NATIONAL REPORT—From luxury to economy, hotels are seeing a variety of activity this week, from money to build more units to being up for sale. Here are a few to know.
Money for More Units
Beverly Hills, CA-based Sonnenblick-Eichner Co. has arranged $60 million of financing for The St. Regis Deer Valley, a year-round destination resort located on the slopes of the Deer Valley ski area in Park City, UT.
Funded by a domestic life insurance company, proceeds of this non-recourse financing were used to refinance existing debt with a new long-term, fixed-rate loan as well as provide for the development of the next phase of the resort, which will include additional condominium and hotel units, a destination restaurant and other resort amenities. Construction on the next phase is anticipated to begin later this year or early 2019.
The luxury ski-in, ski-out resort offers 67 hotel-condominium suites that are divisible into 177 hotel keys and 25 private whole-ownership residences. Amenities include the 14,000-sq.-ft. Remède Spa and fitness facilities, a Jean-Georges Vongerichten signature restaurant (J&G Grill) and the Deer Crest Club, a private club.
“This is the third financing that we have arranged for the ownership, including a $212.5-million construction loan and a subsequent permanent loan,” noted Sonnenblick-Eichner Principal Elliot Eichner.
Days Inn for Sale in Texas
Amber Hotel Co. is offering the Days Inn in Vernon, TX, for sale. The two-story, 50-key, exterior-corridor property, found en route from Amarillo to Dallas on TX-135 off of I-35, is on the block for $1.44 million.
Rooms revenue is at $480,000 and NOI at $137,000, according to Amber Hotel Co.
DoubleTree Sold in Atlanta-Buckhead Market
USAA Real Estate recently sold its DoubleTree by Hilton in the Buckhead submarket of Atlanta.
The hotel includes 230 guestrooms, 7,323 sq. ft. of meeting space, a full-service restaurant and lounge, business center and fitness center and is part of the mixed-use Tower Place development situated in Buckhead’s 21-million-sq.-ft. office market.
A Hodges Ward Elliott team composed of Mark Elliott, Michael DiPrima and Jeff Berkman represented the seller.
