Rockbridge buys in Chicago. Columbus, Ohio-based owner and developer Rockbridge has acquired
the 200-room Hyatt House Chicago West Loop/Fulton Market, located one block
away from McDonald’s global headquarters. The name of the seller and the price
paid was not disclosed. Built in 2019, the 14-story hotel is the only select-service
hotel in the area. “The hotel was built just prior to COVID and has strong
tailwinds to continue to grow. It will also benefit by leveraging the
strengthening of Fulton Market and the Hyatt House brand,” said Matt Welch, managing
director, Rockbridgeb. Rockbridge has made more than 300 investments in 39
states worth over $10.8 billion in total capitalization and has over $4.3 illion
in assets under management.
NYC mixed-use refi. The Witkoff Group, Access Industries and Monroe Capital have
received from JP Morgan and Tyko Capital $1.2 billion in refinancing for One
High Line, a luxury mixed-use property in Manhattan that is supposed to be the
future home of a 120-key Faena Hotel anticipated to open in 2025 with a 17,000
square foot spa. The two-tower development includes 236 condos with the
developers reportedly saying more than $800 million in sales have closed during
the first half of 2024. The Walker & Dunlop New York Capital Markets team acted
as exclusive advisors to the developers. The funds will be utilized to repay
existing debt, fund remaining hard and soft costs, establish an interest and
carry reserve, and cover financing and closing costs associated with the
transaction. The property also offers 45,000 net square feet of boutique office
and approximately 13,000 net square feet of retail. The development spans an
entire city block in West Chelsea.
Big Marriott milestone. Being developed by Unicorp National Developments, Marriott
International announced its 9,000th property with the opening of the 168-room
St. Regis Longboat Key Resort on 18 acres in Longboat Key, Florida. The
property marks the largest development on the island in over 50 years. The
resort will also feature 69 private branded residences. Marriott has 139 branded
residential properties in 32 countries and territories open, with a pipeline of
122 projects across 38 countries and territories.
Noble approved for StudioRes. Plans have been approved for Noble Investment Group’s,
through NF V ES-M Jacksonville LLC, development of a StudioRes by Marriott extended-stay
hotel in Southwest Jacksonville, Florida, at the Collins Town Center. The city
is now reviewing a permit application for the $9.9 million project initially
expected to open in spring 2025.
Opportunity Zone deal. Developer Capital Square said that the Richmond (Virginia) City
Council has granted zoning approval to develop an eight-story mixed-use
apartment community and luxury hotel in the Scott’s Addition
designated opportunity zone. The development will be funded with proceeds from
Capital Square’s CSRA Opportunity Zone Fund IX, a project-specific opportunity
zone fund seeking to raise approximately $77 million in equity from
accredited investors. Construction is slated to begin in summer 2025. The
2.18-acre property will feature approximately 220 traditional apartment units
and 100 furnished luxury hotel rooms. Capital Square has invested more
than $230 million in equity in the last five years towards the
construction of eight developments, totaling over 1,600 residential units and
40,000 square feet of retail.
Shatterproof names honoree. Shatterproof, a national nonprofit organization and a leader
in improving the way the healthcare system addresses and treats substance use
disorders, has announced its 2025 Shatterproof Hospitality Heroes honoree,
Amanda Hite. Hite is the president of STR, a CoStar Group company, and is being
recognized for her courage and commitment toward raising awareness of substance
use disorders and ending addiction stigma. She will be honored during the
eighth annual Hospitality Heroes Reception, which will be held during the
Americas Lodging Investment Summit (ALIS) on January 29, 2025. The event will
also raise vital funds to support Shatterproof and its efforts to transform how
addiction is treated in America. The Hospitality Heroes Reception was created
by Gary Mendell, a former hotelier who served as the co-founder and chairman of
HEI Hotels & Resorts, and who is now the Shatterproof CEO.
Generator, Freehand earnings. Hybrid accommodation brand Generator along with its Freehand
Hotels have reported a record EBITDA for the first half of 2024 of $42.2
million, an 18% year over year increase. Results were driven by 10% revenue
growth and tight cost management, according to the company. The company is targeting a full year 2024
EBITDA of $95.8 million, representing a 22% increase from 2023. “We have
had a record-breaking first half of the year, our financial results show our
operating model’s unique ability to absorb inflationary pressures and we
benefit heavily from an extremely resilient and loyal Gen Z and
Millennial-heavy guest mix,” said CEO Alastair ThomannSeibu Prince Hotels & Resorts has rebranded the Park
Regis Singapore hotel as the 203-room Park .
Seibu grows in Singapore. Regis by Prince Singapore, following
an extensive room refurbishment. As part of the rebrand, the hotel will retain
its fleur-de-lys logo and is now part of Seibu Prince Global Rewards, a loyalty
program with over two million members across the region. Seibu Prince Hotels
& Resorts currently has a portfolio of over 80 hotels, 31 golf courses and
10 ski resorts.
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