MILWAUKEE — First Hospitality Group has opened the new 127-room Hilton Garden Inn Milwaukee Downtown hotel. The hotel is located in the former Loyalty Building, an original headquarters for Northwestern Mutual Life circa 1886. First Hospitality began converting the property in late 2011. The hotel features a fitness and business center and 4,500 square feet of meeting and event space. First Hospitality owns and manages the property. Milwaukee-based Kahler Slater served as the project architect.
COPPELL — CASE Commercial Real Estate Partners has arranged the sale of five acres in Coppell for a hotel development. The site is within one mile of Dallas/Fort Worth International Airport. Sava Holdings, the developer, has designed the property to consist of two limited-service hotels adjoined by a conference center. Bruce Endendyk, John Endendyk and Collin Prater of CASE represented the seller, BB&T Bank, in the transaction. Zenosh LLC is the buyer.
WINNIE — Marcus & Millichap has arranged the sale of the 65-room Econo Lodge Winnie/Beaumont, a hotel located at 46318 Interstate 10 E. in Winnie. The hotel's list price was $1.7 million. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap represented the seller and buyer, both private investors, in the transaction.
SAN ANTONIO — Greenwood Hospitality Group has acquired the 322-unit Sheraton Gunter Hotel, located in downtown San Antonio adjacent to the San Antonio Riverwalk. The property features 23,000 square feet of meeting/conference room space, Barron's Restaurant and the Gunter Bakery.
TYSONS CORNER, VA. — Hyatt Regency, an affiliate of Hyatt Hotels Corp., will manage a 17-floor, 300-room hotel within Tysons Corner Center, a mixed-use development in Tysons Corner. The Hyatt Regency at Tysons Corner Center will open in 2014. It will include an executive conference center, a restaurant, a bar and lounge, a pool, a fitness center, and 15,500 square feet of meeting and event space. The hotel is part of a redevelopment of Tysons Corner Center that will include a 22-story Tysons Tower office building and a 28-story apartment building. Macerich, a real estate investment trust, has owned Tysons Corner Center since 2005.
NEW ORLEANS AND NASHVILLE, TENN. — Irving, Texas-based FelCor Lodging Trust Inc., a publicly traded real estate investment trust, has sold the 370-room Embassy Suites – New Orleans-Convention Center and the 296-room Embassy Suites – Nashville-Airport for an aggregate price of $70 million to an unlisted buyer. FelCor is using the net proceeds to pay the remaining $37.7 million of accrued preferred dividends and to repay debt. The company is selling 39 non-strategic hotels as part of its long-term portfolio repositioning strategy. With the sale of these two Embassy Suites, FelCor has sold 18 of the 25 hotels it has brought to market since December 2010.
DAYTONA BEACH, FLA. — The 157-room Days Inn Speedway Hotel, located at the Interstate 4 and International Speedway Boulevard intersection in Daytona Beach, has traded. Jeffrey Kolessar of GF Management, in his capacity as receiver for the ownership entity as appointed by the Circuit Court of Volusia County, sold the hospitality property to Executive Eagles Investment Group LLC. Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller<
TOLEDO, OHIO — The Historic Hillcrest, a nine-story apartment building in Toledo, has sold for $2 million. The property was originally built as a hotel in 1927. In 1999, the building underwent a $12 million conversion to include 106 apartment units, with floor plans that average 1,025 square feet. The building also contains 8,000 square feet of vacant commercial space on the street level. Cary Belovicz of Commercial Property Advisors represented the seller in the transaction.
FORT WORTH — Summit Hotel Properties has purchased the 98-room Hilton Garden Inn in Forth Worth for $7.2 million. Summit expects to spend approximately $2.4 million in capital improvements for the hotel in the next 18 months, which Summit will fund with available cash and additional borrowings from its senior secured revolving credit facility.
MINNEAPOLIS — Hyatt Hotels Corp. has acquired a select-service hotel in downtown Minneapolis and will rebrand the property as Hyatt Place Minneapolis Downtown following a $20 million renovation. The rebranding is scheduled for the summer of 2013. After upgrades to the hotel are complete, Summit Hotel Properties plans to purchase the hotel and enter a management agreement with a Hyatt affiliate. The hotel offers easy access to the city's professional sports stadiums.
