MILWAUKEE — Cambridge Landmark has purchased the Hyatt Regency hotel in downtown Milwaukee. The sales price was $37.3 million, according to the Milwaukee Business Journal. The 481-room, full-service hotel is connected to the Wisconsin Convention Center. The hotel will undergo a multi-million dollar renovation focused on upgrading the rooms, lobby, meeting space and other new amenities. The seller was not disclosed. Cambridge Landmark is a Miami-based investor.
UNCASVILLE, CONN. — Marcus & Millichap has negotiated the sale of the Fairfield Inn & Suites in Uncasville. The recently renovated four-story, 105-room hotel sold for $11 million. The property was recently repositioned from a Best Western to a Fairfield Inn & Suites by Marriot. Jonathan S. Ruprai of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was not disclosed.
CHARLOTTE, N.C. — NorthMarq Capital has secured a $28 million construction loan for a new EVEN Hotel in Charlotte’s Central Business District. Mark Ebersold of NorthMarq arranged the financing through a local bank and a New York-based mezzanine lender on behalf of the borrower. According to local media reports, Mayfair Street Partners acquired the hotel site in 2017 with plans to develop the 176-room property. The hotel is part of Stonewall Station, a mixed-use project under development by Crescent Communities. The development includes a Whole Foods, 458 multifamily units, a 1,350-space parking deck and a 180-room Home2Suites hotel. A construction timeline for the EVEN Hotel was not disclosed. EVEN Hotels is an InterContinental Hotels Group brand.
PHOENIX — TLG Investment Partners and Concord Wilshire Capital, through an affiliate of TLG Phoenix, have purchased Sheraton Grand Hotel in Phoenix. An undisclosed seller sold the property for $255 million. Marriott International is the majority capital partner with TLG and Concord Wilshire, and will manage the asset. Situated in downtown Phoenix, the hotel features 1,000 guest rooms and 114,000 square feet of indoor and outdoor meeting space.
NEW YORK — A hospitality fund controlled by the state of Qatar has acquired New York’s historic Plaza Hotel for $600 million, according to Reuters. Katara Hospitality bought the majority stake held by Indian business group Sahara India Pariwar, along with a 25 percent stake held by New York-based real estate investor Ashkenazy Acquisition Corp. and its partner, Saudi Prince al-Waleed bin Talal, the Wall Street Journal reports. Sahara originally acquired the Plaza Hotel in 2012. Previous owners of the historic property include President Donald Trump, who acquired the asset in 1988 for $390 million, and hotelier Conrad Hilton. The Plaza Hotel is situated on the corner of 5th Avenue and Central Park South. Constructed in 1907, the hotel has hosted famous guests including The Beatles, Marilyn Monroe and Frank Lloyd Wright. The hotel has also been the site of films such as Home Alone 2, The Great Gatsby, Eloise at the Plaza and Alfred Hitchcock’s North by Northwest. The 282-room hotel features multiple on-site dining options including a champagne bar and The Plaza Food Hall, on-site retail, spas and salons. The property underwent a $450 million restoration in 2008. Katara Hospitality is a global hotel owner, developer and operator. …
EL CAJON, CALIF. — Brixton Capital has acquired the former El Cajon Police Station, located at 100 Fletcher Parkway in El Cajon, for $4.2 million. The seller was the City of El Cajon. The buyer plans to transform the 4.1-acre site in Fletcher Marketplace, a mixed-use project comprising approximately 16,000 square feet of retail space and a 60,000-square-foot hotel. Brixton will sell 1.4 acres of the site to Excel Hotel Group, which will handle the hotel development portion of the project. The retail center is 99 percent pre-leased to a variety of tenants, including In-and-Out, Blaze Pizza, California Fish Grill, Urbane Café and Mattress Firm. Dempsey Construction is serving as contractor for the retail development. Don Moser and Matt Moser of Retail Insite represented the buyer and seller in the transaction.
NEW YORK CITY — Hilton Grand Vacations has acquired the Quin, a 17-story, 208-room hotel in Midtown Manhattan, for $175 million. The seller is a fund managed by UBS Asset Management, as reported by Bloomberg. The acquisition is the company’s fourth property in New York City. The Quin is a luxury lifestyle hotel located at 101 West 57th St. near Carnegie Hall and Times Square with views of Central Park. The hotel opened in 1929 as the Buckingham and housed a number of famous artists, including Georgia O’Keeffe and Marc Chagall. Hilton Grand Vacations plans to convert the existing 208 rooms into 212 timeshare units. Amenities are expected to include a private owner’s lounge, fitness center and restaurant. The property will remain open during all phases of the transition.
DUNWOODY, GA. — Apple Hospitality REIT Inc. has acquired the 132-room Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody for $29.5 million, or roughly $223,000 per room. The hotel, which opened in 2016, is located at 4565 Ashford Dunwoody Road, roughly 15 miles north of downtown Atlanta in the city’s Central Perimeter submarket. The name of the seller was not disclosed. The hotel features a business center, meeting rooms, fitness center and a pool. Following the acquisition, Apple Hospitality’s portfolio spans 243 hotels across 34 states.
TOLLESON, ARIZ. — Trez Capital has secured more than $10 million in construction financing for Phoenix-based Virtua Partners. Loan proceeds will be used to finance the construction of a 116-room Fairfield Inn & Suites by Marriott in Tolleson, a western suburb of Phoenix. Slated to open in late summer 2019, the hotel will feature a fitness center, pool, free WiFi, an in-room ergonomic desk and chair, and an on-site business center. Hotel Equities will manage the hotel, which will anchor a 21-acre mixed-use development that will include office, retail, restaurants and 240 units of multifamily space.
NEW YORK CITY — New York-based development and construction company Barone Management has topped out the 177-room CR7 by Pestana Hotel in Times Square West. Barone is building the hotel for Portuguese-based Pestana Group. The property will serve as the hotel group’s U.S. flagship. The CR7 by Pestana lifestyle hotel brand is a partnership between Pestana Hotel Group and soccer icon Cristiano Ronaldo. The 78,069-square-foot hotel will feature a fitness center, multiple meeting rooms and a double height lobby. Pestana Hotels and Resorts owns and operates over 90 hotels throughout Europe and the Americas, with a presence in cities such as London, Barcelona, Berlin and Rio De Janiero.
