REBusinessOnline

Hospitality

Capital One Closes $80M in Financing for Brooklyn Waterfront Hotel

NEW YORK CITY — Capital One has provided an $80 million construction/mini-perm loan for 1 Hotel Brooklyn Bridge, located on Brooklyn’s waterfront. The loan was initially part of a larger financing package that included a recently completed 107-unit condominium building. Capital One previously provided a $160 million loan to the borrower, a joint venture between Starwood Capital Group and Toll Brothers, to finance initial construction of the project. The 194-key hotel, which opened..

February 17, 2017

Marcus & Millichap Negotiates Sale of 87-Room Hotel in North Richland Hills, Texas

NORTH RICHLAND HILLS, TEXAS — Marcus & Millichap has brokered the sale of Best Western Northeast Mall Inn & Suites, a hotel located at 8709 Airport Freeway in North Richland Hills. A limited liability company acquired the 87-room hotel for an undisclosed price. Constructed in 1984 and recently renovated, the property features a fitness center, pool and spa, meeting space and fully equipped business center. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited..

February 17, 2017

DoubleTree Reopens After $3.5M Renovation in Pleasant Prairie, Wisconsin

PLEASANT PRAIRIE, WIS. — DoubleTree by Hilton Pleasant Prairie Kenosha has reopened after undergoing a $3.5 million renovation. The hotel is located at 11800 108th St. in Pleasant Prairie. The conversion and renovation of the 120-room hotel includes upgrades to the guest rooms, meeting spaces and public spaces, including the lobby, business center, fitness center and pool area. The hotel also includes an on-site restaurant and bar, The Chancery Bar & Grill. Business meetings and events..

February 17, 2017

Shinn-Addison Hospitality Opens 132-Room Home2 Suites by Hilton in Metro Dallas

ADDISON, TEXAS — Shinn-Addison Hospitality has opened Home2 Suites by Hilton Dallas Addison, located at 4875 Belt Line Road in Addison. The hotel features 132 suites with fully equipped kitchens and modular furniture, complimentary internet, community spaces, laundry and fitness facilities, a grab-and-go market, outdoor pool, fire pit and barbecue area. Magnolia Lodging manages the property.

February 16, 2017

PMZ Realty Capital Arranges $11.9M Acquisition Loan for TownePlace Suites in Irving

IRVING, TEXAS — PMZ Realty Capital has arranged an $11.9 million acquisition loan for TownePlace Suites by Marriott Las Colinas in Irving. The property offers 135 suites in studio, one- and two-bedroom layouts with fully equipped kitchens and free grocery delivery. Additionally, the hotel features a complimentary breakfast buffet, fitness center, outdoor pool and a 340-square-foot meeting room. The name of the borrower was not released.

February 16, 2017

Midas Hospitality to Build, Manage Home2 Suites in Overland Park, Kansas

OVERLAND PARK, KAN. — Midas Hospitality and sister company MC Hotel Construction are building a new Home2 Suites by Hilton in Overland Park. The 123-room hotel will be located at 7121 W. 135th St., which is the former site of a Smokehouse Bar-B-Que restaurant. The 65,000-square-foot hotel will offer suites with fully equipped kitchens, a fitness center, indoor pool and outdoor living area. Construction will begin in June and be completed by May 2018. Midas Hospitality will manage the..

February 16, 2017

HALL Structured Finance Closes $14.7M Construction Loan for Hotel in Newark, Delaware

NEWARK, DEL. — HALL Structured Finance has closed a first lien construction loan totaling $14.7 million for the development of a SpringHill Suites by Marriott in Newark. Danneman Hospitality is developing the hotel, which will be the first SpringHill Suites in the state. The property will have 118 one-room suites and seven two-room suites. Amenities at the five-story property will include a breakfast dining area, lobby, bar, three meeting rooms, an indoor pool, fitness center, laundry room,..

February 15, 2017

Portland Hospitality Opens 88-Room Home2 Suites in Portland, Texas

PORTLAND, TEXAS — Portland Hospitality LP has opened Home2 Suites by Hilton Portland, located at 139 Buddy Ganem Drive in Portland, located across the bay from Corpus Christi. Managed by ZJZ Hospitality Inc., the 88-room hotel features complimentary breakfast, community spaces, fitness area, outdoor pool, fire pit and barbecue grill area and a business center.

February 15, 2017

Avison Young Brokers Sale of Hilton Garden Inn in Overland Park, Kansas

OVERLAND PARK, KAN. — Avison Young Hospitality Group has brokered the sale of a Hilton Garden Inn located at 5800 College Blvd. in Overland Park. The sales price was not disclosed. A West Coast-based family office purchased the 125-room hotel. The seller was an institutional hospitality platform based in the Southeast. Michael Bernath and Andrew Broad of Avison Young brokered the transaction.

February 13, 2017

Sunstone Hotel Investors Sells 444-Room Fairmont Newport Beach For $125M

NEWPORT BEACH, CALIF. — Sunstone Hotel Investors Inc. (NYSE: SHO) has sold Fairmont Newport Beach, a 444-room hotel in the Southern California city of Newport Beach, for $125 million. Although the buyer was not disclosed, Marriott has added the hotel to its website as The Duke Hotel Newport Beach. Meanwhile, Visit Newport Beach, a nonprofit organization that promotes the city’s tourism, has also begun referring to the hotel as The Duke. The hotel property features 22,000 square feet..

February 13, 2017