INTERNATIONAL REPORT—George Smith Partners secured $460 million in funding for a new Ritz-Carlton in Portland, OR—the largest transaction in the firm’s history. Plus, there are hotel construction projects set for Arizona, Georgia, and New York.
$460M Con Loan Secured for Ritz-Carlton in Portland, OR
George Smith Partners, a leading commercial real estate capital markets advisor, announced today that it has secured a $460 million senior construction loan on behalf of BPM Real Estate Group (BPM) for Block 216, a landmark 1.1 million-sq.-ft. ground-up development.
The 35-story, luxury high-rise will be anchored by a Ritz-Carlton, the first five-star hotel in the state of Oregon. An affiliate of Mosaic Real Estate Investors funded the four-year loan.
Graduate Tucson Set to Open in 2020
Adventurous Journeys (AJ) Capital Partners announced today its plan to open Graduate Tucson, part of the Graduate Hotels collection, in Tucson, AZ.
The 14-story, 164-room ground-up hotel development will be located on Second St., off of Park Ave. and University Blvd. The hotel will be part of a mixed-use development that includes retail, residential apartments and a public plaza slated to open in fall 2020.
Construction is underway for Graduate Tucson. The hotel will offer 4,840 sq. ft. of meeting and event space and a rooftop pool and bar with sweeping mountain views.
Underground Atlanta to Receive Hybrid YOTEL
YOTEL plans to open a 351-cabin property in downtown Atlanta. It will be located off of Peachtree St. in the heart of the Underground transformation—a historic four-block redevelopment from real estate developer WRS Inc.
The new-build hotel will provide 234 cabins designed for short stays (YOTEL) and 117 PADs for longer stays (YOTELPAD). Construction of the hotel is set to begin in summer 2020, with an anticipated opening date of autumn 2022.
TRYP Coming to New Rochelle, NY
In a move that will further enhance the vibrancy of New Rochelle and dramatically transform its skyline, the City Planning Board approved the development of a 24-story, 225-key globally-branded luxury hotel and event center in the city’s downtown.
When complete, the TRYP Hotel by Wyndham will be the largest hotel constructed in New York’s Westchester County in the last 20 years and the first hotel of its kind in the lower Hudson Valley.
Located directly off I-95 at 115 Cedar St. in New Rochelle’s downtown core, the 245,000-sq.-ft. hotel will serve as a gateway into the lower Hudson Valley from New York City.