1Joint Venture Acquires Nashville Airport DoubleTree
Wexford Lodging Advisors and Trinity Private Equity Group acquired the 138-suite DoubleTree Suites by Hilton Nashville Airport. The joint venture will invest approximately $2.5 million to upgrade the property by the year’s end. HVMG will continue to operate the hotel. The three-story, all-suite hotel is two miles from Nashville International Airport.
2Hotel Equities and Virtua Partners Buy Fairfield Inn & Suites in Colorado Springs
Hotel Equities, through its affiliate Virtua Partners, has purchased the Fairfield Inn & Suites Colorado Springs North/Air Force Academy. The hotel is the closest hotel to the U.S. Air Force Academy north entrance. Virtua Credit Corporation arranged the financing for the purchase. Hotel Equities operates the Marriott hotel and will continue to oversee the asset.
3Apple Hospitality REIT Sells Nine-Hotel Portfolio
Apple Hospitality REIT announced that it completed a nine-hotel portfolio sale for a total sales price of $95 million on March 28, 2019. The company used the sale proceeds to reduce the outstanding balance of its revolving credit facility and anticipates recognizing a gain on the sale in the first quarter of 2019.
4AHIP Buys Land Associated with Maryland Hotel
American Hotel Income Properties REIT LP (AHIP) has exercised its option to buy out the ground lease associated with its Fairfield Inn & Suites White Marsh in Baltimore, Maryland, and has completed the purchase of land for $1.9 million plus closing costs. This acquisition is expected to eliminate lease payments and increase AHIP’s cash flow by approximately $165,000 annually. The 116-room hotel was acquired by AHIP in June 2017, alongside 17 other properties along the U.S. eastern seaboard.
5The Time Nyack Changes Hands
An affiliate of Juniper Capital Partners and an affiliate of IMH Financial Corporation announced the acquisition of The Time Nyack in New York’s Hudson Valley. The upscale, lifestyle hotel with 133 loft-style accommodations is the only one of its kind in Rockland County. The new owners plan to refresh the property’s culinary offerings and debut a new rooftop experience to showcase views of the Hudson River and newly reconstructed Tappan Zee Bridge.
6HREC Arranges Sale of the Quality Inn & Beacon Marina in Maryland
HREC Investment Advisors has arranged the sale of the 59-guestroom Quality Inn Solomons & Beacon Marina in Solomons, Maryland. During the transaction, HREC Investment Advisors represented the seller, Condor Hospitality Trust, an NYSE-traded, public REIT. The asset is a mixed-use hotel, marina, and restaurant located on waterfront land 50 miles south of Washington, D.C.’s Beltway, with immediate access by water to the Patuxent River and the Chesapeake Bay.
7Sonnenblick-Eichner Company Arranges Loan for DoubleTree in Campbell, Calif.
Sonnenblick-Eichner Company has arranged $36.3 million of first mortgage financing for the acquisition of the DoubleTree by Hilton Campbell—Pruneyard Plaza, a 169-room, full-service hotel in downtown Campbell, Calif. The long-term, fixed-rate loan facilitated the acquisition of the property and provides funds for a $5.8 million renovation of the property.
8Hard Rock Rocksino Northfield Park To Become MGM Northfield Park
MGM Resorts International and MGM Growth Properties LLC (MGP) announced that they have completed the previously announced transaction whereby MGM Resorts will acquire the operating assets of the Hard Rock Rocksino Northfield Park from MGP and lease the real property from MGP. MGM Resorts also announced it has officially rebranded the property as MGM Northfield Park.
9Berkadia Closes Financing for Great Wolf Lodge in California
Berkadia announced it closed $170 million in financing for the Great Wolf Lodge in Garden Grove, California, facilitating the deal on behalf of McWhinney. The loan was closed with Wells Fargo and was structured as a 10-year fixed rate, full term, interest only loan through Wells Fargo’s CMBS platform. It is the first 10-year fixed rate loan ever closed on this asset type. The nine-story water park resort—the company’s largest—is two miles from Disneyland and the Anaheim Convention Center.