NATIONAL REPORT—Transactions are happening across the industry with acquisitions, financings and sales taking place. Here’s some of the recent deals from Trinity Investments, Crystal Investment Property, Walker & Dunlop, PMZ Realty Capital, Mag Mile and HREC:
Trinity Investments and Elliott Acquire JW Marriott Desert Ridge Resort & Spa
A joint venture among funds managed by Trinity Real Estate Investments LLC (Trinity) and funds managed by Elliott Management Corporation (Elliott) has acquired the JW Marriott Desert Ridge Resort & Spa in Phoenix. This transaction follows Trinity and Elliott’s joint purchase of the Grande Lakes Orlando Resort in December 2018. The resort has 950 rooms, 212,500 sq. ft. of flexible meeting space, seven food and beverage options and other amenities, including five pools, a lazy river, a spa and two championship golf courses.
Crystal Investment Property Brokers the Sale of Atomic Motel
Crystal Investment Property LLC (CIP), a member of Hotel Brokers International, has sold the Atomic Motel in Astoria, OR. CIP, a licensed Oregon brokerage, represented the seller in the sale. Joseph P. Kennedy, president of CIP, worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.
HREC Arranges Sale of Holiday Inn Express & Suites
HREC Investment Advisors has arranged the sale of the 98-guestroom Holiday Inn Express & Suites Columbia East—Elkridge located in Elkridge, MD. The buyer was Sarbhan Hospitality Group. HREC Investment Advisors exclusively represented the seller during the transaction. The marketing, negotiations and final sale were led by Ketan Patel, managing director in the Washington, DC office and Dana Weinberg, an affiliate broker in Maryland.
Walker & Dunlop Provides Financing for New Jersey Property
Walker & Dunlop Inc. has structured a $14.2-million senior loan for the acquisition and future repositioning of the 191-key Holiday Inn Newark Airport. The property is situated across the street from Newark Liberty International Airport in New Jersey. Led by VP Jeff Baik, the Walker & Dunlop team secured a non-recourse, fixed-rate bridge loan at 77.5% loan to cost from a regional bridge lender on behalf of the client, who is a hotel investor. The financing provided capital to acquire the asset and allocated additional funding to execute the borrower’s business plan, which entails extensive renovations and a comprehensive repositioning of the property over the next few years.
PMZ Realty Capital LLC Arranges Loan on Two Properties
PMZ Realty Capital LLC has secured $19 million of loans for two Marriott-branded hotels in the PeachState Hospitality portfolio. The two properties refinanced are the 106-room Courtyard by Marriott in Warner Robbins, GA, and the 80-room TownePlace Suites in Albany, GA. PMZ Realty Capital LLC arranged a 10-year, non-recourse CMBS loan with 30-year amortization for the Courtyard in Warner Robbins, GA. The TownePlace Suites also secured a fixed rate, 10-year, non-recourse CMBS loan with 30-year amortization.
Mag Mile Capital Completes Acquisition Financing
Mag Mile Capital Principal/CEO Rushi Shah and VP Prabhat Jayara have completed a $5.35-million, non-recourse, CMBS loan on behalf of Trivedi Hospitality, for the 83-room Courtyard by Marriott hotel located in Indianapolis. Mag Mile Capital secured the 10-year, fixed rate, non-recourse loan with a 30-year amortization. The loan was provided by Rialto Mortgage Finance. The borrower used the funds to acquire the hotel and reserved approximately $1 million for furniture, fixtures and equipment.