MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $26 million loan to refinance the 253-room Holiday Inn located at 4333 Collins Ave. in Miami Beach. Jacob Schmuckler and Steve Adler of Meridian Capital Group arranged the 10-year CMBS loan, which features interest-only payments for the full term. The property, which was fully renovated in 2009, offers an on-site bar and restaurant, fitness center, laundry facilities and a business center.
ORLANDO, FLA. — BTI Partners has sold 30 acres located at the interchange of Interstate 4 and U.S. Highway 27 in the Orlando suburb of Davenport, and opened The Grove Resort & Spa Orlando at 14501 Grove Resort Ave. in Orlando. The 30-acre site, which sold to a retail developer for $9.9 million, is part of Posner Park, a 104-acre, master-planned community that features 200,000 square feet of retail space, as well a hotel and residential units. The first phase of Grove Resort & Spa, a 106-acre property that spans roughly 2 million square feet and includes a lakefront pier with watersports and a water park, opened March 10.
BOWIE, MD. — The Greenwich Group International has secured $22 million in construction financing for the development of a Courtyard by Marriott Hotel in Bowie, located about 20 miles east of Washington, D.C. The developer is Hospitality Development Co. of Columbia, Md. The 144-room hotel is being built near the entrance to Melford, a 466-acre, mixed-use business park at Route 50 and Route 301. Greenwich obtained a $12.4 million first mortgage construction loan with $5 million in subordinate financing from the Small Business Administration; $2.6 million from several state and county economic development funds; and the remaining $2 million from a side loan sourced from the first mortgage lender.
TULSA, OKLA. — MCR has finished exterior renovations of the Hampton Inn & Suites Tulsa-South Bixby, a 102-room, select-service hotel located at 8220 S. Regal Blvd. next to the Spirit Bank Event Center in Tulsa. The renovations included the additions of new fencing, signage and patio lounge furniture, as well as a fresh paint job.
ATLANTA — Arden Group has purchased the Sheraton Atlanta Hotel, a 763-room hotel located at 165 Courtland St. N.E. in downtown Atlanta. The Philadelphia-based investment firm purchased the hotel through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $64.2 million, according to the Atlanta Business Chronicle. JLL represented the sellers, affiliates of Amerimar Enterprises and Contrarian Capital, in the transaction. The previous ownership group wrapped up a $15 million renovation of the hotel last year. Arden Group is planning an additional $7 million of renovations for the hotel’s guest rooms, lobby, meeting rooms and the Collage restaurant. Arden Group and HEI Hotels & Resorts will co-manage the hotel.
MIDDLEBURG HEIGHTS, OHIO — Sunsine Inc. has opened a new Home2 Suites by Hilton in Middleburg Heights near Cleveland. The hotel features 111 suites with fully equipped kitchens. Other features include a laundry and fitness area, daily breakfast, indoor pool and outdoor grill area. Located at 7355 Engle Road, the hotel offers convenient access to Cleveland Hopkins International Airport. Kaival Hospitality Management LLC manages the hotel owned by Sunsine.
SAN ANTONIO — Embassy Suites by Hilton and Hotel Capital have completed the 11-month, $7 million renovation of the Embassy Suites by Hilton San Antonio NW I-10, located at 7750 Briaridge Drive in San Antonio. The renovation was part of the Atrium Refresh Initiative, designed to update the art and architecture of the chain’s open-air lobbies. The renovation also included upgrades to the hotel’s bar and restaurant, as well as the interiors of each of its 216 suites.
BOSTON — Citizens Commercial Banking has provided a $70 million loan to TS Lodging LLC / Norwich Partners to partially finance the construction of a 340-room Marriott Moxy Hotel on the corner of Stuart and Tremont streets in downtown Boston. Citizens is the lead debt arranger of the four-bank group. Construction has begun on the property, which is slated for delivery in the fourth quarter of 2018. Norwich Partners has developed more than two dozen chain-affiliated hotels across New England and Florida. Boston’s Marriott Moxy Hotel will span 142,400 square feet across 25 stories with an illuminated rooftop lounge, 24-hour café, coffee bar, restaurant and lounge. The second and third floors will include common areas, with a fitness center on the third floor.
NEW YORK CITY — Eastern Consolidated has secured a $210 million debt and equity package to finance the construction of a new, 180,000-square-foot Hyatt Place Hotel in Manhattan’s Garment District. The financing consists of a $95 million first-mortgage loan from Bank of the Ozarks and a $25 million preferred equity investment by Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated arranged the financing on behalf of the McSam Hotel Group, a New York-based hotel development firm. “With a revitalized theater district, thriving hospitality industry and constantly improving retail, the Times Square area is a magnet for tourists,” Hakim said. “New York City hosted a record 60.3 million visitors last year, which boosted the city’s hotel occupancy rate to an average of 90.1 percent, and more visitors are expected this year.” The 25-story, 520-key hotel will be located at 350 W. 39th St., in between Eighth and Ninth avenues in the Hudson Yards submarket. The chairman of McSam Hotel Group, Sam Chang, purchased the site in 2015 for $112 million; terms of sale allow him to develop up to 300,000 square feet of the property, according to The Real Deal. Consequently, plans for a 123,000-square-foot, 21-story, 380-room hotel …
BENNINGTON & MANCHESTER, VT. – Wason Associates Hospitality Real Estate Brokerage Group (Wason Associates) has negotiated the sale of the Best Western Plus in Bennington and the Palmer House Resort in Manchester. The Best Western Plus is located near Bennington College and several ski resorts. S.K.B.W.V. Acquisition LLC LL acquired the Best Western Plus for $3.8 million. The hotel includes 58 recently renovated rooms and an owner/property manager residence. The Palmer House Resort is situated on 16-acres in Manchester. Palmer House LLC purchased the hotel for $3 million. The 50-room property is surrounded by the Green Mountains and features a nine-hole golf course and trout pond.
