McWhinney acquires Austin Proper; more transactions

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Offers are heating up in the hotel industry. Here is an overview of recent news on acquisitions and financings:

McWhinney acquires Austin Proper
McWhinney, a national property investment, development and management firm with expertise in commercial, multi-family, hotel, residential and mixed-use assets, has acquired the luxurious Austin Proper Hotel in Austin. Terms of the transaction were not disclosed.

Developed by the Kor Group, the award-winning 32-story Austin Proper Hotel & Residences opened in December 2019 and is located in the heart of downtown Austin, close to Lady Bird Lake and the Austin Concert Hall. City Limits. Designed by interior designer Kelly Wearstler, Austin Proper offers 244 luxurious guest rooms and suites, 98 designer residences and over 14,000 square feet of meeting and event space. The hotel recently obtained LEED Gold certification from the US Green Building Council.

Paceline Equity Partners subsidiaries acquire two hotels in Charlotte, North Carolina
Subsidiaries of Paceline Equity Partners LLC, a Dallas-based private equity manager, have acquired two limited-service hotels in the Charlotte metropolitan area, the Holiday Inn Express & Suites Charlotte Ballantyne and the TownePlace Suites Charlotte Fort Mill.

The Holiday Inn Express & Suites Charlotte Ballantyne was built in 2019 and is a 123-room limited-service hotel with amenities including an outdoor pool, meeting space, and a fitness center. Located in the Ballantyne neighborhood of Charlotte, North Carolina, the hotel is located along Route 521 near Ballantyne Corporate Park, which is home to a diverse tenant base and attracts corporate activity to the area, including business travel. The hotel is also expected to benefit from future demand once the nearby Novant Health Ballantyne Medical Center is built with a focus on acute care.

The TownePlace Suites Charlotte Fort Mill hotel was built in 2018 and is a 105-room, long-term, limited-service hotel with amenities including full kitchens in every room, an outdoor pool, meeting space, and a fitness center in shape. Located in the Fort Mill district immediately south of the Ballantyne area, the hotel is also located on Route 521 near the Ballantyne Corporate Park.

Miami Beach Goodtime Hotel Receives $ 164 Million Funding
Walker & Dunlop Inc. has structured a financing of $ 164,000,000 for The Goodtime Hotel, located in Miami Beach.

The main attraction of the boutique hotel is the food and drink offering, which is managed by David Grutman’s Groot Hospitality. Complete with a pool, restaurant and club with organized DJ performances and live music, the 26,000 square foot. the pleasure bridge is a destination in itself. With an emphasis on design, generous common spaces, an independent branding, and superior food and beverage options, the hotel opened with great fanfare in April 2021 and was well positioned to meet the demand. growing demand for experiential hospitality, with a high volume of bookings throughout the summer. The 266-key luxury hotel has approximately 46,000 rentable square feet of ground-floor retail as well as 242 parking spaces.

The funding was organized by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and Sean Bastian of Walker & Dunlop, who identified JP Morgan as the ideal source of capital for the funding. The team arranged a three-year interest-only bridge loan with two one-year extension options on behalf of their client, Dreamscape.

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