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North America

Magna Buys Three Manhattan Hotels for $160 Million

Alan Woinski and Kim Woinski
September 14th, 2023 at 8:40 PM EDT

Skift Take

  • Crescent Real Estate acquired the Element Orlando Universal Boulevard hotel, and the Delta Hotel in Wichita Falls, Texas, opened.
  • Various hotel acquisitions and rebranding activities occurred, including the purchase of Hilton-branded hotels in New York, rebranding of properties as Trademark Collection by Wyndham, and the addition of Arlo Williamsburg to the Arlo Hotels portfolio.
  • A $1.5 billion development plan for the Tennessee Titan’s domed stadium area was announced, including a 40-story hotel, apartments, and retail spaces, with construction set to begin in 2025.

The DJIA surged 332 points while the Nasdaq jumped 112, the S&P 500 rose 38 points and the 10-year treasury yield was up .04 to 4.29%. Lodging stocks were higher but the two big movers were to the downside. VCSA dropped -7% to another new all-time low, while AINC also traded down to a new low on very low volume, down -10% on the day.

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Through its investment vehicle, GP Invitation Fund III, LP, Crescent Real Estate LLC acquired the Element Orlando Universal Boulevard, a 165-key hotel operated under a franchise agreement with Marriott International. The hotel is located just outside the confines of the mixed-use development known as Icon Park in Orlando, Florida. Crescent has engaged HEI Hotels & Resorts to manage the property.

The Delta Hotel in Wichita Falls, Texas, has finally opened. The hotel broke ground back in November 2021.

Magna Hospitality Group paid $160 million to buy the Hilton-branded hotels at 150 West 48 Street from McSam Group. The 38-story building is home to three of Hilton’s flags: Hampton Inn, Home2 Suites, and Motto Hotel. Sam Chang’s McSam Group recently finished construction on the property, which has more than 1,000 rooms.

Crescent Hotels & Resorts announced the addition of the Le Merigot Santa Monica to its Latitudes: Lifestyles by Crescent portfolio. Le Merigot Santa Monica features 175 guestrooms, an outdoor terrace, fitness center, dining room, and a pool.

LuxUrban Hotels Inc. announced that the 167-room Herald Hotel in New York City and the 68-room O Hotel in Los Angeles have been re-branded as The Herald by LuxUrban, Trademark Collection by Wyndham and O Hotels, Trademark Collection by Wyndham. LuxUrban has also received capital from Wyndham via key money for each of these properties that the company will deploy to help elevate the customer experience, enhance the asset value, and drive RevPAR as well growth and working capital back into the business.

Arlo Hotels announced the official grand opening of Arlo Williamsburg. Located in the heart of Brooklyn, the property is Arlo Hotels’ fourth property in New York. The property, formerly The Williamsburg Hotel, is owned by Quadrum Global. The eight-story Arlo Williamsburg offers 147 guestrooms including eight suites, a recently renovated Rooftop Pool & Lounge, the Lobby Bar, Mirror Bar, a 6,500 square foot grand ballroom and offers access to the local Brooklyn Athletic Club.

Sixth Street Miami Partners has launched sales of the Gale Hotel & Residences in Miami, Florida representing the second batch of units in a 51-story tower that’s already under construction. The development team, a partnership between Keith Menin of Menin Hospitality and GFO Investment and Marisa Galbut, is building the dual-branded tower. Initially they launched the sale of 448 condos for short-term rental under the Natiivo Miami brand. The developer said the Natiivo condos have sold out and are launching sales for the rest of the project. The Gale Hotel & Residences will feature 240 units, 160 condos for short-term rental and 80 condo-hotel units. Sixth Street Miami Partners said the building should be open in early 2024. Both Natiivo and the Gale will share 70,000 square feet of amenities over three floors, including a pool deck, kid’s playroom, fitness center, co-working space, a steam room, sauna, hammam and a spa. The project will also have 9,000 square feet of restaurant.

Gravity Haus announced the addition of The Radcliffe Hotel in Moab, Utah, into its growing portfolio of adventure-lifestyle destinations. Previously a Gravity Haus partner property, The Radcliffe transformation to Gravity Haus Moab will begin immediately. The 38-key boutique property will feature the brand’s signature amenities including co-working spaces, discounted gear rentals, fitness spaces, farm-to-cup coffee, and an outdoor pool and hot tub. 

A 33-room boutique hotel in Las Vegas, Nevada, is now taking reservations. Slated to open mid-October, the Bent Inn is the first adults-only gay/locally owned and operated hotel and gastropub in downtown Las Vegas. Developed by parent company, Escape Resorts, Inc, Bent Inn will feature a heated pool with in-pool seating and a Baja shelf, an outdoor heated spa, a poolside food truck and a gastropub with inside and seasonal outdoor dining.

The Tennessee Titan’s domed stadium is set to open in 2027, and so too is a neighboring 40-story hotel, hundreds of apartments and an extensive pedestrian corridor lined with retail. These are pieces of a roughly $1.5 billion development vision that The Fallon Co. pitched to Nashville officials this summer, as the city solicited bids for the right to build on 30 acres of land surrounding the new stadium. Nashville announced its choice of Fallon on Tuesday. Fallon Co. want to sync its first phase of development with the opening of the Titans stadium. Construction would begin in 2025. The initial projects would include: a 40-story hotel with 450 rooms plus retail; a 16-story hotel with 325 rooms and retail; a building with 550 apartments; a building with 175 apartments; and a total of 140,000 square feet of retail. Final details are subject to upcoming contract negotiations with Nashville. 

Hanjin KAL Corp. will sell the assets owned by its Hawaii-based subsidiary Waikiki Resort Hotel Inc. to US company AHI-CLG LLC for $108.4 million. Hanjin KAL will divest all real estate and related assets of Waikiki Resort Hotel, excluding cash and cash equivalents worth $121 million. 

The development of 60 Main in downtown Winona, Minnesota, has been in the works for many years. In August, the city decided to move forward with the development of the space. The project includes adding a 75-room hotel and 30 housing units, in the downtown Winona area, and in addition to that, the former Jefferson restaurant building will be renovated into bar-restaurant event space to compliment the hotel and housing.

After years of controversy and legal issues, city, county and University of Oklahoma leaders announced a new $1 billion entertainment district development project in Norman, Oklahoma. Included in the proposal is a new sports area and performance venue, retail shops, restaurants, bars, offices, a hotel and housing.

The SureStay Plus by Best Western Reading North has opened in Reading, Pennsylvania. The owners of the property have invested over $400,000 in recent renovations to upgrade the hotel. The SureStay Plus by Best Western Reading North offers 60 guest rooms complete with updated restrooms, an outdoor picnic and seating area and a fitness facility.

Cronheim Hotel Capital has secured a $13,600,000 loan on behalf of MCR in order to acquire the Courtyard North Charleston located in North Charleston, South Carolina.

RIU Hotels reopened Riu Palace Macao, in Punta Cana, Dominican Republic, following a full renovation. New items include the expansion of the bar and lounge, to which a second outdoor stage has been added for smaller performances and a DJ booth, as well as a new RIU Fit area. The hotel continues to offer a wide variety of restaurants including the addition of a new Sports Bar. All 476 rooms have also been fully renovated. Riu Palace Macao is within the RIU Complex in Punta Cano and shares the Splash Water Park, RIU Parties, and Casino, which has also been renovated.

With its recent addition to the Blue Diamond Resorts portfolio, Royalton CHIC Antigua is set to debut in early April 2024. The Royalton CHIC Antigua offers an all-inclusive vacation experience, 235 rooms and suites, onsite dining outlets including Pescari the first overwater restaurant of its kind in the region, multiple pools, a beach club, an entertainment plaza with a theater for live music, and an indulgent spa.

Europe Highlight

Zetter Hotels will open its third boutique property in London in 2024, with a site in Bloomsbury, marking the brand’s first opening in ten years. The Zetter Bloomsbury will be housed in six 300-year-old townhouses, formerly occupied by Grange White Hall hotel, and include 72 rooms and suites, a restaurant, gym and quaint garden. Orca Holding purchased the brand in 2020.

Alan Woinski and Kim Woinski
September 14th, 2023 at 8:40 PM EDT

Companies: Aimbridge Hospitality, Arlo Hotels, Best Western Hotels & Resorts, Courtyard by Marriott, Crescent Hotels & Resorts, Cronheim Hotel Capital, Delta Hotels & Resorts, Gravity Haus, Hampton by Hilton, Hilton Hotels & Resorts, Home2 Suites by Hilton, LuxUrban Hotels Inc., Marriott International, MCR, Motto by Hilton, RIU Hotels & Resorts, SureStay Plus, Vacasa

Locations: Antigua, Charleston, Las Vegas, London, Los Angeles, Miami, Nashville, New York City, Oklahoma, Orlando, Pennsylvania, Punta Cana, Utah, Waikiki, Wichita

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