REBusinessOnline

MCR Buys Marriott-Branded Hotel Near Richmond for $10.9M

GLEN ALLEN, VA. — MCR has acquired the 136-room SpringHill Suites by Marriott Richmond North Glen Allen for $10.9 million. The hotel is located at the intersection of Interstates 295 and 95 in Glen Allen, roughly 13 miles north of Richmond. The hotel features an indoor pool, fitness center, complimentary Wi-Fi, 300 square feet of meeting space, a 24-hour business center and a 24-hour market. MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 102 …

Acquisitions, Hospitality, Southeast, Virginia

Embassy Suites by Hilton Opens in Noblesville, Indiana

NOBLESVILLE, IND. — Embassy Suites by Hilton has opened in Noblesville, just north of Indianapolis. Owned and managed by Sun Development and Management, the hotel features 198 suites and more than 29,000 square feet of meeting space. Each suite includes complimentary Wi-Fi, a large high-definition television, sofa bed, microwave, mini refrigerator, coffeemaker and workspace. The Local Kitchen and Tap is the property’s on-site restaurant. Additional amenities include a fitness center, …

Development, Hospitality, Indiana, Midwest

Crystal Investment Property Negotiates Sale of Super 8 Hotel in Port Angeles, Washington

PORT ANGELES, WASH. - Crystal Investment Property (CIP) has brokered the sale of a Super 8 hotel located at 2104 E. First St. in Port Angeles. An undisclosed buyer acquired the 63-key hotel. The fully staffed, turn-key hotel features a large lot with ample truck and RV parking. Joseph Kennedy of CIP represented the buyer and undisclosed seller in the sale. The acquisition price was not

Acquisitions, Hospitality, Washington, Western

Strategic Property Partners to Develop 173-Room EDITION Hotel Within $3B Water Street Tampa Project

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will …

Development, Florida, Hospitality, Mixed-Use, Southeast, Top Stories

Suburban Capital to Develop $26.3M Hyatt Place Hotel in Virginia Beach

VIRGINIA BEACH, VA. — Virginia Beach-based Suburban Capital Inc. has unveiled plans to build a 127-room Hyatt-branded hotel in Virginia Beach. Hyatt Place at Pembroke Park will be located at 281 Independence Blvd. and will serve as a catalyst for the redevelopment of the 14-acre Pembroke Park into a higher density mixed-use development, according to the project’s developers. The Virginia Beach Development Authority has approved an Economic Development Investment Program Grant in the amount …

Development, Hospitality, Southeast, Virginia

Hilton Grand Vacations, Strand Capital to Develop New Hotel in Downtown Charleston

CHARLESTON, S.C. — Hilton Grand Vacations Inc. (HGV), in a joint venture with Strand Capital Group LLC, has unveiled plans to build a new hotel in downtown Charleston. The hotel will be located at 475 E. Bay St., within walking distance of The Battery and the South Carolina Aquarium, as well as the city’s dining, shopping and entertainment options. The hotel, dubbed Liberty Place Charleston by Hilton Club, will be HGV’s first property in the historic city. HGV will invest $10 million in …

Development, Hospitality, South Carolina, Southeast

HREC Arranges Sale of 105-Room Hotel in Appleton, Wisconsin

APPLETON, WIS. — HREC Investment Advisors has arranged the sale of the 105-room Country Inn & Suites in Appleton for an undisclosed price. The hotel is located along U.S. Highway 41, which encircles the city and connects Appleton with Green Bay to the north and Milwaukee to the south. Scott Kaniewski of HREC represented the seller, a Midwest-based investment company. Duluth, Minnesota-based IGO Legacy Hotel Group LLC purchased the

Acquisitions, Hospitality, Midwest, Wisconsin

Icahn Enterprises Agrees to Sell Tropicana Entertainment for $1.85B

NEW YORK CITY — Icahn Enterprises has agreed to sell Tropicana Entertainment Inc. to Gaming and Leisure Properties Inc. for $1.85 billion in a deal that includes all of Tropicana’s real estate. The company’s gaming and hotel operations will be merged into Eldorado Resorts Inc., which owns and operates 20 casinos in 10 states. Under the agreement, Pennsylvania-based real estate investment trust Gaming and Leisure Properties will buy Tropicana’s real estate for $1.21 billion and lease …

Acquisitions, Hospitality, New York, Northeast, Top Stories

Hall Structured Finance Funds $14.6M Construction Loan for Hotel in Metro Atlanta

ALPHARETTA, GA. — Hall Structured Finance (HSF) has provided a $14.6 million construction loan for the 132-room EVEN Hotel in Alpharetta, roughly 26 miles north of Atlanta. Tanya Little and Jessica Reyes of Hart Capital Partners arranged the loan on behalf of the borrower and project developer, Epelboim Development Group LLC. Atlanta-based InterContinental Hotels Group (IHG) is Epelboim’s joint venture partner and will manage the hotel upon completion. EVEN Hotels, the newest brand from …

Georgia, Hospitality, Loans, Southeast

Hospitality Ventures, Investra Capital Purchase 12-Property Hotel Portfolio

ATLANTA — Atlanta-based Hospitality Ventures Management Group (HVMG), in conjunction with Investra Capital Group Ltd., has completed the acquisition of a 12-property hotel portfolio totaling 1,465 rooms. The purchase price was not disclosed. The portfolio comprises Marriott- and Hyatt-branded hotels across the Midwest, Southeast and Southwest. The Midwest properties include the 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.; the 147-room Courtyard Detroit Southfield in …

Acquisitions, Georgia, Hospitality, Indiana, Michigan, Midwest, Ohio, Southeast