NATIONAL REPORT—From buying to selling to financing, the hotel industry has seen a lot of activity. Some of the players include PMZ Realty Capital, Crystal Investment Property, HREC and Cambridge Landmark. Here’s a closer look at recent hotel deals:
PMZ Arranges Bridge Loan for Tryp by Wyndham Miami Bay Harbor
PMZ Realty Capital LLC arranged a $25-million bridge loan for the 96-key Tryp by Wyndham Miami Bay Harbor. The bridge loan is a three-year term with a floating rate based on 30 day LIBOR and was sourced via a debt fund. Tryp Bay Harbor was the fifth property opened by Tryp in the U.S. The property is managed by Wyndham hotel management services.
Crystal Investment Property Sells Best Western in Oregon
Crystal Investment Property LLC (CIP) has sold the Best Western Cottage Grove Inn in Cottage Grove, OR. CIP, a licensed Oregon brokerage, represented the buyer and seller in the sale. Joseph P. Kennedy, president of CIP, worked with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.
The Best Western Cottage Grove Inn is a 41-key select-service franchised midscale hotel. Updated in 2017 with capital improvements, this interior corridor property is ranked in the top 5% of Best Western hotels nationwide. The property is located in Willamette Valley, close to downtown Eugene, University of Oregon and the airport.
HREC Arranges Sale of Hampton Inn & Suites in Nebraska
HREC Investment Advisors has arranged the sale of the 120-guestroom Hampton Inn & Suites Omaha Southwest-La Vista located in La Vista, NE. The buyer group was led by Mike Works, the managing member of Nightcap Hospitality LLC. HREC Investment Advisors exclusively represented the seller, North Central Group, and the final sale was led by Mike Cahill, CEO/founder; Mike Dubè, VP; Scott Kaniewski, SVP; and Jeff Preston, VP. The hotel is located close to downtown Omaha. Developments in the area include Werner Natatorium Sports Complex, the new Facebook Data Center and the new La Vista City Centre.
Cambridge Landmark Acquires The Citizen Hotel
Cambridge Landmark has closed on the acquisition of The Citizen Hotel, a renowned 196-room boutique hotel located in Sacramento, CA. The hotel has been part of Marriott’s Autograph Collection since 2015, and will retain that designation under its new ownership.