NATIONAL REPORT—Hodges Ward Elliott, Eldorado and JLL are making deals across hospitality. Here’s more on the recent hotel sales and financings:
HWE Represents Pebblebrook Hotel Trust in Two Sales
Hodges Ward Elliott (HWE) represented Pebblebrook Hotel Trust in the sale of both the 422-room InterContinental Buckhead Atlanta in Atlanta and the 237-room Sofitel Washington DC Lafayette Square in Washington, DC. The two properties sold for $331.0 million.
An HWE team composed of Mark Elliott, Dan Peek, Pete Dannemiller, Cyrus Vazifdar, Nate Ries and Jeff Berkman represented Pebblebrook Hotel Trust in the transaction. Managing Director/Head of Capital Markets Lawrence Britvan advised the buyer on the acquisition financing.
Eldorado Resorts Enters Into Agreement to Sell Montbleu Resort Casino & Spa
Eldorado Resorts Inc. has entered into a definitive agreement to sell the Montbleu Resort Casino & Spa in Lake Tahoe, NV, to Maverick Gaming LLC. The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close in the second half of this year. Macquarie Capital is acting as exclusive financial advisor, and Milbank LLP is acting as legal counsel to Eldorado in connection with the proposed transactions.
JLL Arranges Loan for Moxy Minneapolis Uptown
JLL Capital Markets has arranged a $12.3-million refinancing for Moxy Minneapolis Uptown, a 125-room Marriott-branded boutique hotel in the Uptown submarket of Minneapolis. JLL worked on behalf of the borrower, Graves Hospitality, to place the five-year, fixed-rate loan with a flexible pre-payment structure with a newly formed debt fund. Loan proceeds were used to refinance the original construction loan.
The JLL Capital Markets team was led by Executive Managing Director Gerard Sansosti, Executive VP Jeff Bucaro and VP Nicole Aguiar.