NATIONAL REPORT—Hoteliers are continuing to take advantage of a robust economy in Q4, keeping money and properties moving across the lodging landscape via acquisitions, financing and sales.
HFF Finances Aloft, Element Hotels
Holliday Fenoglio Fowler LP (HFF) recently handled the $140-million financing of the 330-room Aloft Hotel and the 180-room Element Hotel adjacent to the Boston Convention and Exhibition Center (BCEC) in Boston’s Seaport District.
The HFF team worked on behalf of the borrower, a venture between a fund managed by an affiliate of Ares Management and CV Properties LLC to secure the loan through Starwood Property Trust. HFF previously arranged construction financing for the properties in 2014.
The Aloft Hotel is a 13-story hotel with amenities that include a grab-and-go gourmet eatery, fitness center, pool, outdoor entertainment area, signature w xyz bar, and 12,000 sq. ft. of function space.
The six-story, extended-stay Element Hotel has rooms with fully equipped kitchens and flexible workspace. Amenities include a pool and fitness center, the signature Restore gourmet pantry and meeting space.
The HFF debt placement team representing the borrower included Managing Director Anthony Cutone and Director Matthew Enright.
BPG Snags DT in DC
The Buccini/Pollin Group recently completed the acquisition of the 244-room DoubleTree by Hilton Hotel Wilmington, DE. Washington, DC-based PM Hotel Group is operating the hotel.
“We now own and operate six hotels in New Castle County, DE, and continue to be impressed by the dynamic business environment,” said Dave Pollin, co-founder, BPG, adding, “BPG appreciates the vibrancy of Northern Delaware, driven by large, Fortune 500 companies and savvy entrepreneurs alike.”
The DoubleTree, which recently underwent an extensive $10-million upgrade to the entire hotel, is near major corporate campuses and historic attractions like Winterthur and is surrounded by restaurants, shopping and movie theaters.
Two Hotels in Play
California-based Amber Hotel Co. is offering an independent and a flagged property in two separate markets.
In North Phoenix, an independent 150-key hotel is on the block for $6.5 million. According to the company, the three-story hotel pulls in more than $1 million in rooms revenue with NOI at $423,000.
A 139-key Motel 6 in Wichita, KS, also is for sale at $2.75 million. Near Wichita National Airport, the property has a 24-hour restaurant, 10% cap rate and a 3.3x rooms revenue multiplier, according to Amber Hotel Co.