This Week’s Hotel Deals

Driftwood Acquisitions and Development (DAD) has entered the California market with its $85.7 million acquisition of the 353-key Marriott Mission Valley in San Diego. The firm also intends to develop a second hotel on the southwest corner of the same site, with construction beginning in 2021. DAD is inviting accredited investors to co-invest in this hotel through its syndication platform, which allows clients to invest in institutional-quality, fully-financed, income-producing hotel projects in the United States.

DAD is also planning a multimillion-dollar capital improvement program, encompassing full guestroom renovations and further upgrades to the outdoor pool area.

Dallas-based HALL Structured Finance (HSF) has closed a new first lien construction loan totaling $41.8 million to finance the construction of a dual-branded 144-room Aloft Hotel and 140-room extended-stay Element Hotel in Orlando, Florida. The property, slated to open in Q4 2020, will be constructed as one building and is being developed by Hollywood, Florida-based AD1 Global.

In four months, Midas Hospitality raised $35 million mainly from St. Louis-area investors for its Midas Opportunity Zone Fund. Midas Hospitality’s newest project brings the first hotels to the St. Louis’ Cortex innovation district and Prospect Yards community. The 129-room Aloft and a 152-room Element hotel are currently under construction and slated to open in 2020. MC Hotel Construction, a sister company to Midas Hospitality, is the general contractor for both hotels.

Magnuson Worldwide has added the Ingleside Hotel 361 in Ingleside, Texas, to its collection. The freshly-renovated property is a 6.5-mile drive from Redfish Bay, 7.2 miles from the South Bay Marina, and a 30-minute drive from Corpus Christi International Airport.

For more deals, click here.