Rockbridge buys in Chicago. Columbus, Ohio-based owner and developer Rockbridge has acquired the 200-room Hyatt House Chicago West Loop/Fulton Market hotel, located one block from McDonald’s headquarters. The name of the seller and the price paid were not disclosed. Built in 2019, the 14-story hotel is the only select-service hotel in the area. “The hotel was built just before COVID and has strong tailwinds to continue to grow. It will also benefit from the strengthening of Fulton Market and the Hyatt House brand,” said Matt Welch, managing director of Rockbridgeb. Rockbridge has made more than 300 investments in 39 states with total capital of over $10.8 billion and manages over $4.3 million in assets.
NYC mixed-use refinancing. The Witkoff Group, Access Industries and Monroe Capital have secured a $1.2 billion refinancing from JP Morgan and Tyko Capital for One High Line, a luxury mixed-use property in Manhattan that will be home to a 120-room Faena Hotel scheduled to open in 2025 and feature a 1,500-square-foot spa. The two-tower building includes 236 condominiums, with the developers reportedly having over $800 million in sales in the first half of 2024. The Walker & Dunlop New York Capital Markets team acted as exclusive advisor to the developers. The funds will be used to repay existing debt, finance remaining hard and soft costs, establish an interest and carry reserve and cover financing and closing costs associated with the transaction. The property also offers 4,200 square feet of net space for boutique offices and approximately 1,200 square feet of net space for retail. The building spans an entire city block in West Chelsea.
Big milestone for Marriott. Marriott International has announced its 9,000th property with the opening of the 168-room St. Regis Longboat Key resort on 18 acres in Longboat Key, Florida. The resort is being developed by Unicorp National Developments and is the largest project on the island in over 50 years. The resort will also include 69 privately branded residences. Marriott has opened 139 branded residences in 32 countries and territories and has 122 projects planned in 38 countries and territories.
Noble released for StudioRes. Plans have been approved for the development of a StudioRes by Marriott extended-stay hotel in southwest Jacksonville, Florida, at Collins Town Center by Noble Investment Group through NF V ES-M Jacksonville LLC. The city is currently reviewing a permit application for the $9.9 million project, which was originally scheduled to open in spring 2025.
Opportunity Zone Offer. Developer Capital Square announced that the Richmond, Virginia City Council has granted building permits to develop an eight-story mixed-use apartment complex and luxury hotel in the designated Scott’s Addition Opportunity Zone. The project will be financed with proceeds from Capital Square’s CSRA Opportunity Zone Fund IX, a project-specific Opportunity Zone Fund that seeks to raise approximately $77 million in equity from accredited investors. Construction is scheduled to begin in summer 2025. The 2.18-acre site will include approximately 220 traditional apartment units and 100 furnished luxury hotel rooms. Capital Square has invested more than $230 million in equity over the past five years to build eight projects totaling over 1,600 residential units and 40,000 square feet of retail space.
The winner of the Shatterproof name. Shatterproof, a national nonprofit and leader in improving the way the healthcare system addresses and treats substance use disorders, has announced Amanda Hite as the recipient of the 2025 Shatterproof Hospitality Heroes award. Hite is president of STR, a CoStar Group company, and is being honored for her courage and commitment to raising awareness of substance use disorders and breaking addiction stigma. She will be honored during the eighth annual Hospitality Heroes Reception, which will take place during the Americas Lodging Investment Summit (ALIS) on January 29, 2025. The event will also raise critical funds to support Shatterproof and its efforts to transform addiction treatment in America. The Hospitality Heroes Reception was created by Gary Mendell, a former hotelier who co-founded and chaired HEI Hotels & Resorts and is now CEO of Shatterproof.
Generator, freehand income. Hybrid lodging brand Generator, together with its Freehand Hotels, has reported record EBITDA of $42.2 million for the first half of 2024, up 18% year-on-year. The company said the results were driven by 10% revenue growth and tight cost management. For the full year 2024, the company is targeting EBITDA of $95.8 million, up 22% from 2023. “We had a record first half, our financial results demonstrate the unique ability of our operating model to absorb inflationary pressures, and we are benefiting greatly from a highly resilient and loyal guest mix that is heavily influenced by Generation Z and Millennials,” said CEO Alastair Thomann. Seibu Prince Hotels & Resorts has renamed the 203-room Park Regis Singapore hotel to Park.
Seibu is growing in Singapore. Regis by Prince Singapore following a major room renovation. As part of the rebranding, the hotel will retain its Fleur-de-Lys logo and is now part of Seibu Prince Global Rewards, a loyalty program with over two million members across the region. Seibu Prince Hotels & Resorts currently has a portfolio of over 80 hotels, 31 golf courses and 10 ski resorts.
