LAS VEGAS — A China-based international investment group has purchased the 150-room Rumor Boutique Hotel in Las Vegas for $18 million. The hotel is situated directly across Harmon Avenue from the Hard Rock Hotel & Casino. The property will soon be rebranded, as the Rumor brand was not part of the sale and will remain under the Siegel Group Nevada Inc. ownership. The Siegel Group plans to relocate the brand to an alternate location within the Las Vegas market. Cathy Jones and Josh Smith of Sun Commercial Real Estate represented The Siegel Group in the transaction.
TULSA, OKLA. — Marcus & Millichap has arranged the sale of Sleep Inn & Suites Central/Interstate 44, a hotel located at 8021 E. 33rd St. South in Tulsa. A limited liability company acquired the 66-room hotel for an undisclosed price. Skyler Cooper, Chris Gomes, Allan Miller and Tom Mann of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the deal.
NASHVILLE, IND. — Huff, Niehaus & Associates Inc. has brokered the sale of the Comfort Inn in Nashville, approximately 18 miles east of Bloomington, for $2.5 million. The 55-room hotel will be converted into a Quality Inn & Suites. The conversion is expected to be complete in April. Brandt Niehaus of Huff, Niehaus & Associates represented the undisclosed seller. NEER 2 LLC was the buyer.
DENVER — Focus Property Group has received $69 million in financing to develop a 12-story Hilton Garden Inn in Denver. The hotel is situated at 20th Street and Chestnut Place. It sits adjacent to Denver’s Union Station. The Hilton Garden Inn is being built around the historic Denver Hose Company No. 1 building, which will be restored and incorporated into the hotel. The 42-month, fixed- and floating-rate structured financing included $18 million in mezzanine debt as well as $8 million in preferred equity. Bank of the Ozarks served as the senior lender, Artemis Real Estate Partners served as the mezzanine lender and EverWest Real Estate Partners served as the preferred equity lender. Marc Sallette, David Treadwell, Mike Cantwell and Olga Lepow of CBRE Hotels’ Debt & Structured Finance secured the financing.
BASKING RIDGE, N.J. — Broadreach Capital Partners has completed the disposition of Dolce Basking Ridge Hotel, a full-service hotel located at 300 N. Maple Ave. in Basking Ridge. An undisclosed buyer acquired the 171-room hotel for $30 million. Built in 1995, the property features 21,000 square feet of function space, Vita Restaurant, Vita Bar, an indoor pool, whirlpool, fitness center, business center, basketball court and tennis court. Daniel Peek, KC Patel and Marc Duval of HFF represented the seller in the deal.
CLEARWATER BEACH, FLA. — Wyndham Hotel Group has opened Wyndham Grand Clearwater Beach, a new 343-room hotel in Clearwater Beach, a beachfront town situated along the Gulf of Mexico in Pinellas County. The hotel features more than 22,000 square feet of meeting space, a full-service spa, outdoor pool, bar and Asian fusion restaurant, as well as a fitness center and business center open 24 hours a day. The hotel also includes two presidential suites, which feature three bedrooms, private elevator access, a balcony, dining area and living room.
ALEXANDRIA, VA. AND GREENBELT, MD. — Hersha Hospitality Trust has sold the 203-room Courtyard by Marriott in Alexandria and the 120-room Residence Inn in Greenbelt for a combined $62 million. The two suburban Washington, D.C., hotels have an average age of 13 years. The Philadelphia-based lodging REIT sold the hotels to the undisclosed buyers at a 7.4 percent cap rate, based on the hotels’ net operating income for 2016. The company’s current portfolio spans 51 hotels totaling 7,675 rooms in New York, Boston, Philadelphia, Miami, select markets on the West Coast and Washington, D.C.
ROWLETT, TEXAS — Bayside Land Partners, a partnership between Kent Donahue and Wilks Development, is developing Bayside, a $1 billion master-planned project encompassing 262 acres and featuring a variety of retail, restaurants, residential units and a resort hotel in the Lake Ray Hubbard area of Rowlett. Designed as a pedestrian-friendly, open-air resort, Bayside will feature more than 1.5 million square feet of commercial space, 3,000 residential units, a 1,000-slip marina and 700 hotel rooms. Lifescapes International will provide landscape design services for the project, including the development of the first-ever Crystal Lagoon in Texas. A Crystal Lagoon is a new technology that creates man-made lagoons with crystal-clear, turquoise waters in order to create a beachfront property. Additionally, Lifescapes will design a 116-acre peninsula, including 25 acres of parks, a variety of retail rooftop gardens and beach zones and the perimeter of the eight-acre Crystal Lagoon. Construction on the lagoon is slated to start this March and the project is scheduled to open by spring 2019.
BEVERLY HILLS, CALIF. — Beverly Hills-based Sonnenblick-Eichner Co. has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 rooms. The financing consists of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner Co. was able to arrange for a money center commercial bank to provide 10-year, fixed-rate financing on each of the Hyatt House properties and LIBOR-based floating rate financing from two regional banks for the remaining properties. The properties are the 147-room Hyatt House Philadelphia/King of Prussia in King of Prussia, Pa., the 126-room Hilton Garden Inn Albany/SUNY in Albany, N.Y., the 171-room Archer Hotel in Austin, Texas, and the 148-room Hyatt House Falls Church/Merrifield in Falls Church, Va.
BRASELTON, GA. — Peachtree City, Ga.-based Randolph Williams has completed construction of The Lodge by Chateau Elan, a new Hampton Inn & Suites by Hilton hotel located on the estate of Chateau Elan in Braselton. Located at 5159 Golf Club Drive, the 95-room hotel will feature free Wi-Fi, a 24-hour fitness center, meeting space and an outdoor pool with views of Chateau Elan’s vineyard. Chateau Elan Hotels & Resorts manages the hotel, which offers access to Georgia’s largest winery, 63 holes of golf, a 35,000-square-foot spa and seven restaurants.