Deal Report: Four Financing and Acquisition Announcements

HREC Investment Advisors has arranged the sale of the 291-guestroom DoubleTree by Hilton San Antonio Airport in Texas. Presidian Hotels has been retained to manage the hotel. The hotel is less than a mile from the San Antonio International Airport and a short drive from a diverse array of leisure, corporate, medical, and military demand generators including the North Star Mall, downtown, and the River Walk.

Knighthead Funding, LLC has originated a $37.75 million loan for the completion of an upscale independent 67-room hotel in Cambridge, Mass. With Knighthead Funding’s 24-month financing, the sponsor, a local partnership operating as Sean Casey, LLC, will complete the transformation of a four-story multifamily building into a 67-room boutique hotel that will include ground floor retail, a restaurant, and the addition of a 10,000-square-foot fifth floor penthouse with a rooftop lounge. Expected to open in the first quarter of 2020, the new hotel will be managed by Hay Creek Hotels.

Dallas-based, privately-held real estate investment firm, Mohr Capital, has acquired its first hotel ground lease in downtown Milwaukee. The Hyatt Regency Hotel that sits on the 99-year ground lease is a four-star hotel with 481 rooms on 22 floors. The hotel is managed by Interstate Hotels & Resorts. Rodrigo Godoi and Kyle Campbell handled the transaction on behalf of Mohr Capital.

Twin River Worldwide Holdings has entered into a definitive agreement to acquire the operations and real estate of Isle of Capri Casino Kansas City, Mo., and Lady Luck Casino Vicksburg, Miss. from Eldorado Resorts in a cash transaction for $230 million. In addition to casino space and three dining venues, Lady Luck Casino Vicksburg includes an 89-room hotel. The transaction is expected to close in early 2020.