Hospitality

Developers Receive $225M Loan to Finance The Bloc Mixed-Use Project in Downtown Los Angeles

by Nellie Day April 5, 2016

LOS ANGELES — The developers of The Bloc, a 1.1 million-square-foot office, retail and hospitality redevelopment in downtown Los Angeles, have received a $225 million permanent loan to finance the project. The Bloc is located at 700 S. Flower Street. The site was originally built in 1973 as a traditional mall. The redevelopment will transform the space into an open-air urban complex. It will be the largest mixed-use property in Los Angeles, according to developers The Ratkovich Company, National Real Estate Advisors and Blue Vista Capital. The Bloc is scheduled to open this summer. A renovated flagship Macy’s will anchor the center. The Bloc will also offer a variety of artisanal retailers and restaurants, as well as creative-leaning office space and a newly renovated, 496-room Sheraton Los Angeles Downtown. The new loan replaces an existing CMBS loan inherited when the property was purchased in 2013, with a final payoff amount of about $121.6 million. It also provides additional proceeds to finalize the redevelopment and fund leasing costs at the property. “This financial commitment lends further credence to the vibrant revitalization underway in downtown and lays the foundation for continued growth in the decades ahead,” says Jeff Kanne, president of National …

April 5, 2016

Hospitality New Hampshire Northeast

Giri Hotels Acquires 125-Room Hampton Inn in New Hampshire

by Amy Works April 4, 2016

PORTSMOUTH, N.H. — Giri Hotels has acquired Hampton Inn Portsmouth Central located at 99 Durgin Lane in Portsmouth. Mercury Investment Co. sold the 125-room property for an undisclosed sum. The acquisition was financed by Kennebuck Savings, a full-service mutual savings bank. The hotel features complimentary guest breakfast, shuttle service, an indoor pool and whirlpool, sports courts, fitness room, business center and hospitality room. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.

April 4, 2016

Hospitality North Carolina Southeast

Cornerstone, Spectrum Properties to Develop 17-Story Kimpton Hotel in Uptown Charlotte

by John Nelson April 4, 2016

CHARLOTTE, N.C. — Cornerstone Real Estate Advisers, acting on behalf of an institutional client, and Spectrum Properties plan to build a 17-story, 217-room lifestyle hotel at the corner of Third and Church streets in Uptown Charlotte. Kimpton Hotels, which was purchased by Intercontinental Hotels Group in 2015, will manage the hotel. Cornerstone and Spectrum expect to deliver the hotel by October 2017. The asset will feature a fitness center and 9,200 square feet of flexible meeting space, including a 4,000-square-foot ballroom and five conference rooms. The hotel will also include a signature 180-seat restaurant and a partially open-air, 7,500-square-foot, 160-seat rooftop lounge that overlooks Romare Bearden Park. The hotel will complement the previously announced 300 South Tryon, a 25-story, 600,000-square-foot office building at Third and Tryon streets.

April 4, 2016

Hospitality Iowa Midwest

HREC Investment Advisors Arranges Sale of Holiday Inn Express in Iowa

by Christina Cannon April 4, 2016

WATERLOO, IOWA — HREC Investment Advisors has brokered the sale of a 79-room Holiday Inn Express in Waterloo, approximately 60 miles northwest of Cedar Rapids, for an undisclosed price. The hotel, located at 2127 La Porte Road, features a business center, fitness center, complimentary breakfast and indoor pool. The buyer and the seller were undisclosed. Ted Anka of HREC represented the seller in the transaction.

April 4, 2016

Hospitality Massachusetts Northeast

Logan Hospitality Associates Sells Four Points Boston Logan Airport in Revere

by Amy Works April 1, 2016

REVERE, MASS. — Logan Hospitality Associates LLC, a division of KW Development, has completed the sale of Four Points by Sheraton Boston Logan Airport, located at 427 Squire Road in Revere, for an undisclosed sum. Fingerprint Hospitality LLC was an advisor to and an investor in the undisclosed buyer. Situated on 3.3 acres, the property features 180 guest rooms, 3,755 square feet of meeting space, an indoor pool and fitness room. Driftwood Hospitality will manage the property. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction. Lauren O’Neil, also of HFF, secured a three-year, floating-rate acquisition loan through TIAA Direct, a division of TIAA-CREF Trust Co., for the buyer.

April 1, 2016

Hospitality Texas

Skanska to Renovate, Expand Hospital in Tulsa for $62M

by Haisten Willis April 1, 2016

TULSA, OKLA. — Skanska has signed a contract with Saint Francis Health System for additions and renovations to Saint Francis Hospital in Tulsa. The $62 million project will be managed by Skanska’s Texas operations. It consists of 130,000 square feet of major renovation to the hospital’s existing surgery department, including 28 operating rooms and support spaces, and about 15,000 square feet of horizontal expansion including seven new operating rooms. Additionally, a new 27,000-square-foot mechanical penthouse will be built on the roof of the existing surgery department. Construction is expected to begin in April 2016 and end in March 2020.

April 1, 2016

Connecticut Hospitality Northeast Top Stories

Anbang Ends Bidding War by Pulling Out of $14B Proposal to Acquire Starwood Hotels & Resorts

by Christina Cannon April 1, 2016

STAMFORD, CONN. — Anbang Insurance Group and Marriott International Inc. (NASDAQ: MAR) entered a ceasefire yesterday. The bidding war between the two companies to purchase Starwood Hotels & Resorts Worldwide (NYSE: HOT) has ended, as Anbang has rescinded its latest offer. A consortium consisting of Anbang, J.C. Flowers & Co. and Primavera Capital Limited upped its offer to $14 billion on March 26, outbidding Marriott’s previous offer of $13.6 billion, but Anbang is now withdrawing its offer due to “market considerations.” It isn’t clear why Anbang retracted its latest bid or if Marriott had been planning to counteroffer. Both Starwood’s and Marriott’s shares fell over 4 percent in Thursday’s after-hours trading. Starwood’s stock price closed on March 31 at $83.43 per share and opened April 1 at $79.81. Marriott’s stock price closed at $71.18 and opened at $67.48 per share. Starwood’s board of directors continues to unanimously support the existing merger with Marriott, which will create the largest hospitality company in the world. “Throughout this process, we have been focused on maximizing stockholder value now and in the future,” says Bruce Duncan, chairman of Starwood’s board. “We continue to be very excited about the combination of our two companies and …

April 1, 2016

Hospitality Texas

Hyatt House Extended Stay Hotel Opens in Frisco

by Haisten Willis March 31, 2016

FRISCO, TEXAS — A six-floor, 132-suite Hyatt House extended stay hotel has opened in Frisco. The new Hyatt House features one- and two-bedroom suites, all with full kitchens. Other amenities include an indoor pool, business center, fitness center and two meeting rooms. With the hotel’s opening, Dallas-based NewcrestImage now owns and operates 19 properties with another 11 under construction or in development.

March 31, 2016

Connecticut Hospitality Northeast

Anbang Increases Offer in Bidding War with Marriott for Starwood Hotels & Resorts

by Amy Works March 29, 2016

STAMFORD, CONN. — A consortium consisting of Anbang Insurance Group Co., J.C. Flowers & Co. and Primavera Capital Limited has increased its bid to acquire Starwood Hotels & Resorts Worldwide (NYSE: HOT) to $82.75 in cash per share of Starwood common stock from the previous non-binding proposal of $81 per share bid, which was made on March 26. Starwood’s board of directors has concluded that this revised, non-binding proposal from the consortium is a superior proposal as defined in Starwood’s merger agreement with Marriott International Inc. (NASDAQ: MAR), according to a press release issued Monday by Starwood. The new proposal is valued at $14 billion versus Marriott’s previous offer of $13.6 billion. The Starwood board, in consultation with its legal and financial advisors, will carefully consider the outcome of the discussion with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders, the news release stated. Under the terms of the consortium’s current revised proposal, the consortium will acquire all the outstanding shares of common stock of Starwood for $82.75 per share in cash, an increase of $4.75 per share from its initial binding proposal of $78 per share …

March 29, 2016

Hospitality Massachusetts Northeast

Rockwood Capital Sells Two Hotels in Suburban Boston for $54M

by Amy Works March 29, 2016

LEXINGTON, MASS. — Rockwood Capital has completed the disposition of two hotels: an aloft and an element, located on a 12.7-acre site at 727 Marrett Road in Lexington, a northwest suburb of Boston. An undisclosed buyer acquired the hotels for $54 million, unencumbered by management. The 136-room aloft features grab-and-go dining, the w xyz bar, an indoor swimming pool, business center, game room, fitness room, meeting room and complimentary shuttle service. The 123-room element features complimentary breakfast, an indoor swimming pool, business center, fitness room, meeting room and complimentary shuttle service. The hotels were developed in 2008 as prototypes for the Starwood brand. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.

March 29, 2016

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