REBusinessOnline

Hospitality

Mesa West Capital Provides $48M Refinancing for Talbott Hotel in Chicago

CHICAGO — Mesa West Capital has provided a $48 million loan for the refinancing of the newly renovated Talbott Hotel in Chicago. The borrower, Sterling Bay, acquired the 16-story hotel in the fall of 2015. Sterling Bay completed a renovation of the lobby, common areas and guest rooms and added a restaurant, fitness center and 29 new rooms to rebrand the property into a 178-room boutique hotel. The hotel reopened in May 2017. The non-recourse loan will allow Sterling Bay to stabilize the hotel..

February 1, 2018

Aztec Group Secures $15.2M Construction Loan for Comfort Inn Hotel Near Miami

MIAMI SPRINGS, FLA. — Aztec Group Inc. has arranged a $15.2 million construction loan for the development of a new Comfort Inn & Suites hotel located at 665 Mokena Drive in Miami Springs. Aztec Group arranged the loan through TotalBank on behalf of the developer, 665 Mokena Partners LLC, an entity led by Steven Marin and Michael Pfeffer. The eight-story hotel will include 120 guestrooms and will feature complimentary breakfast, a fitness center, outdoor swimming pool and deck, business..

February 1, 2018

Optima Real Estate Tops Out 21-Story Hotel in Manhattan

NEW YORK CITY — Developer Optima Real Estate has topped out construction for its boutique 21-story hotel located at 333 W. 38th St. in Manhattan’s Midtown West neighborhood. Designed by Gene Kaufman Architect, the 34,000-square-foot hotel will feature 79 rooms, a roof deck, a fitness center and breakfast rooms. The $10 million hotel was designed with four rooms per floor, allowing abundant natural light and views of the city.

January 26, 2018

The Davis Cos. Buys Redevelopment Site in Boston for $15.7M

BOSTON — The Davis Cos. has acquired a redevelopment site located at 1515 Commonwealth Ave. in Boston’s Brighton neighborhood. Curahealth/Nautic Partners sold the property for $15.7 million. Christoper Sower, Scott Dragos and Doug Jacoby of Colliers International represented the seller in the deal. Formerly operating as a long-term acute care hospital, the property is a 2.12-acre redevelopment site currently improved with a 58,000-square-foot structure.

January 25, 2018

Partnership Acquires 118-Room Marriott-Branded Hotel in Greater Dallas

LEWISVILLE, TEXAS — A partnership between Baltimore-based Alex. Brown Realty Inc. and Dallas-based TCOR Hotel Partners has acquired the 188-room TownePlace Suites by Marriott hotel in Lewisville, a northern suburb of Dallas. The hotel recently underwent a $1 million renovation, which included upgrades to the lobby and guestrooms. Dallas-based Inwood National Bank provided financing for the acquisition. The seller and sales price were not disclosed.

January 25, 2018

Hunter Arranges $68.8M Sale of Three Marriott-Branded Hotels in Florida

ATLANTA — Atlanta-based Hunter Hotel Advisors has arranged the $68.8 million sale of three Marriott-branded hotels located throughout Florida. Trey Scott, Shamir Patel, Robert Taylor and Steve Taylor of Hunter arranged the transaction on behalf of the seller, an affiliate of Rockwood Capital. An affiliate of Ocean Properties acquired two of the hotels in the portfolio — the 153-room Courtyard Sarasota/Bradenton and the 149-room Springhill Suites Tampa Westshore, both in the Tampa Bay..

January 24, 2018

PCCP Provides $44.9M Acquisition Loan for Embassy Suites Hotel in D.C.

WASHINGTON, D.C. — PCCP LLC has provided a $44.9 million loan for the acquisition of Embassy Suites at Chevy Chase Pavilion, a 198-room hotel in Washington D.C.’s Friendship Heights neighborhood. Arden Group acquired the asset from Clarion Partners. The hotel is located at 4300 Military Road N.W., on the border of northwest Washington, D.C. and Chevy Chase, Md., and within Chevy Chase Pavilion, a mixed-use complex. In addition to the hotel, the development includes a 205,000-square-foot..

January 23, 2018

Mogul Capital Receives $60M Construction Loan for Marriott Courtyard, TownePlace Suites in California

HAWTHORNE, CALIF. — Mogul Capital has received $60 million in construction financing to build the dual-branded Marriott Courtyard and TownePlace Suites hotel in Hawthorne. The five-story property will contain 354 guest rooms, a restaurant, swimming pool, and meeting space for corporate and community functions. The hotel will be located near aerospace-related businesses like SpaceX and Northrup Gruman, as well as Tesla's design headquarters, Boeing, Aerospace Corp, Raytheon, LA Airforce..

January 23, 2018

Hilton to Build 142-Room Hotel in Seattle

SEATTLE — Hilton Hotels has announced plans to construct the Sound Hotel Seattle Belltown, a 142-room hotel in Seattle. The hotel is being developed as part of a 42-story mixed-use building. The new property will also house Arrivè apartments. The hotel will be situated on floors one through 10 with a first-floor lobby and restaurant. A bar/lounge, pre-function space and 770 square feet of meeting space, which will divide into two rooms, will all be available on the seventh floor. The..

January 23, 2018

Condor Acquires 122-Room TownePlace Suites Hotel in Austin for $19.7M

AUSTIN, TEXAS — Condor Hospitality Trust Inc., a Maryland-based, publicly traded hospitality REIT, has acquired a 122-room TownePlace Suites hotel located in the North Tech Ridge submarket of Austin. The purchase price of the Marriott-branded asset was approximately $19.7 million. Aimbridge Hospitality will continue to manage the pet-friendly property, which features 24-hour fitness and business centers and an outdoor pool with a fire pit.

January 22, 2018