Hodges Ward Elliott Arranges Financing for Acquisition of Sirata Resort Beach Resort in St. Pete Beach

St. Pete Beach, FL– February 9, 2017 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, is pleased to announce that it has recently arranged the 65% LTC acquisition financing for the Sirata Beach Resort, a 15.4-acre beachfront hotel in St. Pete Beach, Florida.

The closing of the loan also marks the first transaction completed by HWE’s new Capital Markets group, led by Managing Director/Group Head, Lawrence Britvan. Since forming HWE’s Capital Markets group in October 2016, the team has ramped quickly under Mr. Britvan’s leadership with a robust transaction pipeline that currently features over $1.1 billion in active assignments, ranging from convention center hotel construction financing to large select-service portfolio refinancings.

Before joining HWE in October 2016, Mr. Britvan had previously served as Senior Managing Director at Cantor Commercial Real Estate.

Hodges Ward Elliott Represents Seller in Sale of Landmark Ritz-Carlton San Francisco Hotel

San Francisco, CA  – January 11, 2017 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, is announcing they represented Thayer Lodging Group, MetLife and Cascade Investment LLC in their recently closed sale of the iconic Ritz-Carlton San Francisco hotel. 

The landmark nine-story, 336 guest-room property, located in the heart of the famous Nob Hill neighborhood and situated along the famed California Street cable car line, was acquired by Carey Watermark Investors 2, a non-traded real estate investment trust focused on investing in lodging and lodging-related properties.

President Mark Elliott and Managing Director Pete Dannemiller of Hodges Ward Elliott represented the seller in the transaction.

Originally built in 1909, the neo-classical architecture property received landmark status in 1984 and has served under the Ritz-Carlton brand name since 1991. The joint venture acquired the property in 2013 and implemented over $20 million of capital improvements to the property under their ownership, including the renovation of all guest rooms and updates to the lobby, restaurant, meeting and event space and spa. Two new retail outlets and a fitness center were also added during the renovation. Since the completion of the numerous capital improvements, the hotel received several industry awards and remains the only AAA Five-Diamond Hotel in the San Francisco market.

“The Ritz-Carlton San Francisco stands out as not only the most luxurious hotel in the entire city, but also as an iconic property that has been in the market for over a century,” notes Mr. Elliott. “This hotel has served thousands of guests in comfort and style for years and we expect it to enjoy continued success under its new ownership. It was a great honor for Hodges Ward Elliott to have been given the opportunity to market this prestigious property and successfully execute its sale.”

The hotel will continue to be managed by The Ritz-Carlton Company, L.L.C. (The Ritz Carlton), an affiliate of Marriott International. Overall, the property includes:

  • 336 guest rooms
  • 23,000 square feet of newly-renovated meeting space including a 9,400-square-foot ballroom and a 2,200-square-foot interior courtyard and function space
  • Two food & beverage outlets (restaurant and lobby lounge)
  • L’Occitane Spa, wine tasting lounge and jewelry boutiques
  • Fitness and business centers

The San Francisco market remains strong and the expected limited opportunity for new hotel development in the coming years will boost the long-term value of the Ritz-Carlton San Francisco. In addition to its unmatched amenities, the property also has an excellent centralized location near numerous shopping and dining options, as well as easy access to major city destinations including the Financial District, Union Square, Fisherman’s Wharf and the Moscone Center.

Hodges Ward Elliott Represents Seller in Hotel Portfolio Sale

December 27, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, represented leading investment firm, Rockbridge in the recently closed sale of a hotel portfolio which includes both the Le Méridien Atlanta Perimeter in Atlanta GA and the Marriott Louisville East in Louisville KY.

President Mark Elliott, Managing Director Pete Dannemiller, and Director Michael DiPrima advised on the transaction and brokered the deal on behalf of the seller, Rockbridge.  The portfolio was acquired by a private equity firm based in the Northeast along with Schulte Hospitality Group based out of Louisville. Schulte will also operate the hotel going forward.

Both assets are considered “best in class” in their respective submarkets and have undergone significant capital improvement plans over the last few years. The 275-room Le Méridien Atlanta Perimeter, located at 111 Perimeter Center West Atlanta, underwent a 12-month, $20 million renovation that was completed in 2013. The 252-room Marriott Louisville East, located at 1903 Embassy Square Blvd and formerly known as the Park Inn hotel, received an 18-month, $30 million total refurbishment that was completed in 2012.

“Investors continue to have a strong appetite for high quality hotel assets,” said Mr. Dannemiller. “The two hotels in this portfolio boast great locations in strong markets for both business and leisure and their recently completed upgrades make them even more appealing. Our strong relationship and familiarity with both the buyer and the seller allowed HWE to effectively execute on behalf of our client.”

Hodges Ward Elliott Represents Seller in Embassy Suites Nashville Airport Hotel Sale Transaction

December 15, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, represented the seller in the recently closed sale of the Embassy Suites Nashville Airport hotel, one of the largest hospitality assets near the popular Nashville International Airport.

HWE CEO Bill Hodges, President Mark Elliott, and Director Michael DiPrima advised the seller on the transaction and brokered the deal.  The all-suite, 296-room hotel, was acquired by a private equity firm based in the Northeast along with Schulte Hospitality Group based out of Louisville. Schulte will also operate the hotel going forward.

“The strength of the Nashville hospitality market, great location and strong cash flow of the Embassy Suites Nashville Airport made it an attractive investment,” said Mr. Hodges. “We were able to market the property, identify a well-capitalized investor and complete the sale. This transaction worked out well for both the buyer and the seller and we are pleased to have brought this deal to a successful close.”

Hodges Ward Elliott Represents Seller in Sale of the Renaissance Atlanta Midtown

Atlanta, GA – August 31, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, represented the former owner in the recently closed sale of the Renaissance Atlanta Midtown Hotel.  The 21-story, 304 guestroom property, is located in Midtown Atlanta and was acquired by Carey Watermark Investors 2, a non-traded real estate investment trust focused on investing in lodging and lodging-related properties.

President Mark Elliott and Managing Director Pete Dannemiller of Hodges Ward Elliott, represented the seller in the transaction.

Constructed in 2009, Renaissance Atlanta Midtown Hotel is located at the northwest corner of West Peachtree Street and Abercrombie Place, in Midtown Atlanta. The property became part of the Marriott Renaissance lodging brand in 2011 and has also undergone more than $3 million of capital improvements over the last few years, including a complete redesign of its signature restaurant, Community Smith.  Additional property improvements, including a renovation of the guestrooms along with improvements to public areas and meeting space, are also being planned.

“The Renaissance Atlanta Midtown is an incredibly well-built and impeccably located hotel with strong in-place cash flow. The property will make a perfect edition to Carey Watermark’s impressive portfolio,” said Mark Elliott.

The property includes:

  • 304 guest rooms including 17 suites
  • 8,600 square feet of meeting space
  • Full-service restaurant
  • Rooftop bar and lounge
  • 24-hour spa/fitness center
  • 24-hour business center

The Midtown Atlanta market continues to expand. In addition to 14.7 million square feet of Class-A and Class-B office space, Georgia Tech, the Coca Cola headquarters and the 189-acre Piedmont Park, Midtown is also considered to be the cultural center of the city. As one of the few full-service hotels in Midtown Atlanta, the Renaissance is ideally located to take advantage of the market’s lodging growth opportunities.

Hodges Ward Elliott Advises on $88.25 MM Luxury Hotel Sale in Scottsdale

Scottsdale, AZ– July 19, 2016 – Hodges Ward Elliott (“HWE”), a leading independent hotel brokerage and commercial real estate investment banking firm, with offices in New York, Atlanta, Los Angeles, London and Seoul has represented Lowe Enterprises Investors in the sale of the Royal Palms Resort and Spa. Hyatt Hotels Corporation purchased the historic, iconic property for $88.25 million and a record $742,000 per guest room.

HWE’s Los Angeles office managed the investment sales process.

“This is a superb, historic property that has been the centerpiece of the local landscape since 1929 and we’re delighted that Hyatt Hotels will carry on the Royal Palms’ storied tradition as one of the most iconic Properties in the U.S.,” said Mark Elliott, President of Hodges Ward Elliott. “We are delighted we could assist Lowe Enterprises Investors in such a monumental and record-breaking transaction.”

The Royal Palms Resort and Spa is nestled at the foot of Camelback Mountain and borders Scottsdale and Paradise Valley. It will continue to operate as the Royal Palms Resort and Spa and will become affiliated with The Unbound Collection by Hyatt. The hotel offers 119 oversized guestrooms, suites, casitas and villas, and more than 21,000 square feet of estate-like indoor and outdoor meeting space. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. The property drew immediate attention and became a beloved local landmark known for its Mediterranean and Spanish Colonial architecture and luxurious landscaped grounds.

HWE is a leading hotel brokerage and commercial real estate investment banking firm, providing total capital solutions including investment sales, recapitalizations and debt placement for our clients. HWE has completed more than $46 billon in real estate transactions.

Hodges Ward Elliott Represents Seller in $154 Million San Jose Marriott Hotel Sale

San Jose, CA – July 18, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, is announcing the sale  of the San Jose Marriott, a 27-story hotel in the heart of Silicon Valley, on behalf of the owner. 

The downtown San Jose based property was sold for $154 million to Carey Watermark Investors 2 Incorporated (CWI 2), a non-traded real estate investment trust focused on investing in lodging and lodging-related properties.

Mark Elliott, President of Hodges Ward Elliott, represented the seller in the transaction.

The asset, built in 2004 and recently renovated with over $10 million of capital improvements, includes 510 guestrooms as well as 23,000 square feet of meeting and event space, three food and beverage outlets, a concierge lounge, business center, fitness center and outdoor swimming pool.

“The San Jose Marriott is an outstanding asset when you combine the quality of the hotel and its downtown location right in the heart of one of the most sought-after Silicon Valley regions,” said Mr. Elliott. “We were able to identify a quality buyer, one we have worked with on other acquisitions. Our team is thrilled to have led the effort on completing the sale of this incredible property located in the world-class San Jose neighborhood.”

The San Jose market continues to be one of the nation’s highest growth markets for technology which also fuels the demand for lodging. The hotel benefits from a convenient downtown San Jose location with a direct connection to the McEnery Convention Center as well as close proximity to San Jose State University, the Tech Museum of Innovation, the San Jose Museum of Modern Art and the SAP Center, home of the NHL’s San Jose Sharks.

Hodges Ward Elliott Represents HEI Hotels & Resorts in Sale of the 154-room Le Méridien Arlington

Arlington, VA - Hodges Ward Elliott (“HWE”) has represented HEI Hotels & Resorts (“HEI”) in the sale of the Le Méridien Arlington hotel.  Built in 2008, the property was converted to the Le Méridien brand in 2012 after being acquired by HEI. Carey Watermark Investors 2, Incorporated, a non-traded real estate investment trust acquired the Le Méridien Arlington.

The hotel includes 154 guestrooms, 9,300 square feet of indoor and outdoor event/meeting space, a full-service restaurant and lounge, business center and fitness center. The hotel is part of a mixed-use development which includes 621,000 square feet of Class A office space, and 136 residential units as well as the 154-room Le Méridien.

Centrally located in the urban village of Rosslyn, a submarket of Arlington, VA, across the river from Georgetown, the property is in close proximity to top destinations in the Washington, DC area. Following the sale, the hotel will continue to be operated by HEI.

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $19 billion of hotels and resorts across the U.S. including more than $6.1 billion in the past 18 months.

Hodges Ward Elliott Advises on $64.5 MM Miami Luxury Hotel Sale

Miami, FL – June 2, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, announced that it has represented the seller in the recent $64.5 mm sale of the former Viceroy Miami, a luxury full service hotel in Miami, Florida. The hotel is now part of Starwood Hotels & Resorts’ W brand.

The property was sold by Pebblebrook Hotel Trust, (NYSE:PEB), a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities.  Mark Elliott, President and Rudy Reudelhuber, Managing Director with Hodges Ward Elliott, represented the seller in the transaction.

The property was sold to an off-shore buyer. Over the last several years, HWE has developed numerous relationships with prominent international investors and according to recent statistics from Real Capital Analytics, the firm is ranked as the number one brokerage in the industry for foreign access with 49% of transaction volume being sold to off-shore purchasers.

"This was a win-win for both the seller and the buyer,” notes Mr. Reudelhuber. “This is a magnificent iconic property in one of South Florida’s most desirable destinations and we’re confident the hotel’s new owners will be able to unlock its full potential. This transaction also exemplifies the unmatched ability of HWE to successfully work with off-shore buyers. Our firm’s frequent visits overseas and unique data-driven approach is the driving force behind our continued success and the amount of deals we are brokering with international investors.”

Located in downtown Miami at the northern gateway to Brickell Avenue, the property is a luxury hotel centrally located near the city's many distinctive neighborhoods, cultural institutions, sporting venues and area attractions.  The resort includes 148 guestrooms, suites and one- and two-bedroom residences.

HODGES WARD ELLIOTT REPRESENTS OWNER IN $69,000,000 REFINANCING FOR 31 WEST 27TH STREET MANHATTAN OFFICE BUILDING

February 17, 2016 – New York, NY – The New York office for Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage which expanded last year into commercial property sectors, announced they have arranged a $69,000,000 loan on behalf of an institutional real estate investment firm. The funding will be used to refinance 31 West 27th Street, a 144,000-square-foot, 12-story, loft-style office building in Manhattan’s Midtown South neighborhood.

Having completed an extensive repositioning and significantly grown income since first purchasing the asset, the new funding that HWE helped secure will allow the owner to complete its strategic business plan for 31 West 27th Street and continue to capture the substantial demand for tenants in the area.  The loan was provided by TD Bank, N.A.

“31 West 27th Street has been positioned to take advantage of the continued demand for well-located, improved office assets in Midtown South,” said Will Silverman, Managing Director of HWE.  “Our knowledge of the asset and the Midtown South market enabled us to help the owner maximize the value of its investment.”

The HWE New York team is located at 1140 Avenue of the Americas and is the firm’s dedicated practice to commercial investment sales and financing brokerage, including retail, office, multifamily and land.

HODGES WARD ELLIOTT BROKERS $140,000,000 BRONX PORTFOLIO SALE

March 2, 2016 – New York, NY – The New York office for Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage which expanded last year into commercial property sectors, announced they have brokered the $140,000,000 sale of a 38-building, 1,000 unit multifamily portfolio in the Bronx to Harbor Group International in partnership with Emerald Equities and York Capital.

The portfolio was marketed exclusively by Daniel Parker, Will Silverman and Paul Gillen of Hodges Ward Elliott and represents the largest portfolio sold in the Bronx since 2013. This is also Harbor Group International’s first multifamily purchase in the Bronx market, a significant addition to their already extensive $3.5 billion real estate portfolio, comprised of multifamily, office, hotel and retail properties.

Hodges Ward Elliott reviewed over a dozen bids for the highly coveted portfolio from institutional, private, foreign, and even public sources of capital since first putting it on the market. The portfolio is comprised of several clusters of walk-up mixed-use buildings spread throughout Bronx neighborhoods including Mott Haven, Hunts Point, Lower Concourse, Little Italy, Belmont, Fordham and Bedford Park.

“A lot of smart money is acquiring large portfolios of non-luxury multifamily because they offer safe cash flows and enjoy demand from a deep pool of renters. For many bidders, it was their first property tour of the Bronx and the response was very positive for this product and location,” said Mr. Parker, a Senior Vice President at Hodges Ward Elliott. “This transaction makes clear that we are on the front end of more institutional investment in the Bronx. As Brooklyn and Manhattan become increasingly expensive, the Bronx remains an affordable alternative for New Yorkers that commute to the office districts in Manhattan.”

“We were able to position the portfolio with sophisticated financial underwriting and market acumen to attract new institutional capital sources to the Bronx, as reflected in the strong pricing,” added Mr. Silverman, Managing Director at Hodges Ward Elliott.

The transaction also comes on the heels of the HWE New York team’s recent arranging of a $69,000,000 office refinancing for 31 West 27th Street, an office building in Manhattan’s Midtown South neighborhood. The team is based at 1140 Avenue of the Americas and is the firm’s only dedicated practice to commercial investment sales and financing brokerage, including retail, office, multifamily and land.

Hodges Ward Elliott Represents Seller in Marriott Seattle Bellevue Hotel Sale

Seattle – February 1, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, announced that it has represented the seller in the recent disposition of the Marriott Seattle Bellevue, a newly developed hotel in the expanding suburb of Bellevue, Washington.

Mark Elliott, President and John Sonnier, Senior Vice President with Hodges Ward Elliott, represented the seller in the transaction. The property was sold to Carey Watermark Investors 2 Inc. (CWI 2), a non-traded real estate investment trust focused on investing in lodging and lodging-related properties.

The 17-story, 384 guestroom state-of the-art hotel opened in July 2015 and represents the newest addition to the Bellevue lodging market. The hotel has been developed with a highly efficient layout to maximize operational efficiencies in accordance with Marriott’s latest brand standards, including the new Marriott "room of the future”, M Club Lounge and Greatroom lobby concepts, as well as technologically advanced meeting and event spaces.

“We are delighted to have represented the seller in this transaction,” said Mark Elliott. “The hotel’s location, cutting edge design and strong brand affiliation made this an attractive investment and we were able to fully realize the value of this asset for the seller.”

The Bellevue market has benefitted from the region’s technology driven boom and has evolved from a Seattle suburb to a major city in its own right. Outside of the Seattle central business district, Downtown Bellevue has the highest density of residential and office uses (over 8.0 million square feet of Class A and Class B office space) of any sub-market in the greater Seattle area. Within a two-block radius of the hotel, Microsoft occupies more than 1.1 million square feet of office space.

In addition to Microsoft, Bellevue is home to companies including T-Mobile, Verizon, Eddie Bauer, Puget Sound Energy and PACCAR. The hotel is also just two blocks from The Shops at the Bravern, which features high-end retailers such as Hermes, Tory Burch and Salvatore Ferragamo. The planned East Link light rail expansion project which, when completed in 2023, will connect Redmond, Bellevue, Downtown Seattle, and Sea-Tac Airport, and will benefit the overall Bellevue market and Seattle Marriott Bellevue in particular, as it is ideally situated within five blocks of two planned light rail stations.

HODGES WARD ELLIOTT ADVISES ON THE SALE OF THE RITZ-CARLTON, FORT LAUDERDALE

Hodges Ward Elliott (“HWE”) is pleased to have represented RCFL Investor, LLC, an affiliate of Gencom, in the sale of a majority interest in the Ritz-Carlton, Fort Lauderdale (the “Ritz-Carlton”) to a joint venture of Carey Watermark Investors Incorporated (“CWI 1”) and Gencom Group. The Ritz-Carlton includes 166 hotel guest rooms, 34 third-party owned condominium hotel units (32 included in the hotel managed rental program) and 28 third-party owned residential units. The hotel features 25,000 square feet of meeting and function space, an 8,500 square foot spa, an outdoor infinity pool with a 29,000 square-foot pool deck, a fitness center, a business center and four managed food and beverage outlets. The hotel will continue to be operated by The Ritz-Carlton Hotel Company.

This transaction marks Cary Watermark Investors’ third joint venture purchase with the Gencom family of companies, following The Ritz-Carlton, Philadelphia (CWI 1) and The Ritz-Carlton, Key Biscayne, Miami (CWI 1 and CWI 2) acquisitions.  The three transactions represent a total investment of more than $500 million. HWE represented Gencom affiliates in all three transactions

Hodges Ward Elliott is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement.  Over the past 5 years, Hodges Ward Elliott has sold or financed more than $18 billion of hotels and resorts across the U.S. and Europe including nearly $3 billion since January 1, 2015.  

PRESS RELEASE | HODGES WARD ELLIOTT CLOSES ON SALE OF ST. REGIS WASHINGTON, D.C.

PRESS RELEASE

June 29, 2015

HODGES WARD ELLIOTT CLOSES ON SALE OF ST. REGIS WASHINGTON, D.C.  

Al Rayyan Tourism Investment Company (“ARTIC”), the international hospitality subsidiary of Al Faisal Holding Company, has purchased the award-winning St. Regis Washington, D.C. Mark Elliott and Rudy Reudelhuber of Hodges Ward Elliott advised the seller. Hodges Ward Elliott also advised ARTIC on the procurement of acquisition financing which was provided by Goldman Sachs. 

The St. Regis Washington, D.C. is the premier luxury hotel in the United State’s capital.  Located two blocks north of the White House at the intersection of 16th and K Streets, the 182-room property has arguably the best hotel address in the city. The hotel couples classic elegance with modern amenities, offering opulent rooms and suites, complete with flawless furnishings, state-of-the-art technology and gracious residential touches including an elevated level of bespoke St. Regis Butler Service.

The purchase of the 182-room luxury hotel also includes an adjacent parcel allowing for the development of approximately 22,000 additional square feet, zoned for hotel, office, most retail, parking and/or residential uses.

Established in 2003 as a wholly owned subsidiary of Al Faisal Holding Company, ARTIC is engaged in real estate development, acquisition and leasing with a primary focus on the hospitality sector and hospitality-related services both in Qatar and overseas.  ARTIC’s portfolio comprises 32 hotel/serviced apartment properties in the Middle East and Africa, Europe and North America, where ARTIC owns the Radisson Blu Chicago, The St. Regis Bal Harbour and The Manhattan at Times Square. In addition to its hotel portfolio, ARTIC owns hospitality-related services providing cost-effective support services in a shared service model. The company’s current trajectory has ARTIC continuing to increase its investments in the hospitality sector and accumulating a portfolio of world-class hotels located in gateway cities around the world.

Hodges Ward Elliott is the leading hotel brokerage and investment banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement.  Over the past 5 years, Hodges Ward Elliott has sold or financed more than $18 billion of hotels and resorts across the U.S. and Europe including nearly $3 billion since January 1, 2015.  

HODGES WARD ELLIOTT ANNOUNCES THE OPENING OF ITS NEW YORK OFFICE, HEADED BY MANAGING DIRECTOR WILL SILVERMAN

Atlanta – June 9, 2015 – Hodges Ward Elliott (“HWE”), the leading independent hotel brokerage firm in the world, with offices in Atlanta, Los Angeles and London, is pleased to announce the firm’s expansion into commercial investment sales with the addition of our New York office, headed by Managing Director, Will Silverman. 

Mr. Silverman is joining HWE from Savills Studley in New York, where he was responsible for commercial investment sales activity in the New York market, with a focus on the sale and recapitalization of equity and debt relating to office, residential, development and retail assets. Notable transactions include twice selling the office portion of 100-104 Fifth Avenue, the record-breaking sale of 111 Kent Avenue in Brooklyn and the sale of the retail at 465 Broadway three times in four years.  During his tenure at Savills Studley, Will closed approximately $6 billion of sales transactions comprising nearly 18 million square feet. Prior to joining Savills Studley in 2003, Will worked for Insignia/ESG and J.P. Morgan Securities.

After careful and thoughtful diligence, HWE is branching out beyond hospitality with the addition of Will Silverman, one of the leading commercial real estate investment sales professionals in New York.  Bill Hodges, President and CEO of HWE said that more than half of the clients who maintain a large hotel exposure trade in commercial real estate assets as well. “To better serve our clientele, we committed our firm to expand into the commercial arena.” 

Commercial real estate is increasingly imbued with hospitality attributes.  Silverman said, “As I look around, I see every aspect of the business becoming hospitality-oriented. Office developments like 425 Park Avenue and 285 Madison Avenue feature dining amenities, shared outdoor spaces, and tenant gyms.  Residential developers are famously in an amenity arms race, as new apartment buildings are often actually branded by hospitality companies.  Even the retail industry has become more geared towards hospitality with an emphasis on “lab” stores, as opposed to pure merchandising.  This all makes it logical to expand from a hospitality platform."  Silverman went on to state, "It goes without saying, I am forever grateful to Woody Heller, who has been a spectacular partner, mentor and friend.  I wish him and Savills Studley further success.”

With forty years of history, HWE’s choice for the Managing Director to launch this expansion was critical. Mark Elliott, Partner and Senior Managing Director, explained, “to find the right executive to lead the New York office I asked multiple owners who was the brightest and most talented commercial real estate broker in New York and repeatedly the response was Will Silverman. Will’s methodology is more than just running a process, but one of seeing the possibilities of real estate’s potential and then creatively and persuasively explaining such a perspective, which is a perfect fit for Hodges Ward Elliott’s approach.” 

Despite numerous acquisition offers over the years, HWE has maintained its independence and focused our efforts on delivering the highest quality service to our clients.  As competing real estate brokerage firms have merged, acquired and grown in an effort to “dot the map”, HWE has continued to develop and employ our expertise globally having transacted more than 50 percent of its volume in 2014 and 2015 with international buyers.

About Hodges Ward Elliott:

Hodges Ward Elliott, founded in 1975, is the leading independent hotel brokerage and investment-banking firm in the world providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe including more than $2.4 billion since January 1, 2015. The opening of HWE’s New York office and commercial investment sales practice will expand the firm’s service lines to include office, multifamily, retail and land transactions.  

HODGES WARD ELLIOTT ADVISES ON THE RECAPITALIZATION OF THE RITZ-CARLTON, KEY BISCAYNE, MIAMI

Hodges Ward Elliott (“HWE”) is pleased to have represented GB Key Biscayne Holdings, LLC, in the sale of a majority interest in the Ritz-Carlton Key Biscayne, Miami (the “Ritz-Carlton”) to Carey Watermark Investors Incorporated. The Ritz-Carlton includes 302 resort guest rooms and 188 condo hotel keys (174 of which currently participate in the resort rental program). The resort features 50,000 square feet of indoor and outdoor meeting space, a newly renovated 20,000 square foot spa, two pools, a fitness center, a tennis center with 11 courts and five primary food and beverage outlets. The hotel will continue to be managed by The Ritz-Carlton Hotel Company.

 HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe including more than $2.2 billion since January 1, 2015.

HODGES WARD ELLIOTT ADVISES ON THE SALE OF THE RITZ-CARLTON, PHILADELPHIA

Hodges Ward Elliott (“HWE”) is pleased to have represented Philadelphia Hospitality Partners, L.P., in the sale of a majority interest in the Ritz-Carlton Philadelphia (the “Ritz-Carlton”) to Carey Watermark Investors Incorporated. The 299-room Ritz-Carlton features 26,000 square feet of meeting space, two food and beverage outlets and the Richel D’Ambra Spa and Salon. The new owner plans implement a comprehensive, $21.3 million ($71,000/key) renovation of the Ritz-Carlton beginning in Q3 2015.  The hotel will continue to be managed by The Ritz-Carlton Hotel Company.

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe including nearly $2 billion since January 1, 2015. 

Worthington Hyde Partners was represented in the transaction by Hodges Ward Elliott

Worthington Hyde Partners, an Atlanta based real estate investment firm, is pleased to announce its sale of the historic, 12-story, 192-room Marriott Courtyard in Downtown Nashville to Carey Watermark Investors 2 Incorporated (CWI 2), a New York based non-traded REIT, for an undisclosed sum. Worthington Hyde Partners was represented in the transaction by Hodges Ward Elliott, an Atlanta based real estate brokerage firm specializing in the hospitality industry.

 Worthington Hyde Partners has owned the historic hotel located at Church Street and 4th Avenue N, within the Printers Alley Historic District, since its conversion to a Courtyard Hotel by Marriott in 1998. Formerly the First National Bank, built in 1905, the hotel’s reception and the Bistro lobby lounge and restaurant are housed in what was the bank’s “Grand Hall” with 30-foot ceilings, extensive millwork and floor-to-ceiling windows. An integral component of downtown Nashville’s hospitality offerings, the historic hotel is only steps away from Nashville’s famed “honky tonk row” on Broadway and is only a few blocks from the 1.2 million square-foot Music City Convention Center. Prior to the sale, Worthington Hyde Partners completed a $2.9 million renovation that included a full soft and case good replacement in the guestrooms, upgrades to the guest bathrooms and a refresh of the guestroom corridors. This was in addition to a complete lobby renovation that Worthington Hyde Partners completed in 2012.

 The Sale of the Courtyard represents a successful conclusion to a long term investment held by Worthington Hyde Partners during a time where Nashville’s hotel market has achieved outstanding results.

PRESS RELEASE | HODGES WARD ELLIOTT, INC. ADVISES ON THE SALE OF THE DUAL-BRANDED HILTON GARDEN INN/HOMEWOOD SUITES BY HILTON ATLANTA MIDTOWN

FOR IMMEDIATE RELEASE

Atlanta, GA - May 1, 2015 -       Hodges Ward Elliott (“HWE”) is pleased to have represented North Point Hospitality Group, Inc. in the sale of the dual-branded Hilton Garden Inn/Homewood Suites Atlanta Midtown. Carey Watermark Investors Incorporated purchased the 12-story, 228-key hotel, located in the heart of Atlanta’s Midtown district and immediately adjacent to Interstate 75/85. The property includes 136 Hilton Garden Inn units, 92 Homewood Suites by Hilton units and 3,027 square feet of meeting space.

About Hodges Ward Elliott

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe.  

About North Point Hospitality

Based in Atlanta, GA, North Point Hospitality Group is an award-winning hotel development and operations company. Since 1992, North Point has developed 25 hotels from the ground up with a total investment over $385 million. Currently the company owns and operates seven Hilton branded hotels in the Southeast with another 6 hotels under development, in addition to the SpringHill Suites by Marriott Lumberton, NC, the Fairfield Inn & Suites by Marriott Savannah Midtown and the Homewood Suites by Hilton Savannah Historic District / Riverfront, which are currently under construction. 

HODGES WARD ELLIOTT ADVISES ON THE SALE OF THE BOULDERS RESORT AND SPA

Hodges Ward Elliott (“HWE”) is pleased to have represented an affiliate of Blackstone Group in the sale of The Boulders Resort and Spa (the “Boulders”) in North Scottsdale, Arizona.  The 1,300-acre resort features 160 casitas as well as one-, two-, and three-bedroom Villa and Hacienda accommodations.  Additionally, the Boulders includes two 18-hole Jay Morrish-designed championship golf courses, a terraced tennis garden, four swimming pools, six restaurants, a 33,000 sq. ft. spa, fitness center and features an array of outdoor adventure activities.  Following the sale, the Boulders will join Hilton’s Curio Collection.

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients.  Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe.