PEKIN, ILL. — An 88-room Hampton Inn & Suites hotel has opened at East Court Village in Pekin, about 10 miles south of Peoria. The four-story property is located at 3445 Court St. Amenities include a free hot breakfast, Wi-Fi, on-site parking, a heated indoor pool, fitness center and meeting spaces. The pool will open to guests soon. Face masks are currently required in all indoor public areas of the hotel for guests and employees. In 2016, Marigold Lodging purchased the 2.8-acre parcel for the hotel from Cullinan Properties Ltd., which owns and manages East Court Village, a regional power center.
GURNEE, ILL. — An unnamed developer has purchased a 2.6-acre parcel at 5742 Northridge Drive in Gurnee near Waukegan for $1 million. The buyer plans to build a hotel at the site, which includes a 24,000-square-foot, single-story building. The site is near Gurnee Mills, Six Flags and Great Wolf Lodge. Paul Cawthorn and Angelo Labriola of SVN | Chicago Commercial represented the undisclosed seller in the transaction.
ATLANTA — Strand Capital Group LLC will develop a 22-story, dual-branded hotel in downtown Atlanta. The Margaritaville Vacation Club by Wyndham and Club Wyndham hotel will overlook Centennial Olympic Park and will be situated within walking distance of the Georgia Aquarium, World of Coca-Cola, Mercedes-Benz Stadium and State Farm Arena. The hotel will offer 200 rooms and is expected to be delivered in early 2022. The property will offer one-bedroom standard and one-, two- and three-bedroom deluxe and presidential configurations. The rooms will feature living and dining areas, kitchenettes or fully equipped kitchens, and a Frozen Concoction Maker frozen drink machine in the Margaritaville suites. An undisclosed number of suites will be reserved for timeshares. Upon completion, Wyndham Destinations will acquire units at the property and manage the sales and marketing of the timeshares.
PITTSBURGH — Los Angeles-based Integrated Capital has completed the multimillion-dollar renovation of the 140-room DoubleTree by Hilton Hotel Pittsburgh. The project upgraded the bedding and televisions of the rooms, as well as the painting and lighting of the hallways. The six-story hotel, which is located adjacent to the Meadows Racetrack & Casino, also offers amenities such as a pool, fitness center, two restaurants and 13,000 square feet of meeting and event space.
OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 129-room La Quinta hotel in Omaha for an undisclosed price. Built in 1981, the two-story property is located at 3330 N. 104th Ave. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the hotel on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor.
LINCOLN, NEB. — McCarthy Building Cos. Inc. has broken ground on a six-story boutique hotel at Lincoln’s Nebraska Innovation Campus, an expansive research community designed to facilitate partnerships between the University of Nebraska-Lincoln and private-sector businesses. Developed by Goldenrod Cos., the $23 million project will be a Marriott Tribute hotel with 154 rooms. Marriott Tribute hotels are independent, boutique properties that embrace the character and personality of their surroundings. In this case, the design aesthetic will celebrate the state of Nebraska, the university and its fans. A 10,000-square-foot portion of the hotel’s first level will be designated as educational and amenity spaces for the University of Nebraska’s hospitality, tourism and restaurant management students. Other amenities will include a full-service restaurant, rooftop bar, coffee shop, fitness center and a private dining area on the top floor known as the Founders Room. DLR Group designed the hotel. Completion is slated for fall 2021.
HOFFMAN ESTATES, ILL. — The 295-room Marriott Chicago Northwest hotel has sold for an undisclosed price. Situated in the northwest Chicago suburb of Hoffman Estates, the hotel opened in 2002. It features nearly 13,000 square feet of flexible meeting and event space. Hoffman Estates Hotel Group LLC, led by Harry and Alex Ghoman of Indianapolis-based The Ghoman Group, acquired the property. Ghoman plans to embark on capital improvements, such as renovating the guest rooms and lobby. John Karver and Eric Belfrage of CBRE Hotels represented the undisclosed seller. Rushi Shah and Prabhat Jayara of Mag Mile Capital arranged a bridge loan for the acquisition on behalf of Ghoman.
ARDEN, N.C. — Windsor Aughtry Hotel Group LLC has completed Home2 Suites by Hilton Asheville Airport, a 112-room hotel in Arden. The property offers fully equipped kitchens, complimentary Wi-Fi, a fitness center, grill area and an indoor/outdoor pool. The hotel is located at 390 Airport Road, one mile from Asheville Regional Airport and 12 miles south of downtown Asheville. Asheville Hospitality LLC owns the hotel, and Hospitality America Inc. is managing the asset.
Sterling Bay Secures $174.5M Construction Financing for Mixed-Use Tower on Chicago’s Michigan Avenue
CHICAGO — Sterling Bay has received $174.5 million in financing for the construction of 300 North Michigan Avenue, a 47-story mixed-use tower located between Chicago’s Riverwalk and Millennium Park. Sterling Bay will develop the project in partnership with Magellan Development Group. The tower is set to include a 280-room hotel, 289 apartments and 25,000 square feet of retail space. Boutique hospitality chain citizenM will acquire the hotel component of the property upon completion. Financing for the development includes senior secured financing from Bank OZK, as well as mezzanine financing from Pearlmark Real Estate and Monroe Capital, and a crowd-sourced equity component fundraised through CrowdStreet. “This development will serve as a striking new addition to Chicago’s Michigan Avenue,” says Andy Gloor, CEO of Sterling Bay. “We are extremely proud that financing has successfully crossed the finish line despite the pandemic.” Chicago-based general contractor Linn-Mathes will oversee the construction process, which is slated to begin in August. Local design firm bKL Architecture will serve as lead architect. A timeline for completion was not yet released. The 300 North Michigan Avenue project is estimated to create over 500 on-site construction jobs and approximately 70 permanent on-site jobs in residential and hotel operations once …
FORT GORDON, GA. — Lendlease and IHG Army Hotels have opened a 311-room Candlewood Suites hotel on the Fort Gordon Army base in Georgia. The property’s rooms offer kitchenettes, and amenities include complimentary breakfast, laundry facilities, a business center, fitness center, pool and a barbecue area. Lendlease, IHG Army Hotels and the U.S. Army have partnered to open 40 hotels across the country, which IHG manages and operates. Lendlease owns, develops and designs the hotels. Fort Gordon is located nine miles west of downtown Augusta. The base serves 109,334 people, including 17,720 active military, according to Military OneSource.