MEMPHIS, TENN. — CBRE has arranged the $3.2 million sale of a 3.2-acre tract of land in downtown Memphis. The buyer, C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., plans to build a 166-unit Cambria Hotel & Suites at the site. The seller of the vacant property was CCL Label. The land is located along Union and Gayoso avenues east of South Fourth Street and south of AutoZone Park. The parcel has been vacant since 2008. Choice Hotels International Inc., the parent company of the Cambria Hotels & Suites brand, provided a $3 million mortgage to fund the transaction. Lewis Miller of CBRE’s Atlanta office and Brian Whaley and Stephen Steinbach of CBRE | Memphis represented the buyer in the transaction.
WACO, TEXAS — Central Texas Medical Investments, a physician-owned limited partnership, through a joint sale, has transferred ownership of two medical office buildings in Waco. The Class A assets are located at 601 W. Highway Six and 6600 Fish Pond Road and are known as the Six West and Fish Pond Medical office buildings. They were built in 2006 and 2000 and span 107,744 and 54,901 square feet, respectively. Six West is 100 percent occupied, while Fish Pond is 94 percent occupied. HP Waco Six Medical is the new owner. Triliji Group of Waco served as the listing broker and advisor to Central Texas Medical Investments, while Medical Real Estate, with cooperation from Stealth Realty Advisors of Houston, procured HP Waco.
CARROLLTON, TEXAS — PM Realty Group (PMRG) has completed First Texas Hospital in Carrollton on behalf of Adeptus Health. Located at 1401 E. Trinity Mills Road, First Texas Hospital totals 76,500 square feet and includes 50 inpatient beds, three operating rooms, an emergency department and an imaging department. Along with PMRG as the developer, the First Texas Hospital team included architect Ascension Group Architects, civil engineer Bury Partners and general contractor Hill & Wilkinson Construction Group.
MONTCLAIR, N.J. — PMZ Realty Capital has arranged a $26.5 million construction loan for The MC Hotel, an Autograph by Marriott property, in Montclair. Situated within the CentroVerde development, the 150-room hotel will feature 7,500 square feet of office space, a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza. The hotel is slated to open in third quarter 2017.
YORK, PA. — HREC Investment Advisors has arranged the sale of Yorktowne Hotel, a historic, full-service hotel in York. York County Industrial Development Authority acquired the property for an undisclosed price. First opened in 1925, the hotel features 124 guest rooms. The buyer has substantial renovations and improvements planned for the property. Ketan Patel, Kevin Hanley and Geoff Davis of HREC represented the seller, VIII-Hotel II P Loan Portfolio – Yorktowne LLC, in the transaction.
PROVIDENCE, R.I. — Hanover, Mass.-based Linchris Hotel Corp. has acquired Hotel Providence, an 80-room boutique hotel in Providence, for an undisclosed price. Located at 139 Mathewson St., the hotel was originally built in 1882 and is listed on the National Register for Historic Places. The new ownership plans to reposition the hotel’s 96-seat restaurant in January when restaurateurs Alethia and Massimiliano Mariotta transform the restaurant into a chef-drive European brasserie concept. A recipient of AAA’s Four Diamond Award for 10 consecutive years, the hotel features more than 5,000 square feet of meeting and event space, including a tented rooftop and courtyard.
FORT WORTH, TEXAS — Transwestern’s retail group has arranged the sale of a 95,132-square-foot property at the southwest corner of Royalty and Northwest Centre drives in Fort Worth for the construction of a Marriott-branded hotel. Transwestern’s Steve Williamson and Mason Bishop represented the seller, LQ Development, in the transaction. Ryan Patterson and Phil Patterson of Texas Hotel Brokers LLC represented the buyer.
NEW ORLEANS — Hodges Ward Elliott has arranged the sale of the Q&C Hotel and Bar in downtown New Orleans. KBS SOR II Q&C Property LLC, a joint venture between KBS Strategic Opportunity REIT II and Dallas-based Encore Hospitality LLC, purchased the 196-room hotel for an undisclosed price. Fully renovated in 2014, the boutique hotel features 2,600 square feet of flexible meeting space, a restaurant and bar, valet and self-parking and a 24-hour fitness center. Currently an independent hotel, the property will be franchised under the Marriott Autograph brand. Following the sale, Encore Hospitality will manage the hotel.
BOSTON — Hodges Ward Elliott has negotiated the sale of the Godfrey Hotel Boston, a luxury boutique hotel located in Boston. Union Investments acquired the 242-room hotel for an undisclosed price. Located at 505 Washington St., the hotel, which is currently under construction, is slated to open in January 2016. The hotel will feature a chef-driven restaurant, local coffee house, lobby bar, 24-hour fitness center, complimentary WiFi, and digital technology. Oxford Hotels and Resorts, an affiliate of Oxford Capital Group, will operate the hotel on behalf of the new owner.
NEW YORK CITY — Maefield Development has acquired the leasehold interest in the DoubleTree Hotel, located at 1568 Broadway in Times Square. Sunstone Hotel Investors sold the 468-room asset for an undisclosed price. The acquisition is part of a planned redevelopment of the property into a premier cultural, entertainment, retail and hospitality experience. The redevelopment will include a renovated luxury hotel, prime street-front retail and entertainment space, a large high-resolution LED screen, and the restoration and enhancement of the Palace Theatre. Construction is slated to begin in the first half of 2017.