Deal Report: Four Financing and Acquisition Announcements

1HREC Arranges Sale of DoubleTree by Hilton San Antonio Airport

DoubleTree by Hilton San Antonio Airport

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.

2Knighthead Originates $37 Million Loan for Independent Hotel

Kighthead Funding Provides $37.75 MM Loan for Hotel Conversion

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.

3Mohr Capital Acquires Ground Lease of Hyatt Regency Milwaukee

Milwaukee, where the Crowne Plaza Milwaukee West is located

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.

4Twin River To Acquire Casino and Hotel from Eldorado Resorts

Twin River Worldwide Holdings
Image of potential redevelopment concept included for illustrative purposes only.

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.

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