Latest news: Rockbridge buys in Chicago; NYC mixed-use refi; 9,000 for Marriott

Rockbridge buys in Chicago. Columbus, Ohio-based owner and developer Rockbridge has acquired the 200-room Hyatt House Chicago West Loop/Fulton Market, located one block away from McDonald’s global headquarters. The name of the seller and the price paid was not disclosed. Built in 2019, the 14-story hotel is the only select-service hotel in the area. “The hotel was built just prior to COVID and has strong tailwinds to continue to grow. It will also benefit by leveraging the strengthening of Fulton Market and the Hyatt House brand,” said Matt Welch, managing director, Rockbridge. Rockbridge has made more than 300 investments in 39 states worth over $10.8 billion in total capitalization and has over $4.3 illion in assets under management.

NYC mixed-use refi. The Witkoff Group, Access Industries and Monroe Capital have received from JP Morgan and Tyko Capital $1.2 billion in refinancing for One High Line, a luxury mixed-use property in Manhattan that is supposed to be the future home of a 120-key Faena Hotel anticipated to open in 2025 with a 17,000 square foot spa. The two-tower development includes 236 condos with the developers reportedly saying more than $800 million in sales have closed during the first half of 2024. The Walker & Dunlop New York Capital Markets team acted as exclusive advisors to the developers. The funds will be utilized to repay existing debt, fund remaining hard and soft costs, establish an interest and carry reserve, and cover financing and closing costs associated with the transaction. The property also offers 45,000 net square feet of boutique office and approximately 13,000 net square feet of retail. The development spans an entire city block in West Chelsea.

Big Marriott milestone. Being developed by Unicorp National Developments, Marriott International announced its 9,000th property with the opening of the 168-room St. Regis Longboat Key Resort on 18 acres in Longboat Key, Florida. The property marks the largest development on the island in over 50 years. The resort will also feature 69 private branded residences. Marriott has 139 branded residential properties in 32 countries and territories open, with a pipeline of 122 projects across 38 countries and territories.

Noble approved for StudioRes. Plans have been approved for Noble Investment Group’s, through NF V ES-M Jacksonville LLC, development of a StudioRes by Marriott extended-stay hotel in Southwest Jacksonville, Florida, at the Collins Town Center. The city is now reviewing a permit application for the $9.9 million project initially expected to open in spring 2025.

Opportunity Zone deal. Developer Capital Square said that the Richmond (Virginia) City Council has granted zoning approval to develop an eight-story mixed-use apartment community and luxury hotel in the Scott’s Addition designated opportunity zone. The development will be funded with proceeds from Capital Square’s CSRA Opportunity Zone Fund IX, a project-specific opportunity zone fund seeking to raise approximately $77 million in equity from accredited investors. Construction is slated to begin in summer 2025. The 2.18-acre property will feature approximately 220 traditional apartment units and 100 furnished luxury hotel rooms. Capital Square has invested more than $230 million in equity in the last five years towards the construction of eight developments, totaling over 1,600 residential units and 40,000 square feet of retail.

Shatterproof names honoree. Shatterproof, a national nonprofit organization and a leader in improving the way the healthcare system addresses and treats substance use disorders, has announced its 2025 Shatterproof Hospitality Heroes honoree, Amanda Hite. Hite is the president of STR, a CoStar Group company, and is being recognized for her courage and commitment toward raising awareness of substance use disorders and ending addiction stigma. She will be honored during the eighth annual Hospitality Heroes Reception, which will be held during the Americas Lodging Investment Summit (ALIS) on January 29, 2025. The event will also raise vital funds to support Shatterproof and its efforts to transform how addiction is treated in America. The Hospitality Heroes Reception was created by Gary Mendell, a former hotelier who served as the co-founder and chairman of HEI Hotels & Resorts, and who is now the Shatterproof CEO.

Generator, Freehand earnings. Hybrid accommodation brand Generator along with its Freehand Hotels have reported a record EBITDA for the first half of 2024 of $42.2 million, an 18% year over year increase. Results were driven by 10% revenue growth and tight cost management, according to the company.  The company is targeting a full year 2024 EBITDA of $95.8 million, representing a 22% increase from 2023. “We have had a record-breaking first half of the year, our financial results show our operating model’s unique ability to absorb inflationary pressures and we benefit heavily from an extremely resilient and loyal Gen Z and Millennial-heavy guest mix,” said CEO Alastair ThomannSeibu Prince Hotels & Resorts has rebranded the Park Regis Singapore hotel as the 203-room Park .

Seibu grows in Singapore. Regis by Prince Singapore, following an extensive room refurbishment. As part of the rebrand, the hotel will retain its fleur-de-lys logo and is now part of Seibu Prince Global Rewards, a loyalty program with over two million members across the region. Seibu Prince Hotels & Resorts currently has a portfolio of over 80 hotels, 31 golf courses and 10 ski resorts.