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.
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.