Hospitality

OPTIMUM SELLS SPENCER SUITES IN PHILLY

by admin January 24, 2012

PHILADELPHIA — Optimum Hotel Brokerage has closed on the bank REO sale of the Spencer Suites (formerly Clarion Suites) in Manchester. Joseph McCann of Optimum represented the seller, a national bank located in California. The buyer was a local owner/operator. The 104-room property was developed in the early 1990s as a Generation One Residence Inn by Marriott. The asset was formerly held by an affiliate of Lehman Brothers. After the company's bankruptcy, the hotel was returned to its California-based lender, which hired Optimum to market the property.

January 24, 2012

M&M BROKERS SALE OF MIDLAND COMFORT INN FOR $5.3 MILLION

by admin January 24, 2012

MIDLAND — Marcus & Millichap has secured the sale of a 68-room Comfort Inn, located at 902 Interstate 20 W. in Midland, for $5.3 million. Tyler Bean, Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office represented the seller, a limited liability company, in the transaction.

January 24, 2012

Hospitality Midwest

INTERSTATE HOTELS & RESORTS BUYS 300-ROOM HOTEL IN COLUMBUS

by admin January 23, 2012

COLUMBUS, OHIO — Interstate Hotels & Resorts and joint venture partner Waramaug Hospitality LLC have acquired the 300-room Crowne Plaza Columbus North hotel, along with an unnamed private investment group, for an undisclosed amount. The hotel will remain as a Crowne Plaza and immediately undergo a $5.25 million renovation. ArInterstate is owned by a joint venture between subsidiaries of Thayer Lodging and Jin Jiang.

January 23, 2012

Hospitality Northeast

RLJ CONVERTS THREE HOTELS FOR $24 MILLION

by admin January 23, 2012

PITTSBURGH — RLJ Lodging Trust has completed three hotel conversions for $24 million, including a hotel in Pittsburgh. The 202-room Hilton Garden Inn Pittsburgh University Place was converted from a Wyndham hotel Jan. 1, 2012. The $9 million renovation upgraded guest rooms, transformed the lobby and freshened up the exterior. The projects also included an $8 million renovation at the 175-room Hilton Garden Inn Durham and a $7 million renovation at the 194-room Embassy Suites West Palm Beach-Central. All three hotels remained open while under renovation.

January 23, 2012

Hospitality Midwest

PODOLSKY ARRANGES MORTGAGE NOTE SALE FOR HISTORIC PURPLE HOTEL

by admin January 16, 2012

LINCOLNWOOD, ILL. — Podolsky Northstar CORFAC International has negotiated the sale of two mortgage notes that are secured by the property formerly known as the Purple Hotel in Lincolnwood. The value of the transaction was undisclosed. North Capital Group, a holding entity for two local investment and management firms, acquired the notes from the seller, First Midwest Bank. The property is located at the intersection of Touhy and Lincoln avenues and is situated on a 5-acre site. Randy Podolsky and Adam Tarantur of Podolsky represented First Midwest Bank in the transaction. The future plans for the site are not known.

January 16, 2012

Hospitality Texas

PREI, LODGING CAPITAL ACQUIRE AUSTIN FOUR SEASONS

by admin January 12, 2012

AUSTIN — In a new joint venture, Prudential Real Estate Investors (PREI) and Lodging Capital Partners has acquired the 291-room Austin Four Seasons, a luxury hotel located at 98 San Jacinto Blvd. in downtown Austin. The hotel features amenities such as a lakeside spa, pool, lounge, fitness center and TRIO steakhouse.

January 12, 2012

Hospitality Western

BEST WESTERN BUTCH CASSIDY INN SELLS FOR $1.4M

by admin January 11, 2012

BEAVER, UTAH – The 35-unit Best Western Butch Cassidy Inn motel in Beaver has sold to Digvi Inc. for $1,425,000. Mike Francis, an investment specialist in Marcus & Millichap’s Salt Lake City office, marketed the listing exclusively on behalf of the seller, a limited liability company. Francis also secured the buyer.

January 11, 2012

Hospitality Northeast

WASHINGTON TRUST PROVIDES $8 MILLION LOAN FOR CONNECTICUT HOTEL

by admin January 9, 2012

MILFORD, CONN. —Washington Trust's Commercial Real Estate Group has provided an $8 mortgage loan to an affiliate of MCRS Milford Development LLC, for the financing of the Hilton Garden Inn in Milford. The 120-room hotel is located at 291 Old Gate Lane. Cate Fusco of Washington Turst served as the lead lender for the project.

January 9, 2012

Hospitality Northeast

CHESAPEAKE BUYS HOLIDAY INN NEW YORK CITY MIDTOWN FOR $52.2 MILLION

by admin January 4, 2012

NEW YORK CITY — Annapolis-based Chesapeake Lodging Trust has closed on its $52.2 million purchase of the newly developed 122-room Holiday Inn New York City Midtown on 31st Street in New York City. The REIT funded the acquisition through its revolving credit facility and entered into an agreement with Real Hospitality Group to manage the hotel. The 18-story hotel is located between 5th Avenue and Broadway.

January 4, 2012

Hospitality Midwest

JOINT VENTURE ACQUIRES 22-STORY HOTEL IN CHICAGO

by admin December 22, 2011

CHICAGO — A joint venture between AJ Capital Partners and an affiliate of Chicago-based Walton Street Capital has purchased the Sutton Place Hotel in Chicago for an undisclosed amount. The 22-story property includes 246 rooms, a restaurant and bar and 7,160 square feet of meeting space. Peter Greene, Bill Stone, Deborah Borotsik and Mark Sparrow of CBRE Hotels represented the seller, Chicago Grande Inc., in the transaction.

December 22, 2011

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