Hospitality

PITTSBURGH DOUBLETREE UNDERGOES $20M RENOVATION

by admin November 12, 2013

PITTSBURGH — DoubleTree by Hilton Pittsburgh-Green Tree has undergone a $20 million renovation. The new owner, RIDA Development Corp., renovated hotel’s 460 guestrooms, including 11 new suites. The redesign features more than 40,000 square feet of event space, including the addition of the 10,000-square-foot grand ballroom and 17 break-out rooms. The hotel features Champions Club Lounge, a sports bar fitted with a media wall with several flat-screen television sets and new fitness center, which includes an indoor heated pool. Pittsburgh-based CAM Hospitality Management LLC manages the hotel. Jim Looney of Jim Looney & Associates developed the new lodge design.

November 12, 2013

CARMEL MISSION INN CHANGES HANDS

by admin November 12, 2013

CARMEL, CALIF. — The 165-room Carmel Mission Inn has sold to LoganView Capital for an undisclosed sum. The hotel is located at 3665 Rio Road in Carmel on the Monterey Peninsula. The new owner plans to renovate and reposition the property. The seller, a private, regional real estate firm, was represented by CBRE’s Henry Bose and Mark McDermott.

November 12, 2013

Hospitality Southeast

HREC ARRANGES SALE OF HOTEL IN GREENSBORO, N.C.

by admin November 11, 2013

GREENSBORO, N.C. — HREC Investment Advisors has arranged the sale of a 116-room Sleep Inn in Greensboro. The hotel is located at the intersection of Interstate 40 and Route 62 near the Piedmont Triad International Airport, University of North Carolina-Greensboro and Greensboro Coliseum. Monty Levy, Ketan Patel and Scott Stephens of HREC Investment Advisors represented the seller, an institutional loan servicer, in the transaction.

November 11, 2013

Hospitality Western

CHATHAM LODGING ACQUIRES RESIDENCE INN IN DOWNTOWN BELLEVUE FOR $71.8M

by admin November 7, 2013

BELLEVUE, WASH. — Chatham Lodging Trust has acquired the 231-room Residence Inn by Marriott Seattle Bellevue/Downtown for $71.8 million. The hotel is located along I-405 near the Microsoft, Amazon, Expedia, T-Mobile and AT&T campuses. It is the only extended-stay asset in downtown Bellevue. The hotel is managed by Island Hospitality Management.

November 7, 2013

Hospitality Western

CHATHAM LODGING ACQUIRES RESIDENCE INN IN DOWNTOWN BELLEVUE FOR $71.8M

by admin November 7, 2013

November 7, 2013

Hospitality Midwest

THOROFARE CAPITAL ARRANGES $11.5M FOR 242-ROOM HOTEL

by admin November 6, 2013

NAPERVILLE, ILL. — Thorofare Capital has arranged $11.5 million in financing for the acquisition of a 242-room Wyndham hotel in suburban Chicago, which will be converted to a Sheraton. The hotel features 25,000 square feet of conference and ballroom space and is located in Naperville. Starwood Hotels & Resorts recently signed a 20-year franchise agreement for the property.

November 6, 2013

Hospitality Northeast

NORTHMARQ ARRANGES $11M LOAN FOR HOTEL IN ROCHESTER

by admin November 6, 2013

ROCHESTER, N.Y. — NorthMarq Capital has arranged $11 million in financing for the Hilton Garden Inn, located 155 East Main St. in Rochester. Financing was based on a seven-year term and a 25-year amortization schedule. Sam Berns, managing director at NorthMarq, arranged the financing for the borrower through a life insurance company.

November 6, 2013

Hospitality Southeast

HOTEL DUVAL IN TALLAHASSEE SELLS FOR $23M

by admin November 5, 2013

TALLAHASSEE, FLA. — Hunter Hotel Advisors and Harp Holdings have sold the 117-room Hotel Duval in Tallahassee to Schulte Hospitality Group for $23 million. Hunter and Harp purchased the hotel in 2007 and spent approximately $15 million restoring the hotel before reopening it in October 2009 as the Hotel Duval. The boutique hotel, built in 1951, recently jointed Marriott's Autograph Collection. The sellers were represented internally by Teague Hunter and Trey Scott of Hunter Hotel Advisors.

November 5, 2013

Hospitality Midwest

MMCC ARRANGES $17M LOAN FOR HOSPITALITY, MARINA CONSTRUCTION

by admin October 31, 2013

ST. JOSEPH, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, a city in southwest Michigan. Harbor Village Hotel will include 92 hotel rooms, 14 luxury condominiums, conference space, spa and 60-slip (boat ramp) marina. The three-year, interest-only loan features a 70 percent loan-to-value advance. Dean Giannakopoulos in the firm’s Chicago office and Steven Rock in its Manhattan office arranged the loan.

October 31, 2013

Hospitality Texas

CHAMP BECK TO DEVELOP $38M SHERATON McKINNEY HOTEL

by admin October 31, 2013

McKINNEY, TEXAS — A joint venture of Champ Hospitality and Beck Development known as Champ Beck Development will develop the $38 million Sheraton McKinney Hotel, the first Sheraton property in the Dallas/Fort Worth Metroplex. The 186-room property, which will be McKinney’s first upscale, full-service hotel, will be connected to a 20,000-square-foot events center. Both the City of McKinney and McKinney Community Development Corp. are part of the project team. Developers have slated the opening of the hotel for February 2015. Sheraton is a brand of Starwood Hotels & Resorts Worldwide Inc.

October 31, 2013

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