FORT MYERS, FLA. — Marcus & Millichap has arranged the $11.4 million sale of Candlewood Suites Fort Myers-Sanibel Gateway, a 120-room hotel located at 9740 Commerce Center Court in Fort Myers. Built in 2009, the hotel is situated near several beaches including Fort Myers Beach, Sanibel and Captiva. AD1 Global purchased the asset from an undisclosed private investment group. Jonathan Ruprai and Krone Weidler of Marcus & Millichap’s Tampa office represented the seller in the transaction and procured the buyer. Noam Kaminetzky of Meridian Capital Group arranged a $9.5 million, three-year acquisition loan on behalf of AD1 Global.
ST. LOUIS — HREC Investment Advisors has arranged the sale of the Holiday Inn Airport West-Earth City in St. Louis. The sales price was not disclosed. The 155-room hotel is located less than eight miles from Lambert-St. Louis International Airport. Ted Anka and Tom Sommer of HREC represented the undisclosed seller in the transaction.
EAST MOLINE, ILL. — Hall Structured Finance (HSF) has provided a $23.2 million loan for the construction of a Hyatt House and Hyatt Place hotel in East Moline, part of the Quad Cities region. This will be Hyatt’s first development of a blended, dual-flagged hotel, with a shared front desk and lobby amenities, and will serve as the company’s prototype for future dual-flagged developments. The nine-story, 233-room hotel will feature 134 upscale Hyatt Place rooms and 99 suite-style, extended-stay Hyatt House rooms. Olympia Hotel Management will operate the hotel. Great River LLC, in conjunction with the City of East Moline, plans to develop the 132-acre site of the former Case/International Harvester plant, where the hotel will be located, into a mixed-use development in two phases. The first phase consists of 42 acres and will include the new hotel, 324 multifamily units and a public park. Construction starts immediately and will be complete by summer 2018. In addition, two restaurants and four retail sites are expected to soon be under development.
NEW YORK CITY — Gene Kaufman Architect (GKA) has received design approval from the NYC Department of Buildings for a Marriott and Residence Inn at John F. Kennedy International Airport in New York City. In addition, The Lam Group has asked GKA to take over work on a Courtyard by Marriott and Residence Inn already under construction at 215 Pearl St. Together, the projects offer 870 rooms and represent 424,000 square feet of hotel space. The 540-room, 270,000-square-foot Marriott-and-Residence Inn at JFK Airport is being designed for Soundview Real Estate Partners and Chartwell Hospitality. The dual hotel property, expected to break ground later this year, will have 4,000 square feet of lounge and bar space and more than 4,000 square feet of meeting space. It will also have an office center, a fitness center and parking. Construction is already underway on GKA’s second dual-hotel project, a 330-room, 170,000-square-foot Courtyard by Marriott and Residence Inn at 215 Pearl St., which is expected to open in 2018. The Lam Group asked GKA to oversee the final design of the building created by the previous architects Nobutaka Ashihara, and to design the interiors for both the hotel’s public spaces and its guest rooms.
AVONDALE, ARIZ. — Virtua Partners has announced plans to build a 130-room SpringHill Suites Hotel in Avondale. The hotel will be a part of a 58-acre mixed-use site that’s situated one half mile north of Interstate 10. Quyp Hospitality LLC, an affiliate of Virtua Partners, will develop the property. The firm has partnered with Marriott on the project.
LEESBURG, VA. — LaSalle Hotel Properties has sold Lansdowne Resort, a 296-room hotel and resort located at 44050 Woodridge Parkway in Leesburg, about 33 miles from Washington, D.C. An undisclosed buyer purchased the property from LaSalle Hotel Properties for $133 million. Situated along the Potomac River in Northern Virginia, the property features 55,000 square feet of meeting space, Spa Minerale, The Golf Club at Lansdowne with 45 holes of golf, a health club and fitness center, indoor lap pool, four outdoor pools, driving range, tennis and volleyball courts, horseshoes and a business center. LaSalle Hotel Properties acquired the property in 2003 for $115.8 million. The company has also sold Alexis Hotel in Seattle for $71.6 million and is under contract to sell Hotel Triton in San Francisco for $14.3 million.
LAHAINA, HAWAII — Marriott International Inc. (NASDAQ: MAR) has sold the Westin Maui Resort and Spa to a joint venture between Trinity Investments LLC and Oaktree Capital Management LP for approximately $317 million. The 759-room oceanfront resort is situated on 12 acres along Ka’anapali Beach in Lahaina, a town on the island of Maui’s western coast. Guestrooms are split between two 12-story buildings: the 553-room Ocean Tower, which recently underwent a multimillion-dollar renovation, and the 206-room Beach Tower. According to Bloomberg, the sale represents an effort to dispose of assets that Marriott acquired in its $14 billion takeover of Starwood Hotels & Resorts Inc., which was completed in September 2016. Under the terms of the transaction, Marriott will continue to manage the property. “The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration,” said Leeny Oberg, chief financial officer of Bethesda, Md.-based Marriott. The deal raises Trinity’s volume of transactions in Hawaiian hospitality properties over the last six months to more than $600 million. As part of the agreement, the buyers have committed to providing capital improvements to the Beach Tower, as well as to the resort’s …
BEAVER CREEK, COLO. — Ashford Hospitality Prime Inc. (NYSE: AHP) has acquired the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo., for $145.5 million. The seller was not disclosed. The property amenities include ski-in and ski-out access; a heated outdoor pool and five outdoor hot tubs beneath a mountain waterfall; an outdoor fire pit; spa; fitness club; and onsite ski rental and boot fitting. The hotel also features 20,000 square feet of flexible indoor and outdoor meeting space, and dining options including a bar and grill, café and a complimentary s’mores happy hour held daily at the fire pit. Concurrent with the acquisition, Ashford Hospitality Prime received a $67.5 million, non-recourse mortgage loan. The financing features interest-only payments, and provides for a floating interest rate of LIBOR plus 2.75 percent with a two-year term and three one-year extension options. The property will continue to be operated as a Park Hyatt under a management agreement with Hyatt. Ashford Hospitality Prime is a real estate investment trust focused on investing in luxury hotels and resorts. The company’s stock closed on Friday, March 31 at $10.61 per share, down from $11.67 one year ago. — Katie Sloan
SPRING, TEXAS — Woodbine Development Corp., CDC Houston and USAA Real Estate have broken ground on a 337-room Marriott CityPlace hotel in Spring, a northern suburb of Houston. The 10-story hotel will anchor the eastern end of CityPlace, a 60-acre mixed-use development within the master-planned community of Springwoods Village. Amenities of the hotel, which is set to open in November 2018, include a pool with a bar, two ballrooms and an outdoor event area.
SAN DIEGO — A local hotel developer has acquired 1.6 acres of land in Escondido for $3.5 million. The undeveloped parcel is located at 200 La Terraza Blvd. It is entitled for a 105-room SpringHill Suites by Marriott hotel. Terry Jackson and Matt Davis of Cushman & Wakefield represented the buyer. The seller was San Bernardino Hospitality LLC.