NEW YORK CITY — Eastern Consolidated has arranged a debt and equity package totaling $121.3 million to finance the construction of a 45-story hotel at 140 W. 28th St. in the Chelsea section of Manhattan. The borrower is McSam Hotel Group, led by Sam Chang. The financing package includes a $97.5 million first mortgage with Bank of the Ozarks and a $23.8 million mezzanine construction loan from Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated secured the financing. The 178,000-square-foot, 526-room hotel will operate under two separate hotel flags under the Marriott brand — TownePlace Suites and Springhill Suites — with two separate lobbies and shared common spaces. Planned amenities include a continental breakfast service area, meeting space and an exercise room. The hotel is slated to open in 2019.
FORT WORTH, TEXAS — TGC Development Group has broken ground on TownePlace Suites by Marriott Fort Worth NW Lake Worth. The four-story, 96-room hotel will be situated northwest of downtown at 2925 Royalty Lane in Fort Worth. The general contractor, Wichita, Kan.-based JACO General Contractor Inc., expects to deliver the hotel this fall. The hotel’s rooms will feature full kitchens with stainless steel appliances and granite countertops, adjustable work spaces with built-in shelves and lighting, flat-screen TVs and new bedding. Amenities will include complimentary breakfast, outdoor grills and firepit, outdoor saltwater pool, coffee service, community refrigerator and a 24-hour sundries market.
KATY, TEXAS — Hilton has opened Embassy Suites by Hilton Houston West-Katy, with all 208 rooms serving as two-bedroom suites. The hotel is owned by Mac Haik Hospitality and managed by Aimbridge Hospitality. Located at 16435 Katy Freeway near the west side of Houston’s Energy Corridor, the hotel’s amenities include the 350-person Texas Ballroom, a business center, indoor pool and whirlpool spa, full-service lobby bar, complimentary parking and Wi-Fi, 24-hour fitness center and access to George Bush Park hiking trails located behind the hotel.
NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.
STOW, OHIO — Home2 Suites by Hilton Stow Akron has opened in Stow, just north of Akron. The 85-suite hotel features fully equipped kitchens, complimentary Internet, a laundry and fitness area, indoor pool, outdoor patio and complimentary breakfast. The property, located at 4097 Bridgewater Parkway, is owned by Dave Patel and managed by Shree Dav Partnership LLC.
WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, laundry facilities and a business center.
OKLAHOMA CITY — NewcrestImage has opened a five-story, 142-room AC Hotel in Oklahoma City’s historic Bricktown neighborhood. NewcrestImage used modular construction to build the new AC Hotel, a first for both the Dallas-based company and Oklahoma City’s hotel market. Modular construction is a building technique where a project is constructed in sections off-site and assembled together on-site. The new hotel features 800 square feet of meeting space, a fitness center, business center, fine dining restaurant and a European-style bar and lounge. The hotel is located adjacent to the 13,000-seat Chickasaw Bricktown Ballpark — home of the Oklahoma City Dodgers baseball team — and within a few blocks of the Cox Convention Center.
MACEDONIA, OHIO — Mumford Co. has arranged the sale of the Motel 6 in Macedonia, about 23 miles southeast of Cleveland. The sales price was not disclosed. Built in 1990, the 121-room hotel features Wi-Fi and guest laundry. George Arvanitis and Steve Kirby of Mumford Co. represented the seller, Shahil LLC. Macedonia Hospitality LLC purchased the property.
SAN DIEGO — KASHL Corp. has purchased the 178-unit Radisson Hotel San Diego-Rancho Bernardo in the San Diego submarket of Rancho Bernardo for an undisclosed sum. The hotel is located at 11520 W. Bernardo Court. The Radisson opened in 1989. It features about 4,000 square feet of meeting space, an outdoor pool in an interior courtyard, and C3 Restaurant and Bar. RAR Hospitality will manage the hotel. KASHL represented itself in the transaction, while CBRE Hotels represented the seller, an affiliate of Pinnacle Hotels USA Inc.
WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) has reached a definitive agreement to acquire the brand and franchise business of WoodSpring Suites from WoodSpring Hotels Holdings LLC, a portfolio company of Lindsay Goldberg, for approximately $231 million. The acquisition will add nearly 240 extended-stay hotels in 35 states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands MainStay Suites and Suburban Extended Stay. Wichita, Kansas-based WoodSpring Hotels is an extended-stay hotel company, with nearly 240 properties in 35 states nationwide. Over the past few years, the company has executed a brand relaunch and repositioning, resulting in WoodSpring Suites unit growth of more than 25 percent and franchise fee revenue growth of 45 percent in the last three years, according to Choice Hotels. More than 25 Woodspring hotels are expected to open in 2018. The transaction is expected to close in the first quarter of 2018. Moelis & Co. LLC is serving as financial advisor to Choice Hotels on the transaction, while Willkie Farr & Gallagher is serving as legal advisor. Morgan Stanley & Co. LLC is serving as financial advisor to WoodSpring, while Weil, Gotshal & Manges LLP is serving as legal advisor. Lindsay …