property type: Hotel & Resort
JLL’s Scott Hall, Aaron Lapping Join Berkadia’s Hotels Group
Berkadia's Hotels & Hospitality unit has hired Scott Hall as managing director and Aaron Lapping as senior director. The two, formerly of JLL, will focus on investment sales in the western United States and report to Andrew Coleman, a senior ...
Chicago Real Estate Investment Manager Raises $385Mln for Latest Fund
WHI Real Estate Partners has raised $385 million of equity commitments for its fifth fund, exceeding its $325 million target. It's the company's largest fund and is pursuing primarily apartment and industrial acquisitions and developments throughout the United States.
AllianceBernstein Takes Control of Moxy NYC Downtown Hotel
The Real Deal Tribeca Associates has transferred ownership of the 298-room Moxy NYC Downtown Hotel in Manhattan to AllianceBernstein, which had provided a $105 million loan against the property in 2018. Tribeca, a New York developer, had bought the site ...
90-Room Boutique Hotel Planned for Cincinnati
Cincinnati Business Courier A joint venture of Moment Development and Downtown Property Management Inc. is planning to build a 90-room boutique hotel in Cincinnati. The three-story development, at 1420 Central Parkway, will have a cocktail lounge, restaurant and rooftop event ...
Montage Healdsbur
Sunstone said it expected the price it paid to result in a capitalization rate of 6 to 7 percent upon the property's stabilization. To fund part of the purchase price, Sunstone has issued $66.25 million of a new issue of ...
DiamondRock Selling Manhattan’s Lexington Hotel for $185Mln
Commercial Real Estate Direct Staff Report DiamondRock Hospitality Co. has agreed to sell the 725-room Lexington Hotel in Manhattan for $185 million, or $255,172/room. The Bethesda, Md., REIT expects the deal to close by the end of September. The undisclosed ...
2 of Last 3 Assets in 2007 CMBS Deal Get Resolved
Credit Suisse Mortgage Securities Trust, 2007-C1, has moved a couple steps closer to being retired as two of its three remaining assets have been sold. The Pinnacle at Tutwiler Farms retail center near Birmingham, Ala., sold for $11.58 million, while ...
Sir Francis Drake Hotel in San Francisco Sold for $157.6Mln
Northview Hotel Group has paid $157.6 million, or $378,846/room, for the 416-room Sir Francis Drake hotel in San Francisco. The Wilton, Conn., company bought the property from Pebblebrook Hotel Trust, a Bethesda, Md., REIT that had acquired it in 2010 for ...
Vornado Closes Manhattan’s Hotel Pennsylvania, Eyes Redevelopment
Commercial Real Estate Direct Staff Report The 102-year-old Hotel Pennsylvania in Manhattan has closed its doors permanently. Vornado Realty Trust owns the 1,700-room hotel, which the New York REIT plans to demolish and redevelop in the next two years, likely ...
Pebblebrook’s RevPAR Increased 14.9 Percent in Latest Quarter
Commercial Real Estate Direct Staff Report Properties owned by Pebblebrook Hotel Trust Inc. recorded a revenue per available room, or RevPAR, of $70.83 during the first quarter. That's up 14.9 percent from the $61.64 of RevPAR posted in the fourth ...
