Briefs: Second Cambria in Denver; Driftwood completes Opportunity Zone project

Second Cambria in Denver: Choice Hotels International has broken ground on the Cambria Hotel Denver Downtown RiNo in Denver, Colorado. Slated to open in December 2023, the 153-room, seven-story hotel will be Cambria’s second property in Denver. The hotel will be developed by Denver-based HighSide Development in collaboration with Chesterfield, Missouri-based Brinkmann Constructors along with architect and interior designer, Baskervill. Choice Hotels has broken ground on five Cambria hotels in the last month.

Interiors of the new Staybridge Suites hotel in Wilmington, Delaware

Staybridge Suites in Wilmington completes construction: Driftwood Capital, Coral Gables, Florida, has completed the new US$31 million Staybridge Suites hotel in downtown Wilmington, Delaware. A former office building has been transformed into the 11-story hotel comprising 134 suite-style rooms. Whiting-Turner Contractor Co. and Dever Architects led the design and construction, respectively. Located in a designated Opportunity Zone, the property will be managed by Driftwood Hospitality Management. The hotel was financed with a US$14.95 million construction loan from First International Bank & Trust and US$16.7 million raised from private investors mostly through a Qualified Opportunity Fund. The hotel was also awarded a US$1.02 million grant from the Delaware State Housing Authority’s Downtown Development Districts Rebate Program. Driftwood Capital is also developing the US$388 million Westin Cocoa Beach and the US$200 million Riverside Wharf/Dream Hotel in Downtown Miami, both in Florida.

Prodea, Invel acquire in Italy: Prodea Investments, the Greek real estate investment company, and Invel Real Estate, St. Helier, Jersey, have acquired a €49 million (US$49.88 million) Hotel Bellevue Cortina d’Ampezzo in Cortina d’Ampezzo, Italy, and will redevelop it into a luxury hotel. Prodea will own 75% of the hotel, while Invel’s Eudora Fund LP fund will have a 25% stake. The new owners will undertake a €25 million (US$25.45 million) refurbishment of the six-story building ahead of the 2026 Winter Olympic Games, which currently houses a hotel and residential units.

Wharton Hospitality sells Holiday Inn Express: Wharton Hospitality, an operating platform of New York City-based Wharton Equity Partners, has sold the Holiday Inn Express & Suites in Montrose, Colorado. The buyer and purchase price were not disclosed. Wharton, in partnership with an affiliate of Boca Raton, Florida-based Waramaug Hospitality, acquired the 122-room hotel in 2011 during an off-market deal from a local lender. The partnership undertook a multi-million-dollar renovation to enhance the hotel’s long-term value and secured a renewed agreement with Holiday Inn Express. Earlier in the month, Wharton Equity Partners completed the sale of Eve at the District, a 400,000 square feet mixed-use development in Miami, Florida through its Wharton Urban Platform.