NEW YORK CITY — HREC Capital Markets Group has arranged the $7.4 million refinancing of the leasehold interest in the Look Hotel Red Hook in Brooklyn. Located at 17 Seabring St. in the Red Hook neighborhood of Brooklyn, the property is adjacent to the Brooklyn Cruise Terminal. The hotel was recently renovated and upgraded to the Choice Hotels’ boutique Ascend Collection. Greg Porter and Mike Armstrong of HREC represented the borrower, Brooklyn Hotel Group, in securing a floating-rate, non-recourse loan from a private New York-based investment company.
POOLER, GA. — Knighthead Funding has provided an $8.5 million short-term loan for the completion of a Holiday Inn & Suites in Pooler, approximately 20 miles west of Savannah. The sponsor is a Georgia-based hotel development and management company whose assets include Hilton, Marriott and Holiday Inn flagged properties throughout the state. Upon completion in 2019, the hotel will feature 104 guest rooms, a restaurant and lounge, outdoor pool with sundeck, fitness center, business center and market pantry. The sponsor used its own capital to fund the first half of the development, and due to liquidity constraints, needed a creative source of capital to fund the remaining portion of the development.
DUMFRIES, VA. — HREC Investment Advisors has arranged the sale of Holiday Inn Dumfries-Quantico Center, a 107-room hotel located at 3901 Fettler Park Drive in Dumfries, approximately 30 miles from downtown Washington, D.C. Nabria Capital sold the property for an undisclosed price. The name of the buyer was not released. Kevin Hanley and Ketan Patel of HREC’s Washington, D.C., office represented the seller in the transaction. Situated 6.4 miles from Marine Corps Base Quantico, the hotel features complimentary wired and wireless internet access and 32-inch TVs with cable programming. On-site amenities include an outdoor pool, 24-hour fitness center and the Quantico Bar and Grill.
IRVING, TEXAS — New York City-based Extell Development Co. has acquired Four Seasons Resort & Club Dallas, a 405-room hotel located within Irving’s Las Colinas district, for $235 million. The sale price equates to about $580,000 per unit. The property offers access to a golf course and has several onsite bars and restaurants. According to hotel-online.com, the seller was Blackstone, which acquired the property from CW Capital Asset Management in 2014 for $150 million.
OMAHA, NEB. — Petros PACE Finance LLC has provided a $2.3 million Commercial Property Assessed Clean Energy (C-PACE) loan for energy efficiency upgrades to a 30-year-old hotel undergoing redevelopment in Omaha. The efficiency project is part of the conversion of the former University Inn Midtown Crossing into a Four Points by Sheraton hotel. Lucky Omaha Hospitality LLC, the borrower, will utilize the loan to implement energy efficiency across lighting, elevators, restaurant and bar equipment and a building automation system. Plans also call for low-flow plumbing in the guest rooms. The upgrades are expected to generate $2.3 million in energy savings over the 20-year loan. Completion is slated by the end of this year.
GULF SHORES, ALA. — Hilton Hotels & Resorts has rebuilt and reopened The Lodge at Gulf State Park, A Hilton Hotel, located at 21196 E. Beach Blvd. in Gulf Shores, after the property was irreparably damaged by Hurricane Ivan. Originally established in 1974, the newly rebuilt hotel features 350 rooms with views of the Gulf of Mexico and Lake Shelby. Designed by LakeFlato and Rabun Architects, the new hotel features more than 40,000 square feet of flexible indoor and outdoor meeting space, including The Gulfview Ballroom that can accommodate indoor events up to 1,000 guests. On-site restaurant options include Foodcraft, Perch, Roasted Oak Coffee & Wine Bar and Dragon Pool Bar & Grill. Guests will also have direct access to more than 6,150 acres of trails and activities within Gulf State Park. Valor Hospitality Partners manages the property. Sasaki Associates provided native landscape design, while Dallas-based Looney & Associates served as interior designer for the redevelopment.
STATE COLLEGE, PA. — HREC Investment Advisors has arranged the sale of the 149-room Atherton Hotel in State College. The sales price was not disclosed. Ketan Patel of HREC represented the seller, Atherton Street Partnership, in the transaction. The buyer was AJ Capital Partners, a Chicago-based real estate developer, owner, and operator. The property is located in downtown State College, one block from Pennsylvania State University. AJ Capital plans to renovate the hotel and convert it to Graduate State College, part of the Graduate Hotels collection.
PIKESVILLE, MD. — Blue Ocean has purchased the DoubleTree by Hilton Hotel and Conference Center located at 1726 Reisterstown Road in Pikesville, for an undisclosed price. Situated on 10 acres in Baltimore County, the hotel features 171 guestrooms, a 50,000-square-foot indoor tennis and fitness facility and office and retail buildings spanning 32,000 square feet. Steven Cornblatt and Gary Olschansky of Trout Daniel & Associates assisted Blue Ocean in the off-market deal. This transaction marks Blue Ocean’s first hotel acquisition. The Baltimore-based firm plans to renovate the asset in the coming years.
SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites – Syracuse Airport, a 166-room hotel in Syracuse. The sales price was undisclosed. Jerry Swon and Daniel Zagoria of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was KPG Hotels. The property is located approximately four miles from Syracuse Hancock International Airport. Amenities at the hotel include complimentary buffet breakfast, onsite restaurant and bar, indoor heated pool, fitness center and business center.
LAWRENCE, KAN. — The Martens Companies has completed development of the 112-room Best Western hotel in Lawrence in northeastern Kansas. It is the first property developed within the mixed-use project known as The Mercato. Amenities include an indoor saltwater pool, fitness center, grilling patio and fire pits within an outdoor courtyard. The hotel also offers 840 square feet of meeting space. Steve Martens of The Martens Companies worked with his hotel development subsidiary, Hospitality Development of America, on the $14.5 million project. Another subsidiary, Hospitality Management LLC, will manage the hotel. Wichita-based Conco Construction was the general contractor. Adams Architecture and Spangenberg Phillips Tice Architecture provided architectural design services. Landplan Engineering handled site and engineering design.