Properties around the world are changing hands
Hotel deals are heating up hospitality, including beachfront properties in New York City and St. Thomas.
Allegria Hotel in Long Beach purchased
JLL Hotels & Hospitality has completed the sale and acquisition financing of the Allegria Hotel, a 156-key oceanfront luxury hotel located in Long Beach, New York.
JLL acted for the seller, Stabilis Capital Management LP, in closing the sale to the buyer, Linchris Capital Partners LLC. JLL also represented Linchris Capital Partners LLC in arranging the fixed rate acquisition loan through the lender.
Converted to a hotel from a senior citizen facility in 2009, the hotel has a rooftop swimming pool, fitness center, and several lounges and food and beverage outlets, including including Jack’s on the Rocks Lounge, the 8,800 square feet. Atlantica Restaurant and L’Onda Bar. The hotel also has a 3,182 square feet. large ballroom with free pre-event space.
The JLL Hotels & Hospitality team representing the vendor was led by Managing Director Jeffrey Davis, Managing Vice President KC Patel, Partner Nikhil Chuchra and Analyst Desmund Delaney. Funding was led by Executive Director Greg Labine and Senior Director Martha Nay.
DiamondRock Sells St. Thomas Properties to Fortress Investment Group
DiamondRock Hospitality Company has sold the 478 rooms of Frenchman’s Reef Marriott Resort & Spa and Noni Beach, Autograph Collection project in St. Thomas, USVI to a subsidiary of Fortress Investment Group LLC.
In return, DiamondRock received an upfront cash payment as well as a right to share in the hotel’s future profits once certain return parameters are met. The station was closed as it suffered the devastating impact of sequential hurricanes in 2017. Under Fortress ownership, Frenchman’s Reef will complete a major reconstruction project and reopen as a global destination station.
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, with the hotel joining the company’s portfolio of 110 hotels in 33 states.
In the heart of the Coachella Valley, this all-suite hotel is close to the Palm Springs Airport and downtown Palm Springs. It also has 1,000 square feet of event space in two meeting rooms.
The company also acquired the 114-room Homewood Suites by Hilton Dallas / Allen in Texas. This all-suite hotel is located in the growing suburb of Allen, near downtown Dallas, Dallas Fort Worth International Airport and Dallas Love Field Airport. The property also has 750 square foot event space.