GREENFIELD, IND. — Mumford Co. has brokered the sale of Country Inn & Suites in Greenfield, about 25 miles east of Indianapolis. The sales price was not disclosed. The 63-room hotel features an indoor pool, business center and meeting space. David Mumford and George Arvanitis represented the seller, RP Investments LLC. Indiana-based Everest Hotel Group Inc. purchased the asset.
ORLANDO, FLA. — Tavistock Development Co. has unveiled plans for a new 215-room hotel at Lake Nona, a 7,000-acre master-planned community in southeast Orlando. Designed by architecture firm Arquitectonica, the 16-story hotel will feature a 200-person capacity ballroom; rooftop pool, lounge and bar; more than 6,000 square feet of meeting space; 24-hour fitness center with on-demand fitness from Technogym; and ground floor retail located next to The Lawn, a multi-purpose, open-air green space within Lake Nona Town Center. The new hotel will be situated within the next phase of the Town Center. At full build-out, the Town Center will feature more than 3.8 million square feet. Its first phase opened in January 2016 with an 85,000-square-foot office building, two hotels, 16,000 square feet of retail and restaurant space and a multi-level parking structure.
BENTONVILLE, ARK. — Hunter Hotel Advisors has arranged the sale of two hotels in Bentonville: the 78-room TownePlace Suites by Marriott and the 130-room Candlewood Suites Rogers. Investra Capital Inc. purchased both assets for an undisclosed price. Hospitality Ventures Management Group was retained to manage the extended-stay hotels. Both properties feature indoor pools, fitness centers and business centers, and are located near the Walmart World Headquarters.
DENVER — Clearview Realty Finance has funded a $74 million structured bridge and construction loan for the expansion of a historic hotel and resort in the heart of Colorado’s Rocky Mountains. The exact location was not disclosed. The initial tranche of the proceeds was released to refinance the existing senior loan collateralized by the main hotel, lodge, residences and condominium inventory. A secondary portion of funding will be allocated to finance the construction of a new event space, concert venue, full-service luxury spa and wellness center. This loan features a LIBOR-plus-430-basis-points floating rate and a three-year, interest-only term with pre-negotiated options to extend. It is fully pre-payable without penalty after 24 months. Clearview Realty acted as exclusive advisor to a private individual investor to negotiate this transaction through a long-standing relationship with a domestic debt fund.
FARGO, N.D. — Marcus & Millichap has brokered the sale of Days Inn Fargo, a 75-room hotel in Fargo. The sales price was not disclosed. The property, originally built in 1993 as a Hampton Inn & Suites, is located at 3431 14th Ave. Southwest. Jon Ruzicka of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Ruzicka, along with Helen Zaver, represented the buyer, a real estate investment trust.
BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …
ARLINGTON, TEXAS — Drury Development Corp. a subsidiary of Missouri-based hospitality owner-operator Drury Hotels Co., will build Drury Plaza Hotel, a 268-room property that will be situated on 9.2 acres at the intersection of Center Street and Interstate 30 in Arlington. The project will also deliver an upscale restaurant to the site, which is located west of the Lincoln Square retail center. Larry Jordan and Steve Williamson of Transwestern represented the seller in the disposition of the land. A timeline for construction has not yet been established.
LAFAYETTE, IND. — Home2Suites by Hilton Lafayette has opened in central western Indiana. The 93-suite hotel is designed for travelers who want to maintain their normal routine. The property features a combined laundry and fitness area, indoor pool and grill area, as well as complimentary breakfast. The hotel is located at 3838 Grace Lane near Purdue University. Kamba Hospitality owns the property and Witness Hospitality LLC will manage the hotel.
MOUNT PROSPECT, ILL. — MCR has acquired the Hampton Inn & Suites by Hilton in Mount Prospect, a northwest suburb of Chicago, for $12.7 million. The 120-room hotel is located in Randhurst Village, a 1 million-square-foot, open-air lifestyle center. Opened in 2012, the property features an indoor pool, fitness center, business center and meeting space.
BRIDGEWATER, N.J. — SJP Properties has completed the disposition of a site within Somerset Corporate Center in Bridgewater for the development of a hotel and restaurant. AC Hotels by Marriott and Zinburger Wine & Burger Bar will occupy the space. Construction on the hotel and restaurant will commence this month and is expected to be completed by 2020. The AC Hotels by Marriott location will feature 150 guest rooms and a rooftop bar and lounge. The 5,800-square-foot Zinburger will offer a menu of gourmet burgers with paired wine selections. The name of the buyer and acquisition price were not released. Current tenants at the corporate campus include Linde Americas, Qualcomm, iconectiv, Mazda, Kering Eyewear, Allergan, Cognizant Technologies, Aon Hewitt and Merrill Lynch.
