NATIONAL REPORT—Transactions are happening across the country, from financing in NYC to acquisitions in Washington, DC, plus sales in the South. Here’s the recent activity to watch:
Lightstone Closes on Financing for Moxy Chelsea
National real estate investor and developer Lightstone has closed on $35.6 million in financing from Bank OZK for the acquisition of a site for the development of a new Moxy hotel located at the corner of Bowery and Broome St. The 298-key hotel will be Lightstone’s fourth Moxy in New York City, including Moxy’s 612-room flagship property in Times Square that opened last year.
The 16-story hotel will be close to the new Essex Crossing, a $1.1-billion development. Lightstone is opening Moxy Chelsea this February, where TAO Group will debut brand-new dining and drinking concepts.
Woodbine Legacy Investments Acquires Washington DC Property
Hodges Ward Elliott represented the owner in the sale of the Hilton Garden Inn Washington DC Downtown to Woodbine Legacy Investments, a hospitality-focused fund led and owned by Dallas-based Woodbine Development Corporation. This acquisition is the fourth for the fund, which launched in 2017.
The Hilton Garden Inn includes 300 guestrooms, 2,163 sq. ft. of meeting space, Grist Mill Restaurant and Bar, a fitness center and an indoor pool.
Hodges Ward Elliott Represents Owner in Sale of Residence Inn in Memphis, TN
Hodges Ward Elliott represented the owner in the sale of the Residence Inn Memphis Downtown. An affiliate of Wright Investments purchased the hotel. Following the sale, Wright will continue to manage the property.
Located at the corner of Main St. and Monroe Ave. within the expanding downtown Memphis market, the hotel has guestrooms that are 602 sq. ft. (on average), a 3,775-sq.-ft. rooftop lounge, fitness center, business center and is home to one of just two Starbucks stores in all of downtown Memphis.
Hodges Ward Elliott Represents Owner in Sale of Marriott in Bethesda, MD
Hodges Ward Elliott (HWE) represented the former owner in the sale of the Bethesda Marriott. HWE’s capital markets group also represented the purchaser in securing the acquisition financing for the transaction.
The recently renovated hotel includes 407 guestrooms, 19,470 sq. ft. of meeting space, Cooper’s Mill Restaurant and Bar, a fitness center and an outdoor pool. Following the sale, the hotel will continue to be managed by Marriott International.
HFF Secures Construction Loan for Hyatt Centric in Sacramento, CA
HFF reveals the $49.66 million construction financing for the redevelopment of the historic Marshall Hotel into the Hyatt Centric City Center, a 172-room, full-service, upscale, boutique hotel in downtown Sacramento, CA.
The HFF team worked on behalf of the borrower, Presidio Companies, to secure the senior construction loan with Mosaic Real Estate Investors, along with one of the largest PACE (Property Assessed Clean Energy) financings on the West Coast to date with Counterpointe Sustainable Real Estate.
The 11-story Hyatt Centric redevelopment, which also includes the Jade Apartment building, will preserve the two historical facades of the Marshall Hotel. Expected to be delivered in 2020, the hotel will have a restaurant, lounge, rooftop terrace and bar, coffee bar, fitness center and spa.
TJM Hospitality Finalizes Sale of Baymont Inn & Suites
TJM Hospitality, in what is their first transaction brokered through Hunter Hotel Advisors, finalized the sale of the Baymont Inn & Suites by Wyndham, Fort Myers, FL to Sanjeev Amin.
This 85-room hotel was built in 2001 and renovated in early 2018. This is the seventh Wyndham property Hunter has closed for 2018, with another 3 projected by the end of the year.