SAN DIEGO — A regional hotel investor has purchased the 175-room Holiday Inn San Diego Mission Valley Stadium for an undisclosed sum. The hotel is located at 3805 Murphy Canyon Road. The Holiday Inn is located about three miles from Qualcomm Stadium, home to the San Diego Chargers. The seller, a special servicer, acquired the hotel through foreclosure. It was represented by Mike Armstrong of HREC Investment Advisors.
LINCOLN, NEB. — HREC Investment Advisors has brokered the sale of the 231-room Holiday Inn Downtown located in Lincoln. AJ Capital Partners purchased the property for an undisclosed sales price. The hotel is located within the historic Haymarket District of downtown Lincoln and is in walking distance to the University of Nebraska and the Nebraska State Capitol. The 16-story Holiday Inn Lincoln was built in 1974 and will undergo a major renovation. Geoff Davis, Patrick Culligan and Scott Kaniewski of HREC Investment Advisors represented the seller, Rick Takach of Vesta Lincoln Partners LLC, in the sale. Rick Takach and Vesta Hospitality Services will continue to manage the property.
ORLANDO, FLA. — HFF has arranged $110 million in mortgage financing for a seven-property, 2,566-room hotel portfolio in Florida, California, Virginia, Ohio and New Mexico. The hotels include the 266-room Sheraton Tampa East in Tampa; the 382-room Sheraton Orlando North in Orlando; the 718-room Radisson Orlando Celebration in Orlando; the 329-room Hilton Concord in Concord, Calif.; the 295-room DoubleTree Williamsburg in Williamsburg, Va.; the 300-room Crowne Plaza Columbus North in Columbus, Ohio; and the 276-room Sheraton Albuquerque Airport in Albuquerque, N.M. Michael Weinberg, Dan Peek, Trey Morsbach and Preston Reid of HFF arranged the five-year, floating-rate laon through CCRE on behalf of the borrower, a joint venture between Varde Partners Inc., Interstate Hotels & Resorts and Waramaug Hospitality Management. Loan proceeds will be used to refinance existing debt on the properties.
TUCSON, ARIZ. – The 172-unit Quality Inn & Suites Tucson Airport North has sold to a partnership for $2.3 million. The hotel is located at 5251 South Julian Drive. The buyer was represented by Sam Hanna and Evan Taylor of Marcus & Millichap. The seller, a limited liability company, was represented by James I. Meng of the same firm.
DULUTH, MINN. — Dougherty Funding has arranged an $18.5 million construction loan for Pier B hotel in Duluth. The 140-room full-service waterfront hotel will be located in the Canal Park area. The site includes four 90-by-90 foot cement silos that are nearly 100 years old that will provide an iconic image for the development. The hotel complex will include a spa, banquet center, a pool overlooking Duluth’s harbor, and outdoor patios near bars and restaurants. Dougherty Funding served as the lead lender and servicer for the loan, which was arranged for the borrower, Pier B Holding LLC.
ALBUQUERQUE, N. MEX. — WR Management Co. has opened the new 80-room GuestHouse International Inn & Suites Albuquerque Airport. The hotel is located at 2601 Mulberry South East. The property has been recently upgraded and renovated. The hotel is situated near the University of New Mexico, Old Town Albuquerque and Albuquerque International Sunport Airport. The hotel also offers complimentary shuttles to the airport. The hotel features free wireless Internet access, complimentary hot breakfast and a kids-stay-free policy. GuestHouse International is part of the Boomerang Hotels property group.
DALLAS — AWH Partners LLC, a privately held real estate investment, development and management firm, has acquired the Westin Dallas Park Central. AWH Partners’ plans to complete more than $20 million in renovations to the 536 rooms and 42,000 square feet of meeting and event space. Spire Hospitality will oversee the renovation of the property and manage operations under a franchise agreement with Starwood Hotels & Resorts. The Westin Dallas Park Central is near two, premier Dallas shopping destinations, NorthPark Center and The Galleria Dallas, and the Dallas Arts District. Dallas/Fort Worth International Airport and Dallas Love Field Airport are within 30 miles. The hotel features 42,000 square feet of event space within a total of 30 flexible meeting rooms. Amenities include a fitness center, an outdoor pool, complimentary transportation within a five-mile radius, a Café In The Park restaurant and a lobby bar.
OKLAHOMA CITY — Embassy Suites Oklahoma City Downtown/Medical Center is now open in Oklahoma City. The new hotel is the third Embassy Suites property in Oklahoma. The full-service hotel includes 195 two-room guest suites and more than 10,000 square feet of meeting space. There is an on-site restaurant, E.S. Founders, led by chef Andrew Black. OU E. Suites LLC own Embassy Suites Oklahoma City Downtown/Medical Center and Prism Hotels & Resorts manages the property. The hotel’s amenities include free made-to-order breakfast, a 24-hour fitness center and a business center. The hotel is located at 741 N. Phillips Ave. near downtown Oklahoma City.
HAZLETON, PA. — Optimum Hotel Brokerage has brokered the sale of the Best Western Genetti Inn & Suites, located at 1341 N. Church St. in Hazleton. A local hotel owner and operator purchased the 77-unit property for an undisclosed price. The hotel features wireless Internet in public areas, a heated outdoor pool, a 24-hour front desk staff, banquet and meeting facilities, a ballroom and business center. Joe McCann and Sabena Arora of Optimum Hotel Brokerage represented the seller in the transaction.
SEATTLE — Provenance Hotels and partner NBP Capital have agreed to purchase the 151-room Roosevelt Hotel in Seattle for an undisclosed sum. The hotel is located at intersection of 7th Avenue and Pine Street in the city’s Downtown region. The Roosevelt Hotel is situated across from the Washington State Convention Center, near the Central Business District, Pike Place Market and the waterfront. Provenance Hotels had owned the property with the seller, North Coast Washington LLC, since 1985. The property will continue to be affiliated with Coast Hotels for the next 60 days until Provenance Hotels assumes management. Provenance Hotels and NBP Capital are both headquartered in Portland, Ore. They are equal partners in the acquisition. The partners plan to bring a marquee restaurant to the Roosevelt Hotel, which originally opened in 1930. The pair also purchased the historic Woodlark and Cornelius buildings in Downtown Portland earlier this month.
