MIAMI ST. REGIS RESIDENCES SECURE $527M LOAN: Real estate developer Related Group and Integra Investments have closed $527 million in financing for the St. Regis Residences, Miami on the Biscayne Bay waterfront in Miami’s South Brickell neighborhood. TYKO Capital, the multi-billion-dollar commercial real estate private equity and private credit investment management platform, provided the loan. The loan is one of Florida’s largest residential construction loans, following the $668 million loan for Miami’s Waldorf Astoria Residences in June and a $600 million loan for Brickell’s Cipriani Residences in February. The St. Regis residences’ architecture is being led by Robert A.M. Stern Architects, with interiors by the Rockwell Group. The 50-story tower will have 152 condominium homes ranging from two- to six-bedrooms, including penthouses, sky villas and two standalone garden villas. More than 60% of the 152 homes are now in contract.
THE BOARDWALK OPENS IN SAN DIEGO: Brick Hospitality, the San Diego-based hotel management company, has announced the soft opening of The Boardwalk Hotel in San Diego’s Mission Beach. The former Santa Clara Motel has been reimagined to open as the new boutique hotel, which features 18 rooms ranging from bungalows to two-bedroom suites with ocean views. Sitting between the Pacific Ocean and Mission Bay, the hotel offers a common area patio with fire pits, kitchenettes in every room and private hot tubs in some rooms. The hotel is managed by Brick Hospitality.
HEI EXPANDS GEORGIA PORTFOLIO: HEI Hotels & Resorts has added to its portfolio in Georgia with the addition of the Kimpton Sylvan Atlanta Buckhead. With this, HEI has 17 managed hotels in Georgia. Originally constructed in 1952, the hotel initially functioned as a residential condominium building that was later reimagined as a boutique hotel. Located in Atlanta’s Buckhead neighborhood, the building underwent a redevelopment in 2018 and opened in early 2021. Kimpton Sylvan Atlanta Buckhead features 217 rooms, three dining venues, a fitness center, an outdoor pool and 4,250 square feet of meeting and banquet space.
PANDOX ACQUIRES EDINBURGH DOUBLETREE: Pandox AB has entered into an agreement to acquire DoubleTree by Hilton Edinburgh City Centre in Edinburgh, the U.K. for £49 million. The sellers are controlled affiliates of Starwood Capital. The purchase price will be financed by available cash funds and a new bank loan. The 138-room hotel will be operated under a management deal with Axiom Hospitality. The hotel is initially expected to generate a yield of more than 7.5% with the possibility to increase it to about 9% over time, through operational improvements and targeted investments. The existing franchise agreement will expire in 2027 and Pandox plans to evaluate the hotel’s brand strategy and operational model during this time. The transaction is expected to close by the fourth quarter. The hotel underwent renovations in 2014 and was repositioned into a DoubleTree by Hilton.