Hotels

Launched in 2017, the Tapestry by Hilton brand more than tripled its portfolio last year adding 14 hotels, , including its first in New York City—The Bernic Hotel New York City— and its first in the Chicago-area—The Rose Hotel Chicago O'Hare.

Construction is scheduled to begin in April on the community to be built near the intersection of Rosery Road and Clearwater Largo Road.

The project will be built on approximately10-acre site of the 184-acre property being developed by the Soffer family of Miami and the LeFrak family of New York City.

Now under construction, a 22-story 304-room full-service Marriott hotel will feature 9,000 square feet of event space and a 10,000-square-foot ballroom directly connected to the Tacoma Convention Center.

The Deutsche Finance America-Bilgili Holding and SHVO joint venture purchased the property in an all cash transaction in partnership with a number of Germany's largest institutions, including Bayerische Versorgungskammer—Germany's largest public pension fund manager.

The owner Ravi Patel refinanced the mortgage with a 10-year fixed-rate loan.

This sale follows on the heels of the sale of the 343-room, Liaison Capitol Hill in the District for $111 million.

Marriott International's new Moxy hotel is slated to open in 2021, consists of 173 rooms and targets Millennial travelers who are increasingly drawn to Uptown, Oakland's energetic urban environment.