Hotel transactions are heating up hospitality, including beachfront properties in New York and St. Thomas.
Allegria Hotel in Long Beach purchased
JLL Hotels & Hospitality has closed the sale and acquisition financing for the Allegria Hotel, a 156-key luxury, beachfront hotel located in Long Beach, NY.
JLL represented the seller, Stabilis Capital Management LP, to complete the sale to the buyer, Linchris Capital Partners LLC. JLL also represented Linchris Capital Partners LLC to arrange the fixed-rate acquisition loan through the lender.
Converted to a hotel from a senior-living facility in 2009, the hotel has a rooftop pool, fitness center and multiple lounge and food and beverage outlets, including Jack’s on the Rocks Lounge, the 8,800-sq.-ft. Atlantica Restaurant and the L’Onda Bar. The hotel also has a 3,182-sq.-ft. grand ballroom with complimentary pre-event space.
The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director Jeffrey Davis, EVP KC Patel, Associate Nikhil Chuchra and Analyst Desmund Delaney. Financing was led by Managing Director Greg Labine and Senior Director Martha Nay.
DiamondRock sells St. Thomas properties to Fortress Investment Group
DiamondRock Hospitality Company has sold the 478-room Frenchman’s Reef Marriott Resort & Spa and Noni Beach, Autograph Collection project in St. Thomas, U.S.V.I. to an affiliate of Fortress Investment Group LLC.
As consideration, DiamondRock has received an upfront cash payment as well as a participation right in the future profits of the hotel once certain return metrics are achieved. The resort has been closed since it experienced devastating impact from sequential hurricanes in 2017. Under Fortress ownership, the Frenchman’s Reef will complete a major rebuilding project and reopen as a global destination resort.
MCR acquires properties in FL and TX
MCR has acquired properties in Florida and Texas.
The company won the foreclosure auction for the 197-room Staybridge Suites Cathedral City Palm Springs, an IHG Hotel, on April 7 in California. The acquisition marks the company’s expansion into the California market as the hotel joins the company’s portfolio of 110 hotels across 33 states.
In the heart of the Coachella Valley, the all-suite hotel is near Palm Springs Airport and downtown Palm Springs. It also has 1,000 sq. ft. of event space across two meeting rooms.
The company also acquired the 114-room Homewood Suites by Hilton Dallas/Allen in Texas. The all-suite hotel is in the growing Allen suburb near downtown Dallas, Dallas Fort Worth International Airport and Dallas Love Field Airport. The property also has 750 sq. ft. of event space.