REBusinessOnline

Hospitality

Huff, Niehaus Brokers $2.5M Sale of Comfort Inn Hotel in Nashville, Indiana

NASHVILLE, IND. — Huff, Niehaus & Associates Inc. has brokered the sale of the Comfort Inn in Nashville, approximately 18 miles east of Bloomington, for $2.5 million. The 55-room hotel will be converted into a Quality Inn & Suites. The conversion is expected to be complete in April. Brandt Niehaus of Huff, Niehaus & Associates represented the undisclosed seller. NEER 2 LLC was the buyer.

January 20, 2017

Focus Property Group Receives $69M Loan for Hilton Garden Inn in Denver

DENVER — Focus Property Group has received $69 million in financing to develop a 12-story Hilton Garden Inn in Denver. The hotel is situated at 20th Street and Chestnut Place. It sits adjacent to Denver’s Union Station. The Hilton Garden Inn is being built around the historic Denver Hose Company No. 1 building, which will be restored and incorporated into the hotel. The 42-month, fixed- and floating-rate structured financing included $18 million in mezzanine debt as well as $8 million..

January 20, 2017

Broadreach Capital Partners Completes $30M Sale of 171-Room Hotel in Basking Ridge, New Jersey

BASKING RIDGE, N.J. — Broadreach Capital Partners has completed the disposition of Dolce Basking Ridge Hotel, a full-service hotel located at 300 N. Maple Ave. in Basking Ridge. An undisclosed buyer acquired the 171-room hotel for $30 million. Built in 1995, the property features 21,000 square feet of function space, Vita Restaurant, Vita Bar, an indoor pool, whirlpool, fitness center, business center, basketball court and tennis court. Daniel Peek, KC Patel and Marc Duval of HFF represented..

January 18, 2017

Wyndham Hotel Group Opens Wyndham Grand Clearwater Beach

CLEARWATER BEACH, FLA. — Wyndham Hotel Group has opened Wyndham Grand Clearwater Beach, a new 343-room hotel in Clearwater Beach, a beachfront town situated along the Gulf of Mexico in Pinellas County. The hotel features more than 22,000 square feet of meeting space, a full-service spa, outdoor pool, bar and Asian fusion restaurant, as well as a fitness center and business center open 24 hours a day. The hotel also includes two presidential suites, which feature three bedrooms, private..

January 18, 2017

Hersha Hospitality Trust Sells Two Hotels in Metro D.C. for $62M

ALEXANDRIA, VA. AND GREENBELT, MD. — Hersha Hospitality Trust has sold the 203-room Courtyard by Marriott in Alexandria and the 120-room Residence Inn in Greenbelt for a combined $62 million. The two suburban Washington, D.C., hotels have an average age of 13 years. The Philadelphia-based lodging REIT sold the hotels to the undisclosed buyers at a 7.4 percent cap rate, based on the hotels’ net operating income for 2016. The company’s current portfolio spans 51 hotels totaling 7,675 rooms..

January 16, 2017

Bayside Land Partners to Develop $1B Mixed-Use Project in Rowlett, Texas

ROWLETT, TEXAS — Bayside Land Partners, a partnership between Kent Donahue and Wilks Development, is developing Bayside, a $1 billion master-planned project encompassing 262 acres and featuring a variety of retail, restaurants, residential units and a resort hotel in the Lake Ray Hubbard area of Rowlett. Designed as a pedestrian-friendly, open-air resort, Bayside will feature more than 1.5 million square feet of commercial space, 3,000 residential units, a 1,000-slip marina and 700 hotel..

January 13, 2017

Sonnenblick-Eichner Co. Arranges $92M in Refinancing for Four Hotels

BEVERLY HILLS, CALIF. — Beverly Hills-based Sonnenblick-Eichner Co. has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 rooms. The financing consists of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner Co. was able to arrange for a money center commercial bank to provide 10-year, fixed-rate financing on each of the Hyatt House properties and LIBOR-based floating rate financing from..

January 13, 2017

Randolph Williamson Completes Construction of The Lodge by Chateau Elan in Georgia

BRASELTON, GA. — Peachtree City, Ga.-based Randolph Williams has completed construction of The Lodge by Chateau Elan, a new Hampton Inn & Suites by Hilton hotel located on the estate of Chateau Elan in Braselton. Located at 5159 Golf Club Drive, the 95-room hotel will feature free Wi-Fi, a 24-hour fitness center, meeting space and an outdoor pool with views of Chateau Elan’s vineyard. Chateau Elan Hotels & Resorts manages the hotel, which offers access to Georgia’s largest winery, 63..

January 12, 2017

Schulte Hospitality Buys Hyatt Place in Colorado Springs

COLORADO SPRINGS, COLO. — Schulte Hospitality has purchased the 126-room Hyatt Place in Colorado Springs for an undisclosed sum. The hotel is located at 503 W. Garden of the Gods Road. CBRE Hotels’ Larry Kaplan and Mark Darrington represented the seller, a joint venture between Sage Hospitality and Whitman Peterson, in this transaction.

January 10, 2017

The Meyers Group to Lead $50M Renovation of Historic Hotel Paso del Norte in El Paso

EL PASO, TEXAS — The Meyers Group has selected Kobi Karp Architecture and Interior Design for the $50 million renovation of the historic Hotel Paso del Norte, which is currently named Camino Real. Located at 101 S. El Paso St. in downtown El Paso, the 356-room hotel was originally built in 1912. Renovations are slated to begin in March and include upgrades to all rooms, as well as the second-floor grand ballroom and conference rooms. El Paso-based in’situ Architecture is also collaborating..

January 6, 2017