Deal Report: Five Hotel Acquisitions and Refinancings

The latest news in hotel deals, acquisitions, and financing | February 6, 2019 Edition

1Dovetail + Co Acquires Mainstay Hotel, Newport

Mainstay Hotel in Newport
Mainstay Hotel in Newport

Hotel developer Phil Hospod announced the launch of Dovetail + Co, a hotel ownership and development company focused on creating value through design, experience, and capital. The company’s first acquisition, in partnership with JEM Holdings, is the Mainstay Hotel in Newport, a 200-room, full-service hotel with onsite restaurant and pool. Dovetail + Co is planning to transform the property into a vibrant hideaway that is grounded in Newport’s colorful history and celebrates the city’s emerging culinary and art scenes.

2Stonebridge Acquires Embassy Suites New Orleans Convention Center

Embassy Suites by Hilton New Orleans Convention Center

Denver-based Stonebridge Companies has acquired the 280-room Embassy Suites by Hilton New Orleans Convention Center in partnership with an affiliate of Walton Street Capital, L.L.C. As the property owner and operator, the acquisition marks Stonebridge Companies’ entrance into the New Orleans market. The hotel is located in the heart of downtown’s Arts and Warehouse District near the Ernest N. Morial Convention Center.

3Rockbridge Acquires Two Knoxville Hotels

The Tennessean hotel
The Tennessean Hotel

Rockbridge announced the acquisition of The Tennessean Hotel and the Holiday Inn Knoxville Downtown, both of which sit in prime locations in downtown Knoxville. Aimbridge Hospitality will manage both hotels. The Tennessean has 82 guestrooms and offers full-service dining in the Drawing Room Restaurant. Situated near the banks of the Tennessee River, it is less than an hour drive from Great Smoky Mountain National Park.

4ACRON Refinances Kimpton Overland Hotel

Kimpton Overland Hotel
Kimpton Overland Hotel

Knighthead Funding, LLC has provided a U.S. subsidiary of Switzerland-based private real estate investment firm ACRON with $36 million in short-term first mortgage debt to refinance the newly constructed Kimpton Overland Hotel at the Hartsfield-Jackson Atlanta International Airport. Proceeds from the three-year, fixed-rate loan will be used to take out the existing construction loan and provide working capital for the continued stabilization of the ACRON-developed hotel, which opened in November 2017.

5Finvarb Group Refinances Courtyard by Marriott Riverwalk, San Antonio

Courtyard by Marriott Riverwalk in San Antonio
Courtyard by Marriott Riverwalk in San Antonio

Newmark Knight Frank (NKF) has arranged a $27,800,000 refinancing loan for the Courtyard by Marriott Riverwalk in San Antonio, Texas. Executive Managing Director Ben Greazel of NKF’s Capital Markets group originated the ten-year, interest-only, non-recourse loan on behalf of the borrower and long-time client, Finvarb Group, led by Richard Finvarb and Ronny Finvarb. Greazel secured the financing with Benefit Street Partners.

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