Virgin
Chicago sells. An affiliate of Michigan-based Accelerated Assets, a firm that converts properties into timeshare resorts, has acquired the 250-key Virgin Hotels Chicago for approximately $77.4 million from a joint venture of Virgin Hotels and Miami-based
Lionstone Development. The JV had acquired the building in 2011 for approximately $14.8 million and secured a $50 million construction loan. The property, which was the brand’s first location, originally opened in January 2015 after a $117 million
renovation that preserved much of its historic 1928 features. The deal closed on June 30 and Virgin will continue to manage the hotel. Given Accelerated Assets’ history, there is speculation that the property may shift to a timeshare model in the
future.
Brooklyn
hotel sells. A joint venture of HN Capital Partners, 109Co and Farallon Capital Management has acquired the 187-key Hotel Indigo Williamsburg Brooklyn in New York from an undisclosed seller for an undisclosed price as part of a larger transaction.
The JV acquired the note on a mixed-use development that includes the hotel and 500 Met, a 75-unit apartment building, a parking garage and retail space. The development was built in 2019. Berkadia, in conjunction with Cushman & Wakefield, executed
the note sale for Seoul-based Hangang Asset Management on behalf of the seller.
California
hotel refi. Corona Del Mar, California-based Seaview Investors, LLC, has secured a $55 million loan to refinance the 186-key Burton House Beverly Hills in California. Seaview has been an investment partner in the hotel since 2003 and the property
recently had $13.7 million in renovations as part of a repositioning to the Tribute Portfolio Hotels & Resorts brand. Los Angeles-based Mesa West Capital originated the five-year, nonrecourse financing.
Incentives
for DFW’s second JW. The McKinney Community Development Corp. has agreed to a $10.25 million loan and $25 million grant for the 290-key JW Marriott Resort McKinney Craig Ranch, which is being planned for the DFW suburb north of Dallas. Approximately
$25 million will be in the form of a grant, payable upon receipt of a certificate of occupancy. In comparison, the remainder will be provided as a loan upon commencement of construction on the $325 million project in late 2026. Dave Johnson, the founder
of Aimbridge Hospitality and co-founder and managing partner of Horizon Capital Partners, is involved with the 290-key JW Marriott Resort McKinney Craig Ranch along with David Craig and Craig International. Johnson spoke with Hotel Investment Today about the deal and other developments from last year.
Raines adds 2 to the portfolio. Florence, South Carolina-based Raines announced the addition of two new DoubleTree by Hilton properties in South Carolina to its portfolio. Located in Summerville and Greenville, the properties have undergone renovations to meet
DoubleTree brand standards. The 126-key DoubleTree by Hilton Greenville Woodruff Road and the 95-key DoubleTree by Hilton Summerville Nexton opened this month.
Four
Seasons adds in Colombia. The 131-key Four Seasons Hotel and Residences Cartagena, a residential resort located in Gestemani on the Caribbean coast of Colombia, is scheduled to debut in late 2025, following an initial opening date of mid-2025, according
to the Caribbean Journal. It will be the third Four Seasons in Colombia, joining an existing pair in Bogota.
IHG adds
in India. IHG Hotels & Resorts has signed a franchise agreement with Ernakulam, India-based KGA International Trades Private Ltd., for the development of 90-key Holiday Inn Express Kottayam Changanassery, Kerela, India. The hotel is scheduled to open
in the first quarter of 2027. IHG currently operates 50 hotels across six brands in India, with a pipeline of 63 hotels set to open within the next three to five years.
IHCL adds
in Pune. Indian Hotels Co. Ltd. (IHCL) has signed a new hotel in Pune under the Gateway brand. The 180-key Gateway Bibvewadi Pune, Maharashtra, will be part of a mixed-use development.
Aware Super becomes majority shareholder of The
July. Australia-based Aware Super Pty. Ltd., one of Australia’s largest superannuation funds, has become the majority owner of The Netherlands-based aparthotel owner-operator The July B.V., according to HVS. Building on its initial investment made
in July 2020, Aware Super acquired the 47.7% stake previously held by the Dutch pension fund asset manager APG Asset Management N.V., bringing its total ownership to over 99%. The July currently operates three aparthotels in Amsterdam and one in London,
with three additional properties in the pipeline set to open in Amsterdam, Lisbon, and Dublin between late 2026 and 2027.
