LOS ANGELES — The Yucaipa Companies has received a $93 million loan for the 384-room Line Hotel in Los Angeles. The newly renovated lifestyle hotel is located in the Koreatown neighborhood. The 12-story, full-service boutique hotel opened in 2014. The Line is a new lifestyle hotel brand owned by Ron Burkle’s Yucaipa Companies and managed by Sydell Group, a hotel management company co-founded by Burkle and Andrew Zobler. The funds were used to refinance an existing renovation loan after recent multi-million-dollar improvements at the property. The new loan will also provide additional funding for minor ongoing property renovations. The sponsors plan to reposition the first-floor lobby and restaurant areas, as well as upgrade the grand ballroom. Natixis provided the loan.
MERIDIAN, MISS. — Home2 Suites by Hilton Meridian, part of Hilton’s All Suites portfolio, has opened at 201 N. Frontage Road in Meridian. The 97-room hotel is designed for travelers who want to maintain their normal routine, and features fully equipped kitchens, modular furniture, a fitness center, pool, fire pit and grill area, market for grab-and-go items and complimentary daily breakfast. Inn Alliance LLC owns the property and Lala Enterprises handles management.
MAITLAND, FLA. — Cambridge Landmark has purchased the Sheraton Orlando North Hotel, a 389-room hotel located at 600 N. Lake Destiny Road in Maitland, roughly eight miles north of Orlando. Michael Weinberg and Preston Reid of HFF brokered the $31.2 million transaction on behalf of the seller, a partnership between Värde Partners, Interstate Hotels Corp. and Waramaug Hospitality Asset Management. The hotel features approximately 15,000 square feet of meeting space, an outdoor pool with a hot tub, fitness center, business center, on-site rental care services, lounge and a café.
BRIGHTON, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Detroit Brighton located about 45 miles northwest of Detroit. The sales price was not disclosed. The 90-room hotel, located at 7799 Conference Center Drive, was recently renovated. Nate Sahn and Drew Noecker of CBRE represented the undisclosed seller in the transaction. Bright Lodge Inc. purchased the hotel.
WICHITA, KAN. — Marcus & Millichap has brokered the sale of Best Western Airport Inn & Conference Center in Wichita for an undisclosed price. The 130-room hotel is located at 6815 W. Kellogg Drive near the Dwight D. Eisenhower National Airport. Steve Swenholt, Allan Miller, Chris Gomes and Greg Bates of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
WEST PLAINS, MO. — Mumford Co. has arranged the sale of a 62-room Ozark Hills Inn in West Plains, located in southern Missouri. The sales price was not disclosed. The property, located at 1605 Imperial Road, features a swimming pool and outside picnic area. George Arvanitis of Mumford Co. represented the seller, a local hotel and commercial real estate owner/developer, and procured the buyer, a Missouri-based hotel owner. The buyer plans to operate the hotel as a Baymont Inn under the Wyndham brand.
BOSTON — Pebblebrook Hotel Trust (NYSE: PEB), a hospitality REIT, has sold an 826-space parking garage at Revere Hotel Boston Common, located at 200 Stuart St. in downtown Boston, for $95 million. The buyer was not disclosed. The sale, which closed on June 23, also includes 10,500 square feet of vacant space on the ground floor. Pebblebrook will utilize the proceeds from the sale for general business purposes, such as paying off outstanding debt or repurchasing some of its shares of common stock. The company expects the acquisition to generate approximately $11.7 million in additional net income across the second, third and fourth quarters, and to reduce funds from operations (FFO) by $1.3 million during that period. Since initiating a strategic disposition plan in 2016, the REIT has sold five hotels and two non-hotel assets that have generated $676.8 million in gross proceeds. “This sale generates significant value for our shareholders at a very favorable price and overall capitalization rate,” says Jon Bortz, CEO and president of Pebblebrook, based in Bethesda, Md. “These property sales continue to allow us to take advantage of the value differential between the higher private market prices and values and the lower public market valuation …
MONTEREY, CALIF. — A local, private investor has acquired the 46-room Lone Oak Lodge in Monterey for an undisclosed sum. The hotel is located at 2221 N. Fremont St. The boutique property is near the Monterey Bay Aquarium, Cannery Row, Fisherman’s Wharf and Pebble Beach. Joshua Miehl and Oliver Shah of Atlas Hospitality Group represented the seller.
HOUSTON — CBRE has arranged the sale of a 120-room Staybridge Suites hotel located at 9000 S. Main Street in Houston. Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma of CBRE represented the undisclosed seller in the transaction. St. Louis-based Midas Hospitality purchased the asset, its first Texas-based acquisition, for an undisclosed price.
SOUTH BEND, IND. — CBRE Hotels has arranged the sale of the DoubleTree by Hilton Hotel South Bend for an undisclosed price. The 291-room hotel is located at 123 N. Dr. Martin Luther King Blvd. in South Bend. In 2013, the hotel changed brands from a Marriott to a DoubleTree and underwent a comprehensive renovation. The property is connected to the Century Center Convention Complex. Nate Sahn and Drew Noecker of CBRE Hotels represented the seller, Jenna Hotel Investments LLC. United Capital Corp. purchased the property.