NATIONAL REPORT—Hotel Business has been rounding up financial news in the industry. Here’s what we found:
Residence Inn by Marriott Tampa Downtown Is Acquired
Noble Investment Group has acquired Residence Inn by Marriott Tampa Downtown. The financial terms of the deal were not publicly disclosed.
Life House Raises $40M to Launch Hotel Brand
Life House has secured $40 million in funding to accelerate the development of its lifestyle boutique hotel product and proprietary technology platform. The company is expected to use this technology to drive direct bookings, optimize operations, and foster a social community for travelers much like today’s modern direct-to-consumer brands.
Hilton Grand Vacations Invests $41M in Resort
Hilton Grand Vacations Inc. has made a $41-million deposit to purchase 87 of the 375 hotel rooms within the Hilton Los Cabos Beach and Golf Resort in Los Cabos, Mexico, from a joint venture of partners including Trinity Real Estate Investments LLC. HGV plans to convert the 87 rooms into 74 timeshare units. The total project investment for the company is expected to be approximately $50 million, which includes the deposit, renovations and additional start-up costs. HGV expects to obtain title to the units in the second quarter of 2019. Renovations are anticipated to begin immediately after the title is transferred. HGV also expects to add a sales center and commence sales by the end of 2019.
HFF Secures $63.5M Refinancing for Property in Scottsdale, AZ
HFF has secured $63.5 million refinancing for The Scottsdale Plaza Resort. The HFF team worked on behalf of the borrower, Scottsdale Plaza Resort LLC, to place the loan with Apollo Commercial Real Estate Finance Inc. Loan proceeds will be used to refinance a maturing CMBS loan. The HFF debt and equity placement team representing the borrower included managing director Bryan Clark and senior associate Olga Walsh along with senior managing director Jeremy Womack.