Wednesday, March 21, 2018

PRISA Group and Peachtree Hotel Group Announce Grand Opening of 175-Room AC Hotel by Marriott Tampa/Airport – Westshore

AC Hotel by Marriott Tampa/Airport – Westshore

                TAMPA BAY, FL — Officials of the PRISA Group, a family-owned developer, builder and owner of hospitality, resort and entertainment projects in Puerto Rico and Florida, together with its capital partners Peachtree Hotel Group and Argosy Real Estate Partners,  announced the grand opening of the newly constructed, 175-room AC Hotel by Marriott Tampa/Airport – Westshore. 
PRISA developed the hotel, with Peachtree and Argosy acting as additional equity investors in the project.  Marriott Corporation will operate the hotel.  The construction was conducted by a partnership between PRISA Group and Orlando-based Welbro Building Corporation.
 The Miami-based offices of Popular Community Bank provided the debt financing.

Federico Stubbe
“This marks the first of three Marriott-branded hotels we are opening in Florida, including an under-construction, dual-branded SpringHill Suites/Residence Inn in Orlando at the Mall of Millenia, and we remain bullish on the market,” said Federico Stubbe, PRISA president and CEO. 
 “We now own the newest, design-focused, lifestyle product on the market, a key driver for both business and leisure travelers who want something beyond the ‘typical’ hotel stay. 
"As a company, we focus on delivering best-in-class, quality hotels in their respective segments while innovating in architecture, art and interior design relative to the brands we represent.
"With its European flair and emphasis on high quality accommodations, amenities, food and beverages, we are confident the AC Hotel by Marriott Tampa/Airport-Westshore quickly will become the place to see and be seen for visitors and locals alike.”

For more information, please contact:

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553

HFF announces sale of full-service hotel in Northern Virginia

Sheraton Reston Hotel, Reston, VA

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Sheraton Reston Hotel, a 298-room, full-service hotel in a growing submarket in the Washington, D.C. suburb of Reston, Virginia. 

The HFF team marketed the property on behalf of the seller.  DoveHill Capital Management purchased the hotel unencumbered by an existing management agreement.  Wurzak Hotel Group will manage the hotel.

Originally opened in 1973, the six-story Sheraton Reston Hotel was substantially renovated in 2014 to upgrade the guestrooms and 22,000 square feet of meeting space, renovate the restaurant lounge, update the lobby to incorporate a grab-and-go food and beverage market and expand the club lounge. 

Additional hotel features include the Syrah Restaurant and Cosmopolitan Lounge, a state-of-the-art fitness center, outdoor pool with sun deck, business center and views of the adjacent Reston National Golf Course. 

Situated at 11810 Sunrise Valley Drive, the hotel is in Reston, the second largest office market in Fairfax County, and in the heart of the Reston Master Plan, which consists of 22,000 new residential units, more than eight million square feet of new office space and 700,000 square feet of retail. 

Cyrus Vazifdar
The hotel is highly visible from one of the most heavily trafficked thoroughfares in Northern Virginia directly off the Dulles Roll Road one mile to the Wiehle-Reston East Metrorail Station (Silver Line), which connects the hotel to the entire D.C. MSA.

The HFF investment advisory team representing the seller included senior director Cyrus Vazifdar.

“Reston’s growth has been prolific over the past cycle, and we expect the market to continue to mature with the tremendous scale of current development,” Vazifdar said.  “Reston’s existing hotel stock will benefit greatly from the market’s continued evolution.”

For more information, please contact:

HFF Digital Content/Public Relations Specialist
(713) 852-3420                                 

Rising rates makes it a numbers game between lender and borrower

John Oharenko
Chicago, IL --- With rising rates in the forefront of
headline news, underwriting percent figures re-emerge as hot discussion
topics as the 10-year treasury note hit a four-year high earlier last
month. Noteworthy percent benchmarks include:

"2%-3%" - As the US economy enjoys seven years of prosperity, recessionary
fears are nowhere in the foreseeable future. Record-low unemployment not seen in more that fifteen years, accompanied by strong consumer spending and controlled inflation (about 2%) assures favorable economic conditions in the foreseeable future. 

 The Fed's new chairperson will make fighting inflation
a top priority, so rising benchmark [and mortgage] rates are in store with
the 3%-plus-level to reappear for 10-year treasuries. European and Asian
markets are also strong, with economists expecting over 3% growth worldwide.

"4%-5%" - Mid-single-digit rates are back in the spotlight for longer-term,
permanent debt. While lower four-percent-handle rates are still available
for more conservatively funded loans, 5% rates are appearing more often -
usually for higher loan proceeds - not regularly seen since 2011.

"25%" - Energy conservation measures can really be profitable, not only
because of lower expenses, but because of lower rates. Twenty-five percent
energy or water bill savings equate to agency multifamily pricing discounts
that can also be a quarter percent or more.

"125%" - As mortgage rates climb, and capitalization rates remain low, debt
service coverages of 125% or more drive loan proceeds. Loan-to-Value ratios
are important, but lenders demand cash flow coverage to drive deals within
stated underwriting objectives. 

However, record-low capitalization rates
should continue to benefit sellers, as buyers are still highly motivated to
purchase quality realty assets due to limited supplies in prime locations.
150% or more debt coverage attracts the best pricing, especially with life
companies. On the flip side, long-term, self-amortizing loans backed by
credit income approach coverage closer to breakeven levels.

The Real Estate Capital Institute's(r) director, John Oharenko, comments, "Percent figures are always important barometers to watch in realty finance. It's a numbers game that quickly quantifies lender and borrower risks/reward expectations."

The Real Estate Capital Institute(r) is a volunteer-based research
organization that tracks realty rates data for debt and equity yields. The
Institute posts daily and historical benchmark rates including treasuries,
bank prime and LIBOR. 

For more information, please contact:

The Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

 Jeanne Peck, Executive Director



$9.25 Million Multifamily Property Financing in Miami Beach, FL Structured by Marcus & Millichap Capital Corp.

Eric Fixler
Miami Beach, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $9.25 million in financing for 250 Collins in Miami Beach, Fla. 

The bridge loan was structured with a floating interest rate over a 24-month term with interest-only payments.

            “MMCC has an existing relationship with the borrower who sought out our services based on our ability to execute complex financing transactions flawlessly,” states Eric Fixler, senior director, MMCC.

            “The barriers to entry for competing short-term rentals creates a unique opportunity for our clients to build a strong footprint and maximize market share. The $620 million renovation and expansion of the Miami Beach Convention Center and recently-renovated Bass Museum of Art will likely result in increased guest demand for quality rooms,” states Austin Levine, associate director, MMCC.

Austin Levine
            “MMCC was able to generate multiple term sheets from the most aggressive lender pool, and harnessed a competitive environment causing lenders to step up several times to win the deal,” continues Levine.

For more information, please contact:

 Ryan Nee
Vice President / Regional Manager, Fort Lauderdale
Marcus & Millichap Capital Corporation
(954) 245-3400

EagleBridge Capital Arranges $6.44 Million Mortgage For CVS Plaza

CVS Plaza, Tiverton, RI

Ted M. Sidel
Boston, MA -- EagleBridge Capital has arranged permanent mortgage financing in the amount of $6,440,000 for CVS Plaza located in Tiverton, Rhode Island.

The mortgage financing was arranged by EagleBridge principals Ted M. Sidel and Brian D. Sheehan who stated that the loan was provided by a leading CMBS lender. 

The law firm of DarrowEverett, represented the borrower in closing the loan.

CVS Plaza is located at 500 Main Road (Route 138).  The property is anchored by a  free-standing 13,500 sf CVS pharmacy . Other Plaza tenants include The Saconnet River Grille and an Allstate insurance agency located in an adjacent building.

Mr. Sidel and Mr. Sheehan stated, “We are pleased that EagleBridge was able to meet the borrower’s requirements and arrange a very competitive long term fixed-rate financing on a non-recourse basis featuring a most attractive rate, term, and amortization.

Brian D. Sheehan
CVS operates over 9700 retail pharmacies across the country with over 65 located in Rhode Island and is part of CVS Health Corporation.

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for shopping centers, apartments, office, industrial, and r & d buildings, hotels, condominiums, and mixed use properties as well as special purpose buildings. 

For more information, please contact:
Stanley J. Sidel
Senior Advisor
EagleBridge Capital
One Boston Place, Suite 2600
Boston, MA 02108
Tel: 617-292-7177 Ext. 300

Nikki Jackson Named Senior Sales Manager Fairfield Inn Suites New Orleans Downtown French Quarter Area

Nikki M. Jackson

NEW ORLEANS, LA - -- Stephen Borecki, general manager of the 103-room Fairfield Inn & Suites New Orleans Downtown French Quarter Area announced that Nikki Jackson has been appointed the hotel’s first dedicated senior sales manager.

      Most recently, Jackson was a group sales manager for the Le Meridian and W French Quarter hotel group. 

 Previously she was the national sales manager for the Intercontinental Hotel in New Orleans.  Since beginning her hospitality career in 1994 at the Days Inn on Canal St., Jackson’s career progression has included operations and sales management positions in Baton Rouge, Shreveport and New Orleans.

Stephen Borecki
      “Nikki has great client relationships and a keen understanding of the New Orleans downtown market,” said Borecki.  “Her familiarity with Marriott culture and systems made her the perfect fit.  This hotel has become so popular with groups and local businesses that we needed someone with Nikki’s skills and local insight to manage the demand.”
For more information, please contact:

Lauralee Dobbins
Write Touch Public Relations