Spotting Multifamily Development Opps with Reonomy. Located in U.S. markets with strong housing demand, the nine extended-stay hotels are poised for conversion into multifamily assets. Blaze and Affordable Housing Finance cites The Luna Lodge on Route 66 in New Mexico. Increased Conversions to Multifamily. FORT COLLINS Two hotels near the southeast corner of East Harmony Road and Lemay Avenue could be converted into multifamily housing. ST PETERSBURG, FL Bison Financial Group, a real estate advisory firm based here, announces the closing and funding of a hotel to multifamily conversion loan to acquire an underutilized property in Downtown Tampa, Florida. 04.25.22 Multifamily Dive. The conversion of struggling hotels and motels into multifamily housing offers new affordable housing opportunities for those who are often shut out of areas because the price to buy or rent housing is beyond their financial capacity. In any case, the key is always going to be the layout and condition of the building. Kriss Capital has originated a $32 million construction loan to finance the conversion of a vacant 381-key hotel located in Farmington, Connecticut, into a Travis Central Appraisal District values the property for tax purposes at $6 million. U.S. developers built 39 million square feet of new office space in 2013. In some cases, communities have benefited when an old, distressed hotel property gets a new lease on life after a multifamily conversion. MIAMI, March 23, 2021 /PRNewswire/ -- Harbor Group International, LLC ("HGI"), a privately-owned international real estate investment and management firm, today announced the $27.5 million financing of a hotel-to-multifamily conversion project in the Coconut Grove neighborhood of Miami.The loan was provided to AB Asset Management ("AB AM") to acquire This is an optimal time for hotel owner-operators to determine if your properties are positioned to be winners in the marketplace that will emerge or whether an alternative use for these assets, such as conversion to multi-family housing, might be a more financially rewarding option. Developer Emmut Properties will transform the 126-room Excelsior Hotel into a Class A apartment property. Situated at 105 W. Fayette St. in the citys Inner Harbor neighborhood, the vacant hotel complex occupies an entire city block. The Davies Group at Los Angeles-based George Smith Partners, a leading commercial real estate capital advisory firm, secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt The pandemic has created an opportunity to convert unused hotel rooms into new housing units, but that opportunity is limited. Among many challenges brought about by COVID-19, changing community needs have illuminated growing underutilization and vacancy among commercial buildings. Blaze Capital Partners today announces the acquisition of an extended-stay hotel in the Southwest submarket of Charlotte, North Carolina.The asset was acquired through a partnership between Blaze and Argosy Real Estate Partners, with plans to convert the hotel into a 116-unit 165th Ave. Pembroke Pines, FL 33028 info@condohotelcenter.com (954) 450-1929 BALTIMORE, MD Private real estate investment and management company Vivo Investment Group has acquired the dual-branded Holiday Inn and Radisson Hotel complex in downtown Baltimore, MD. This is an optimal time for hotel owner-operators to determine if your properties are positioned to be winners in the marketplace that will emerge or whether an alternative use for these assets, such as conversion to multi-family housing, might be a more financially rewarding option. According to its website, SHIR Capital bought the property for $9.5 million and plans to invest about the same amount in improvements. The Sponsor is spending approximately $33,333 per Continue reading JUST CLOSED: 96 Unit Looking for homes to buy that aren't for sale; the new 330-unit development in downtown Bethesda; and the DC hotel with a full-time DJ. read 3,000 Units + 20 Acres of Open Space: The Development of DC's Armed Forces Home Gets Key Approval Sacramento Hotel Purchased for $16MM as Part of Hotel-to-Multifamily Conversion. Most often, youll see hotels, motels, and retail buildings converted into multifamily properties. Converting 3 hotels into multifamily communities in one of the nations hottest markets. The pandemic has created an opportunity to convert unused hotel rooms into new housing units, but that opportunity is limited. May 11, 2022 at 10:00 AM EDT. Renovate the property to convert it from a hotel to multifamily housing. Berkadia Hotels & Hospitality has increasingly been working with clients to consider whether their assets could be marketed as a multifamily conversion. Condo Hotel Center 1368 N.W. MCRE began converting hotels to multifamily properties in 2019. Emmut Properties acquired the 126-room This will be the second hotel-to-multifamily conversion in Charlotte for the two firms this year. Join us for a unique event series that brings local businesses, policy experts and other stakeholders together for an honest discussion about what counties are doing to build a strong economy -- continuing with Chester County, A county on the rise! The first transaction was a $12 million acquisition and rehab loan for a four story 158-key interior corridor Best Western hotel that will be repurposed into a 113-unit class-B multifamily community. Multifamily Conversion. Tower Capital recently arranged a $23.2 million acquisition and renovation loan for a 132-key, Holiday Inn Express hotel that will be repurposed to a 129-unit, B-Class, multifamily community. The seller was Manas Hospitality, LLC, which is affiliated with San Diego-based Kalthia Group Hotels. Pangea Mortgage Capital recently provided funding for the acquisition of a three-asset hotel portfolio in Oregon, closing in just 15 days. Hotel and residential uses are subject to different regulations under the Zoning Resolution, the Multiple Dwelling Law (MDL), the Building Code and other applicable laws. The 210-room hotel was purchased in April for $15.4 million, with the new owner, a subsidiary of California-based Vivo Living, planning to convert the property into apartments. Originally built in the 1960s, the 278-unit downtown hotel will be transformed into a modern, 210-unit apartment complex with approvals to develop an additional 154 units. A Canada-based owner of 11 acres in the tourism corridor wants to expand the conversion options within his land's zoning, offering the flexibility to turn roughly a third of his hotel room entitlements into up to 400 multifamily units. Once fully entitled, the conversion process will take about eight months, PEG Vice President Ali Monsen told Atlanta Agent. Give Miller Architects & Builders a call now at 320-251-4109; lets make plans for the future together. Tower Capital recently arranged a $9.3 million acquisition and renovation loan for a 188-key, four-story, mid-scale, select-service hotel that will be repurposed to a 97-unit, B-Class, multifamily community. CO-LIVING (with potential for cowork) 4. Our company is equipped to manage any size projects, from large commercial construction, to tiny homes. The firm plans to convert the two-tower, high-rise property into a multifamily community to meet housing demand within the area. Read the full paper here. Blaze and No matter your budget or plan, wed be proud to be your partner in apartment construction. Scroll to discover more. The firm plans to convert the two-tower, high-rise property into a multifamily community to meet housing demand within the area. The Sponsor is an experienced local real estate investment group with track record for conversions in the market. This Oliver Carley has a wealth of experience in the hospitality industry. The new owner intends to convert the former Baltimore hotel property into apartments but declined to state the total number of units that Vivo Baltimore would eventually offer. FORT COLLINS Two hotels near the southeast corner of East Harmony Road and Lemay Avenue could be converted into multifamily housing. TF Management Fund Aims To Convert More Hotels To Multifamily. The Seller, initially intending to undertake the Project, engaged GSP to source bridge financing for the 126-apartment conversion. Pangea Mortgage Capital recently provided funding for the acquisition of a three-asset hotel portfolio in Oregon, closing in just 15 days. JACKSONVILLE 3 HOTEL CONVERSION. Looking for Hotel Construction? Artesia had bought the closed hotel in 2018 with the plan of transforming the 215 rooms into apartments. Emmut Properties acquired the 126-room hotel, which has been closed since April 2020, for approximately $80 million, and will convert it into a 134-unit multifamily property featuring With the recent drop in hotel occupancy and office tenants reconsidering how much space they need due to the pandemic, some owners are considering converting the use of their existing building to multifamily. If youre looking for top-notch apartment construction, your search is over with us. Crittenden Research, Inc. is the leading source for insight, comprehensive information and the latest business intelligence on real estate financing, multifamily housing and retail space. However, another 22 million square feet from office buildings disappeared in the same year. The combined properties consist of 14 three-story buildings and 209 parking spaces on 11.19 acres. Some hotels are undergoing transformation into multifamily properties. In Q2 2021, Base Equities provided $2,500,000 of preferred equity to be used for the acquisition and conversion of a 157-key hotel to a 113-unit multifamily property in Tempe, AZ. Transaction Description: George Smith Partners successfully brokered both the sale and acquisition financing for an extended stay hotel conversion located in the Mountain States region. Berkadia announces it has secured stretch senior financing for developer Emmut Properties acquisition of Excelsior Hotel, a century-old landmark hotel on Manhattans Upper West Side. Artesia had bought the closed hotel in 2018 with the plan of transforming the 215 rooms into apartments. According to its website, SHIR Capital bought the property for $9.5 million and plans to invest about the same amount in improvements. PEG Companies will continue operating the 144-room Sonesta Extended Stay Suites at 1901 Savoy Drive as a hotel while it pursues multifamily rezoning. MCRE has transacted over $250M, created over $100M in incremental asset value, and has a $500M hotel-to-multifamily conversion pipeline over the next 3 years. A 41-story office and hotel tower in Chicagos Loop owned by Blackstone and local investor Musa Tadros is in dire financial straits, may require new life as apartments. As Mian points out, converting hotels into multifamily apartments can help meet this demand by enabling owners and investors to quickly move supply into the marketwith real benefits to the owner if the conversion is done right. 0 2557. Investment Highlights. This can be a benefit, however, if The Partnership Plans to Reposition the Community Over the Coming Months Quote by Jonathan Needell | GlobeSt.com March 2, 2021 A newly formed partnership between affiliates of Blaze Partners and Argosy Real Estate Partners has acquired a nationally branded extended stay hotel in Charlotte with plans to convert it to a market-rate apartment community. Oliver Carley. 05.23.22 Charlotte Business Journal. Recent research has shown that the hotel industry has a long road to recovery, and rates are projected to still be down approximately 20% in 2023. A plan to convert a long-closed Hialeah hotel into multifamily is moving forward, as the developer scored $29.5 million in construction financing. Allen-Norris Permitting and Inspections is a full-service permitting and inspections company servicing the Washington DC metropolitan area. AFFORDABLE 3. branded extended stay hotel in the rapidly expanding University City submarket of Charlotte, North Carolina. By Sterling Real Estate Partners Sterling Real Estate Partners recently acquired Hotel Tucson City Center in an off-market transaction with plans to convert the hotel into market-rate apartments. By Tasha Anderson for AZBEX Developer, Sterling Real Estate Partners is looking to convert an existing hotel located on approximately 4.526 acres at the NWC of Scottsdale and Mountain View Roads into a new multifamily residential complex. Part-time appearance, full-time engagement: Leaders discuss the role of workspaces in a time of hybrid work RKW RESIDENTIAL Secures Four Hotel-to-Multifamily Assignments from Blaze Capital Partners. Case in point: Harrahs Reno Hotel and Casino is undergoing an adaptive reuse conversion into a nongaming hotel and mixed-use development to include multifamily housing, office and retail. A California developer is making its Queen City debut with the conversion of a former Residence Inn hotel in the University area into multifamily housing. 8% Preferred Return; Projected 26.1% IRR; One complaint against hotel conversions is that the units tend to be smaller than traditional multifamily. The information provided in this white paper will help policymakers perform the tricky balancing acts involved in assessing when hotel conversions should be pursued. The quick close allowed the borrower to begin to execute on his plan to convert the hotel portfolio to multifamily housing. NEW YORK (January 10, 2022) Berkadia announces it has secured stretch senior financing for developer Emmut Properties acquisition of Excelsior Hotel, a century-old landmark hotel on Manhattans Upper West Side. Acquisition and renovation loans totaling $21.3 million were recently secured for two hotel-to-multifamily conversions in the Tempe/Phoenix markets. This takes different levels of investment depending on the condition and design of the property when it is sold. BCC Construction will serve as the general contractor on the $13.6 million Champions Village project. The property, built in 1987, was formerly the Quality Inn Phoenix Airport. The NAR survey found 54% of operators involved in a hotel conversion deal acquired a hotel for less than $50,000 per room, and 53% paid less than $25,000 per room for the actual conversion. The quick close allowed the borrower to begin to execute on his plan to convert the hotel portfolio to multifamily housing. Read the full paper here. MANCHESTER The Planning and Zoning Commission has approved an amendment to zoning regulations that allows hotels and motels to be converted to multifamily units. Originally posted by @Sri L. : This seems unintuitive to convert a hotel to a multifamily, but from my underwriting it seems for the property I just got into contract (in the mid west) a multifamily conversion seems more lucrative than operation as a hotel. In 2020, the project providing funding for the acquisition of 78 hotels for conversion. hotel conversion into any one of the following housing types: 1. Built in 1999, TownePlace Suites is located at 13200 49th Street North and Residence Inn, built in 1986, is located at 5050 Ulmerton Road. With the COVID-19 emergency, many clients have asked us about the possibility of converting existing hotels to multifamily residential use. SENIOR/ASSISTED LIVING The following is a summary of key considerations that owners must consider when assessing their properties and to make wise and prudent decisions based on data. Charlotte, NC-based RKW Residential multifamily management firm has been assigned four Spoke-branded hotel-to-multifamily conversion properties from developer Blaze Capital Partners.. Charlotte Spoke at McCullough Station (124 units located to the University of North Carolina-Charlotte) and Spoke at Tyvola (116 units within the Southwest submarket) To date, through the PEG Extended Stay Conversion Fund, L.P., PEG Companies has acquired 15 extended stay hotels for the conversion into multifamily communities called AVIA apartments. Most of the conversion will be cosmetic changing the feel from hotel [] Over the course of his career he has worked with the nations top developers and REITs on projects renovating and building hotels ranging from $250,000 to $80 million. An extremely short supply of multifamily real estate for sale has prompted investors to consider the motel hotel to apartment conversion transaction. MULTI-FAMILY 5. To date, through the PEG Extended Stay Conversion Fund, L.P., PEG Companies has acquired 15 extended stay hotels for the conversion into With the COVID-19 emergency, many clients have asked us about the possibility of converting existing hotels to multifamily residential use. Part of the hotel will be renovated and kept as hotel rooms, but 295 of the 430 hotel rooms will be converted to 229 apartments in this project. Contact Details. Apartments. In 2020, the project providing funding for the acquisition of 78 hotels for conversion. Emmut Properties acquired the 126-room hotel, which has been closed since April 2020, for approximately $80 million, a nd will convert it into a 134-unit multifamily property featuring Class A finishes and amenities. Converting 3 Hotels to Multifamily in one of the nation's hottest markets. We Purchase Hotels Tapestry is actively seeking open, distressed By: Newswire.com. The 210-room hotel was purchased in April for $15.4 million, with the new owner, a subsidiary of California-based Vivo Living, planning to convert the property into apartments. Buy hotel property from the bank (if REO), or as a distressed sell or short sale. LOS ANGELES, CA - Malcolm Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners, a premier commercial real estate capital advisory firm, arranged $42.5 million in construction financing for the conversion of a 496-key hotel to a market-rate multifamily complex in Southeast Colorado Springs. SUPPORTIVE HOUSING 2. The information provided in this white paper will help policymakers perform the tricky balancing acts involved in assessing when hotel conversions should be pursued. The Partnership Plans to Reposition the Community Over the Coming Months Quote by Jonathan Needell | GlobeSt.com March 2, 2021 A newly formed partnership between affiliates of Blaze Partners and Argosy Real Estate Partners has acquired a nationally branded extended stay hotel in Charlotte with plans to convert it to a market-rate apartment community. replied over 1 year ago. This project demonstrates it is not necessary to convert a hotel into pure multifamily. (EDITORS NOTE: According to public records, the asset was sold in August of 2021 for $16 million, or about $121,212 per room. An example of an expected major hotel conversion to multifamily is The Crowne Plaza Aire Hotel in Bloomington, MN. The Sponsor is an experienced local real estate investment group with track record for conversions in the market. Converting hotels/motels into multi-family residential projects is an example of the process called Adaptive Reuse.. Premier multifamily management firm to oversee trendsetting developers Spoke-branded projects in Charlotte and Georgia Charlotte, NC (May 11, 2022) - RKW Residential, one of the nations fastest-growing multifamily management firms, is expanding into the burgeoning hotel-to-multifamily conversion sector with the assignment of four such projects from developer BALTIMORE, MD Private real estate investment and management company Vivo Investment Group has acquired the dual-branded Holiday Inn and Radisson Hotel complex in downtown Baltimore, MD. The asset was acquired in an off-market transaction by a newly formed partnership between affiliates of Blaze and Argosy Real Estate Partners for the purposes of converting to a market-rate multifamily community. The Sponsor is spending approximately $35,398 per Continue reading JUST CLOSED: 113 Unit Malcolm Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners, a premier commercial real estate capital advisory firm, arranged $42.5 million in construction financing for the conversion of a 496-key hotel to a market-rate multifamily complex in Southeast Colorado Springs.The financing was arranged on behalf of Shir Capital and the The quick close allowed the borrower to begin to execute on his plan to convert the hotel portfolio to multifamily housing.