Friday, May 16, 2025
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Hospitality

DevelopmentGeorgiaHospitalitySoutheast

North Point Hospitality Completes $105M Second Phase of River Street East Development in Savannah

by John Nelson

SAVANNAH, GA. — North Point Hospitality has completed the $105 million Phase II of River Street East, a three-phase mixed-use district located along the Savannah River. The second phase includes a 171-unit AC Hotel by Marriott Savannah Historic District hotel and a 316-space public parking garage, which is now open. Additionally, 3,300 square feet of street-level retail space is available for lease. AC Hotel by Marriott features a rooftop restaurant and bar, as well as flexible meeting spaces. Phase I of the development included the Homewood Suites by Hilton Savannah Historic District/Riverfront hotel, which was delivered in 2015 and renovated in 2024. Phase III of River Street East will include a 300-unit full-service, dual branded luxury and lifestyle hotel, which will feature a ballroom for private events, world-class spa and multiple dining experiences.

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AcquisitionsHospitalityMidwestNorth Dakota

Marcus & Millichap Negotiates $8.3M Sale of Comfort Suites Hotel in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Marcus & Millichap has negotiated the $8.3 million sale of Comfort Suites Medical Center, an 82-room hotel in Fargo. Allan Miller, Chris Gomes, Huberth Marak and Skyler Cooper of Marcus & Millichap represented the buyer, a limited liability company, while the brokerage firm’s Jon Ruzicka assisted in closing the transaction. The buyer was part of a hospitality group completing a 1031 exchange after selling a hotel in Montana. The deal closed with conventional financing from a local lender. The property is located at 4417 23rd Ave. S.

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DevelopmentFloridaHospitalitySoutheast

Gencom Begins $100M Overhaul of Ritz-Carlton Key Biscayne Miami Resort

by John Nelson

KEY BISCAYNE, FLA. — Locally based Gencom has begun the $100 million overhaul of The Ritz-Carlton Key Biscayne, Miami resort. The 13-story, 275,000-square-foot hotel is located on a 17-acre site at 455 Grand Bay Drive on Key Biscayne, a barrier island situated south of Miami. Originally built in 2001, the property offers 420 guestrooms and 600 feet of direct beach access. The design team for the resort’s first major renovation includes Hart Howerton (master), Design Agency (public spaces) and Chapi Chapo Design (guestrooms). The overhaul includes new exterior paint and façade elements, a new glass façade in the lobby, redesign of the spa and a new restaurant that will join the existing lineup of eateries that will be refreshed: RUMBAR, Cantina Beach, Dune, Scoop, Stefano’s and Key Pantry. Amenities that will be overhauled include the resort’s swimming pools, fitness center, The Club Lounge and the Cliff Drysdale Tennis Center, which is the largest tennis facility of any Ritz-Carlton resort. Gencom, which co-developed the hotel, expects the renovations to conclude by the end of the year.

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HospitalityLoansSouth CarolinaSoutheast

Cronheim Hotel Capital Arranges $23.6M Refinancing for Holiday Inn Resort in Surfside Beach, South Carolina

by John Nelson

SURFSIDE BEACH, S.C. — Cronheim Hotel Capital has arranged a $23.6 million loan for the refinancing of Holiday Inn Resort, a 206-room, beachfront hotel in Surfside Beach, a city in the Myrtle Beach metropolitan area. The borrowers, Innisfree Hotels and RREAF Holdings, purchased the 11-story property as an independent hotel in late 2023 and invested capital to convert the asset to a Holiday Inn Resort. The direct lender was an undisclosed regional bank. According to the property website, the hotel features an onsite restaurant, fitness center, pool and a kids splash pad.

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Hilton-San-Antonio-North-Stone-Oak
AcquisitionsHospitalityTexas

Hunter Hotel Advisors Negotiates Sale of 106-Room Hotel in North San Antonio

by Taylor Williams

SAN ANTONIO — Atlanta-based brokerage firm Hunter Hotel Advisors has negotiated the sale of the 106-room Hilton San Antonio North Stone Oak hotel on the city’s north side. Rooms feature kitchenettes, and amenities include a fitness center and outdoor pool. A San Diego-based investor purchased the property from an institutional investment firm, with both parties requesting anonymity. Kami Burnette and Mason McDavid of Hunter Hotel Advisors brokered the sale. The firm’s Adeel Amin arranged acquisition financing for the deal.

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DevelopmentHospitalityNew JerseyNortheast

Hotels Unlimited Completes $5M Renovation of Hilton-Branded Hotel in Lakewood, New Jersey

by Taylor Williams

LAKEWOOD, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $5 million renovation of the 110-room Hilton Garden Inn hotel in Lakewood, located in Ocean County. The renovation delivered an overhaul of all guestrooms and suites, as well as the lobby and amenity spaces, which include meeting rooms, an indoor pool, fitness center and an onsite restaurant. In addition, the project team applied fresh paint to the building’s exterior. A grand re-opening ceremony will take place on Tuesday, May 13.

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DevelopmentHospitalitySoutheastVirginia

KARA Hospitality Opens 92-Room Extended Stay America Hotel in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — KARA Hospitality has opened Extended Stay America Premier Suites – Charlottesville, a 92-room, four-story hotel in Charlottesville. The hotel features free Wi-Fi, complimentary breakfast, cable TV, a 24-hour fitness room, onsite guest laundry and a lobby with additional vending options. All suites include fully equipped kitchens with full-size refrigerators, microwaves, stovetops, cookware, utensils and dishes, as well as recliners and work areas.

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Gilmore-Gilbert-AZ
ArizonaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailWestern

Thompson Thrift Breaks Ground on $225M Mixed-Use Development in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Thompson Thrift has broken ground on The Gilmore, a $225 million mixed-use development located in the Phoenix suburb of Gilbert. The 35-acre project will comprise approximately 200,000 square feet of grocery, restaurant and retail space, 300 luxury apartment homes and a hotel. The development will feature a main street-style entrance with covered walkways, common areas, murals by local artists and landscaped outdoor gathering spaces. More than 25 retail leases have already been signed, including Better Buzz Coffee; Handel’s Ice Cream; Jersey Mike’s; Sweathouz; Rebel Wine Lounge; Square 1 Food Hall; Nook Kitchen; Phantom Fox Brewery; Level 1 Arcade Bar; Woof Gang Bakery & Grooming; Over Easy; and a 64,000-square-foot Safeway. Retailers are expected to begin opening in late 2026, while the first resident move-ins are planned for early 2027.

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DevelopmentFloridaHospitalitySoutheast

Moss Completes 248-Room Opal Sol Luxury Resort & Spa in Clearwater Beach, Florida

by John Nelson

CLEARWATER BEACH, FLA. — Moss has completed Opal Sol, a 680,000-square-foot luxury resort and spa located in Clearwater Beach. Designed by Nichols Architects, Opal Sol offers 248 suites with private balconies, three elevated decks, a spa with a full-service salt room and fitness center, four ballrooms, future retail storefronts along the Beach Walk and four restaurants, including Drift, Lolita’s, Beach Market and Toast. Additionally, an elevated pedestrian bridge now connects Opal Sol to its sister property, Opal Sands. The hotels within the Opal Collection offer a combined 125,000 square feet of indoor meeting space, plus 55,000 square feet of outdoor space with roughly 800 rooms and parking for over 1,000 vehicles in the Clearwater Beach market.

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2910-N.-Hall-St.-Dallas
DevelopmentHospitalityTexas

Phoenix Development Begins Construction on 264-Room, Dual-Branded Hotel in Uptown Dallas

by Taylor Williams

DALLAS — Phoenix Development Group has begun construction on a 264-room, dual-branded hotel in Uptown Dallas. The building will rise 19 stories at 2910 N. Hall St. and will offer 110 rooms under the AC Hotel by Marriott brand and 154 rooms under the Moxy Hotel brand. Each hotel will have its own lobby and entrance but will share amenities such as a fitness center and a 261-stall parking garage. The signature Moxy Bar & Restaurant will be situated at street level, and a custom-branded bar and lounge will be located on the eighth floor of the building and will include an outdoor terrace deck and water features. Phoenix is developing the property in partnership with Atlanta-based hospitality operator Peachtree Group, which is also an equity investor in the project. Merriman Anderson Architects is designing the project, with interiors by The Society, and Moss Construction is serving as the general contractor. Completion is slated for summer 2026.

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