ATLANTA — Atlanta-based Hospitality Ventures Management Group (HVMG), in conjunction with Investra Capital Group Ltd., has completed the acquisition of a 12-property hotel portfolio totaling 1,465 rooms. The purchase price was not disclosed. The portfolio comprises Marriott- and Hyatt-branded hotels across the Midwest, Southeast and Southwest. The Midwest properties include the 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.; the 147-room Courtyard Detroit Southfield in Southfield, Mich.; the 86-room Fairfield Inn & Suites Indianapolis Airport in Indianapolis; the 95-room Residence Inn Indianapolis Airport in Indianapolis; and the 113-room Courtyard Cleveland Beachwood in Beachwood, Ohio. The portfolio also includes three properties in Georgia and four properties in Texas. HVMG will operate the entire portfolio. The seller was not disclosed.
IRVINE, CALIF. — R.D. Olson Construction has completed the $120 million Irvine Spectrum Marriott hotel. The 271-room property is located at 7905 Irvine Center Drive. The Irvine Spectrum Marriott offers more than 9,000 square feet of indoor meeting facilities in up to seven room configurations. The 15-story building has one of the highest and largest rooftop lounges in Orange County with a full-service bar and 360-degree views.
NEW YORK CITY — Lightstone, a national real estate investor and developer, has acquired the 183-room Hilton Garden Inn in Long Island City, Queens for $60 million. The hotel is located at 29-21 41st Ave. Lightstone plans to continue operation of the hotel, which was constructed in 2015, as a Hilton Garden Inn for the immediate future. The developer opened the 612-room Moxy Times Square hotel in fall 2017 and plans to open the 37-story, 349-room Moxy Chelsea hotel this fall. The acquisition of the Hilton Garden Inn is a joint venture between Lightstone’s REIT II and REIT III.
GLENS FALLS, N.Y. — Muroff Daigle Hospitality Group has negotiated the sale of The Landmark Motor Inn, located in Glens Falls, for $3.6 million. Glens Falls is approximately 14 miles north of Saratoga Springs. The seller was John Naja of Landmark Motor Lodge Corp., who had owned the property for more than 43 years. The buyer was Nadeem Lodging Corp. Glens Falls National Bank and the U.S. Small Business Administration provided financing for the project. The Landmark Motor Inn contains 77 updated guestrooms as well as two pools and a fitness center. Muroff Daigle and Vanguard–Fine LLC brokered the transaction.
OMAHA, NEB. — Scarlett Hotel Group has acquired the Marriott Fairfield Inn & Suites Downtown Omaha for an undisclosed price. The 113-room hotel is located at 1501 Nicholas St. near the TD Ameritrade Stadium and CenturyLink Convention Center and Arena. The four-story property recently underwent a renovation to upgrade all public spaces, including a completely revamped lobby and guest rooms. The seller was not disclosed.
KANSAS CITY, KAN. — LANE4 Property Group has completed a new Home2 Suites by Hilton hotel in Kansas City. The 89-room property is connected to an Applebee’s restaurant. The project, formerly home to a rundown retail and office center, totals just over 65,000 square feet. Home2 Suites features kitchens, in-room desks, a pool, fitness center, guest laundry and meeting space. Applebee’s underwent an extensive interior and exterior remodeling with new furniture and 16 televisions. Davidson Architecture and Engineering provided architectural services while Crossland Construction served as general contractor. Central Bank of Kansas City and Academy Bank provided financing for the project. Polsinelli provided legal counsel.
SAN FRANCISCO — George Smith Partners has secured $45 million in bridge refinancing for the 131-room San Francisco Proper Hotel in the city’s Mid-Market neighborhood. The flatiron building is located at 1100 Market St. at the triangle of McAllister, Market and Seventh streets. The new bridge loan will allow the borrower, Kor Group, to focus on its operations and further establish the property as a luxury lifestyle hotel in San Francisco. The funds will replace an existing construction loan and mezzanine facility, providing cost savings and flexibility for Kor. Malcolm Davies, Evan Kinne, Zack Streit, Rachael Lewis, Alexander Rossinsky and Minjoo Kim of George Smith Partners arranged the financing.
EDISON, N.J. — HREC has arranged the sale of the Sheraton Edison Raritan Center in Edison, about 33 miles south of Manhattan. The sales price for the 276-room hotel was not disclosed. The hotel is located in the Raritan Center business park, which is home to local cable television station News 12 New Jersey and the regional operations for both UPS and FedEx. Kevin Hanley, Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the undisclosed seller in the transaction. The buyer was also not disclosed. Edison has recently attracted a large amount of commercial business to the area, according to HREC.
PORTLAND, ORE. — Curio Collection by Hilton has opened The Porter, a 297-room hotel in Portland. The new property is located at 1355 SW 2nd Ave. Amenities include a library, heated indoor pool with Jacuzzi, sauna room, steam room, meditation spa, locker rooms and 24-hour fitness center. Each guest room offers complimentary Wi-Fi, imperial bath products, a mini bar stocked with local products, and a complimentary selection of coffee and tea. Union Investment owns the property, which Widewaters Group manages.
BLOOMINGTON, MINN. — PCCP has provided a $23.8 million senior loan for the refinancing of Embassy Suites Bloomington in suburban Minneapolis. A venture between Lubert-Adler Real Estate Fund VII, Aimbridge Hospitality and Chelsea Hospitality Partners was the borrower. Loan terms were not disclosed. Built in 1980 and recently renovated, the 232-suite hotel is located at 2800 American Blvd. West. The eight-story property features 6,000 square feet of meeting space, a restaurant and bar, business center, fitness center, gift shop and indoor pool. Suites range in size form 476 to 532 square feet.