CUPERTINO, CALIF. — The 164-room Hilton Garden Inn in Cupertino has received $32 million in financing. The hotel is located at 10741 North Wolfe Road. Employers in the area include Trend Micro, Cloud.com and Seagate Technology. The limited-service hotel is also situated near the new Main Street Cupertino development and the Vallco Mall redevelopment. The fixed-rate, permanent financing was arranged by John Nelson of CBRE’s San Francisco office, on behalf of a partnership between Terracommercial and Heil and Associates. Funds were provided by a Wall Street lender. They will be used to refinance the property.
BROWNSVILLE, TEXAS — CBRE Hotels has brokered the sale of the 86-room Homewood Suites hotel in Brownsville, 15 miles north of the Mexico border. Blue Star Hospitality LLC purchased the property, which is located at 3759 N. Expressway from an unnamed California-based company. The new owner plans to renovate the hotel and maintain the Homewood Suites brand. Bert Stevens of CBRE Hotels’ Dallas office represented the seller. The hotel features a business center, 630-square-foot meeting room, gym, pool, sports court and barbecue area. The property is located near the Port of Brownsville, Brownsville-South Padre Island International Airport and the University of Texas at Brownsville.
SCOTTSDALE, ARIZ. — Strategic Hotels & Resorts has purchased the 210-room Four Seasons Resort Scottsdale at Troon North for $140 million. The AAA Five Diamond resort is located at 10600 E. Crescent Moon Drive. The transaction includes 13.8 acres of developable land that is zoned for an additional 88 rooms, among other things. The hotel features 22 suites, 24,000 square feet of indoor meeting space, a 14-treatment room spa, four food and beverage outlets and contractual access to 36 holes of championship golf at the adjacent Troon North Golf Club. Four Seasons will continue to manage the property. The seller was an affiliate of Walton Street Capital.
AKRON, OHIO — Homewood Suites by Hilton has opened its newest property, Homewood Suites by Hilton Akron Fairlawn. The four-story hotel is the 15th Homewood Suites property in Ohio and the first in the Akron area. TMI Hospitality owns the hotel, which is located at 210 Springside Drive just off I-77 near downtown Akron. Nearby attractions include the Akron Zoo, Stan Hywet Hall & Gardens and the Akron Art Museum.
SAN DIEGO – A joint venture between Core Capital Investments and Downtown Properties has acquired the 150-room Hyatt Place San Diego in the submarket of Vista for a reported $22 million. The hotel is located at 2645 South Melrose Drive. The premium, select-service branded hotel opened in July 2012. It enjoys convenient access to Interstate 5, Highway 78 and Legoland. The seller, an entity controlled by ABA Development, was represented by Rod Apodaca and Bob Kaplan of CBRE Hotels in Newport Beach.
AUSTIN, TEXAS — MCR Development LLC has completed a renovation of the 134-room Fairfield Inn & Suites by Marriott Austin Northwest located at 11201 N. MoPac Expressway in Austin. The renovation enhanced the hotel’s lobby, guest rooms and common areas with the goal of creating more open, relaxing and welcoming spaces. The lobby has been outfitted with new carpeting and furniture, while the fireplace has been removed to accommodate expanded breakfast and common areas. There is also an updated pool area with new patio and lounge furniture and the business center features new paint and furniture. The renovation is part of MCR’s strategy to enhance the guest experience and drive RevPAR growth.
SAN DIEGO – Britt-Scripps House, a 5,174-square-foot commercial property in San Diego, has sold to Neo Romax Inc. for $2.9 million. The property is located at 406 Maple Street. The original structure was built in 1887 as a three-story, nine-bedroom property. It received a historical site designation in 1971. Britt-Scripps House became a bed and breakfast after undergoing an extensive renovation between 2002 and 2005. The property features a lobby, parlor, dining room, commercial-grade kitchen, carriage house, garage storage, garden wedding and reception area, and the first-ever camphor tree to be planted in North America. The property has been closed for three years. The new buyer plans to re-open it as a bed and breakfast. Bud Marsh and Rita Lancaster-Hannah of Colliers International represented both the buyer and seller, Alec H. Esker Living Trust, in this transaction.
APPLETON, WIS. — Paramount Lodging Advisors has arranged the sale of a 106-room Country Inn & Suites in Appleton to an undisclosed buyer. The hotel is located at 355 N. Fox River Drive. Paramount Lodging Advisors represented the seller, LNR Partners. Adam Montufar, Brent Clemens and Bennett Webster of Paramount led the sale’s marketing efforts in conjunction with Auction.com.
ODESSA, TEXAS — Homewood Suites by Hilton has opened a new hospitality property in Odessa. The four-story hotel is owned by HWODS Property and features 121 suites. This is the 50th Homewood Suites in Texas. The property is located at 7221 Tres Hermanas Blvd. just off Highway 191 in Parks Legado Town Center. The hotel is located near the University of Texas of the Permian Basin, Midland International Airport and the Ector County Coliseum.
HYANNIS, MASS. —CBRE/New England’s Debt & Structured Finance team has secured $12 million in construction financing for the Fairfield Inn & Suites by Marriott in Hyannis. The loan from Cambridge Savings Bank allows the borrower, The Simon Konover Company, to redevelop a current two-story, 99-room Days Inn into a three-story, 125-room Fairfield Inn & Suites. Located at 867 Iyannough Road, the new hotel is expected to open in May 2015. Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard of CBRE/NE arranged the financing on behalf of the borrower.