SEQUIM, WASH. — Crystal Investment Property (CIP) has brokered the sale of Olympic View Inn, a hotel located at 830 W. Washington St. in Sequim. The independent mid-scale hotel features 51 guest rooms spread across two exterior corridor buildings on four tax lots with excess land for future development. The hotel offers newly remodeled rooms, a conference room and fitness center. Joseph Kennedy of CIP worked closely with the undisclosed buyer and seller in the deal. The sales price was …
HUNTINGTON, W.VA. — NorthMarq Capital has arranged $8.2 million in refinancing for Fairfield Inn & Suites in Huntington. The fixed-rate, non-recourse loan was structured with a 10-year term and a 20-year amortization schedule. The 106-room hotel features a picnic area, valet dry-cleaning and car rental services. Randy Waddell of NorthMarq arranged the loan on behalf of the borrower, H&W
MINNEAPOLIS — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 140-room Grand Hotel Minneapolis for $30 million. The sale includes the hotel and its 57,000-square-foot fitness center, which is leased to a third-party tenant until June 2019. Proceeds from the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, according to Pebblebrook. Kimpton Hotels & Restaurants, part of the Intercontinental Hotels Group umbrella, operates the …
ORLANDO, FLA. — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the Grande Lakes Orlando Resort. Blackstone Group sold the property for $900 million, according to local media reports. The 409-acre development includes two hotels, a 582-room Ritz-Carlton and a 998-room JW Marriott. The resort also features an 18-hole golf course designed by Greg Norman, an Australian professional golfer and entrepreneur. The Grande …
GARDEN GROVE, CALIF. — CBRE Hotels has arranged $71 million loan for the Embassy Suites by Hilton Anaheim South, located at 11767 Harbor Blvd. in Garden Grove. Landmark Cos. is the borrower. Marc Sallette, Olga Lepow, Cara Leonard and Charlie Ryan of CBRE Hotel’s Debt & Structured Finance facilitated the 10-year, fixed-rate, interest-only loan to refinance existing debt. The debt is split into a $56 million senior mortgage to be securitized by Deutsche Bank, while Artemis Real …
CINCINNATI — AWH Partners LLC and Opterra Capital LLC have acquired the Cincinnati Marriott at RiverCenter for an undisclosed price. The 321-room hotel is connected to the Northern Kentucky Convention Center and includes 30 event rooms. Amenities include a fitness center, indoor pool and the 10 West restaurant. Spire Hospitality manages the
WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One
MIAMI — Thorofare Capital has provided a $17 million loan to Langford Partners LLC to help stabilize The Langford Hotel, a building constructed in 1926 and added to the National Register of Historic Places in 1989. It was originally a bank and has housed several banks, an insurance company and other commercial entities over the years. Langford Partners, an affiliate of Stambul USA, purchased the building in 2013, and in 2016, opened it as a 126-room boutique hotel. Thorofare provided the …
AUSTIN, TEXAS — MYCON General Contractors has begun construction of The Magdalena Hotel & Condominiums, a project in Austin that will deliver a 95-room hotel and seven condominium units. Located just off South Congress Avenue, the five-story property will also include event and restaurant space. Lake Flato Architects designed the project, which is slated for a fall 2019 completion. Woodbine Development Corp. is leading development of the
HOUSTON — JLL has arranged a $60 million loan for the refinancing of Hyatt Regency Houston Galleria, a 325-room hotel in Houston. The property features more than 19,000 square feet of meeting and event space, two food and beverage outlets, an outdoor pool and a fitness center. Jeffrey Davis, Mike Melody, Kevin Davis, Paul House, Matt Nowaczyk and John Ream of JLL arranged the loan through MetLife on behalf of the undisclosed
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