixty offers direct ocean access and panoramic views of downtown Miami and Miami Beach. The property’s features include a 2,000-square-foot dock, pool and two rooftop terraces. The building affords patrons access to a plethora of dining, retail and entertainment options, including the renowned Bal Harbour shops and Lincoln Road.
ATLANTA — Atlanta-based brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of a portfolio of three select-service hotels in Texas totaling 280 rooms. The portfolio comprises the 109-room Fairfield Inn & Suites Waco North; the 83-room Fairfield Inn & Suites Marshall; and the 88-room Holiday Inn Express & Suites Dallas South Desoto. The hotels were respectively built in 2004, 2005 and 2007. Austin Brooks led the HWE team that represented the seller, Avatar Hotel Group, in the transaction. Houston-based hospitality investment firm Wolfgramm Capital purchased the portfolio for an undisclosed price. Wolfgramm Capital also acquired Avatar’s management operations as part of the deal.
ROSWELL, GA. — Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ Luxury & Lifestyle Collection, will open a boutique hotel in Roswell. The Kimpton hotel is slated to open by early 2024. HEI Hotels & Resorts will operate the hotel once completed, and Randall-Paulson Architects will serve as the architect on the project. The Kimpton hotel will feature 125 guest rooms, including 20 suites, as well as nearly 6,500 square feet of indoor meetings and events space, an 11,000-square-foot courtyard, fitness center, rooftop restaurant and a ground-floor restaurant and bar. Additionally, the hotel will offer amenities including a morning coffee and tea service, hosted evening social hour, pet-friendly policies and bicycles. Located on Mimosa Boulevard and Magnolia Street, the three-story hotel will be situated near the Historic Roswell Town Square. The property will also be near many restaurants and retailers including Gate City Brewing Co., El Zarape, King Galleries, The Roswell Garden and Ipp’s Pastaria & Bar. The property is also located 21.9 miles from downtown Atlanta.
BRANDON, FLA. — Berkadia Hotels & Hospitality has arranged the $16 million sale of the Holiday Inn Express Brandon, a 119-room hotel property in Brandon. Michael Weinberg, Preston Reid, Kyle Stevenson and Wyatt Krapf of Berkadia Hotels & Hospitality arranged the sale on behalf of the seller, New Jersey-based Spring Bay Property Co. The buyer was not disclosed. The Holiday Inn Express Brandon features amenities such as an outdoor heated pool, fitness center and self-service laundry facilities for guests. Located at 510 Grand Regency Blvd. off Interstate 75, the hotel is near the Tampa Bay Convention Center, Busch Gardens, Hard Rock Casino and Brandon Ice Sports Forum.
BOSTON — A joint venture between global asset manager Värde Partners and California-based Hawkins Way Capital has purchased the 1,220-room Sheraton Boston Hotel, located at 39 Dalton St. in the city’s Back Bay neighborhood. The hotel sold for $233 million, or roughly $191,000 per room, according to multiple local news outlets including The Boston Globe and WCBV. The partnership purchased the 29-story, 1.1 million-square-foot property from Maryland-based REIT Host Hotels & Resorts Inc. (NASDAQ: HST). The luxury hotel offers amenities such as a pool, business center, fitness center, meeting space, spa and wellness center, convenience store and an onsite restaurant. The Sheraton is Boston’s largest hotel, and the sales price is below that of comparable hotel deals that traded in Boston’s downtown area prior to the pandemic, according to the Globe. Citing data from Pinnacle Advisory Group, the local newspaper puts the downtown Boston hotel market’s average nightly occupancy rate for 2021 at approximately 45 percent. The deal marks the sixth acquisition between Värde Partners and Hawkins Way Capital as part of a larger plan to acquire $1 billion in value-add and distressed hospitality and housing assets in major U.S. cities. The joint venture’s portfolio also includes the DoubleTree by …
JEKYLL ISLAND, GA. — New Castle Hotels & Resorts, a Ridgefield, Conn.-based resort hotel owner and operator, has acquired the Holiday Inn Resort Jekyll Island, a 158-room hotel in Jekyll Island. Georgia Coast Holdings LLC and NorthPointe Hospitality sold the property for $41 million. Rich Lillis of Colliers represented the buyer in the transaction. The Holiday Inn Resort Jekyll Island is a full-service hotel situated on more than seven acres of oceanfront property, including a quarter-mile of beachfront. The hotel features oversized rooms and suites, as well as a playground and lawn area, fire pits and cabanas, kid programming and activities, bike rentals, fitness center, pool and a hot hub. Located at 701 N Beachview Drive, the hotel is located near Driftwood Beach and the Georgia Sea Turtle Center. The hotel also is situated near numerous bike trails and 18 miles from Saint Simons Island.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of the 210-room Wyndham Garden Austin hotel, located just south of the city’s downtown area. Hotel amenities include a pool, fitness center, business center, 10,500 square feet of meeting space and a snack bar/deli. Allan Miller, Chris Gomes and Matt Omansky of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a partnership between two undisclosed firms based in Texas and Arkansas that are conducting business as Dreamliner Global Inc. The new ownership has tapped G&G Hospitality to manage the hotel.
WEST CHESTER TOWNSHIP, OHIO — PMZ Realty Capital LLC has arranged an $18.4 million loan for the refinancing of two hotel properties in West Chester Township, about 18 miles north of Cincinnati. The adjacent properties include the 100-room Courtyard Cincinnati North at Union Center and the 100-suite Residence Inn Cincinnati North/West Chester. Both offer a fitness center, indoor pool, 24-hour food market and complimentary Wi-Fi. A life insurance company provided the loan, which features an interest rate below 4 percent and interest-only payments. The borrower was undisclosed.