MICHIGAN CITY, IND. — SVN | Property Investment Advisors LLC has arranged the $1.9 million sale of a 117-room hotel property in Michigan City, approximately 35 miles west of South Bend. Raj Patel and partners purchased the Clarion Inn & Suites from R&K Investment Corp. Robert Pliska of SVN| Property Investment Advisors brokered the sale.
HILLSIDE, ILL. — Metro Commons Hospitality has sold a 135-room hotel property to a private buyer for an undisclosed price. The Holiday Inn Express & Suites Chicago West is located at 200 S. Mannheim Road in Hillside, approximately 15 miles west of Chicago. The buyer plans to renovate the property to meet the new InterContinental Hotel Group standards. Nate Sahn, Brian Silberman, Stanley Wang and Scott Miller of CBRE represented the seller in the transaction.
FARGO, N.D. — Marcus & Millichap has arranged the $30 million sale of a two-property hospitality portfolio in Fargo. The hotels are comprised of 387 rooms collectively and are located on the same site at the intersection of I-29 and 13th Avenue South. The purchase price equates to more than $77,500 per room. A Los Angeles-based private equity group sold the Holiday Inn and Holiday Inn Express to an undisclosed local investor. The Holiday Inn has completed more than $10 million in renovations since 2000, including a complete remodeling of the guest rooms in 2006, and The Holiday Inn Express was fully renovated in 2014. Both hotels come with 15-year branding licenses that expire in 2030. Shane Skubis of Marcus & Millichap represented the seller in the transaction and procured the buyer.
CINCINNATI — The AC Hotel Cincinnati by Marriott has opened at Liberty Center, a 1.2 million-square-foot mixed-use development. Raymond Management Co. is the developer and operator of the 130-room hotel. Amenities at the hotel include a fitness center, indoor pool, on-site parking, local restaurant dinner delivery and a full-service business center. The property also features AC-branded amenities such as a kitchen, lounge, store, library and meeting space. The 64-acre Liberty Center includes over 800,000 square feet of retail and entertainment space, 75,000 square feet of office space and 240 luxury apartment units. The shopping district opened last October.
HOUSTON — Simon Property Group plans to add a luxury hotel and residential tower to The Galleria, a premier shopping destination in Houston. The hotel and residences, which will both be located in the same building, will be situated on the corner of Sage and West Alabama streets. The project is part of a multi-year transformation of The Galleria, which began with the creation of a 200,000-square-foot flagship Saks Fifth Avenue store adjacent to the current location. Once the new Saks store opens later this month, Simon will convert the existing Saks store into a multi-level mall extension featuring 110,000 square feet of space. The tower will be on the site of a former Macy’s store and will span between 25 and 30 stories. Groundbreaking is expected in late 2017.
ROCKLAND, MASS. — Hilton Worldwide has open DoubleTree by Hilton Boston-Rockland, located at 929 Hingham St. in Rockland on Massachusetts’ South Shore. Located 21 miles south of Boston Logan International Airport, the hotel features 127 guest rooms, 24-hour room service, a fitness center, business center and an outdoor heated pool. Additionally, the property offers 4,000 square feet of meeting space. Formerly a Holiday Inn, the hotel is owned and managed by Linchris Hotel Corp.
DENVER — Pearlmark has received a $55.1 million loan to refinance the 202-room Ritz-Carlton in Denver. The full-service, AAA Five-Diamond hotel is located at 1881 Curtis St. The Ritz-Carlton originally opened in 2008. It underwent $9.3 million in capital improvements between 2013 and 2015. The property includes a Ritz-Carlton Club Level, Elway’s Restaurant, the Ritz-Carlton Spa, a recently renovated fitness center with adjacent salon, and an adjacent TruFit Athletic club with lap pool, Olympic weights and an indoor climbing wall. The hotel also offers 12,383 square feet of meeting and event space. HFF’s Eric Tupler and John Bourret arranged the floating-rate loan with the Canadian Imperial Bank of Commerce.
FARGO, N.D. — A locally based private real estate investor has acquired a two-property hospitality portfolio in Fargo for $30 million. The portfolio includes the Holiday Inn and a Holiday Inn Express that contain a total of 387 units. The hotels are situated at the intersection of Interstate 29 and 13th Avenue South, directly across from West Acres Mall, the state’s largest regional mall. The Holiday Inn has undergone more than $10 million in renovations since 2000, including a complete guest room remodel in 2006. Both hotels come with 15-year licenses that expire in 2030. Shane Skubis of Marcus & Millichap represented both the buyer and seller, a Los Angeles-based private equity group, in this transaction. Craig Patterson is Marcus & Millichap’s broker of record in North Dakota.
SAVANNAH, GA. — Noble Investment Group has opened the 252-room Hotel Indigo Savannah Historic District at 201 W. Bay St. in Savannah’s City Market at Ellis Square neighborhood. InterContinental Hotels Group manages the hotel, which is located at the site of the former Guckenheimer tobacco warehouse and grocery. The hotel features The Five Oaks Taproom restaurant, which serves breakfast and dinner with dishes made from ingredients sourced within 90 miles of Savannah. Local artist Meryl Turret designed the guest room murals, which showcase historic bottles that were unearthed in this district of Savannah, and each room also features watercolor pieces that highlight the original market building. Hotel amenities include a 24-hour fitness center and 6,000 square feet of flexible event space.
SAN FRANCISCO — Dougherty Funding LLC has provided $22.8 million in financing for a 169-room Comfort Inn & Suites Hotel in San Francisco. The hotel is situated in south San Francisco, about three miles north of San Francisco International Airport. It was built in 1986 and was renovated last in 2010. About $2.4 million of the loan proceeds will be used to renovate the hotel. Dougherty Funding served as lead lender and servicer for the loan.