1EB5 Capital Begins Funding New York City Ritz-Carlton
EB5 Capital recently finalized and executed its $125 million preferred equity investment in Flag Luxury Group’s Ritz-Carlton hotel project in NoMad. Flag Luxury and EB5 Capital have come to full agreement on terms, with all deal documents signed for the project. EB5 Capital’s term with the sponsor began on February 28, 2019, with EB5 Capital advancing their first funds to the project last month. The project is being financed, in part, with a $250 million senior construction loan from Atalaya Capital Management.
2Hunter Hotel Advisors Sells Hampton Inn Atlanta Canton
Hunter Hotel Advisors, an investment advisory firm focused exclusively on the hotel industry, has finalized the sale of the Hampton Inn Atlanta Canton. The 81-room hotel was built in 2008 and is located in Canton, Ga., north of Atlanta. Situated in the foothills of the Blue Ridge Mountains off of I-575, the Hampton Inn Atlanta Canton is near Northside Hospital Cherokee and surrounded by retail and restaurants.
3Marcus & Millichap Team Sold 11 Hotels in Q1 2019
Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, has announced that in the first quarter of 2019, the Miller-Gomes hotel team of Marcus & Millichap completed 11 hotel sales on behalf of clients. Led by Allan Miller and Chris Gomes, the team is a network of 15 hospitality property investment specialists and a support team of four, with locations in Dallas, Austin, Houston, San Antonio, Chicago, Baton Rouge, and Denver.
4Liaison Washington Capitol Hill Sells for $111 Million
Holliday Fenoglio Fowler, L.P. (HFF) recently announced that it has closed the $111 million sale of and arranged acquisition financing for the 343-room Liaison Washington Capitol Hill. HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust. A partnership between Metrovest Equities Inc. and BLDG Management purchased the hotel and plans to convert it into the YOTELPAD Capitol Hill. Working on behalf of the partnership, HFF placed a 75-percent loan-to-cost floating-rate bridge loan with a major life insurance company.
5ASREF Closes Financing to Redevelop St. James Hotel in Selma
The American South Real Estate Fund (ASREF) has closed $3.4 million in senior bridge financing for Rhaglan Hospitality to acquire and redevelop the historic St. James Hotel in Selma, Alabama. The loan from ASREF enables Rhaglan to acquire the shuttered hotel currently owned by the city and convert it into part of Hilton’s Tapestry Collection. The St. James will be one of nine hotels in the Southeast to convert to the soft brand.