REBusinessOnline

Hospitality

Korman Communities, Rockefeller Group Open 256-Unit Flexible-Stay Residences in New Jersey

FLORHAM PARK, N.J. — Korman Communities and Rockefeller Group have opened AVE Florham Park, a flexible-stay residential community located at 90 Park Ave. in Florham Park. The 256-unit community is designed for extended-stay business travelers and individuals in transition. AVE Florham Park features 65,000 square feet of indoor and outdoor amenity space, including courtyards, a pool, fire pits, 24-hour business center, conference room, media theatre, spa room, a 3,600-square-foot fitness..

July 26, 2017

Buccini/Pollin Acquires 302-Room Hotel in Irving for $46M

IRVING, TEXAS — The Buccini/Pollin Group, a hospitality and management firm with offices throughout the Mid-Atlantic, has acquired the 302-room Sheraton DFW Airport Hotel in Irving for $46 million. The hotel recently received $7 million in upgrades to its common areas, meeting rooms and guestrooms. Additional features include 25,000 square feet of meeting space in addition to a pool, exercise facility and business center. The seller was not disclosed.

July 26, 2017

Woodbine Legacy Investments Purchases W Atlanta-Buckhead for $73M

ATLANTA — Woodbine Legacy Investments (WLI) has acquired W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The sales price was not disclosed, but the Atlanta Business Chronicle reports the Texas-based private real estate fund, created by Woodbine Development Corp. in June, acquired the asset for $73 million. Mark Elliott and Todd Ratliff of Hodges Ward Elliott brokered the transaction. W Atlanta-Buckhead is home to Whiskey Blue, a rooftop bar and Cook Hall..

July 26, 2017

HREC Capital Markets Arranges $6.2M in Refinancing for 208-Room La Quinta Inn & Suites in Massachusetts

SPRINGFIELD, MASS. — HREC Capital Markets Group has arranged a $6.2 million senior loan for the refinancing of a La Quinta Inn & Suites, located at 100 Congress St. in Springfield. The hotel features 208 guestrooms. John Siska of HREC’s Boston office negotiated the loan for the borrower, a private owner-operator. A local community bank provided the financing.

July 25, 2017

Rodeway Inn San Diego Sells for $7.5M

SAN DIEGO — An undisclosed buyer has acquired the 63-room Rodeway Inn San Diego for $7.5 million. The hotel is located at 5399 Adobe Falls Road, near Qualcomm Stadium. Joshua Yammer, Sarhan Mheni and Walter Brauer of Marcus & Millichap represented the seller, a partnership, in this transaction.

July 25, 2017

Sun Moon Develops 192-Room Marriott Fairfield in Lower Manhattan

NEW YORK CITY — Sun Moon LLC is developing a Marriott Fairfield at 100 Greenwich St. in Lower Manhattan. Slated to open this summer, the 75,000-square-foot hotel will feature 192 rooms and 2,400 square feet of ground-floor restaurant and bar space. Gene Kaufman Architect designed the hotel, which features a five-story black granite base. The hotel’s 25-story tower uses air rights that were part of a zoning lot assemblage. The assemblage includes a previously completed 50-story Holiday Inn,..

July 24, 2017

HH&S Acquires 80-Room Hotel in Houston

HOUSTON — HH&S Hospitality LLC has purchased Candlewood Suites Houston Medical Center, an 80-room hotel located at 10025 Main St. in Houston. The Houston-based lodging investment firm will spend an unspecified amount in renovations to the hotel’s common areas and rooms. Friendwood, Texas-based Pika Hotel Group sold the property to HH&S for an undisclosed price.

July 24, 2017

Peak Completes Construction of Marriott Residence Inn in Bolingbrook, Illinois

BOLINGBROOK, ILL. — Peak Construction Corp. has completed the Marriott Residence Inn located in Bolingbrook, a southwest suburb of Chicago. Peak provided design-build services for the 103-room extended-stay hotel. Amenities at the four-story, 77,000-square-foot property include a swimming pool, outdoor patio and multi-purpose sport court. Norr Architects served as the project architect, while Manhard Consulting Ltd. provided civil engineering services. Love Hotel Management Co. will manage..

July 21, 2017

Bedrock Is a Major Force in Motor City

You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have..

July 20, 2017

Sigma Hospitality Opens 96-Room, Hilton-Branded Hotel in Metro Houston

BAYTOWN, TEXAS — Pennsylvania-based investment firm Sigma Hospitality has opened Home2 Suites by Hilton Baytown, a 96-room hotel located off Interstate 10 at 7512 Garth Road in the Houston metro of Baytown. The hotel will offer amenities such as a combined laundry and fitness center, outdoor pool and meeting space that can accommodate up to 61 people. The property is also pet-friendly.  

July 19, 2017