1DAD Acquires Marriott Mission Valley in San Diego
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.
2Dual-Brand Aloft And Element Hotel Financed in Orlando
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.
3Midas Hospitality Raises $35 Million for Opportunity Zone Fund
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.
4Magnuson Adds Ingleside Hotel 361 in Texas To Collection
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.
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