Hospitality

LUBERT-ADLER SELLS TWO SOUTHEAST HOTELS FOR $156.6M

by admin August 15, 2013

RALEIGH, N.C. AND NASHVILLE, TENN. — Philadelphia-based Lubert-Adler has sold two hotels in Raleigh and Nashville totaling 648 rooms to New York City-based Carey Watermark Investors for $156.6 million. Lubert-Adler sold the 400-room Marriott Raleigh City Center for $83 million and the 248-room Hutton Hotel in Nashville for $74.3 million. The Marriott Raleigh City Center was developed through a public-private partnership with the city of Raleigh in conjunction with the city's new 500,000-square-foot convention center. Hutton Hotel was an adaptive re-use project of a 170,000-square-foot Class C office tower in Nashville's West End.

August 15, 2013

NORTHMARQ ARRANGES $7M FOR FAIRFIELD INN & SUITES IN FREDERICK, MD.

by admin August 14, 2013

FREDERICK, MD. — NorthMarq Capital has arranged $7 million in first mortgage refinancing for the 105-room Fairfield Inn & Suites in Frederick. The hotel is located at 5220 Westview Drive. Brendan Scanlon and Gary McGlynn of NorthMarq's Washington, D.C., office arranged the loan through a CMBS lender.

August 14, 2013

Hospitality Northeast

COLLIERS ARRANGES $40M LOAN FOR LENOX HOTEL IN BOSTON

by admin August 14, 2013

BOSTON — Colliers International has arranged $40 million in financing for Lenox Hotel, a 12-story, 213-key boutique hotel in the heart of Copley Square in Boston’s Back Bay neighborhood. Colliers worked on behalf of Saunders Hotel Group of Boston (SHG) to secure two notes from People’s United Bank. The new financing includes a $37.5 million, 15-year, fixed-rate loan and a $2.5 million revolving-credit facility. Kevin Phelan and John Broderick led the Colliers’ Boston-based Capital Markets team. Since acquiring the hotel in 1963, SHG has funded and overseen a series of restorations. Recent renovations include upgrading each guest room and the building’s entire façade. SHG also added restaurants City Table, City Bar and Sólás Pub.

August 14, 2013

Hospitality Western

RESIDENCE INN, FAIRFIELD INN & SUITES OPEN AT TUSTIN PACIFIC CENTER

by admin August 12, 2013

TUSTIN, CALIF. — R.D. Olson has opened the doors to its 149-room Residence Inn and 145-room Fairfield Inn & Suites inside the Tustin Pacific Center. The $60-million Tustin Pacific Center is a 196,000-square-foot, mixed-use hotel and retail development in Tustin. Both new projects fall under the Marriott Hotel Brands. The hotels will be owned by R.D. Olson and Martelli Investments. Marriott International will provide management services. They were built by R.D. Olson Construction.

August 12, 2013

Hospitality Southeast

SOTHERLY HOTELS EXECUTES $15.6M LOAN FOR RALEIGH HOTEL

by admin August 12, 2013

RALEIGH, N.C. — SoTHERLY Hotels, a lodging REIT focused on hotels in the southern U.S., has executed a $15.6 million loan, collaterized by a first mortgage on the DoubleTree by Hilton Raleigh Brownstone-University Hotel in Raleigh. CIBC Inc. provided the loan. The five-year loan is fixed at 4.78 percent and amortizes on a 30-year schedule. The proceeds from the loan were used to repay the existing first mortgage.

August 12, 2013

Hospitality Western

RESIDENCE INN, FAIRFIELD INN & SUITES OPEN AT TUSTIN PACIFIC CENTER

by admin August 12, 2013

August 12, 2013

Hospitality Western

CIM GROUP BEGINS DEVELOPMENT ON SUNSET STRIP HOTEL, MULTIFAMILY PROJECTS

by admin August 9, 2013

WEST HOLLYWOOD, CALIF. — CIM Group has begun construction on two Sunset Strip projects in West Hollywood. The first is a 290-room, four-star hotel that will be located at 8490 Sunset Blvd. The hotel will contain two 10-story towers. The second is a 190-unit residential development with ground-floor retail that will be located at 8500 Sunset Blvd. It will contain two eight-story buildings. The projects will add about 500,000 square feet of hospitality, residential and retail space to the famed Sunset Strip. CIM initially purchased the fully entitled properties in November 2011.

August 9, 2013

Hospitality Southeast

FELCOR TO SELL EMBASSY SUITES IN BATON ROUGE FOR $20M

by admin August 9, 2013

BATON ROUGE, LA. — FelCor Lodging Trust Inc. has agreed to sell the 223-room Embassy Suites in Baton Rouge for $20 million. The buyer has already paid a $2 million non-refundable deposit toward the purchase price. FelCor Lodging will use all of the proceeds from the sale to pay down outstanding debt.

August 9, 2013

Hospitality Western

CIM GROUP BEGINS DEVELOPMENT ON SUNSET STRIP HOTEL, MULTIFAMILY PROJECTS

by admin August 9, 2013

August 9, 2013

Hospitality Texas

CBRE SELLS HISTORIC DOWNTOWN BRYAN HOTEL

by admin August 8, 2013

BRYAN, TEXAS — CBRE Hotels has arranged the sale of the historic LaSalle Hotel in downtown Bryan on behalf of Bryan Commerce and Development Inc., a local government corporation. Paul Clark Hospitality Group paid $2.6 million, according to local newspaper The Bryan Eagle. The 55-unit property, originally constructed in 1928, underwent an extensive renovation in 2000, prior to which it was vacant for more than 20 years. Bert Stevens, first vice president of CBRE Hotels in Dallas, represented the seller.

August 8, 2013

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