W Hollywood sold; more sales and financing …
A wave of sales and financing deals are unfolding ahead of the holidays, including the sale of W Hollywood and the acquisition of a total of seven hotels by MCR.
Trinity Investments and Oaktree acquire W Hollywood
A joint venture between funds managed by Trinity Fund Advisors LLC, a subsidiary of Trinity Real Estate Investments LLC, and funds managed by Oaktree Capital Management, LP has acquired the W Hollywood, a 305-key luxury hotel.
As a result of the transaction, Trinity and Oaktree will embark on a multi-million dollar capital improvement plan that will both elevate the hotel and enhance Marriott International’s design and positioning of the W brand. Hotels 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 has 265 rooms and 40 suites.
Trinity and Oaktree plan to undertake a comprehensive capital improvement program to completely reposition W Hollywood, allowing this iconic asset to re-establish its prominence as one of the best luxury lifestyle properties in Los Angeles, report companies. Plans include a complete upgrade of all rooms – which haven’t changed significantly since the hotel opened – and public areas. The partnership will enhance the property’s food and beverage outlets, pool deck, event spaces, lobby and check-in experience. A ‘reimagining’ of the hotel’s wellness offerings, including first-class fitness and spa experiences, is also integral to the renovation.
MCR acquires portfolio of six hotels in Texas and New Mexico
MCR has acquired a portfolio of six upscale branded hotels in Texas and New Mexico, as well as one hotel in Minneapolis.
Totaling 603 rooms, the acquisition includes two Marriott hotels (one TownePlace Suites and one Fairfield Inn & Suites) and four Hilton hotels (two Hamptons, one Home2 Suites and one Tru). All of them have been built in the past four years and almost 40% of the portfolio (by number of rooms) is an extended stay and all suite product specifically designed to serve long-term guests. Five hotels are located in the Dallas-Fort Worth metroplex, the country’s second fastest growing major city. The sixth is located in the Arts and Culture Center in Santa Fe, New Mexico.
Located in downtown Fort Worth, directly across from the Fort Worth Convention Center, the 120-room Fairfield Inn & Suites by Marriott Fort Worth opened in October 2017, the hotel features a 20 seats and a patio on the second floor with city views. .
Five minutes from the Fairfield are the 128 TownePlace Suites by Marriott Fort Worth University Area / Medical Center. The hotel is less than 10 minutes from Texas Christian University, the Museum of Modern Art and the Will Rogers Memorial Center.
The 94 rooms Home2 Suites by Hilton Euless DFW West, 79 rooms Tru by Hilton Euless DFW West and 91 rooms Hampton Inn & Suites Colleyville DFW West are located near the Dallas-Fort Worth airport.
The 91-room Hampton Inn Santa Fe South is located along State Road 14 and offers direct access to historic downtown Santa Fe.
In a separate transaction, the company acquired the 229-room DoubleTree Suites by Hilton Minneapolis Downtown, a 12-story hotel across from the World Headquarters of Target Corporation. This is the third hotel MCR has acquired in the Metro Minneapolis area in the past 12 months, just behind the Chambers Hotel and the Hilton Garden Inn Minneapolis University Area.
Hunter Hotel Advisors Completes Sale of Florida Extended Stay Portfolio
Hunter Hotel Advisors has completed the sale of four properties in Florida to an institutional investor.
Hunter Senior Vice Presidents Tim Osborne and Trey Scott advised the seller on the transaction. 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 were sold for an undisclosed amount. The heritage has 475 rooms.
Oxford Capital Group acquires Westin Book Cadillac Detroit Hotel
Oxford Capital Group, LLC has revealed the acquisition and planned large-scale interior renovation of the 453-room Westin Book Cadillac Detroit hotel in historic Washington Boulevard in downtown Detroit.
Oxford, along with its partner Taconic Capital Advisors, conducted complex negotiations with several stakeholders, ultimately culminating in the modification, restructuring and assumption of the commercial mortgage. As part of its investment commitment, Oxford and Taconic will conduct a comprehensive refurbishment of bedrooms, public spaces, 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 Detroit’s tallest building and the tallest hotel in the world when it opened in 1924, and has been one of the city’s top hotels for almost 60 years. It closed for renovation in 1984 and stood empty for more than two decades, reopening in 2008. The historic property will be reinvented by Oxford in collaboration with The Gettys Group and Marriott as sophisticated and classic with sculptural elements refined by elegant details for create a luxurious and residential feel, report the companies.
Black Banks to Provide Financing for $ 45 Million Deer District Hotel in Milwaukee
According to the National Black Bank Foundation, two black-owned banks are participating in a $ 45 million transaction to develop The Trade, a new Autograph Collection by Marriott hotel located on the steps of the Fiserv Forum in Milwaukee’s Deer District.
The 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 ground lease with the Milwaukee Bucks. The scope and nature of the transaction, coupled with NCG’s strong credit rating, will diversify the loan portfolios of both banks and strengthen their capital cushion, allowing them to expand new capital to disadvantaged communities of color. The partnership follows a summit between the presidents of four of the nation’s biggest black banks and Milwaukee Bucks chairman Peter Feigin earlier this year.
Legendary Capital sponsors the Sheraton Hotel Chicago Northbrook
Legendary Capital sponsored the acquisition of 160 rooms at the Sheraton Hotel Chicago Northbrook in an $ 11.3 million transaction.
The deal used Legendary Capital’s proprietary UPREIT (EPU) preservation mechanism – where Sheraton ownership contributed ownership in exchange for a special category of Transition Partnership Units (T-Units) – which allows for the potential preservation of the contributor’s equity as ownership stabilizes. . This is the fourth transaction that Legendary Capital has sponsored in the past nine months using its EPU contribution mechanism.
The Sheraton is located across from the headquarters of Medline Industries, the world’s largest private manufacturer and distributor of medical supplies. Crate & Barrel headquarters are also located less than one 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 acquired the Anchor In in Hyannis, MA.
Overlooking Hyannis Inner Harbor, the hotel is open year round and is located in the heart of this well-known tourist destination and just steps 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 offseason.
Hodges Ward Elliott hosts sale of Residence Inn Miami Beach Surfside
Hodges Ward Elliott organized the Residence Inn by Marriott Miami Beach Surfside sale of 175 keys. An HWE team consisting of Bill Hodges, Clint Hodges and Alexandra Lalos advised the seller in the sale of the hotel.
Located in the Surfside neighborhood of Miami Beach, the hotel’s 175 suite-style rooms have kitchenettes as well as resort amenities not typically found in a traditional extended-stay hotel, including Three Points food and drink sales, a rooftop pool and terrace, a central courtyard, beach access, and meeting and event space, according to the company.
Aries Living acquires The Apple Tree Inn for $ 2.7 million
The Aries Living hotel group today announced that it has acquired The Apple Tree Inn, a historic 34-room bed and breakfast 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 financed the acquisition with existing cash on its balance sheet.
The original 1885 structure, originally known as The Orchard, consists of a 13-bedroom main house, which still stands. This structure is also home to a tavern known as The Ostrich Room, which serves handcrafted cocktails in an intimate candlelight setting with five nights of live music. Additionally, the main structure includes a round tented dining room, where the 100-seat Bellflower Restaurant & Terrace is open for a cabaret dinner on Friday evenings and a live jazz brunch on Sunday. A second structure called The Lodge also houses 21 additional bedrooms, which overlook the Berkshire Mountains and are adjacent to the property’s swimming pool, hiking trails and gardens.
Wason Associates negotiates sale of The Wentworth Inn
Wason Associates Hospitality Real Estate Brokerage Group negotiated the successful sale of the 61-room Wentworth Inn in Jackson, NH to AE Wentworth, LLC. 2021. Earle Wason of Wason Associates represented the seller and presented the property.
The hotel has been owned by the same owner-operators for almost 30 years. The Wentworth Inn is also adjacent to a golf course and cross-country ski trails. Facilities include an upscale farm-to-table restaurant, piano bar / cocktail lounge, spa, meeting rooms, fixed wedding / event space, condo rental and more again.