Hospitality

Pebblebrook Hotel Trust Acquires Union Station Hotel in Downtown Nashville for $52.3M

by John Nelson December 15, 2014

NASHVILLE, TENN. — Pebblebrook Hotel Trust has purchased Union Station Hotel, Autograph Collection in downtown Nashville for $52.3 million. The 125-room hotel is located on Broadway in Nashville’s central business district adjacent to the Frist Center for Visual Arts and Vanderbilt University. Pebblebrook has tapped Sage Hospitality to operate the hotel. The hotel first opened in 1900 as L&N Railroad Station and was converted into a hotel in 1986. The hotel underwent an $11 million renovation in 2007 and a $1.9 million renovation to convert the property to an Autograph Collection by Marriott hotel in 2012. The hotel features 12,000 square feet of meeting space, a grand lobby with a 65-foot barrel-vaulted ceiling, Prime 108 restaurant, fitness center, business center and valet parking. Pebblebrook plans to invest $5 million to $7 million to upgrade the hotel’s guestrooms and public areas.

December 15, 2014

Hospitality Illinois Midwest

Hampton Inn & Suites to Open in Minooka, Ill.

by Danielle Everson December 12, 2014

MINOOKA, ILL. — An 83-room Hampton Inn & Suites is set to open in Minooka, located approximately 12 miles southwest of Joliet. Blair Road Hotel Associates LLC is developing the $12 million project, which is a collaboration between Kinseth Hospitality, American Construction Services, Doug Bean Development and Marquette Properties Inc. The Hampton Inn & Suites, located at 621 Bob Blair Road, is the first hotel in Minooka and is expected to be open in fall 2015.

December 12, 2014

California Hospitality Western

LaSalle Hotel Sells 7.6M Shares of Stock to Fund Western Hotel Purchases

by Nellie Day December 12, 2014

BETHESDA, MD. — LaSalle Hotel Properties has sold 7.6 million shares of common stock to Barclays, Deutsche Bank Securities and Morgan Stanley for $40.30 per share. LaSalle will use the net proceeds from this underwritten public offering to fund three hotel acquisitions out West. Though the properties were not named, LaSalle noted the hotels were located in San Francisco, Los Angeles and Portland, Ore. They will be purchased for a total of about $500 million. The company will also use some of the proceeds to reduce the amount of its outstanding $750-million senior unsecured credit facility, as well as for general corporate purposes. Barclays, Deutsche Bank Securities and Morgan Stanley are acting as the offering’s underwriters. LaSalle has also granted the underwriters an option to purchase up to 1.14 million additional shares. Bethesda, Md.-based LaSalle Hotel Properties is a multi-operator REIT that owns 44 hotels. The portfolio contains a total of 11,100 guest rooms in upscale, full-service hotels throughout 13 markets in nine states and the District of Columbia. LaSalle specializes in the ownership, redevelopment and repositioning of upscale, full-service hotels in urban, resort and convention markets.

December 12, 2014

Florida Hospitality Southeast

Construction Begins on New Hampton Inn & Suites Hotel in Miami

by John Nelson December 12, 2014

MIAMI — Miami-based Mayan Properties, 3H Group Hotels and Arti Hersi Inc. have teamed up to break ground on the new Hampton Inn & Suites in Miami’s Biscayne Boulevard corridor. The 151-room hotel will be located at the intersection of Biscayne Boulevard and Northwest 35th Street. The hotel will feature 4,400 square feet of street-level retail space and an eight-story parking garage. 3H Group Hotels will manage the hotel upon completion, which is slated for first quarter 2016. The design team includes architect Israel Bigelman, exterior architect Kobi Karp and interior designer Monioni Design. Michael Comras of Comras Co. will handle leasing the retail space.

December 12, 2014

Hospitality Texas

HREC Arranges Sale of Holiday Inn in San Antonio

by Haisten Willis December 12, 2014

SAN ANTONIO — HREC Investment Advisors has arranged the sale of a 194-room Holiday Inn San Antonio NW SeaWorld located in San Antonio. Pacifica Cos., a San Diego-based investment firm, was the buyer. Mike Armstrong and Hank Wolpert of HREC represented the seller, a private equity fund, in the transaction. The hotel opened in 2009 as the first LEED-certified hotel in Texas. It is the preferred hotel of the 250-acre SeaWorld San Antonio, the world’s largest marine life theme park.

December 12, 2014

Georgia Hospitality Southeast

NGKF Hotels Brokers Sale of Hotel in Savannah’s Historic District

by John Nelson December 10, 2014

SAVANNAH, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the 101-room Country Inn & Suites located at 320 Montgomery St. in Savannah’s Historic District. The sales price was undisclosed. The buyer, an affiliate of InSite Group, plans to renovate and rebrand the hotel into a boutique property known as B Historic Savannah. The hotel will be affiliated with B Hotels & Resorts. The property will be open during renovations and will add a spa suite with customizable treatments, upscale bedding and linens and a small-plate and tapas lounge/bar in the lobby. The hotel currently features a fitness center, heated indoor swimming pool and 1,000 square feet of meeting space. NGKF Hotels represented the seller, Tara of Savannah LLC, in the privately marketed transaction.

December 10, 2014

Hospitality Texas

M&M Brokers Sale of Hospitality Property in Houston

by Haisten Willis December 9, 2014

HOUSTON — Marcus & Millichap has brokered the sale of a two-building, 109-room Holiday Inn Express Hotel & Suites in Houston. Terms of the sale were not released. Jake Gaddy and Steve Swenholt of Marcus & Millichap’s Austin office represented the seller, a Houston-based developer. Chris Gomes of the firm’s Dallas office and Allan Miller of the San Antonio office represented the buyer, a private client. The three-story hotel was built in 1999 and was converted into a Holiday Inn Express & Suites in early 2012. The hotel is located at 125 Airtex Drive and is five miles away from George Bush Intercontinental Airport. Amenities include an outdoor pool, gym, guest laundry, business center and meeting room.

December 9, 2014

Hospitality Texas

Aries Capital Arranges $8.9M Loan for Hospitality Property in Metro Houston

by Haisten Willis December 8, 2014

BAYTOWN, TEXAS — Aries Capital has arranged an $8.9 million loan for the Holiday Inn Express in Baytown. The property opened in April and is located at 7515 Garth Road across the bay from Houston. Rushi Shah of Aries’ Chicago office arranged the non-recourse, 10-year loan on behalf of the borrower, Pride Management. The loan replaces an existing full recourse, bank-constructed loan.

December 8, 2014

Hospitality Indiana Midwest

DoubleTree by Hilton Debuts New $50M Hotel in Lawrenceburg, Ind.

by Danielle Everson December 8, 2014

LAWRENCEBURG, IND. — Hilton Worldwide and DoubleTree by Hilton have opened DoubleTree by Hilton Lawrenceburg, a new $50 million hotel development at the city’s multi-purpose Lawrenceburg Event Center. Situated on the Ohio River in downtown Lawrenceburg, the nine-story, 168-room property is located at 51 Walnut St. The hotel includes a two-story lobby, which connects to an outdoor patio providing views of the city. Guestrooms overlooking the Ohio River feature a variety of amenities, including complimentary WiFi and 42-inch LCD TVs. The hotel also includes a 24-hour fitness center, business center and Wi-Fi access throughout public spaces and guest rooms. Indiana Gaming Co. LLC owns and will manage the hotel.

December 8, 2014

California Hospitality Western

Viraaj Investments Acquires Hampton Inn & Suites Merced for $8M

by Nellie Day December 8, 2014

MERCED, CALIF. – Viraaj Investments has acquired the 83-room Hampton Inn & Suites Merced for $8 million. The hotel is located at 225 S Parsons Ave., on the Highway 99 corridor. The seller, Incline Hotels, was represented by Hunter Hotel Advisors.

December 8, 2014

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