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JLL Hotels Secures $215.6M Refinancing for Three-Hotel Portfolio
Jones Lang LaSalle Hotels secured $215.6 million of
non-recourse senior mortgage proceeds facilitating the refinancing of a
three-property portfolio of hotels owned by a partnership between
Ashford Hospitality Trust and Prudential Real Estate Investors.
The hotel portfolio includes the 390-room Hilton Boston Back Bay in
Massachusetts, the 296-room Westin Princeton at Forrestal Village in New
Jersey and the 673-room Renaissance Nashville in Tennessee. The Hilton
Boston Back Bay was financed as a standalone asset with a $103 million
loan, while the Westin Princeton and the Renaissance Nashville were
financed jointly with a $112.6 million loan.
Jones Lang LaSalle Hotels’ Executive Vice President Mathew Comfort and Senior Vice President Bill Grice led the team on the transaction.
“The portfolio’s exceptional sponsorship, along with the strong in-place cash flow, was highly attractive to lenders. While the transaction had several structuring nuances, lenders underwrote creatively to produce multiple options for the ownership,” Comfort said in a statement. “The competitive process generated demand from a range of financial institutions and resulted in the optimal blend of proceeds and pricing.”
The properties include the 390-room Hilton Boston Back Bay, located in the heart of the Back Bay office district, across from Hynes Convention Center and minutes from Fenway Park and downtown Boston; the 296-room Westin Princeton, situated within the mixed-use Forrestal Village complex near the Princeton University campus and Princeton Medical Center; and the 673-room Renaissance Nashville, located in the heart of Nashville’s downtown business and entertainment district, two blocks from the 1.2 million-sq.-ft. Music City Center, which will open in mid-2013.
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Jones Lang LaSalle Hotels’ Executive Vice President Mathew Comfort and Senior Vice President Bill Grice led the team on the transaction.
“The portfolio’s exceptional sponsorship, along with the strong in-place cash flow, was highly attractive to lenders. While the transaction had several structuring nuances, lenders underwrote creatively to produce multiple options for the ownership,” Comfort said in a statement. “The competitive process generated demand from a range of financial institutions and resulted in the optimal blend of proceeds and pricing.”
The properties include the 390-room Hilton Boston Back Bay, located in the heart of the Back Bay office district, across from Hynes Convention Center and minutes from Fenway Park and downtown Boston; the 296-room Westin Princeton, situated within the mixed-use Forrestal Village complex near the Princeton University campus and Princeton Medical Center; and the 673-room Renaissance Nashville, located in the heart of Nashville’s downtown business and entertainment district, two blocks from the 1.2 million-sq.-ft. Music City Center, which will open in mid-2013.
First Independent LEED Hotel Brand Gets $1B Funding Plan
M1T Partners recently finalized a preliminary round of funding
for Adoba Eco Hotel, the first independent hotel chain to design, build
and convert fully LEED-certified hotels. M1T’s $75 million investment
is the first round of financing of a five-year, $1 billion plan to
expand Adoba on a national basis.
The expansion is being conducted through the Delaware-based
investment advisory firm’s fund, which seeks to achieve capital
appreciation while minimizing risk of loss by investing in underfunded
development projects, opportunistic projects and unique situations. The
partnership between M1T and Adoba is “one of a shared vision to create
jobs and transform the hospitality industry with a business model that
benefits developers, hotel owners and investors,” M1T Executive Director
Anthony Gude said in a statement. “Adoba’s growth plan is clear and our
capital investments over the next five years, along with the Jobs
Creation Act, have paved the way for their continued momentum and job
creation.”
Adoba President and CEO Jim Henderson says M1T’s investment not only “represents the groundfloor of an expansion to make Adoba’s brand a prominent fixture in major travel markets,” but that it provides opportunities to build from the ground up, renovate existing buildings and create green jobs.
NREI talked with Henderson about how going LEED will impact Adoba and ultimately, in his words, “transform the hospitality industry.” An edited transcript of that interview follows.
NREI: Adoba is the first independent hotel chain to design, build and convert fully LEED-certified hotels. Why aren’t there more LEED-certified hotel chains, and what convinced Adoba and M1T to take this path?
Unfortunately, in the hospitality industry there has been a widespread perception that the adoption of LEED-designed hotels, sustainable procedures and green building technologies still add immense extra cost that is far in excess of the return on their benefits. That is no longer the case.
I believe many industry leaders agree to the importance of sustainability; however, many of the large, branded chains have a clear gap between their leader’s aspirations and true actions due to their enormous infrastructure and the far-reaching amount of individual ownership and ownership groups.
NREI: How will being LEED-certified affect Adoba’s bottom line?
LEED certification boosts economic benefits from savings on energy costs. Green buildings generate higher resale value, offer greater marketing and public relations and reduce maintenance cost. Perhaps one of the most important aspects is their recruiting appeal and retaining of key employees.
NREI: For the average hotel guest, how will staying at one of the future Adoba Eco Hotels differ from staying at a pre-LEED-certified Adoba hotel?
Eco-friendly lodging no longer means roughing it. Green can be luxurious. When you choose to stay at one of our hotels, you are not giving up any of the luxuries we’ve become accustomed to. In fact, Adoba Eco Hotels are the opposite, with our exclusive eco-plush bedding package and our inventive organic menus paired with regional flavors and fashionable designs that strike an elegant balance between earth-friendly and big-city chic. Our new designs are completely sustainable; a true showcase of sustainable innovation met by the highest standards in hospitality.
NREI: What do you think the future holds for eco-friendly hotels? Can the hotel industry afford not to go green?
We believe “Think global, act local.” Sustainability is a powerful and defining idea. It will become a key performance indicator for hotels of the future. With the evolution of technology around eco-friendly practices and sustainable designs, management and reporting will continue to forge a path of greater integration into mainstream hotel operations. It will become a critical operational measurement objective of the hotel just like revenue, quality and service.
Hotels can’t afford not to go green. Increasingly businesses, especially in an industry as large as tourism, are expected to find ways to be part of the solution to the world’s environmental challenges. Innovative companies such as the Adoba Eco Hotel Brand will find ways to turn that responsibility into opportunity and identify actions that have the greatest impact on achieving both the environment and ownership’s objectives.
Adoba's Jim Henderson
Adoba President and CEO Jim Henderson says M1T’s investment not only “represents the groundfloor of an expansion to make Adoba’s brand a prominent fixture in major travel markets,” but that it provides opportunities to build from the ground up, renovate existing buildings and create green jobs.
NREI talked with Henderson about how going LEED will impact Adoba and ultimately, in his words, “transform the hospitality industry.” An edited transcript of that interview follows.
NREI: Adoba is the first independent hotel chain to design, build and convert fully LEED-certified hotels. Why aren’t there more LEED-certified hotel chains, and what convinced Adoba and M1T to take this path?
Unfortunately, in the hospitality industry there has been a widespread perception that the adoption of LEED-designed hotels, sustainable procedures and green building technologies still add immense extra cost that is far in excess of the return on their benefits. That is no longer the case.
I believe many industry leaders agree to the importance of sustainability; however, many of the large, branded chains have a clear gap between their leader’s aspirations and true actions due to their enormous infrastructure and the far-reaching amount of individual ownership and ownership groups.
NREI: How will being LEED-certified affect Adoba’s bottom line?
LEED certification boosts economic benefits from savings on energy costs. Green buildings generate higher resale value, offer greater marketing and public relations and reduce maintenance cost. Perhaps one of the most important aspects is their recruiting appeal and retaining of key employees.
NREI: For the average hotel guest, how will staying at one of the future Adoba Eco Hotels differ from staying at a pre-LEED-certified Adoba hotel?
Eco-friendly lodging no longer means roughing it. Green can be luxurious. When you choose to stay at one of our hotels, you are not giving up any of the luxuries we’ve become accustomed to. In fact, Adoba Eco Hotels are the opposite, with our exclusive eco-plush bedding package and our inventive organic menus paired with regional flavors and fashionable designs that strike an elegant balance between earth-friendly and big-city chic. Our new designs are completely sustainable; a true showcase of sustainable innovation met by the highest standards in hospitality.
NREI: What do you think the future holds for eco-friendly hotels? Can the hotel industry afford not to go green?
We believe “Think global, act local.” Sustainability is a powerful and defining idea. It will become a key performance indicator for hotels of the future. With the evolution of technology around eco-friendly practices and sustainable designs, management and reporting will continue to forge a path of greater integration into mainstream hotel operations. It will become a critical operational measurement objective of the hotel just like revenue, quality and service.
Hotels can’t afford not to go green. Increasingly businesses, especially in an industry as large as tourism, are expected to find ways to be part of the solution to the world’s environmental challenges. Innovative companies such as the Adoba Eco Hotel Brand will find ways to turn that responsibility into opportunity and identify actions that have the greatest impact on achieving both the environment and ownership’s objectives.
Sunstone Sells Hotel Portfolio for $230M
ROCHESTER, MN—Sunstone Hotel Investors Inc. has
agreed to sell four hotels totaling 1,222 rooms and a commercial retail
facility here for $230 million.
The four hotels include the 660-room Kahler Grand, the 271-room Kahler Inn & Suites, the 202-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The company expects to retain a $25 million, 11-percent dividend yield preferred equity investment in the four hotels. The hospitality REIT has interests in 26 hotels comprised of 11,632 rooms.
Sunstone intends to use the net proceeds from the sale of the Rochester Portfolio for general corporate purposes, which may include hotel acquisitions, renovations of our existing hotels, reduction of our debt or preferred securities or other corporate purposes. The sale is expected to close this week.
Ken Cruse, President and CEO, said his team continues to make solid progress against a plan to improve the company’s portfolio quality while strengthening the balance sheet. He said with the U.S. demand-to-supply ratio well above historical norms and his portfolio running at nearly 80-percent occupancy, Sunstone’s pricing power continues to improve.
“By selling the Rochester hotels at a sub-7-percent cap rate on 2012 operating income, we will improve our portfolio RevPAR by over $5.50 (or by 4 percent), while increasing our Hotel EBITDA per key by approximately $625 (or by 3 percent), to over $20,000 on a pro forma basis for 2012. Additionally, this sale will reduce our overall indebtedness by approximately $27 million,” Cruse said in a statement. “Upon completion of the Rochester Portfolio sale, our total debt will have been reduced by $85 million thus far in 2013 when combined with the redemption of the remaining $58 million of our exchangeable senior notes. Following these transactions, our pro forma cash position will exceed $250 million and we will maintain full access to our $150 million credit facility, enhancing our ability to capitalize on a wide range of opportunities consistent with our stated business objectives.
The four hotels include the 660-room Kahler Grand, the 271-room Kahler Inn & Suites, the 202-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The company expects to retain a $25 million, 11-percent dividend yield preferred equity investment in the four hotels. The hospitality REIT has interests in 26 hotels comprised of 11,632 rooms.
Sunstone intends to use the net proceeds from the sale of the Rochester Portfolio for general corporate purposes, which may include hotel acquisitions, renovations of our existing hotels, reduction of our debt or preferred securities or other corporate purposes. The sale is expected to close this week.
Ken Cruse, President and CEO, said his team continues to make solid progress against a plan to improve the company’s portfolio quality while strengthening the balance sheet. He said with the U.S. demand-to-supply ratio well above historical norms and his portfolio running at nearly 80-percent occupancy, Sunstone’s pricing power continues to improve.
“By selling the Rochester hotels at a sub-7-percent cap rate on 2012 operating income, we will improve our portfolio RevPAR by over $5.50 (or by 4 percent), while increasing our Hotel EBITDA per key by approximately $625 (or by 3 percent), to over $20,000 on a pro forma basis for 2012. Additionally, this sale will reduce our overall indebtedness by approximately $27 million,” Cruse said in a statement. “Upon completion of the Rochester Portfolio sale, our total debt will have been reduced by $85 million thus far in 2013 when combined with the redemption of the remaining $58 million of our exchangeable senior notes. Following these transactions, our pro forma cash position will exceed $250 million and we will maintain full access to our $150 million credit facility, enhancing our ability to capitalize on a wide range of opportunities consistent with our stated business objectives.
Pebblebrook Buys San Diego Hotel for $122M
SAN DIEGO—Pebblebrook Hotel Trust has purchased the 337-suite Embassy Suites San Diego Bay – Downtown for $112.5 million.
Built in 1988, the hotel was fully renovated in 2006 and completed a $3.5 million guest suites renovation in May 2012. The hotel features a 12-story atrium and panoramic views of San Diego Bay and the city.
The property will be managed by HEI Hotels and Resorts. The property operated at about 83-percent occupied in 2012 with an average daily rate of $198 and RevPAR of $165.
As a part of this transaction, Pebblebrook said it is assuming a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded by the trust with available cash. The loan, which matures in June 2016, is subject to a fixed interest rate of 6.275 percent.
Jon Bortz, chairman and CEO of the trust, said in a statement that the hotel exhibits strong growth potential. “The hotel is extremely well located at the corner of Harbor Drive and Pacific Highway, just steps away from Seaport Village and the waterfront. This ideal location is only four blocks from the San Diego Convention Center, and six blocks from Westfield Horton Plaza Shopping Mall, as well as a variety of restaurant and entertainment options in the vibrant Gaslamp Quarter. The strong leisure, group and convention demand for San Diego, particularly in this location along the waterfront, makes the Embassy Suites San Diego Bay – Downtown an excellent investment for our company.”
Built in 1988, the hotel was fully renovated in 2006 and completed a $3.5 million guest suites renovation in May 2012. The hotel features a 12-story atrium and panoramic views of San Diego Bay and the city.
The property will be managed by HEI Hotels and Resorts. The property operated at about 83-percent occupied in 2012 with an average daily rate of $198 and RevPAR of $165.
As a part of this transaction, Pebblebrook said it is assuming a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded by the trust with available cash. The loan, which matures in June 2016, is subject to a fixed interest rate of 6.275 percent.
Jon Bortz, chairman and CEO of the trust, said in a statement that the hotel exhibits strong growth potential. “The hotel is extremely well located at the corner of Harbor Drive and Pacific Highway, just steps away from Seaport Village and the waterfront. This ideal location is only four blocks from the San Diego Convention Center, and six blocks from Westfield Horton Plaza Shopping Mall, as well as a variety of restaurant and entertainment options in the vibrant Gaslamp Quarter. The strong leisure, group and convention demand for San Diego, particularly in this location along the waterfront, makes the Embassy Suites San Diego Bay – Downtown an excellent investment for our company.”
RockBridge, Concord Hospitality Acquire Renaissance Meadowlands Hotel for Undisclosed Price
NEW JERSEY—RockBridge Partners, a division of RockBridge, and
Concord Hospitality Enterprises have acquired the Renaissance
Meadowlands Hotel for an undisclosed purchase price.
The new joint venture ownership plans to embark on a $5.25 million
renovation that will include the guest rooms and bathrooms, public space
upgrades, expanded fitness center and the Renaissance Great Room
concept, which will be a redesign of the common spaces within the hotel
like the lobby, check in area and restaurant.
The Renaissance Meadowlands Hotel is located less than 10 miles from Manhattan and is convenient to Newark, LaGuardia and JFK airports. Public transportation to Manhattan is within walking distance, and the hotel is located near Interstate 95, the N.J. Turnpike and the Garden State Parkway.
Developed by Concord in 2000 and later managed by the company, the Renaissance Meadowlands Hotel contains 167 rooms. Previously, RockBridge provided first mortgage financing for the property upon its opening.
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The Renaissance Meadowlands Hotel is located less than 10 miles from Manhattan and is convenient to Newark, LaGuardia and JFK airports. Public transportation to Manhattan is within walking distance, and the hotel is located near Interstate 95, the N.J. Turnpike and the Garden State Parkway.
Developed by Concord in 2000 and later managed by the company, the Renaissance Meadowlands Hotel contains 167 rooms. Previously, RockBridge provided first mortgage financing for the property upon its opening.
Ashford Completes $200M Refinancing of Two Hilton Hotels
shford Hospitality Trust Inc. refinanced its sole remaining
2013 debt maturity, which was set to mature in August. The prior $142
million loan has been refinanced with a new $200 million loan that
matures in February of 2018. The new loan provides for a floating
interest rate of LIBOR + 3.50 percent, with no LIBOR floor.
The new loan continues to be secured by the Capital Hilton in
Washington, D.C., and the Hilton La Jolla Torrey Pines in La Jolla,
Calif. Ashford has a 75 percent ownership interest in the properties,
with Hilton holding the remaining 25 percent.
The excess loan proceeds above typical closing costs and reserves were distributed to the partners on a pro rata basis. Ashford's share of the excess loan proceeds was approximately $40 million, which will be added to the company's unrestricted cash balance. As a result, this refinancing was neutral to the company on a net debt basis.
"We are very pleased to announce this successful refinancing of our only remaining debt maturity in 2013, which is consistent with our practice of proactively managing our debt maturity schedule" Ashford Chairman and CEO Monty J. Bennett said in a statement. "Through this refinancing, we were able to take out significant cash proceeds, strengthen our liquidity position while continuing to further extend our debt maturities. We continue to actively seek opportunities to maximize shareholder value."
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The excess loan proceeds above typical closing costs and reserves were distributed to the partners on a pro rata basis. Ashford's share of the excess loan proceeds was approximately $40 million, which will be added to the company's unrestricted cash balance. As a result, this refinancing was neutral to the company on a net debt basis.
"We are very pleased to announce this successful refinancing of our only remaining debt maturity in 2013, which is consistent with our practice of proactively managing our debt maturity schedule" Ashford Chairman and CEO Monty J. Bennett said in a statement. "Through this refinancing, we were able to take out significant cash proceeds, strengthen our liquidity position while continuing to further extend our debt maturities. We continue to actively seek opportunities to maximize shareholder value."
U.S. Bank, Howard Hughes Corp. Close on $95M Loan for Houston Resort Redevelopment
U.S. Bank and The Howard Hughes Corp. closed on a $95 million
loan to finance the expansion and redevelopment of The Woodlands Resort
& Conference Center, a 440-room luxury resort with 60,000 sq. ft. of
meeting and event space in Houston.
The project will include the construction of 184 new guestrooms and
the renovation of the existing 222 guestrooms, an expanded arrival area,
a new 1,000-foot long “lazy river,” 60,000 sq. ft. of revitalized
meeting and event space, an updated spa and a new 120-seat steakhouse
restaurant.
Construction on The Woodlands Resort & Conference Center is scheduled to start this spring and be completed in late 2014. The property will remain open for business through the redevelopment period.
“We are thrilled to expand our relationship with The Howard Hughes Corporation by partnering with them on this project,” said Kent Howard, Texas market manager for U.S. Bank Commercial Real Estate, in a statement. “The redevelopment of The Woodlands Resort is one of the most notable projects in Houston this year and will have a lasting impact on the local economy. This deal underscores U.S. Bank’s commitment to the Texas commercial real estate market.”
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Construction on The Woodlands Resort & Conference Center is scheduled to start this spring and be completed in late 2014. The property will remain open for business through the redevelopment period.
“We are thrilled to expand our relationship with The Howard Hughes Corporation by partnering with them on this project,” said Kent Howard, Texas market manager for U.S. Bank Commercial Real Estate, in a statement. “The redevelopment of The Woodlands Resort is one of the most notable projects in Houston this year and will have a lasting impact on the local economy. This deal underscores U.S. Bank’s commitment to the Texas commercial real estate market.”
New Canadian REIT Acquires Lodging Enterprises for $127M
WICHITA, KS—American Hotel Income Properties REIT
LP, based in Vancouver, has acquired locally based Lodging Enterprises
LLC and its portfolio of 54 hotels and diners for $127.5 million as its
first U.S. purchase.
Jones Lang LaSalle’s Hotels & Hospitality Group arranged the sale, which includes 32 proprietary branded hotels in 19 states and 24 proprietary branded diners and also owns the Oak Tree Inn and Penny’s Diners brands. The sale also includes a large development pipeline of hotels under construction and long-term guaranteed room night contracts with three of the largest Class I U.S. freight railroad companies.
Managing Directors Al Calhoun and Mark Fair led the JLL team on this transaction. Fair says the limited service hotel market remains a top target for both domestic and international investors that are seeking flexibility, resiliency and strong returns in their portfolios. “We expect a robust select service transaction market in the year ahead, as cap rates continue to trend downward and buy sentiment remains high,” he says in a statement.
Jones Lang LaSalle’s Hotels & Hospitality Group arranged the sale, which includes 32 proprietary branded hotels in 19 states and 24 proprietary branded diners and also owns the Oak Tree Inn and Penny’s Diners brands. The sale also includes a large development pipeline of hotels under construction and long-term guaranteed room night contracts with three of the largest Class I U.S. freight railroad companies.
Managing Directors Al Calhoun and Mark Fair led the JLL team on this transaction. Fair says the limited service hotel market remains a top target for both domestic and international investors that are seeking flexibility, resiliency and strong returns in their portfolios. “We expect a robust select service transaction market in the year ahead, as cap rates continue to trend downward and buy sentiment remains high,” he says in a statement.
No trauma signs on body of Canadian woman found in L.A. hotel water tank
- View PhotoReuters/Reuters - Authorities stand on the rooftop of the Cecil Hotel after a body was found in a water tank in Los Angeles, California, February 19, 2013. REUTERS/Jonathan Alcorn
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View PhotoAuthorities stand on the rooftop …
View PhotoElisa Lam of Vancouver, British …
LOS ANGELES (Reuters) - The autopsy of a 21-year-old Canadian student found dead in a water tank atop a historic Los Angeles
hotel turned up no fatal wounds, offering no clear answers to her
puzzling last days and death, coroner's officials said on Friday.
The inconclusive finding means that further tests must be conducted to determine a cause of death for Elisa Lam, who went missing from the Cecil Hotel in downtown Los Angeles under suspicious circumstances in late January.
Lam's body was found floating in one of four large water tanks
on the hotel's roof on Tuesday after guests complained of low water
pressure in their rooms. Health officials have issued a do-not-drink
order for hotel water until it is tested.
Police have said that detectives had been hoping the
autopsy would help determine if her death was the result of an accident
or foul play.
"They didn't find
any bullet holes, they didn't find any stab wounds to my knowledge. So
then you've got to go to the next step," Los Angeles County Coroner's spokesman Ed Winter said.
He said coroner's investigators would conduct
toxicology tests to establish if Lam was on any medication at the time
of her death and if it was at therapeutic levels. Her organs will also
be studied to determine if she suffered from any medical issues."You see if in fact there were any heart issues, did she die of hypothermia, did she drown," said Winter. "Were her lungs filled with water?"
Lam, a college student from Vancouver, British Columbia, was last seen by staff at the hotel on January 31 and detectives had characterized her disappearance as suspicious. She had been traveling alone but in regular contact with her family in Canada.
Police say the reason for Lam's visit to Southern California was unclear but that her final destination was expected to have been Santa Cruz in central California.
Security video taken in an elevator of the hotel and released by police last week showed her acting strangely, hiding in a corner, pushing multiple buttons and repeatedly peering around the elevator doors into a hallway.
Her body was discovered in one of the four large, cylindrical tanks supplying water to guest rooms at the art deco hotel, which was built in the 1920s and is considered a local landmark.
Local public radio KPCC reported that the hotel has had dark chapters in its long history, including murders in the '20s and '30s and a woman who leapt from a window in the 1960s.
The radio station said that two serial killers were known to have stayed there in the 1980s: Richard Ramirez, known as the "Night Stalker," and Austrian murderer Jack Unterweger.
Firefighters removed the remains by cutting through the side of the tank under a canopy that shielded them from news helicopters overhead.
Travel News from Rick My High-Brow Journey
Watching my newest TV special, I wondered for a moment — who's that guy in the fancy suit and tie? Oh, it's me.
My mom always told me it's worth dressing up for a special occasion, and this one certainly fit the bill: sharing the stage with a symphony orchestra and its suave conductor, introducing America to Europe's most soul-stirring, heartbeat-quickening, patriotic music.
This month's Travel News features a preview of my most unusual
My mom always told me it's worth dressing up for a special occasion, and this one certainly fit the bill: sharing the stage with a symphony orchestra and its suave conductor, introducing America to Europe's most soul-stirring, heartbeat-quickening, patriotic music.
This month's Travel News features a preview of my most unusual
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