Ashford Hospitality Trust Closes $427M Refinancing for 17-Property Hotel Portfolio

DALLAS — Ashford Hospitality Trust (NYSE: AHT) has closed a $427 million refinancing of 17 properties within its hotel portfolio. The hotels in the portfolio are situated throughout the West, Midwest and South. The new loan is expected to result in annual interest savings of about $9.8 million.Properties included in the portfolio are — Courtyard Alpharetta, Georgia — Courtyard Bloomington, Indiana — Courtyard Crystal City, Virginia — Courtyard Foothill Ranch, California — …

Bedrock Is a Major Force in Motor City

You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types.Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have …

Pebblebrook Hotel Trust Sells Dumont NYC for $118M

NEW YORK — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 252-room Dumont NYC in New York for $118 million. The transaction marks Pebblebrook’s exit from the New York market.The upper upscale hotel is located at 150 E. 34th St. at Lexington Avenue in Manhattan. It was built in 1986. The buyer was LeFrak Organization, which plans to convert the hotel into apartments, according to The Real Deal.Dumont NYC was previously part of a six-hotel portfolio Pebblebrook held with joint …

Hotel Sector is on ‘Glidepath to Oversupply,’ But Chicago Could See a Soft Landing

I am heartened to see that my projections for 2016 in the Midwest hotel marketplace — particularly Chicago, my home market — held up fairly well.In a column that I authored for Heartland Real Estate Business this time last year, I pointed out “the question of whether supply will outpace demand is changing from if to when in many of these markets.”[caption id="attachment_175002" align="alignright" width="100"] Robert Habeeb, First Hospitality Group[/caption]That trend line …

MCR Completes Renovation of Hampton Inn by Hilton in Dunn, N.C.

DUNN, N.C. — MCR Development LLC, a hotel owner-operator, has completed renovation of the Hampton Inn by Hilton Dunn, a 120-room, select-service hotel located along the I-95 corridor in Dunn, approximately 40 miles south of Raleigh. The renovations included new landscaping, the addition of LED lighting to the exterior, a fresh painting and with new beds and

MCR Completes Renovation of 102-Room Hotel in Tulsa

TULSA, OKLA. — MCR has finished exterior renovations of the Hampton Inn & Suites Tulsa-South Bixby, a 102-room, select-service hotel located at 8220 S. Regal Blvd. next to the Spirit Bank Event Center in Tulsa. The renovations included the additions of new fencing, signage and patio lounge furniture, as well as a fresh paint

Embassy Suites, Hotel Capital Complete Renovation of San Antonio Hotel

SAN ANTONIO — Embassy Suites by Hilton and Hotel Capital have completed the 11-month, $7 million renovation of the Embassy Suites by Hilton San Antonio NW I-10, located at 7750 Briaridge Drive in San Antonio. The renovation was part of the Atrium Refresh Initiative, designed to update the art and architecture of the chain’s open-air lobbies. The renovation also included upgrades to the hotel’s bar and restaurant, as well as the interiors of each of its 216

DiamondRock Acquires L’Auberge, Orchards Inn Resorts in Arizona for $97M

SEDONA, ARIZ. — DiamondRock Hospitality Co. (NYSE: DRH) has purchased the 88-room L'Auberge de Sedona and the adjacent 70-room Orchards Inn Sedona for a total of $97 million. The resorts are situated in the Red Rock region of Sedona on the banks of Oak Creek, just south of Flagstaff.DiamondRock plans to reposition the resorts through a $5 million capital investment plan, which will enhance the luxury cottages at L'Auberge, among other improvements. The renovations will be completed …

San Antonio: Hospitality on the Rise

San Antonio evokes many positive images: the River Walk, the Alamo, Fiesta, the Mission Trail, Texas Hill Country and more. All of these images have one thing in common: hospitality. San Antonio is known for its warmth and hospitality. It is a fun place to visit for the many conventioneers and tourists that are attracted to the city year after year. It is also a good place to do business and a great place to live.[caption id="attachment_166174" align="alignright" width="100"] Randy …

Beware of RevPAR in Property Tax Valuations

When comparing hotels for valuation purposes, a common method of making adjustments for the difference between properties is to examine revenue per available room (RevPAR), a measurement of hotel performance. If executed poorly, these calculations can distort property value and lead to unfairly heavy tax burdens on hospitality owners.[caption id="attachment_166079" align="alignright" width="100"] Greg Hart, Popp Hutcheson PLLC[/caption]There are two different ways to calculate RevPAR. …

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