Hotels are changing hands and being financed across the country, including NewcrestImage adding a Dallas extended-stay property.
NewcrestImage acquires TownePlace Suites Dallas Las Colinas from Marriott
NewcrestImage continues to grow its investment-focused portfolio with the purchase from Marriott International of the TownePlace Suites Dallas Las Colinas.
The three-floor, 135 all-suites property is located near two major airports and two major convention centers—seven miles from both DFW International and Love Field, one mile from the Irving Convention Center and 10 miles from the Gaylord Texan Convention Center.
“This extended-stay property is in the heart of a high-traffic corridor that’s a popular destination for both corporate and leisure travelers,” said Mehul Patel, managing partner/CEO, NewcrestImage. “We look forward to expanding its appeal for travelers and to building its profit performance for our investors.”
The company will fully renovate the property, which opened in 1998 and was last renovated in 2014. Amenities at the hotel include a fitness center and an outdoor pool.
“Our industry is built on strong partnerships between brands and owners,” said Loren Nalewanski, VP, franchising for Element, Residence Inn, Fairfield, TownePlace and SpringHill Suites, Marriott. “This acquisition enhances the long, valued and successful partnership between Marriott and NewcrestImage, which has owned and operated 30 Marriott-branded properties since 2013.”
OTO Development adds DoubleTree by Hilton in North Redington Beach
South Carolina-based OTO Development, which is part of The Johnson Group, has added the DoubleTree by Hilton in North Redington Beach, FL, from its original private ownership group. The transaction was brokered by The Plasencia Group.
“We are so intrigued by this DoubleTree, which has long been loved for its ideal location and resort-style amenities,” said Corry Oakes, CEO, OTO Development. “There’s incredible opportunity in combining an individual hotel’s attributes with our company’s scaled operational efficiencies.”
Built in 1987, the seven-story, 125-room hotel was constructed to maximize frontage along the Gulf of Mexico. The majority of guestrooms have balconies overlooking the beach and many rooms on the non-Gulf side enjoy water views of Boca Ciega Bay. An oceanfront restaurant extends onto a veranda and out to a festive tiki hut, which is adjacent to an outdoor pool. Also facing the Gulf is a 1,272-sq.-ft. meeting room that can accommodate up to 125 people.
“North Redington Beach is nestled midway between St. Pete Beach and Clearwater Beach—the No. 1 and No. 18 most popular beaches in the U.S., per Tripadvisor,” he said. “This well-positioned DoubleTree provides a full-service option for travelers who want a relaxing Gulf Coast getaway.”
Upon swap of keys, OTO will immediately implement scaled efficiencies in operations, revenue management and marketing support. An extensive renovation, planned to begin late summer 2023, will comprise a total refresh in all common spaces; aesthetic updates and bath upgrades in guestrooms; and enhancements to the exterior. The hotel will remain open during renovations and, upon completion, will continue under the DoubleTree by Hilton flag.
Hunter Hotel Advisors arranges sale of Courtyard Ithaca Airport
Adding to a string of successful summer closings, Hunter Hotel Advisors arranged the sale of The Courtyard Ithaca Airport in Ithaca, NY.
Advised by Hunter SVP Mayank Patel, DelMonte Hotel Group sold the 107-room, select-service hotel to Skyline Investments Inc. for $11.25 million. The sale is the 15th transaction the Hunter team has closed in July. With a location adjacent to Ithaca Tompkins International Airport and Cornell University, The Courtyard Ithaca Airport is ideally positioned to capitalize on consistent demand. The four-story hotel is directly across from the airport, which, having just completed a $34.8-million renovation, is experiencing rapid growth with new flight routes added consistently. The Courtyard also serves more than 24,000 students at Cornell University, less than two miles from the property.
Hall Structured Finance closes loan to refinance The MC Hotel in Montclair, NJ
Dallas-based Hall Structured Finance (HSF) has closed a first mortgage bridge loan to refinance the MC Hotel, an Autograph Collection by Marriott property located in Montclair, NJ. The MC Hotel was developed by a joint venture between The Hampshire Companies and The Pinnacle Companies and opened in August 2019. Aparium Hotel Group manages the property. In connection with the closing of the loan, an adjacent restaurant site has been acquired for which a new upscale restaurant is being designed, adding to the hotel’s existing signature food and beverage venues.
Located in downtown Montclair, the 159-room boutique hotel is in a business and entertainment center known for its restaurants, retailers, and arts and entertainment venues. The hotel features multiple meeting and event spaces, including a 3,000-sq.-ft. ballroom that can accommodate up to 200 guests. The hotel features its signature restaurant Allegory, and Alto, the only rooftop indoor/outdoor bar and lounge in Montclair, located on the ninth floor. In addition, the hotel features an art collection on display throughout the property, showcasing both local and international artists.
Hampshire and Pinnacle are also partners on the MC Residences, currently under construction on the same block. The future MC Residences will include 40 high-end multi-family rental units, a 3,500-sq.-ft. food hall and a 4,000-sq.-ft. streetside outdoor plaza.
Jay Miller, AJ Felberbaum and Spencer Miller from BayBridge Real Estate Capital, sourced the financing for the project.