CBRE Hotels’ Americas Research Finds U.S. Hotel Revenue Growth Driven by Overlooked Sources in Lower Chain Scales and Secondary Markets; Forecasts 2.2 Percent RevPAR Compound Annual Growth Rate Through 2021

R. Mark Woodworth

Atlanta, GA – U.S. hotels enjoyed another year of life at the performance peak in 2016 and are forecast to continue to live the high life in 2017.  According to the recently released March 2017 Hotel Horizons® forecast report from CBRE Hotels’ Americas Research, rooms revenue (RevPAR) grew for a seventh consecutive year in 2016, and the prospects for RevPAR growth are projected to be solid for the foreseeable future. 

What is surprising, however, is the impetus for sustained revenue expansion comes from some unexpected sources.

”The hotel business is cyclical.  The upper-priced properties led the U.S. lodging industry out of the recession and have continued to achieve occupancy levels in excess of 70 percent.  However, recently it has been the lower-priced properties that have shown the greatest gains in RevPAR,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. 

“In the past five years, RevPAR for U.S. hotels increased at compound annual rate (CAGR) of 5.7 percent.  The only chain-scale close to achieving this pace of revenue growth was the economy segment whose average annual RevPAR increase was 5.6 percent during this period.  That means independent and economy chain-affiliated properties have been the primary drivers of the industry’s recent strong performance.”

For a complete copy of the company’s news release, please contact:

Chris Daly, media

(703) 435-6293

 chris@dalygray.com

Stonehill Strategic Capital Arranged $8.3 Million Bridge Loan for Hampton Inn by Hilton in Maryland

Hampton Inn by Hilton, Ocean City, MD

 TLANTA, GA —Stonehill Strategic Capital, LLC (SSC) announced that it has arranged an $8.3 million bridge loan for a Hampton Inn by Hilton located in Maryland.  SSC continues to seek first mortgage, mezzanine and preferred equity financing on hotel assets across the U.S. 

To discuss potential hotel financing opportunities, please contact Brent LeBlanc at 713-666-2544 or bleblanc@stonehillsc.com.

Stonehill Strategic Capital is primarily focused on funding permanent financing, bridge loans, mezzanine loans and preferred equity investments backed by limited-, select-, and compact full-service hotel assets. Stonehill Strategic Capital provides creative finance solutions for hospitality projects seeking capital to complete acquisitions, recapitalizations, refinancings, and renovations. 

For additional information, please visit http://stonehillstrategiccapital.com/.

For a complete copy of the company’s news release, please contact:

Chris Daly, media

(703) 435-6293

 chris@dalygray.com

Kevin Runner Tapped to Head the Westin Jekyll Island

                                           

  

Kevin Runner

 SHELTON, CT, March 1, 2017—Gerry Chase, president and COO of New Castle Hotels & Resorts, a leading third-party management company and hotel developer, today announced that longtime Jekyll Island hotelier, Kevin Runner has been named general manager of the Westin Jekyll Island.

The 200-room, beachfront hotel opened in 2015, adjacent to the Jekyll Island Convention Center and the recently-completed Beach Village. 

Runner is a career hospitality executive who opened the Jekyll Island Club in 1986.  Originally a 134-room full-service hotel, the historic Jekyll Island Club Hotel has evolved into a four-diamond resort largely credited with the island’s renaissance.   

“With Kevin at the helm, the Jekyll Island Club Hotel has played a pivotal role in the island’s redevelopment as a modern resort community,” said Chase.  “Kevin’s knowledge of seasonal resort operations and the coastal Georgia market is second to none and I am looking forward to having his expert hand guiding our Westin in this next phase of its evolution.”

“The first two years of a new hotel are very challenging and the Westin staff has done a remarkable job getting the hotel ramped up, and ranking in the top 10 percent for guest satisfaction among Westins worldwide,” said Runner.  “I’m starting with a table that’s been expertly set and I look forward to leveraging 35 years of local area expertise to help both the hotel, and the entire island achieve, their full potential as a resort destination.”

 For a complete copy of the company’s news release, please contact:

Lauralee Dobbins

Write Touch Public Relations

Lauralee@WriteTouchPR.com

609-451-5102

www.newcastlehotels.com

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HFF closes sale of grocery-anchored retail center in Tampa, FL

  

Palms of Carrollwood Retail Center, 13147 North Dale Mabry Highway, Tampa, FL

Brad Peterson

ORLANDO, FL, March 1, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Palms of Carrollwood, a 167,887-square-foot retail center anchored by The Fresh Market in Tampa, Florida. 

HFF arranged the sale on behalf of the seller, Weingarten Realty Investors.  Wallace Enterprises, Inc. purchased the asset free and clear of existing debt.

In addition to The Fresh Market, the 91.3-percent-leased Palms of Carrollwood is home to a variety of national and regional tenants, including Bed Bath & Beyond, Petco and Sam Ash Music.

 Situated on 15.4 acres at 13147 North Dale Mabry Highway, Palms of Carrollwood is located between Interstate 275 and Veterans Expressway at the signalized intersection of Dale Mabry Highway and Fletcher Avenue. 

The center is on the “going home” side of the road for those commuting from downtown Tampa, the airport and Interstate 275.  Located in the Carrollwood area of Tampa north of downtown, more than 102,000 residents earning an average annual household income of $73,953 live within a three-mile radius of the center.

The HFF investment sales team was led by senior managing director Brad Peterson and associate director Whitaker Leonhardt.

Whitaker Leonhardt

“There is a great investment appetite for well-located shopping centers in infill markets throughout the southeast U.S., and the sale of Palms of Carrollwood, which is located in one of the most desirable submarkets in Tampa, further supports that message,” Leonhardt said. 

“Tampa’s dynamic economy, strong employment growth and low retail vacancy rates support rent growth over time and the continued success of best-in-class retailers in good locations.”

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.weingarten.com.

HFF secures $11.5 million financing for office building in downtown Berkeley, CA

Colby Mueck

 HOUSTON, TX,  March 1, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $11.5 million in financing for 2120 University, a 49,390-square-foot office property in downtown Berkeley, California. 

HFF worked on behalf of the borrower, Lionstone Investments, to place the 10-year acquisition loan through HFF’s correspondent relationship with an insurance company. 

2120 University is located at “Main and Main” in downtown Berkeley just off the campus of the University of California at Berkeley and within walking distance of the Downtown Berkeley BART station.  

Recently renovated in 2014, the seven-story property features two ground floor retail spaces and six floors of office space that is fully leased to WeWork.   

The HFF debt placement team representing the borrower was led by managing director Colby Mueck, associate director Brandon Roth and real estate analyst Rob Bova.

“There was a tremendous amount of enthusiasm from insurance companies, which is a testament to Lionstone’s track record, as well as lenders’ increased appetite this year for well-located, high quality real estate,” said Roth.

Brandon Roth

Lionstone Investments is a data-analytics driven real estate investment firm that specializes in conceptualizing, analyzing, and executing national investment strategies on behalf of institutional investors and high net worth individuals.

Lionstone’s objective is to identify and execute smart investments by understanding the evolution of internationally competitive cities, then pinpointing where the most productive people in America want to live and work—Places for Productive People.®  Since its founding in 2001,

Lionstone has consistently generated cycle-tested real estate investment performance that has exceed peer and industry benchmarks.  Lionstone’s investment DNA was, and continues to be, data-driven, and is its greatest point of differentiation from other firms. 

Using proprietary research tools and algorithms, a highly-skilled staff, and deeply-experienced leadership, Lionstone sources unique investment opportunities and effectively executes them nationwide.  Please visit our website at: www.lionstoneinvestments.com

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of mixed-use property in Chicago’s North Shore

                                                                                     (photo credit: ©2017 balloggphoto.com)

Renaissance Place, 1849 Green Bay Road, Highland Park, IL

CHICAGO, IL, March 1, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Renaissance Place, a mixed-use retail, office and multi-housing property in Chicago’s North Shore community of Highland Park, Illinois.

HFF marketed the property on behalf of the seller, Metzler Real Estate.  Tabani Group purchased the asset.

Amy Sands

Renaissance Place was completed in 2000 and consists of 82,604 square feet of in-line retail and 54,534 square feet of office space.  The property also includes 30 luxury one- and two-bedroom multi-housing units in 36,660 square feet.  In addition, there is a 48,000-square-foot two-level space previously occupied by Saks Fifth Avenue, bringing the total square footage of the property to 221,789 square feet.  

Jaime Fink

Located at 1849 Green Bay Road, Renaissance Place encompasses an entire city block of downtown Highland Park, one of the most affluent communities in the U.S, with annual household income in a three-mile radius of the property averaging $153,481.  

The mixed-use property is .3 miles from the Highland Park Metra station and is walking distance from more than 18,000 households.

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell as well as senior managing directors Jaime Fink and Jeffrey Bramson.

Metzler Real Estate provides independent advice and tailored investment services to private and institutional clients investing in key North American real estate markets.  

Metzler envisions and executes customized investment strategies to realize our clients’ specific investment objectives.  The company’s clients benefit from its clear focus on their unique goals, its active and disciplined approach to investment and its track record of stability and proven performance.  http://www.metzlerna.com

Tabani Group is a full-service commercial real estate company operating across the United States.  Based in Dallas, Texas, the company’s expertise is built upon its reputation for creativity, judgement, timeliness and integrity.  Questions can be directed to Media@TheRenaissancePlace.com

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 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Spence Hill Associates Arranges $2.625 Million Acquisition Loan for Alexandria, VA Retail Property

  

Retail Property, 2-10 East Glebe Road, Alexandria, VA

  

FALLS CHURCH, VA, March 1, 2017 – Spence Hill Associates announced today that it has arranged a $2,625,000 mortgage loan for the acquisition of a retail property located at 2-10 East Glebe Road, Alexandria, Virginia.

Michael H. Trauberman, Managing Director of Spence Hill Associates, arranged and negotiated the financing on behalf of the purchaser, McLean Village LLC.  The 10-year loan was placed with a Virginia-based bank and features an initial five-year fixed interest rate of 3.91%.

2-10 East Glebe Road is a 9,660 square foot retail property situated on 25,627 square feet of land.  The property is located at the corner of East Glebe Road and Commonwealth Avenue on the border of the Del Ray and Arlandria neighborhoods in Alexandria.  

Tenants include Northside 10, Alexandria Community Health Services and Auburn Cleaners.  Northside 10 is the newest neighborhood restaurant and bar from Meridian Place Food Group, owners of Southside 815 in Old Town.

Spence Hill Associates, a real estate investment banking firm founded in 1993, arranges the financing and sale of commercial real estate, and provides financial advisory services to real estate owners, developers, and institutions throughout the United States.  Spence Hill Associates is headquartered in Falls Church, Virginia.

For a complete copy of the company’s news release, please contact:

Michael Trauberman

Managing Director

Spence Hill Associates

323 N. Underwood St., Suite 200

Falls Church, VA 22046

Office:  571.641.3050

Cell:  202.903.3377