NEW YORK CITY — Madison Realty Capital has provided a $30.5 million loan to refinance the GEM Hotel, a luxury boutique hotel in Manhattan’s Chelsea neighborhood. Located at 300 W. 22nd St., the five-story building was originally constructed in 1912 as a residential property and converted to a hotel in 2007. Aaron Appel of JLL arranged the financing on behalf of the borrower, Icon Realty Management, which plans to reposition the hotel with an expanded marketing strategy and updated branding.
ATLANTA — HFF has arranged a $31 million refinancing loan for Sheraton Suites Galleria-Atlanta, a 278-room hotel in Atlanta’s Cumberland/Galleria submarket. Danny Kaufman, Jeff Bucaro Nicole Aguiar and Matt Casey of HFF represented the borrower, Olshan Properties, in the loan transaction. Loan proceeds will be used to retire the existing loan, repatriate sponsor equity and cover closing costs and financing fees. Olshan Properties acquired the asset in August 2013 and has since invested more than $11 million into renovating guestrooms, corridors and the lobby; adding a Sheraton Club Lounge and Grab-and-Go outlet; and modernizing elevators. The owners plan to use the loan to make further improvements by upgrading meeting space, building exterior and the food and beverage outlets, The Grill and Martini’s Bar. The asset is situated at 2844 Cobb Parkway in northwest Atlanta, about a mile south of SunTrust Park, home of the Atlanta Braves.
CHICAGO — Akara Partners has completed the Home2 Suites by Hilton Chicago River North. The 17-story extended-stay hotel is located at 110 W. Huron St. The 206-suite property features complimentary Wi-Fi, sleeper sofas, full kitchens and dishwashers. On-site amenities include a business center, snack bar, outdoor fire pit and combined fitness and laundry facility. The development also includes 5,000 square feet of retail space on two levels. David Goldberg of GoldStreet Partners is marketing the retail space for lease. A grand opening celebration for the property will take place on Tuesday, March 19.
ANN ARBOR, MICH. — An affiliate of Linchris Hotel Corp. has acquired the Holiday Inn Ann Abor near the University of Michigan for an undisclosed price. The 225-room, full-service hotel was developed in 1980 and renovated in 2012. The property features more than 6,800 square feet of meeting space, a full-service restaurant, fitness center, video arcade, business center, salon, pool and tennis and basketball courts. Greg LaBine, Jeff Bucaro, Nicole Aguiar and Matthew Schoenfeldt of HFF arranged a five-year, fixed-rate loan for the acquisition. Loan proceeds will also be used to execute a property improvement plan that will include modernizing the guestrooms, bathrooms and building envelope.
CLEVELAND — Glenmont Capital Management LLC has acquired the Radisson Hotel Cleveland-Gateway for an undisclosed price. The 143-room hotel features a business center, fitness center, 3,500 square feet of meeting space and the Gateway Bar and Grill. The property will undergo a $7 million renovation, including guest rooms, meeting space and public areas. Upon completion, the hotel will be rebranded as a Hotel Indigo, an upscale boutique hotel within the Intercontinental Hotel Group system. Pyramid Hotel Group will manage the hotel, which will stay open during the renovation.
MORRISTOWN, WESTFIELD AND MURRAY HILL, N.J. — HREC has negotiated the sale of a three-property hotel portfolio in New Jersey. The sales price was undisclosed. The properties include the 60-room Best Western Plus Morristown, the 40-room Best Western Westfield, and the 76-room Best Western Plus Murray Hill. Mike Cahill and Ketan Patel of HREC represented the seller, Boyle Hotels, in the transaction. The buyer was undisclosed.
SAN FRANCISCO — Airbnb has signed an agreement to acquire HotelTonight, a hotel-booking service focused on making last-minute trips for boutique and independent hotels. The deal will expand Airbnb’s ability to offer hotel listings. Terms of the deal were not disclosed, but The Wall Street Journal reports that HotelTonight was last valued at $463 million in March 2017. Airbnb expects the transaction to close in approximately 30 days. San Francisco-based Airbnb, an online lodging company, says the acquisition is part of its mission to create “an end-to-end travel platform that combines where you stay, what you do and how you get there, all in one place.” More than 400,000 companies are using Airbnb to help manage their travel, and same-day bookings are now growing twofold year over year, according to Airbnb. “Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests the authentic, local experience they have come to expect on every trip,” wrote Airbnb in a press release. In 2018, Airbnb more than doubled the number of rooms available on its platform in properties that hosts categorized as boutique hotels, bed and breakfasts and other hospitality venues like …
TAMPA, FLA. — PCCP LLC has provided a $53.5 million senior loan for the recapitalization of The Westshore Grand, a 325-room hotel in Tampa’s Westshore Business district. The borrower, a joint venture between Crescent Real Estate and affiliates of the Arden Group, has been conducting capital improvements to the hotel since 2015 and will use the loan to pay off existing debt. Built in 1984, The Westshore Grand is located at 4860 W. Kennedy Blvd. and is part of the Urban Centre mixed-use project, which offers 550,000 square feet of office space that Starwood owns. Hotel amenities include 14,321 square feet of meeting and event space, Shula’s Steakhouse, a lounge, lobby bar, Illy Café, fitness and business centers, attached parking garage and a rooftop swimming pool.
ROSENBERG, TEXAS — CBRE has arranged the sale of La Quinta Inn & Suites, a 56-room hotel located at 28332 Southwest Freeway in Rosenberg on the southwestern outskirts of Houston. Illinois-based Imeri Enterprises Inc. purchased the asset from Houston-based Gayatri International LLC. Michael Yu, Rahul Bijlani, Tyler Bean, Dennis Drake and Manasvini Sridhar of CBRE handled the transaction.
ST. PAUL, MINN. — Apple Hospitality REIT Inc. has acquired the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul for $31.7 million. The property, which opened in November 2016, is located across the street from Xcel Energy Center and within five miles of the recently opened Allianz Field. Apple Hospitality acquired the asset from a subsidiary of Vista Host.