EL PASO, TEXAS — The Meyers Group has acquired the historic Camino Real Hotel in El Paso. The 356-room property is located at 101 S. El Paso St. in the city’s downtown district. The Meyers Group plans to completely renovate the property, which was named to the National Register of Historic Places in 1979. After the completion of the 18-month renovation project, the hotel will reopen under its historic name, Hotel Paso del Norte. The historic 10th-floor ballroom and terrace, currently being used for mechanical purposes, will be restored and will feature a full-service spa, gym, pool and pool deck.
CINCINNATI AND COLUMBUS, OHIO AND FORT WAYNE, IND. — Walker & Dunlop has closed a $15.5 million loan for the acquisition of four extended-stay properties in Ohio and Indiana by Sandpiper Hospitality. The financing is a three-year, interest-only bridge loan to allow Sandpiper to complete the acquisition while the properties are stabilized. Walker & Dunlop’s Stephen Farnsworth and Geoff Smith led the lending team. Two of the properties were recently constructed and have not yet achieved stabilization, and three of the four will undergo a rebranding from a Value Place to a WoodSpring Suites this quarter. The Value Place franchise is currently in the process of rebranding all of its properties to the new WoodSpring Suites. Extended-stay properties within the portfolio include WoodSpring Suites Easton and Value Place Worthington in Columbus, Value Place Fairfield in Cincinnati, and Value Place Fort Wayne in Fort Wayne.
ATLANTA — Atlanta-based Monarch Private Capital and Nashville-based BNA Associates have begun the redevelopment of Hotel Clermont in Atlanta’s Poncey-Highland neighborhood. The firms are renovating the iconic hotel using Historic Tax Credits. Upon opening, the new 94-room boutique hotel will feature a restaurant and some of the original hotel’s art-deco design. Monarch and BNA worked closely with the city of Atlanta and the Georgia General Assembly, which passed House Bill 308 last year, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The Poncey-Highland Neighborhood Association also supported the renovation and preservation of the landmark hotel.
LOS ANGELES — International developer Oceanwide Holdings has unveiled plans to include a five-star Park Hyatt hotel at Oceanwide Plaza, the company’s $1 billion mixed-use project currently under development in Los Angeles. The project is located adjacent to the Staples Center, home of the NBA’s Los Angeles Lakers and Los Angeles Clippers, as well as the NHL’s Los Angeles Kings. When completed, Oceanwide Plaza will feature three residential and hotel towers and a 166,000-square-foot, open-air galleria for shopping, dining and entertainment. Park Hyatt Los Angeles will be the sixth U.S. location for the luxury hotel brand. CallisonRTKL and Studio Munge designed the 184-room hotel. The property will be connected to the 100-foot retail and amenity area known as The Collection at Oceanwide Plaza. The development’s multifamily component will feature 504 units with concierge services, a private amenity deck and a two-acre outdoor sanctuary. Oceanwide Plaza is scheduled for completion in early 2019. Oceanwide Plaza LLC, a subsidiary of Beijing-based Oceanwide Holdings Co., will own the development. Oceanwide Plaza is the company’s first development in the United States, with projects in New York, San Francisco and Hawaii currently in the planning stages. — Kristin Hiller
AUBURN HILLS, MICH. — Axilla Capital has arranged a $6 million CMBS loan to refinance the TownePlace Suites Detroit Auburn Hills. The 10-year loan features a fixed interest rate of 4.25 percent. TownePlace Suites Detroit Auburn Hills is a three-story, 82-room, extended-stay lodging facility built in 2015. The property is located on the southwest corner of Great Lakes Crossing Outlets, an enclosed, super-regional shopping mall in Auburn Hills. Joel Mazur, managing principal of Axilla Capital, originated the transaction and secured the financing.
WASHINGTON, D.C. — Trump Hotels has officially opened the Trump International Hotel, Washington, D.C., a 263-room luxury hotel located at 1100 Pennsylvania Ave. N.W. in Washington, D.C. The hotel is a $212 million redevelopment of the former Old Post Office. Hotel rooms feature 16-foot ceilings, crystal sconces and chandeliers and floor-to-ceiling windows. Guest amenities include the Benjamin Bar & Lounge, BLT Prime by David Burke, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes the 4,000-square-foot Presidential Suite, which is located in the former Postmaster General’s office. The suite features three bedrooms, walk-in closets, a fireplace, dining room with butler’s pantry, master bath featuring Calacatta Gold marble and a fitness center. The property will also include the 6,300-square-foot Trump Townhouse, a two-level suite that features a private entrance on Pennsylvania Avenue, two bedrooms, two bathrooms, private office, workout room and a dining room with seating for up to 24 people.
ARLINGTON, TEXAS — Q Hotels plans to develop and operate a $39.5 million, dual-branded Marriott hotel property at 3800 S. Collins St. in Arlington. Construction on the combined SpringHill Suites and TownePlace Suites will begin in December and end in summer 2018. The 230-room hotel will include 130 suites for traditional hotel guests and 100 extended-stay suites. Outdoor amenities will include an event lawn and amphitheater-style entertaining space. Indoor amenities will include a gym, steam room, dry sauna and restaurants.
ATLANTA — Natixis has provided a $43 million loan to refinance the Crowne Plaza Midtown and Staybridge Suites Atlanta Midtown, a dual-branded hotel development in Midtown Atlanta totaling 462 rooms. The borrower, AWH Partners, is using the floating-rate financing to refinance an existing renovation loan following the property’s multimillion-dollar renovation. The property features 31,000 square feet of meeting and banquet space, an outdoor pool and sundeck, fitness center, locker rooms, business center, on-site dining options and a Thrive coffee bar. Peter Dannemiller of Hodges Ward Elliott arranged the loan.
PHOENIX — Columbia Sussex Corp. has acquired the 353-room Phoenix Marriott Tempe at the Buttes hotel for an undisclosed sum. The recently renovated hotel is located at 2000 W. Westcourt Way. The property contains four dining facilities and 40,000 square feet of indoor meeting space, including a 25,000 square-foot conference space. The complex also includes a resort-style pool, lighted tennis courts, spa, fitness center, volleyball court and helipad. Mark Elliott and Bill Hodges of Hodges Ward Elliott represented the seller in this transaction.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Super 8 Austin Airport South, a 37-room hotel located at 3120 Montopolis Drive in Austin. Allan Miller and Chris Gomes of Marcus & Millichap’s San Antonio and Dallas offices marketed the property on behalf of the seller, a partnership. Miller also secured the buyers, a limited liability company and private investor from New York. Michael Laurencelle and Tom Laurencelle of Marcus & Millichap Capital Corp.’s Austin office originated acquisition financing on behalf of the buyer.