W Hollywood sold; more sales and financing…

A flurry of sales and financing deals are happening before the holidays, including the sale of the W Hollywood and MCR acquiring seven hotels.

Trinity Investments and Oaktree acquire W Hollywood
A joint venture among funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC, and funds managed by Oaktree Capital Management LP has acquired the W Hollywood, a 305-key luxury hotel.

Following the transaction, Trinity and Oaktree will undertake a multimillion-dollar capital improvement plan that will both elevate the hotel as well as enhance Marriott International’s design and positioning of the W Hotels brand globally as it evolves to meet the future needs of luxury travelers.

Opened in 2010 as the first purpose-built luxury lifestyle hotel in greater Los Angeles, the property is located at the intersection of Hollywood and Vine. The hotel features 265 guestrooms and 40 suites.

Trinity and Oaktree plan to undertake a comprehensive capital improvement program to completely reposition W Hollywood, enabling this iconic asset to reestablish its prominence as one of the top luxury lifestyle properties in Los Angeles, the companies report. Plans include fully upgrading all guestrooms—which have not been significantly changed since the hotel opened—and public areas. The partnership will upgrade the property’s food and beverage outlets, pool deck, event spaces, lobby and arrival experience. A “reimagining” of the hotel’s wellness offerings, including first-class fitness and spa experiences, are also integral parts of the renovation.

MCR acquires a portfolio of six hotels across Texas and New Mexico
MCR has acquired a portfolio of six premium-branded hotels in Texas and New Mexico, as well as a hotel in Minneapolis.

Totaling 603 rooms, the acquisition includes two Marriott hotels (a TownePlace Suites and a Fairfield Inn & Suites) and four Hilton hotels (two Hamptons, a Home2 Suites and a Tru). All were built in the last four years and nearly 40% of the portfolio (by room count) is specifically an extended-stay, all-suite product designed to cater to longer-term guests. Five hotels are in the Dallas-Fort Worth metroplex, the second fastest-growing major city in the country. The sixth sits in the arts and culture hub of Santa Fe, NM.

Located in downtown Fort Worth directly across from the Fort Worth Convention Center, the 120-room Fairfield Inn & Suites by Marriott Fort Worth was opened in October 2017, the hotel features a 20-seat bar and a second-floor patio with city skyline views.

Five minutes from the Fairfield is 128-suite TownePlace Suites by Marriott Fort Worth University Area/Medical Center. The hotel is less than 10 minutes away from Texas Christian University, the Modern Art Museum and the Will Rogers Memorial Center.

The 94-room Home2 Suites by Hilton Euless DFW West, 79-room Tru by Hilton Euless DFW West and 91-room Hampton Inn & Suites Colleyville DFW West are located close to Dallas-Fort Worth Airport.

The 91-room Hampton Inn Santa Fe South is located along State Road 14, and provides direct access to Santa Fe’s historic downtown.

In a separate transaction, the company acquired the 229-room DoubleTree Suites by Hilton Minneapolis Downtown, a 12-story hotel across the street from Target Corporation’s global headquarters. This is the third hotel MCR has acquired in the Minneapolis metropolitan area over the past 12 months, coming on the heels of The Chambers Hotel and the Hilton Garden Inn Minneapolis University Area.

Hunter Hotel Advisors closes sale of extended-stay portfolio in FL
Hunter Hotel Advisors has closed the sale of four Florida properties to an institutional investor.

Hunter SVPs Tim Osborne and Trey Scott advised the seller on the deal. Aimbridge Hospitality will manage the properties on behalf of the new owners.

The Homewood Suites Orlando Lake Mary, Homewood Suites West Palm Beach, SpringHill Suites West Palm Beach and Residence Inn Orlando Lake Mary sold for an undisclosed amount. The assets account for 475 rooms.

Oxford Capital Group acquires Westin Book Cadillac Detroit Hotel
Oxford Capital Group LLC has revealed the acquisition and planned full-scale interior renovation of the 453-room Westin Book Cadillac Detroit Hotel in the Washington Boulevard Historic District of downtown Detroit.

Oxford, along with its partner Taconic Capital Advisors, led complex negotiations with multiple constituents, ultimately resulting in the modification, restructuring and assumption of the commercial mortgage-backed security loan. As part of its investment commitment, Oxford and Taconic will lead a comprehensive refresh of the guestrooms, public space, meeting rooms and ballrooms over the next 24 months. The hotel will remain open and operational throughout the renovation period.

The Westin Book Cadillac was the tallest building in Detroit and the tallest hotel in the world when it opened in 1924, and was one of the city’s top hotels for nearly 60 years. It closed for renovations in 1984 and remained empty for more than two decades, reopening in 2008. The historic property will be reimagined by Oxford in collaboration with The Gettys Group and Marriott as sophisticated and classic with sculptural elements refined by elegant details to create a luxurious and residential feel, the companies report.

Black banks to provide financing for $45M Deer District Hotel Development in Milwaukee
A pair of Black-owned banks are participating in a $45-million transaction to develop The Trade, a new Autograph Collection hotel by Marriott at the steps of the Fiserv Forum in Milwaukee’s Deer District, according to The National Black Bank Foundation.

Milwaukee-based Columbia Savings & Loan Association and Citizens Trust Bank are providing financing to North Central Group, which is developing the property through a long-term land lease with the Milwaukee Bucks. The scope and nature of the transaction, coupled with NCG’s strong credit rating, will diversify the two banks’ loan portfolios and bolster their capital cushion, allowing them to extend new capital into disadvantaged communities of color. The partnership follows a summit between the presidents of four of the country’s largest Black banks and Milwaukee Bucks President Peter Feigin earlier this year.

Legendary Capital sponsors Sheraton Hotel Chicago Northbrook
Legendary Capital sponsored the 160-room Sheraton Hotel Chicago Northbrook acquisition in a $11.3-million transaction.

The deal utilized Legendary Capital’s proprietary Equity Preservation UPREIT (EPU) mechanism—where Sheraton ownership contributed their property in exchange for a special class of Transition Partnership Units (T-Units)—which allows for the potential preservation of the contributor’s equity as the property restabilizes. This is the fourth transaction Legendary Capital has sponsored in the past nine months using its EPU contribution mechanism.

The Sheraton is located across the street from the headquarters of Medline Industries, a privately held manufacturer and distributor of medical supplies. Crate & Barrel headquarters is also located less than a mile from the hotel. Several other corporate headquarters in this submarket are Allstate, Astellas, Bell Flavors & Fragrances and Walgreens.

Linchris acquires the Anchor In Hotel in Hyannis, MA
Linchris Hotel Corporation has acquired the Anchor In in Hyannis, MA.

Overlooking Hyannis Inner Harbor, the hotel operates year-round and is located in the heart of this tourist destination and a short walk from the Steamship Authority ferry terminal and the Cape Cod Maritime Museum. Although the Anchor In is in very good physical condition, Linchris plans to invest $400,000 in capital improvements during the off-season.

Hodges Ward Elliott arranges sale of Residence Inn Miami Beach Surfside
Hodges Ward Elliott has arranged the sale of the 175-key Residence Inn by Marriott Miami Beach Surfside. An HWE team composed of Bill Hodges, Clint Hodges and Alexandra Lalos advised the seller in the sale of the hotel.

Located in Miami Beach’s Surfside neighborhood, the hotel’s 175-suite style guestrooms feature kitchenettes along with resort amenities not typically found in a traditional extended-stay hotel, including three food and beverage outlets, a rooftop pool and sundeck, a central courtyard, beach access and meeting and event space, according to the company.

Aries Living acquires The Apple Tree Inn for $2.7M
Aries Living hospitality group today announced that it has acquired The Apple Tree Inn, a historic  34-room bed-and-breakfast located in the Berkshires for a purchase price of $2.7 million, or approximately $79,411 per key. The 22-acre estate was originally built in 1885 and operated as an inn. Aries Living funded the acquisition with existing cash on its balance sheet.

The original 1885 structure, originally known as The Orchard, consists of a 13-guestroom Main House, which still stands. This structure also houses a tavern known as The Ostrich Room, which serves up craft cocktails in an intimate candlelit setting with five nights of live music. Additionally, the main structure includes a tented round dining room, where the 100-seat Bellflower Restaurant & Terrace is open for a Friday night cabaret dinner performance and a live jazz brunch on Sundays. A second structure called The Lodge also hosts an additional 21 guestrooms, which overlook the Berkshire mountains and sits adjacent to the on-property swimming pool, hiking paths and gardens.

Wason Associates negotiates sale of The Wentworth Inn
Wason Associates Hospitality Real Estate Brokerage Group has negotiated the successful sale of the 61-guestroom Wentworth Inn in Jackson, NH to AE Wentworth LLC. Earle Wason of Wason Associates represented the seller and presented the property.

The hotel has been owned by the same owner-operators for nearly 30 years. The Wentworth Inn also abuts a golf course and cross-country ski trails. Amenities include an upscale farm-to-table restaurant, a piano bar/cocktail lounge, a spa, meeting rooms, a stationary wedding/event space, on-site condominium rentals and more.