NATIONAL REPORT—Money and movement around properties are keeping hoteliers looking at what’s in the hotel mix.
For example, NAI Global is offering for sale the fee-simple interest in in the Holiday Inn Express and Suites Chesapeake at 2436 Gum Rd. in Chesapeake, VA. The upper-midscale, limited-service hotel is located in the Western Branch region, situated adjacent to Norfolk and in the southeastern Virginia’s Hampton Roads region.
Opened in 2004, the limited-service hotel has 90 guestrooms, including 25 suites, a heated indoor swimming pool, indoor whirlpool, 24-hour fitness center, 24-hour business center, guest laundry and 650 sq. ft. of meeting and event space.
The hotel underwent capital improvements in 2016 and 2017 to upgrade and modernize public spaces, guestrooms and mechanical systems. Upgrades addressed restoration of the pool room and fitness center, WiFi infrastructure and the installation of new mattresses and televisions in guestrooms.
The hotel is being offered unencumbered by management.
It’s a Dream
In Flower Mound, TX, commercial real estate development company Newstream Commercial secured $11.2 million in private financing for the acquisition and development of a 12-acre, mixed-use site where it also will develop the first ground-up Unscripted Hotel by Dream Hotel Group.
Spectrum Origination LLC, an affiliate of New York-based Spectrum Group Management LLC, provided a $7.1 million variable-rate, land acquisition and development loan. Private equity investors contributed $4.1 million of equity capital to secure the transaction in preparation for its Unscripted Hotel anchor tenant.
Located at 500 Long Prairie Rd. five miles north of Dallas-Ft. Worth International Airport, the Lakeside Crossing development will include the 66,200-sq.-ft., five-story hotel; 15 three-story luxury townhomes by Dynasty Luxury Homes; four professional office buildings; and two retail and restaurant facilities.
Scott Tarwater, president of Newstream Hotels and Resorts, was instrumental in locating the site and said, “Lakeside Crossing will be the gem of Flower Mound, bringing a unique blend of upscale modernism and town culture together in a beautiful natural setting.”
Slated to open in 2019, Unscripted DFW will provide 134 guestrooms and suites, a full-service restaurant, a rooftop lounge and nearly 4,000 sq. ft. of meeting space.
G&A Consultants engineering firm and Marcus Trimble/Professional Architecture & Design developed the site plan. George Galloway of Galloway & Gilliland law firm and Rob Lawson, COO/CFO and partner of Newstream Commercial LLC, led the financing placement team.
Tim Nystrom, president/CEO of Newstream Commercial, noted: “It is a beautiful thing when your vision becomes reality and we thank all of our partners and supportive relationships for making this dream come true.”
Georgia on Their Minds
Newmark Knight Frank Hotels is presenting the fee-simple interest in the 62-room Country Inn & Suites-Savannah Midtown Area in Georgia.
The hotel, located on White Bluff Rd. off Interstate 516, has a fitness center, business center, indoor pool, laundry service and high-speed internet.
The property is directly across the street from Oglethorpe Mall, which has anchor tenants such as Sears, Belk, Macy’s, and JCPenney, and it is less than 10 miles from Savannah International Airport.