REBusinessOnline

Ashford Trust Sells 109-Room Hotel in Downtown Tampa for $24M

TAMPA, FLA. — Ashford Hospitality Trust Inc. has sold the 109-room Residence Inn Tampa Downtown in Tampa for $24 million. The name of the buyer was not disclosed. The hotel achieved RevPAR of $122 over the 12-month period ending on March 31, and had an average occupancy of 76 percent. The hotel features a fitness center, outdoor pool and a sports

Sam Moon Group Breaks Ground on 303-Room Hyatt-Branded Hotel in Frisco

FRISCO, TEXAS — Dallas-based hospitality developer Sam Moon Group has broken ground on The Hyatt Regency Stonebriar, a 303-room hotel in the northern Dallas metro of Frisco. The 18-story property will be attached to the Stonebriar Centre mall, which owner GGP is currently redeveloping. The new hotel will include a 54,585-square-foot conference room, an 800-space parking garage and a 3,000-square-foot library that will connect to the mall. Architecture firm HKS Inc. is designing the hotel and …

Phillips Realty Capital Arranges $30M Loan for Hotel Near Dulles International Airport

HERNDON, VA. — Phillips Realty Capital has arranged $30 million in permanent financing for the 324-room Crowne Plaza Dulles Airport Hotel in Herndon. Mark Remington of Phillips Realty Capital arranged the loan through Bank of America Merrill Lynch on behalf of the hotel owner, Rocks Engineering. The Virginia-based company originally developed the hotel in 1986 as a Days Inn. The company has since rebranded the property to Crowne Plaza, part of InterContinental Hotels Group’s (IHG) brand …

MCR Acquires 84-Room Hilton Garden Inn Near Cincinnati

LOVELAND, OHIO — MCR has acquired the 84-room Hilton Garden Inn Cincinnati Northeast in Loveland, about 20 miles northeast of Cincinnati. The purchase price was not disclosed. Located near I-275, the hotel features free Wi-Fi, a fitness center, indoor pool, business center, restaurant, convenience store and two meeting rooms. MCR will also manage the

HDS Breaks Ground on 144-Room Courtyard by Marriott Hotel in Houston

HOUSTON — Hotel Development Services (HDS) has broken ground on a 144-room Courtyard by Marriott hotel in Houston. The property is being developed within Generation Park, a 4,000-acre master-planned community on the city’s northwest side. The five-story hotel will feature more than 2,000 square feet of meeting space, a 24-hour market, outdoor pool, fitness center, business center, bistro and a Starbucks Coffee. American Hospitality Management will manage the property upon completion in

NKF Capital Markets Orchestrates $10.1M Sale of Newport Grand Casino in Rhode Island

NEWPORT, R.I. — NKF Capital Markets has orchestrated the sale of the Newport Grand Casino in Newport for $10.1 million. NKF represented the seller, Twin River Management Group, in the transaction. The buyer was Carpionato Group. Initially serving as an arena for jai alai, Newport Grand added slot machines in 1992 and was renovated in 2008 to add space for a full casino. The property will continue to operate as the Newport Grand Casino until the gaming facility relocates to Tiverton, Rhode …

HREC Secures Sale of 295-Room Hilton-Branded Hotel in Williamsburg, Virginia

WILLIAMSBURG, VA. — HREC Investment Advisors has brokered the sale of the 295-room DoubleTree by Hilton Hotel in Williamsburg. Ketan Patel and Monty Levy of HREC arranged the transaction on behalf of the seller, an affiliate of Waramaug Hospitality. An affiliate of Shamin Hotels, a Virginia-based hotel owner and operator, acquired the asset. The sales price was not disclosed. The DoubleTree by Hilton Hotel is located adjacent to the Busch Gardens theme park, a half-mile from Anheuser …

CBRE Arranges $32.9M Acquisition Financing for Hyatt Regency Hotel in Deerfield, Illinois

DEERFIELD, ILL. — CBRE Capital Markets has arranged a $32.9 million loan for the acquisition of the Hyatt Regency Deerfield. The 301-room hotel is located at 1750 Lake Cook Road near I-94 and I-294. Bill Howe and Jonathan Rice of CBRE arranged the loan on behalf of the borrower, Phoenix Development Partners. A debt fund provided the

HFF Brokers Sale of 283-Room Hotel MdR in West Los Angeles

LOS ANGELES — HFF has arranged the sale of Hotel MdR - a DoubleTree by Hilton Hotel located at 13480 Maxella Ave. in West Los Angeles' Marina del Rey submarket. Lubert-Adler, Channel West Group and Arris Investment sold the 283-room hotel to U.K.-based London & Regional Properties for an undisclosed price. Hotel MdR was renovated and repositioned as a soft-branded DoubleTree Hotel in 2014. The property features an outdoor heated pool and patio, fitness facility, 24/7 business center, …

Marcus & Millichap Brokers Sale of Former Embassy Suites Pittsburgh Airport for $25M

PITTSBURGH — Marcus & Millichap has brokered the sale of the former 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis for $25 million. Coraopolis is located about five miles north of Pittsburgh International Airport. The hotel, which was built in 1990, closed in early 2018. Jerry Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, in the transaction. The buyer was a private developer. The Pittsburgh Post Gazettehas reported that the building will be …

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