Regarding acquisition and financing news, Apple Hospitality REIT has acquired an AC hotel in Maine, while Hall Structured Finance and Arriba Capital have entered into construction loans for properties in Colorado Spring, CO and a suburb. of Nashville, respectively.
Apple Hospitality REIT acquires AC Hotel in Portland, ME
Apple Hospitality REIT Inc. has acquired the 178-room AC Hotel Portland Downtown Waterfront in Portland, ME, for a total purchase price of approximately $ 66.8 million, or approximately $ 375,000 per key.
The hotel, which opened in July 2018 and offers stunning views of Casco Bay, is close to the historic Old Port of Portland, Casco Bay Lines, East End Beach, terminals Portland and Portland Trails Cruise.
According to data provided by STR, RevPAR for the Portland Downtown / International Jetport, the Maine submarket improved by approximately 10% for this month, compared to June 2019. With results exceeding the Averages the company’s full portfolio in June, the hotel reported 85% occupancy, ADR of $ 256, and RevPAR of $ 217 for the month.
Following this acquisition, the Apple Hospitality portfolio includes 213 hotels with approximately 27,800 rooms in 35 states.
HALL Structured Finance closes $ 55.6 million loan
Dallas-based HALL Structured Finance (HSF) closed new senior construction loan totaling $ 55.6 million to finance the development of a dual-lodge SpringHill Suites / Element hotel in downtown Colorado Springs, CO. Construction is currently underway and the project is expected to open in spring 2022. The developer of the project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Hotel Equities will manage the hotels as soon as they open.
The 136-key SpringHill Suites will include all suites with separate working and sleeping areas, desks, and kitchenettes. The Element Hotel for Extended Stay 125 Keys will feature fully equipped kitchens with stainless steel appliances and Standard Rooms boasting nearly nine feet. ceiling heights. The hotels will have common amenities, including an open-air courtyard with lounge seating, a business center, an indoor pool with hot tub, free breakfast, and a fitness center. Additional amenities will include meeting and event space, a downstairs restaurant with patio, and a 6,700 square foot area. rooftop bar, restaurant and lounge.
Arriba Capital closes $ 18.5 million construction loan
Arriba Capital recently closed an $ 18.5 million conventional construction loan for a Hyatt Place in suburban Nashville. In addition to the construction loan, Arriba arranged a large and complex land lease on the property.
The borrower is a private hotel management and development group based in the South East. Arriba financed several projects for the borrower.